Artificial Intelligence
OMNIQ First Quarter 2020 Revenue Shows Sequential Increase of 21% Compared to Fourth Quarter 2019
Gross Margins Increase 200 Basis Points Over Fourth Quarter 2019Acquisition Closed in First Quarter 2020 Transforms OMNIQ Into a Prime Contractor in Billion- Dollar Ticketless Parking VerticalMultiple Recent Technology Advancements Including Patent Filed for SeeHOV™ Solution for High Occupancy Vehicle (HOV) DetectionRecently Received $6.8 Million in Follow-on Orders From Leading U.S. Supermarket Chain and a Trucking Company for Android-based Handheld IoT Touch Screen Computers SALT LAKE CITY, May 14, 2020 (GLOBE NEWSWIRE) — OMNIQ Corp. (OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, announced its financial results for the three month period ended March 31, 2020.Shai Lustgarten, CEO, commented, “Our first quarter revenue demonstrated 21% sequential growth over our fourth quarter 2019 revenue, with a run rate slightly below 2019 full year revenues of $57.7 million. Along with the rest of the world, we are feeling the impact of the COVID-19 pandemic and we attribute our relative success to our diversified end markets and our strength in the food and drug industry. These sectors have maintained ongoing operations which drove accelerated demand for our supply chain solutions. In other verticals like Smart City, Public Safety and Parking that require travelling, face-to- face meetings and our physical involvement in installations, we encountered order delays but thus far have not received any project cancellations. We expect purchase orders to pick up soon, as economies begin to more fully open after the COVID-19 shutdown. Given the challenging environment, while first quarter 2020 revenue grew sequentially and was higher than fourth quarter 2019, it came in below our particularly strong 2019 first quarter. Toward the close of the first quarter through the start of the second quarter, we announced several purchase orders totaling approximately $6.8 million, which adds to our confidence that we will exit the COVID-19 situation with solid positioning in the marketplace. We are enthusiastic about the opportunities ahead to drive our strategy to develop and market innovative, industry-changing AI-Machine Vision technologies. “The current situation with the COVID-19 virus highlights the importance of accessible, hands-free, automated solutions. As the world intensifies its efforts around public safety with the goal of protecting both employees and customers, there is a strong desire for ‘contactless’ transport of items such as produce, from warehouse to point of sale. Our products and solutions heighten the ability of organizations to embrace ‘touch free’ supply chain management. We believe our proprietary AI-based solutions can contribute significant value to the Supply Chain vertical and we are well-positioned as a resource for the Smart City, Public Safety and Traffic Control industries as they transition to relying more and more on automated solutions for enhanced operations.”Despite the challenging worldwide economic environment, during and after the close of the first quarter of 2020, OMNIQ recorded several major achievements:Introduced SeeTire™ solution for tire identification, facilitating more efficient inventory management and collection of point of sales data; designed in conjunction with the world’s largest tire manufacturer
Acquired the IP and certain other assets of Eyepax USA, a provider of customizable software and hardware packages for cloud-based parking management solutions; positions OMNIQ as a Prime Contractor to capture whole project, and recurring revenue
Received $1.4 million follow-on order from leading regional transportation and logistics firm for Android-based rugged data collection, computing and communications equipment
Filed patent for SeeHOV™ solution for High Occupancy Vehicle (HOV) detection and enforcement
Received $5.4 million follow-on order from leading U.S. supermarket chain for handheld IoT touchscreen computers for integration with company’s logistics system and deployment in distribution centers Mr. Lustgarten concluded, “This is an unprecedented time, and we are mindful of balancing the implications of the evolving economic landscape while also staying focused as we pursue the opportunities we’re seeing in the markets in which we operate. We continue to see strong and growing interest in our AI-Machine vision solutions, particularly as the world looks to transition to hands-free, automated alternatives. Our ability to provide efficient and cost-saving solutions to enhance supply chain and public safety operations is a competitive advantage, especially as companies and municipalities focus more intently on ‘touchless’ transactions and technology. We remain focused on strengthening our capabilities and expanding the reach of our solutions as we move through 2020.”First Quarter 2020 Financial Results:OMNIQ reported revenue of $13.8 million for the quarter ended March 31, 2019, as compared to $18.6 million in the comparable 2019 period. Sequentially, revenue increased 21% as compared to fourth quarter 2019 revenue of $11.4 million. The revenue decrease for the quarter ended March 31, 2020 was primarily related to the COVID-19 effect on the sales of our AI-based solutions and strong fulfillment and deliveries by the Company’s subsidiary HTS Image Processing in first quarter 2019. The change in the product mix sold in first quarter 2020 resulted in a gross margin that was better than fourth quarter 2019 but lower than first quarter 2019. Total operating expenses for the first quarter of 2020 were $5.1 million as compared to $4.5 million in the first quarter of 2019. The increase in operating expenses was largely related to non-cash stock-based compensation and professional fees. Net loss for the quarter was $2.9 million, compared to $0.6 million, for the first quarter of last year. Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the first quarter of 2020 was a loss of ($0.8) million compared to Adjusted EBITDA of $1.1 million in first quarter 2019. Conference Call InformationOMNIQ will host a conference call and webcast on Friday, May 15, 2020 at 11:00 a.m. Eastern Time to provide an update on the quarter ended March 31, 2020.To access the live webcast, go to the Company’s website at www.questsolution.com, and click on the Investor Relations tab.To participate in the call by phone, dial (877) 407-9210 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8049.A replay of the teleconference will be available until June 15, 2020 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 34850. About OMNIQ, Corp.
OMNIQ Corp. (OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.Information about Forward-Looking Statements
Investor Contact:
John Nesbett/Jen Belodeau
IMS Investor Relations
203.972.9200
[email protected]Financial Tables FollowOMNIQ CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)OMNIQ CORP.
CONDENSED CONSOLIDATED BALANCE SHEETSOMNIQ Corp.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(UNAUDITED)
Artificial Intelligence
Cato Networks Named a Leader in the 2024 Gartner Magic Quadrant for Single-Vendor SASE
Cato SASE Cloud Platform continues to shape the enterprise security market
TEL AVIV, Israel, July 8, 2024 /PRNewswire/ — Cato Networks, the SASE leader, today announced that Gartner, Inc. has recognized the company as a Leader in the 2024 Gartner® Magic Quadrant™ for Single-Vendor SASE.
“Cato’s true SASE platform is the antidote to IT complexity that persists in the face of ongoing so-called ‘platformization’ efforts,” said Shlomo Kramer, co-founder and CEO at Cato Networks. “Cato pioneered the SASE market and is shaping its future with best-in-class customer experience and a train of innovations that deliver on SASE’s promise.”
Built from its inception to be a platform, the Cato SASE Cloud combines operational excellence and an elegant customer experience. Cato’s autonomous cloud service offloads IT from the grunt work of extending, upgrading, patching, and scaling security infrastructure while sustaining resiliency and availability. “Platformization” is a portfolio approach to SASE and attempts to integrate multiple acquired products with differing code bases, form factors, policy engines, and data lakes into a single platform – an impossible task that is apparent to anyone familiar with the two approaches.
“We believe this Gartner recognition reflects what our customers experience with Cato every day,” continued Kramer.
As of July 3, 2024, on Gartner Peer Insights™, the Cato SASE Cloud Platform had an overall rating of 4.7 out of 5 for single-vendor SASE and 183 verified reviews – more than 10x of any Leader in the single-vendor SASE Magic Quadrant.
Cato Expands the Scope of Single-Vendor SASE
Gartner defines single-vendor secure access service edge (SASE) offerings as those that deliver multiple converged-network and security-as-a-service capabilities, such as software-defined WAN, secure web gateway, cloud access security broker, network firewalling and zero trust network access. These offerings use a cloud-centric architecture and are delivered by one vendor.1
The Cato SASE Cloud Platform extends beyond the original definition of SASE to deliver world-class performance and empower IT teams to eliminate threats and troubleshoot network incidents faster. Cato owns and manages the global cloud network, delivering an exceptional SASE experience to any enterprise worldwide. Functionally, Cato extends beyond threat prevention of the original SASE scope with SASE-managed endpoint protection (EPP/EDR) and SASE-based extended detection and response (XDR), the first AI-driven networking and security incident detection and response platform.
To experience Cato yourself, visit us at https://www.catonetworks.com.
1Gartner, Magic Quadrant for Single-Vendor SASE, Andrew Lerner, Jonathan Forest, Neil McDonald, Charlie Winckless, 3 July 2024
GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
Resources
Read the Cato blog, “With Great Leadership Comes Great Responsibility”Picture of Shlomo KramerCato Networks’ LogoAbout Cato NetworksCato Networks is the SASE leader, delivering enterprise security and networking in a single cloud platform. With Cato, organizations replace costly and rigid legacy infrastructure with an open and modular SASE architecture based on SD-WAN, a purpose-built global cloud network, and an embedded cloud-native security stack.
Want to learn why thousands of organizations secure their future with Cato? Visit us at www.catonetworks.com.
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Expanding Messaging Capabilities for Businesses
SAN FRANCISCO and STOCKHOLM, July 8, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, today introduced the Sinch Omnichannel Connector on Salesforce AppExchange. This innovative solution enhances conversational marketing opportunities and customer experiences by offering Salesforce Marketing Cloud customers advanced one-way and two-way messaging capabilities. The solution is now available on Salesforce AppExchange.
The Sinch Omnichannel Connector seamlessly integrates with the Salesforce ecosystem, empowering businesses to elevate their marketing strategies by reaching and engaging customers across their preferred channels. This new offering expands the reach of Salesforce Marketing Cloud platform features, providing a comprehensive suite of omnichannel messaging capabilities. Businesses can now connect with customers through one-way and two-way messaging across 13 diverse channels, including platforms like RCS, Kakao Talk, Viper, and Instagram. This expands Salesforce’s native channels of SMS, MMS, Email, WhatsApp, and LINE, providing a comprehensive communication solution.
“With the Sinch Omnichannel Connector, businesses can enhance their customer communications, personalize engagements, and maximize the return on their marketing investments,” said Jonathan Campbell, Senior Director, Messaging Products at Sinch. “Salesforce Marketing Cloud users can now leverage a broader spectrum of messaging channels through Sinch, beyond those directly supported by Salesforce, to optimize their marketing strategies and elevate customer engagement.”
To get started, Salesforce Marketing Cloud users simply need to have an existing account and onboard the Conversation API through the Sinch Dashboard. From there, they can easily activate the channels of their choice, tailoring their messaging strategy to suit their unique business needs.
Sinch has partnered with Salesforce since 2014 when Salesforce expanded its SMS offering into international markets. Sinch is a strategic supplier for Salesforce’s global SMS delivery and provides enterprise-grade messaging solutions that support Salesforce and its global customer base.
For more information visit Sinch Omnichannel Connector
Salesforce, AppExchange, Marketing Cloud and others are among the trademarks of Salesforce, Inc.
CONTACT:
For further information, please contact:
Janet LennonDirector of Global Communications [email protected]
This information was brought to you by Cision http://news.cision.com
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Artificial Intelligence
DAMAC Group Announces Increased Investment in Artificial Intelligence Sector with Notable Investments in Anthropic, xAI and Mistral
Through strategic investments, DAMAC is dedicated to fostering innovation and driving the next wave of technological advancements
DUBAI, UAE, July 8, 2024 /PRNewswire/ — DAMAC Group, a leading conglomerate known for its diverse investment portfolio, has announced a significant increase in its investment in the rapidly evolving Artificial Intelligence (AI) sector.
DAMAC Group announced notable investments in leading AI companies including a $50 million in the AI startup, Anthropic – as one of the top investors who have bought into the company from the cryptocurrency exchange, FTX. The Group has also made investments in xAI – an American AI startup founded by Elon Musk and in Mistral – a France-based AI company which is one of the best European large-language model open source. This strategic move aligns with the Group’s vision to support and develop cutting-edge AI technologies and infrastructure.
The DAMAC Group’s diversified family office has already invested in over 70 funds across various strategies, demonstrating its commitment to fostering innovation and growth across multiple industries. With this new focus on AI, the Group aims to further enhance its role in advancing foundational AI models and infrastructure.
“As a forward-thinking organisation, we recognise the transformative potential of AI in shaping the future,” said Hussain Sajwani, Founder of DAMAC Group. “Our increased investment in AI reflects our commitment to supporting the development of groundbreaking technologies that can drive significant progress and create new opportunities across various sectors.”
“We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry,” added Sajwani. “Our investments in companies like Mistral, Anthropic, and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements.”
A study by PwC underscores the immense potential of AI to transform the productivity and GDP potential of the global economy. AI could contribute up to $15.7 trillion to the global economy by 2030. Initial GDP gains will be driven by improvements in labour productivity as firms augment their workforce with AI technologies and automate certain tasks and roles. By 2030, 45% of total economic gains will come from product enhancements, stimulating consumer demand through greater product variety, increased personalisation, and enhanced affordability.
The greatest economic gains from AI will be seen in China, with a 26% boost to GDP, and in North America, with a 14.5% boost. Together, these regions will account for almost 70% of the global economic impact, equivalent to a total of $10.7 trillion.
DAMAC Group’s increased focus on AI and technological infrastructure is expected to bolster its existing portfolio and pave the way for new strategic partnerships and collaborations. The Group aims to leverage advanced technologies to create value and drive sustainable growth.
ABOUT DAMAC GROUP
The DAMAC Group is the multi-billion-dollar business conglomerate of UAE based Hussain Sajwani. The Group’s investments are divided into seven core areas; real estate, capital markets, hotels & resorts, manufacturing, catering, high-end fashion and data centres.
Some of the Group’s most notable activities include DAMAC Properties, one of the region’s largest property developers, the acquisition of the Italian fashion house, Roberto Cavalli and luxury Swiss jewellery brand de GRISOGONO, the 50-storey development DAMAC Towers Nine Elms in London and a luxury resort in the Maldives.
In a bid to disrupt the global data centre landscape, the Group recently announced plans to build data centres through its digital infrastructure company, EDGNEX Data Centres by DAMAC, across different global locations.
Today, the Group’s global footprint extends across North America, Europe, Asia, Middle East and Africa. With its vision firmly set on growth and expansion, the Group continues in its quest for diversification and business excellence.
For more information, please contact:
Visit us at www.damacgroup.com Email: [email protected]
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