TECH BULLETIN

Friday, July 24, 2026

Tech Market Context: Macro Drivers

Key macro instruments that drive tech market movements: yields, dollar, risk appetite

Market Commentary

Today's Interesting Company News

Galaxy Digital Inc. Announces Pricing of $3.507 Billion of Senior Secured Notes

(NASDAQ: GLXY) Galaxy Digital Inc. announced that its indirect wholly owned subsidiary, Galaxy Helios Data Centers II LLC, has priced a $3.507 billion private offering of 9.875% senior secured notes due 2031. The Offering is expected to close on July 28, 2026, subject to market and other conditions. The net proceeds from the Offering are intended to finance a portion of the development and construction of two buildings containing eight data halls with a combined total of 400 megawatts of utility capacity and 260 MW of critical IT capacity on an approximately 260-acre property in Dickens County, Texas, and to fund debt service reserves. The Notes will bear interest at a rate of 9.875% per annum, payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2027, and will mature on August 1, 2031. The Notes will amortize at a rate of 4.00% per annum of the original principal amount, with the first payment date to occur at least ten months after the completion of the Project. The Notes will be fully and unconditionally guaranteed by Galaxy Helios II LLC and secured by first-priority liens on substantially all assets of the Issuer and the Guarantor. The company projects that the Offering may not be consummated and, if consummated, cannot provide any assurances regarding the final terms of the Offering or the Notes or its ability to effectively apply the net proceeds as described.

BiomX Subsidiary Zorronet Expands European Presence Through Two Strategic Collaborations in Europe

(NYSE: PHGE) BiomX Inc. announced that its subsidiary, Zorronet Ltd., has entered into a strategic collaboration with Samura s.r.o., a leading Czech company specializing in the distribution, implementation, and commercialization of innovative technologies across Central and Eastern Europe. The collaboration will support projects across multiple sectors, including agriculture, infrastructure, environmental monitoring, property protection, and other applications where Zorronet's technology can deliver measurable value. The first collaboration will focus on developing AI-powered intelligent monitoring solutions for agricultural and urban pest management, with Samura contributing expertise in smart pest control systems and Zorronet providing AI software. The second collaboration focuses on protecting critical transportation infrastructure through AI-powered monitoring and early warning technologies, with Zorronet delivering the AI software and Samura leading business development, sales, marketing, and commercial activities across the agreed territories. Zorronet's technology has already been applied in agricultural settings and has proven to be effective at both detecting wildlife as well as identifying unauthorized vehicles, trespassing and other security events across farms and Israel Railways’ rail lines. The system is used in hundreds of sites and is designed for both defense and civilian security applications, including military sites, critical infrastructure, municipalities, smart cities, industrial facilities, large public venues, and more. The company projects that these collaborations will further demonstrate the flexibility of Zorronet's technology while advancing BiomX's Detection-Analysis-Response strategy across new commercial markets.

SECUR3D Engages Market One Media Group to Expand Investor Awareness

(CSE: SRD) SECUR3D Holdings Inc., an AI technology company specializing in brand security and intellectual property protection, announced that it has entered into a media services agreement with Market One Media Group for a one-time fee of $100,000 plus applicable GST. The agreement with Market One is for a term of 12 months and includes editorial content, video production, digital distribution, and audience-development services. Market One will not provide investor relations or market-making services, and there are no performance factors contained in the agreement. Market One and SECUR3D are unrelated and unaffiliated entities, and at the time of the agreement, neither Market One nor any of its principals have an interest in the securities of the Company. SECUR3D enters the public markets with live, deployed technology and a growing base of globally recognized commercial relationships spanning fashion, gaming, and entertainment. The company’s proprietary technology suite includes AssetSafe, Sentry, and Sherlock AI. The press release contains forward-looking statements regarding SECUR3D's business plans, technology development, commercial partnerships, platform commercialization, and growth strategy.

Miivo Launches Low Cost, Fully Automated AI Customer Insights Tool for Small to Medium Size Businesses

(TSXV: MIVO) (OTCQB: MIVOF) Miivo AI Inc. announced the launch of its Customer Insights tool, a new standalone, self-serve product for small and mid-market businesses to monitor customer sentiment and manage online reputation across Google Reviews, Instagram, and Reddit using artificial intelligence. The Customer Insights tool is described as a low cost solution designed to reduce the time businesses spend tracking and responding to customer feedback. The product enables users to monitor reviews and mentions in real time and respond using on-brand, AI-predrafted replies, eliminating the need for manual monitoring or generic responses. The launch expands Miivo's product suite beyond operational, financial, and sales intelligence into customer experience and brand management. The Company continues to develop its technology with additional products currently in testing and expected to be released over the coming months. Miivo AI Inc. operates in the AI SaaS market for small and mid-market enterprise solutions. Alexander Damouni is named as Chief Executive Officer of Miivo AI Inc.

Change Financial Delivers 21% Revenue Growth on Continued PaaS Platform Scale

(ASX: CCA) Change Financial delivered unaudited FY26 revenue of A$26.0m, up 21% on the previous year and in line with its upgraded guidance. Underlying EBITDA reached A$4.7m, representing 17 times the FY25 result and also meeting upgraded guidance. 4Q revenue rose 16% against the prior corresponding period to A$6.6m, while net cash flow from operating activities was positive at A$0.9m and reached A$2.0m for FY26. Change closed the year with A$4.4m in cash, no debt, and a further A$2.0m held in cash-backed security guarantees. Active cards on the Vertexon PaaS platform increased 11% during the quarter and 104% over the year, with active cards above 150,000, driven by Hnry’s Australian and New Zealand migration and new cards for a New Zealand wealth management client. The company sold two new Vertexon licence tiers and five professional services projects worth A$0.9m during the quarter, and recurring streams generated 76% of fourth-quarter revenue and 73% of FY26 revenue. The company projects FY27 growth to come mainly from Vertexon PaaS and PaySim sales, supported by four contracted clients scheduled to launch card programs during the first half and additional prospects nearing final agreements.

IC Group Announces Exclusive Partnership to Expand Community Sports Engagement Across North America

(TSXV: ICGH) IC Group Holdings Inc. announced an exclusive partnership with a leading global provider of venue technology solutions used across community, educational, and sports venues. The partnership became effective on June 19, 2026, and has an initial three-year term. The agreement supports the distribution of IC Group's fan engagement solutions through the partner's technology and contains no minimum revenue commitments. IC Group's platform supports audience engagement, sponsorship activation, promotional campaigns, and data-driven experiences. The company states that the relationship creates opportunities to introduce new audience engagement capabilities and expand access to audience engagement technologies across multiple venues and communities in North America. The company projects anticipated benefits of the partnership, development and future capabilities of the platform, anticipated fan engagement solutions, new opportunities to introduce engagement capabilities in the partner's ecosystem, expanded reach and expected customer engagement opportunities, and future growth prospects. No financial figures, revenue, or production volumes are disclosed in the announcement.

Fly-E Group, Inc. Announces Fiscal Year 2026 Financial Results

(NASDAQ: FLYE) Fly-E Group, Inc., an electric vehicle company, announced its financial results for the fiscal year ended March 31, 2026, reporting net revenues of $19.1 million, down from $25.4 million in fiscal year 2025. The company recorded a gross profit of $4.7 million and a gross margin of 24.4% in fiscal year 2026, compared to $10.5 million and 41.1% respectively in the prior year. Net loss was $9.3 million in fiscal year 2026, compared to $5.3 million in fiscal year 2025, with basic and diluted losses per share of $8.38 versus $21.95 in the previous year. The company sold 42,101 units in fiscal year 2026, down from 58,765 units in fiscal year 2025, and reported retail sales revenue of $6.9 million, wholesale revenue of $11.6 million, and rental services sales revenue of $0.6 million. As of March 31, 2026, Fly-E Group, Inc. had cash of $0.3 million and net cash used in operating activities was $13.8 million. The company projects continued innovation with solutions like its battery swap system and Go Fly app, growth in its rental program, and expansion of its online retail presence. Total operating expenses were $11.1 million in fiscal year 2026, a decrease of 26.1% from $15.0 million in fiscal year 2025.

SAP Quarterly Statement Q2 2026

(NYSE: SAP) SAP SE announced its financial results for the second quarter ended June 30, 2026, reporting a current cloud backlog of €22.9 billion, up 27% and up 26% at constant currencies. Cloud revenue was €6,281 million, up 22% and up 24% at constant currencies, while total revenue reached €9,878 million, up 9% and up 11% at constant currencies. IFRS operating profit increased by 8% to €2,643 million, and non-IFRS operating profit rose by 7% to €2,743 million, both up 9% at constant currencies. As of June 30, 2026, SAP had repurchased 16,280,097 shares at an average price of €161.16, resulting in a purchased volume of approximately €2.6 billion under its share repurchase program. The company completed the acquisitions of Dremio on July 6 and Prior Labs on July 16, and updated its 2026 non-IFRS operating profit outlook to reflect a projected dilutive impact in excess of €100 million from these acquisitions. SAP now expects €11.8 – 12.2 billion non-IFRS operating profit at constant currencies, €25.8 – 26.2 billion cloud revenue at constant currencies, and approximately €10 billion free cash flow at actual currencies for 2026. The company projects constant currencies total revenue growth in 2026 to remain at similar levels as in 2025 (10.6%) and to accelerate in 2027.

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