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Oncolytics Biotech® Reports Third Quarter 2024 Financial Results and Operational Highlights

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BRACELET-1 data showing impressive overall survival benefit in HR+/HER2- metastatic breast cancer affirms pelareorep + paclitaxel combination should be evaluated in a registrational study

Upcoming GOBLET milestones include updated efficacy data from anal cancer cohort and safety run-in data from the modified FOLFIRINOX pancreatic cancer cohort

Cash position of $19.6 million as of September 30, 2024

Management hosting conference call and webcast today at 8:30 a.m. ET

SAN DIEGO and CALGARY, AB, Nov. 12, 2024 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced third quarter financial results and operational highlights.

 

 

Wayne Pisano, Chair of Oncolytics’ Board of Directors and Interim CEO, stated, “With positive BRACELET-1 results, we have two randomized phase two studies confirming pelareorep’s potential in HR+/HER2- metastatic breast cancer. After discussions with regulators and key opinion leaders and based on an estimated overall survival benefit of more than a year provided by pelareorep-based therapy, a registration-enabling study that is designed to support an accelerated approval is the next logical step for the development of pelareorep.” Pisano continued, “We continue to develop our gastrointestinal cancer program and look forward to presenting updated efficacy data from our anal cancer cohort and safety data from our new modified FOLFIRNOX pancreatic cancer cohort. Both of these indications represent a significant unmet medical need, and we have shown pelareorep provides the potential to meaningfully improve patient outcomes. This coming year will be critical for pelareorep, as well as for Oncolytics, and I’ve never been more confident in the potential pelareorep can deliver to cancer patients in need.”

Third Quarter Highlights

BRACELET-1 data exceeds expectations, providing clear evidence of pelareorep’s ability to improve outcomes in patients with advanced HR+/HER2- breast cancer (link to press release), demonstrating progression-free survival of 12.1 months for pelareorep + paclitaxel compared to 6.4 months for paclitaxel alone, yielding a benefit of 5.7 months. Additionally, 64% of patients treated with pelareorep + paclitaxel lived at least two years compared to only 33% of patients treated with paclitaxel alone. Overall survival could not be calculated as more than half of the pelareorep + paclitaxel patients were alive at the end of the study. Assuming the remaining patients survived only until their next planned follow-up visit, the median overall survival would have been 32.1 months, which compares favorably to the 18.2 months recorded for patients who received paclitaxel monotherapy.

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Financial Highlights

  • As of September 30, 2024, the Company reported $19.6 million in cash and cash equivalents. The Company has a projected cash runway through key milestones and into 2025.
  • The net loss for the third quarter of 2024 was $9.5 million, compared to a net loss of $9.9 million for the third quarter of 2023. The basic and diluted loss per share was $0.12 in the third quarter of 2024, compared to a basic and diluted loss per share of $0.14 in the third quarter of 2023.
  • Research and development expenses for the third quarter of 2024 were $6.8 million, compared to $5.8 million for the third quarter of 2023. The increase was primarily due to higher manufacturing expenses and clinical trial expenses.  
  • General and administrative expenses for the third quarter of 2024 were $3.1 million, compared with $5.2 million for the third quarter of 2023. The decrease was primarily due to lower investor relations activities and transaction costs as part of our public offering in 2023.
  • Net cash used in operating activities for the nine months ended September 30, 2024 was $19.1 million, compared to $22.3 million for the nine months ended September 30, 2023. The decrease reflected non-cash working capital changes, partly offset by higher net operating activities in 2024.

Recent and Anticipated Milestones

  • H1 2025: Finalize master protocol for the adaptive registration-enabling trial for pelareorep, gemcitabine, nab-paclitaxel, and atezolizumab in first-line pancreatic ductal adenocarcinoma (PDAC) with the Global Coalition for Adaptive Research (GCAR) and submit it to the FDA
  • H1 2025: Safety run-in data from cohort 5 of the GOBLET study, investigating pelareorep and modified FOLFIRNOX (mFOLFIRINOX) with or without atezolizumab in newly diagnosed pancreatic cancer
  • H1 2025: updated efficacy data from cohort 4 of the GOBLET study, investigating pelareorep and atezolizumab in second-line or later anal cancer
  • Mid 2025: First patient enrolled in registration-enabling study evaluating pelareorep and paclitaxel in metastatic HR+/HER2- breast cancer
  • H2 2025: Initial efficacy results from cohort 5 of the GOBLET study, investigating pelareorep and mFOLFIRINOX with or without atezolizumab in newly diagnosed pancreatic cancer

Webcast and Conference Call

Management will host a conference call for analysts and investors at 8:30 a.m. ET today, November 12, 2024. To access the call, please dial (888) 510-2154 (North America) or (437) 900-0527 (International), and if needed, provide Conference ID: 68336. To join the conference call without operator assistance, please click here. A live webcast of the call will also be available by clicking here or on the Investor Relations page of Oncolytics’ website, available by clicking here, and will be archived for three months. A dial-in replay will be available for one week and can be accessed by dialing (888) 660-6345 (North America) or (289) 819-1450 (International) and using replay code: 68336#.

ONCOLYTICS BIOTECH INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited)

(in thousands of Canadian dollars, except share amounts)

As at

September 30,
2024

December 31,
2023

Assets

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Current assets

Cash and cash equivalents

$              19,598

$                       34,912

Other receivables

104

15

Prepaid expenses

2,119

3,246

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Warrant derivative

1,092

Total current assets

22,913

38,173

Property and equipment

422

282

Right-of-use assets

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927

365

Total assets

$              24,262

$                       38,820

Liabilities and Shareholders’ Equity

Current liabilities

Accounts payable and accrued liabilities

$                 6,922

$                         3,572

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Other liabilities

489

332

Lease liabilities

251

133

Warrant derivative

200

Total current liabilities

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7,662

4,237

Contract liability

6,730

6,730

Lease liabilities

813

290

Total liabilities

15,205

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11,257

Commitments

Shareholders’ equity

Share capital

  Authorized: unlimited

  Issued: September 30, 2024 – 77,074,089

  December 31, 2023 – 74,423,960

434,460

430,906

Contributed surplus

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43,640

42,116

Accumulated other comprehensive income

653

544

Accumulated deficit

(469,696)

(446,003)

Total shareholders’ equity

9,057

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27,563

Total liabilities and shareholders’ equity

$              24,262

$                       38,820

 

 

ONCOLYTICS BIOTECH INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands of Canadian dollars, except share amounts)

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Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Expenses

   Research and development

$              6,794

$              5,811

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$            17,095

$            13,051

   General and administrative

3,105

5,237

9,450

11,891

Loss before the following

(9,899)

(11,048)

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(26,545)

(24,942)

   Change in fair value of warrant derivative

229

515

1,333

439

   Foreign exchange (loss) gain

(122)

310

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579

(83)

   Interest income, net

261

305

1,047

837

Loss before income taxes

(9,531)

(9,918)

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(23,586)

(23,749)

   Income tax expense

(12)

(7)

(107)

(54)

Net loss

(9,543)

(9,925)

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(23,693)

(23,803)

Other comprehensive (loss) income items that may be
reclassified to net loss

  Translation adjustment

(69)

101

109

(7)

Net comprehensive loss

$            (9,612)

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$            (9,824)

$          (23,584)

$          (23,810)

Basic and diluted loss per common share

$              (0.12)

$              (0.14)

$              (0.31)

$              (0.36)

Weighted average number of shares (basic and
diluted)

77,016,848

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69,803,255

76,120,580

65,565,890

 

 

ONCOLYTICS BIOTECH INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

(in thousands of Canadian dollars)

Share Capital

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Contributed
Surplus

Accumulated
Other
Comprehensive
Income

Accumulated
Deficit

Total

As at December 31, 2022

$           404,040

$             40,051

$                     662

$         (418,251)

$             26,502

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Net loss and other comprehensive loss

(7)

(23,803)

(23,810)

Issued pursuant to stock option plan

662

(256)

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406

Issued pursuant to “At the Market” Agreement

9,128

9,128

Issued pursuant to public offering

17,724

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638

18,362

Share issue costs

(2,728)

(2,728)

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Share-based compensation expense

1,158

1,158

As at September 30, 2023

$           428,826

$             41,591

$                     655

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$         (442,054)

$             29,018

As at December 31, 2023

$           430,906

$             42,116

$                     544

$         (446,003)

$             27,563

Net loss and other comprehensive income

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109

(23,693)

(23,584)

Issued pursuant to incentive share award plan

3

(3)

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Issued pursuant to “At the Market” Agreement

4,062

4,062

Issued pursuant to warrant derivative exercised

71

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71

Share issue costs

(582)

(582)

Share-based compensation expense

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1,527

1,527

As at September 30, 2024

$           434,460

$             43,640

$                     653

$         (469,696)

$                9,057

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ONCOLYTICS BIOTECH INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands of Canadian dollars) 

Nine Months Ended September 30,

2024

2023

Operating Activities

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Net loss for the period

$               (23,693)

$              (23,803)

Depreciation – property and equipment

92

62

Depreciation – right-of-use-assets

234

234

Share-based compensation expense

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1,527

1,158

Compensation warrant expenses

151

Interest expense on lease liabilities

99

53

Unrealized foreign exchange (gain) loss

(544)

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21

Change in fair value of warrant derivative

(1,333)

(439)

Net change in non-cash working capital

4,498

239

Cash used in operating activities

(19,120)

(22,324)

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Investing Activities

Acquisition of property and equipment

(233)

(5)

Maturities of marketable securities

20,230

Cash (used in) provided by investing activities

(233)

20,225

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Financing Activities

Proceeds from exercise of stock options

406

Proceeds from exercise of warrant derivative

65

Proceeds from “At the Market” equity distribution agreement, net

3,480

8,790

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Proceeds from public offering

21,359

Payment of lease liabilities

(248)

(303)

Cash provided by financing activities

3,297

30,252

(Decrease) increase in cash and cash equivalents

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(16,056)

28,153

Cash and cash equivalents, beginning of period

34,912

11,666

Impact of foreign exchange on cash and cash equivalents

742

162

Cash and cash equivalents, end of period

$                 19,598

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$                39,981

 

About Oncolytics Biotech Inc.

Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.

Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and forward-looking information under applicable Canadian securities laws (such forward-looking statements and forward-looking information are collectively referred to herein as “forward-looking statements”). Forward-looking statements contained in this press release include statements regarding Oncolytics’ belief as to the potential, mechanism of action and benefits of pelareorep as a cancer therapeutic, including pelareorep’s potential in HR+/HER2- metastatic breast cancer and the estimated overall survival benefit of pelareorep-based therapy; our belief that pelareorep is poised to advance to a registration-enabling study; continued development of our gastrointestinal cancer program; our expectations regarding the presentation of efficacy and safety data from anal and pancreatic cancer cohorts; the potential market and commercial opportunities for pelareorep; our confidence in pelareorep’s potential to meaningfully improve patient outcomes; Oncolytics’ projected cash runway; our plan to conduct a registration-enabling study to assess pelareorep-based combination therapy in patients with advanced HR+/HER2- breast cancer and the anticipated timing thereof; and other statements related to anticipated developments in Oncolytics’ business and technologies. In any forward-looking statement in which Oncolytics expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. Such forward-looking statements involve known and unknown risks and uncertainties, which could cause Oncolytics’ actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the efficacy of pelareorep as a cancer treatment, the success and timely completion of clinical studies and trials, Oncolytics’ ability to successfully commercialize pelareorep, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. We may incur expenses or delays relating to such events outside of our control, which could have a material adverse impact on our business, operating results and financial condition. Investors should consult Oncolytics’ quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. The Company does not undertake any obligation to update these forward-looking statements, except as required by applicable laws.

 

Company Contact

Jon Patton

Director of IR & Communication

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[email protected]

Investor Relations for Oncolytics

Timothy McCarthy

LifeSci Advisors

+1-917-679-9282

[email protected]

 

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Cision View original content:https://www.prnewswire.co.uk/news-releases/oncolytics-biotech-reports-third-quarter-2024-financial-results-and-operational-highlights-302302466.html

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Fintech PR

ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024

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OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.

“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint. 

The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

Financial and Operational Highlights

  • The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase.  These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
  • Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million). 
    Revenue from the Precious Metals business decreased to $217.6 million in 2024
    (2023 – $328.4 million):
    • Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
    • Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
    • Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
  • Revenue from the Circulation business increased to $35.1 million in 2024 
    (2023 – $32.2 million):
    • Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
    • Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
  • Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.

Consolidated results and financial performance 
(in millions) 

13 weeks ended

39 weeks ended

      Change

         Change

September
28, 2024

September
30, 2023

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$

%

September
28, 2024

September

 30, 2023

$

%

Revenue

$

252.7

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$ 360.6

(107.9)

(30)

$    861.2

$ 1,841.8

(980.6)

(53)

Profit (loss) for the

     period

$

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5.7

 

$   (5.8)

 

11.5

 

 

(198)

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$      24.1

 

$      15.0

 

9.1

 

61

Profit (loss) before
     income tax and
     other items 1

$

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1.4

$   (8.7)

10.1

 

(116)

$      12.3

$      23.4

(11.1)

(47)

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Profit (loss) before
     income tax and
     other items margin2

0.6 %

(2.4) %

1.4 %

1.3 %

(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report.

(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items.

 

As at

             September 28, 2024

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December 31, 2023

$ Change

% Change

Cash

$

58.4

$

59.8

(1.4)

(2)

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Inventories

$

71.5

$

68.8

2.7

4

Capital assets

$

174.2

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$

173.0

1.2

1

Total assets

$

376.8

$

380.4

(3.6)

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(1)

Working capital

$

99.2

$

97.8

1.4

1

As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.

To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.

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About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours.  As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services.  As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations. 

For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedInFacebook and Instagram

FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.

This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities.  Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.

For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected] 

 

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OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers

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MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.

The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures. 

The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.

On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact. 

The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries. 

With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.

For more information: www.asharedpassion.com

Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4

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Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™

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Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era

SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.

“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”

“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”

“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.

Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.

About Deloitte 
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

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Media Contact: 
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]

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