SHENZHEN, China, June 04, 2020 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading online consumption and consumer finance platform for educated young professionals in China, today announced its unaudited financial results for the quarter ended March 31, 2020.First Quarter 2020 Operational Highlights:Total loan originations1 in the first quarter of 2020 reached RMB34.1 billion, an increase of 69.5% from RMB20.1 billion in the first quarter of 2019.Total outstanding principal balance of loans1 reached RMB58.5 billion as of March 31, 2020, representing an increase of 67.2% from RMB35.0 billion as of March 31, 2019.Number of active users2 who used our loan products in the first quarter of 2020 reached 6.4 million, representing an increase of 99.1% from 3.2 million in the first quarter of 2019.Number of new active users who used our loan products in the first quarter of 2020 was 965 thousand, representing an increase of 37.0% from 705 thousand in the first quarter of 2019.The GMV3 of our e-commerce channel amounted to RMB1.2 billion, representing a decrease of 28.5% from RMB1.7 billion in the first quarter of 2019.The weighted average tenor of loans originated on our platform in the first quarter of 2020 was approximately 10.7 months. The weighted average APR4 was 27.1% for the first quarter of 2020.Total number of registered users reached 84.2 million as of March 31, 2020, representing an increase of 99.7% from 42.2 million as of March 31, 2019; and users with credit line reached 20.7 million as of March 31, 2020, up by 78.9% from 11.6 million as of March 31, 2019.90 day+ delinquency ratio5 was 2.57% as of March 31, 2020.1 Originations of loans and outstanding principal balance represent the origination and outstanding principal balance of both on- and off-balance sheet loans.2 Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using credit line granted by us.3 GMV refers to the total value of transactions completed for products purchased on the e-commerce channel, net of returns.4 APR is the annualized percentage rate of all-in interest costs and fees to the borrower over the net proceeds received by the borrower. Weighted average APR is weighted by loan origination amount for each loan originated in the period.5 90 day+ delinquency ratio refers to outstanding principal balance of on- and off-balance sheet loans that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans on our platform as of a specific date. On-balance sheet loans that were over 179 calendar days past due and charged off are not included in the delinquency rate calculation. Off-balance sheet loans that were over 179 calendar days past due are assumed charged off and not included in the delinquency rate calculation. The Company does not distinguish on the basis of the on- or off-balance sheet treatment in monitoring the credit risks of borrowers and the delinquency status of loans.First Quarter 2020 Financial Highlights:Total operating revenue reached RMB2.5 billion. Financial services income reached RMB2.0 billion, representing an increase of 80.2% from the first quarter of 2019. Loan facilitation and servicing fees in financial services income reached RMB1,050 million, representing an increase of 33.6% from the first quarter of 2019.Gross profit reached RMB167 million, representing a decrease of 76.7% from the first quarter of 2019.Net loss was RMB678 million, as compared to net income of RMB424 million for the first quarter of 2019.Non-GAAP EBIT6 was loss of RMB720 million, as compared to income of RMB552 million for the first quarter of 2019.Adjusted net loss6 was RMB596 million, as compared to adjusted net income of RMB464 million for the first quarter of 2019. Adjusted net loss per ADS6 was RMB3.28 on a fully diluted basis.6 Non-GAAP EBIT, adjusted net income/(loss), adjusted net income/(loss) per ordinary share and per ADS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.“In spite of challenging conditions that are the result of the ongoing COVID-19 pandemic, I am happy to announce another quarter of strong growth, with our loan originations for the first quarter 2020 exceeding our guidance,” said Mr. Jay Wenjie Xiao, Lexin’s chairman and chief executive officer. “In particular, our total loan originations reached RMB34.1 billion and our total outstanding principal balance of loans reached RMB58.5 billion, representing an increase of 69.5% and 67.2% from the same period in 2019.”“Our first quarter performance was quite strong, but due to the combination of the adoption of a new accounting policy and the impact of COVID-19, certain events occurred which results in our first quarter numbers becoming not as comparable to our past results.” Mr. Xiao continued. “As we see continuing improving business conditions and increasingly favorable business trends, we are confident in the performance of our business for the future.”“Effective January 1, 2020, we adopted the new accounting standard ASC 326: Financial instruments – Credit Losses. This guidance replaces the previous “incurred loss” methodology, and introduces a forward-looking expected loss approach referred to as a current expected credit losses (“CECL”) methodology,” said Mr. Craig Yan Zeng, Lexin’s chief financial officer, “In general, the CECL methodology requires earlier recognition of credit losses compared to the recognition of credit loss before its adoption. And after the adoption, the expected credit losses (i.e., the contingent aspect) of the guarantee shall be accounted for in addition to and separately from the guarantee liability (i.e., the noncontingent aspect) accounted for under ASC 460. The CECL methodology also requires us to take into consideration of relevant macroeconomic variables to estimate expected credit losses. For the challenging conditions as a result of ongoing COVID-19 pandemic, we have considered their impact on the Chinese and global economy for the estimation of the expected credit losses, as well as the fair value changes of guarantee derivatives, which resulted in a negative impact of approximately RMB0.9 billion in total to our profit. We feel that this is prudent in the current environment. In this difficult and challenging environment, we will through the determined efforts of our team, strive to achieve our previously stated loan origination guidance for 2020, which is contingent upon an improving operating environment in China.”“The ongoing pandemic has had a pronounced negative impact on the Chinese and global economy. Due to the impact of the outbreak, we have seen increased delinquencies in the first quarter among our clients. Throughout the first quarter, our underlying business has remained resilient, and now we are seeing continuing improving credit conditions and statistics. While there are still volatilities in the general economic conditions, we will continue to monitor and adjust our operations to proactively adapt to changing conditions. We are confident in the future growth and prospects of the Chinese economy and the Chinese consumption market once the COVID-19 pandemic is fully contained,” said Mr. Ryan Huanian Liu, Lexin’s chief risk officer, “In spite of the challenges facing many in the industry, our credit performance and credit quality continues to be relatively stable and within our range of expectations, as our vintage charge-off rates7 remain stable at approximately 3%, and our 90 day+ delinquency rate was 2.57% as of March 31, 2020,” continued Mr. Liu, “We expect the vintage charge-off rates to increase over the course of the next few months, before they begin to improve in the third quarter of 2020. Again, this is fully within our previously stated range of expectations and we fully expect our stable credit performance to continue in 2020.”7 Vintage charge-off rate refers to, with respect to on- and off-balance sheet loans originated during a specified time period, which we refer to as a vintage, the total outstanding principal balance of the loans that are charged off during a specified period, divided by the total initial principal of the loans originated in such vintage. Please refer to vintage curve at the end of “First Quarter 2020 Financial Results” of this press release.Accounting Policy ChangeEffective January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance replaces the existing “incurred loss” methodology, and introduces a forward-looking expected loss approach referred to as a current expected credit losses (“CECL”) methodology. Under the incurred loss methodology, credit losses are recognized only when the losses are probable of having been incurred. The CECL methodology requires that the full amount of expected credit losses for the lifetime be recorded at the time the financial asset is originated or acquired, and adjusted for changes in expected lifetime credit losses subsequently, which requires earlier recognition of credit losses.The CECL methodology is applicable to estimation of credit losses of financial assets measured at amortized cost, primarily including financing receivables, contract assets, service fees receivable, and guarantee receivables of the Company. As a result, the Company recognized the cumulative effect as a decrease of approximately RMB0.3 billion to the opening balances of retained earnings, and an increase of the corresponding amount to the credit allowance of financial assets measured at amortized cost, which is primarily driven by the longer estimated periods of underlying loans under the CECL lifetime methodology compared to incurred loss methodology before the adoption of the new standard.The CECL methodology also applies to certain off-balance sheet credit exposures, such as financial guarantees not accounted for as derivatives. The financial guarantees provided for the Company’s off-balance sheet loans accounted for under ASC 460 are in the scope of ASC 326 and subject to the CECL methodology. After the adoption, the expected credit losses (the contingent aspect) of the guarantee shall be accounted for in addition to and separately from the guarantee liability (the noncontingent aspect) accounted for under ASC 460. Before the adoption, the guarantee liabilities subsequent to initial recognition were measured at the greater of the amount determined based on ASC 460 and the amount determined under ASC 450. An excess liability was recorded when the aggregate contingent liabilities under ASC 450 exceeded the balance of guarantee liabilities determined under ASC 460. The initial adoption resulted in a recognition of a separate contingent liability in full amount, in addition to financial guarantee liabilities measured under ASC 460. Further, the contingent liability is determined using CECL lifetime methodology compared to incurred loss methodology before the adoption. Consequently, the Company recognized the cumulative effect as a decrease of approximately RMB2.0 billion to the opening balances of retained earnings. The carrying amount of financial guarantee liabilities under ASC 460 upon the initial adoption has continued to be reduced by recording a credit to net income as the guarantor is released from the guaranteed risk in accordance with ASC 460, but no longer subject to the recording of an excess contingent lability under ASC 450.The financial impacts described above totaled approximately RMB2.3 billion along with the associated deferred tax impact of approximately RMB0.4 billion. As a result, the Company recognized the cumulative effect of approximately RMB1.9 billion, net of tax, as a decrease to the opening balances of retained earnings on January 1, 2020.First Quarter 2020 Financial Results:Operating revenue increased from RMB1,775 million in the first quarter of 2019 to RMB2,500 million in the first quarter of 2020. This increase in operating revenue was due to the increase in financial services income for the quarter, driven by continuing increases in the number of active users on our platform, and the change of the presentation of guarantee income along with the adoption of ASC 326. Before the adoption of ASC 326, gain or loss related to financial guarantee not accounted for as derivatives was recorded in one combined financial statement line item within “Gain on guarantee liabilities, net.” After the adoption of ASC 326, the gain released from the guarantee liabilities accounted for under ASC 460 is recorded as “Guarantee income” as a separate financial statement line item within revenue and the relevant credit losses are recorded as “Provision for credit losses of contingent liabilities of guarantee.”Online direct sales decreased by 21.7% from RMB625 million in the first quarter of 2019 to RMB490 million in the first quarter of 2020. This decrease was primarily due to the decrease in the average consumer spending per order as a result of the impact of the COVID-19 pandemic during the first quarter of 2020.Financial services income increased by 80.2% from RMB1.1 billion in the first quarter of 2019 to RMB2.0 billion in the first quarter of 2020. Except for the increase of RMB677 million due to change of presentation of guarantee income as aforementioned, this increase was primarily contributed by the increase in the loan facilitation and servicing fees, partially offset by the decrease in interest and financial services income and other revenues.Loan facilitation and servicing fees increased by 33.6% from RMB786 million in the first quarter of 2019 to RMB1,050 million in the first quarter of 2020. This increase was primarily due to the significant increase in off-balance sheet loans originated as a result of the continuing growth of our business, with the expansion of partnerships with institutional funding partners.Guarantee income for the first quarter of 2020 was RMB677 million. The guarantee liabilities accounted for under ASC 460 are released from the underlying risk, i.e., as the underlying loan is repaid by the borrower or when the lender is compensated in the event of a borrower’s default. Interest and financial services income and other revenues decreased by 20.4% from RMB309 million in the first quarter of 2019 to RMB246 million in the first quarter of 2020, which was primarily due to a continuing decrease of outstanding principal balance of on-balance sheet loans as a result of our business strategy to originate more off-balance sheet loans in recent years, including the model adjustments made to Juzi Licai in the second quarter of 2018. Under the adjusted business model of Juzi Licai, all new loans funded by individual investors on Juzi Licai have been accounted for as off-balance sheet loans while the loans funded by individual investors on Juzi Licai were accounted for as on-balance sheet loans prior to that.Cost of sales decreased by 23.5% from RMB628 million in the first quarter of 2019 to RMB480 million in the first quarter of 2020, which is consistent with the decrease of online direct sales revenue.Processing and servicing cost increased by 168% from RMB117 million in the first quarter of 2019 to RMB313 million in the first quarter of 2020. This increase was primarily due to an increase in fees to third-party insurance companies and guarantee companies, an increase in fees to third-party payment platforms, an increase in credit assessment cost and an increase in salaries and personnel related costs.Provision for credit losses of financing receivables increased by 90.3% from RMB153 million in the first quarter of 2019 to RMB290 million in the first quarter of 2020. The increase was primarily due to earlier recognition of credit losses under ASC 326 as well as negative impact of the ongoing COVID-19 pandemic started in this quarter.Provision for credit losses of contract assets and receivables increased by 390% from RMB18.2 million in the first quarter of 2019 to RMB89.3 million in the first quarter of 2020. This increase was mainly due to the significant increase in off-balance sheet loans originated as a result of the continuing growth of our business, earlier recognition of credit losses under ASC 326 as well as negative impact of the ongoing COVID-19 pandemic started in this quarter.Provision for credit losses of contingent liabilities of guarantee was RMB1,017 million in the first quarter of 2020. After the adoption of ASC 326 on January 1, 2020, a separate contingent liability in full amount determined using CECL lifetime methodology is accounted for in addition to and separately from the guarantee liabilities accounted for under ASC 460, and relevant credit losses are recorded as “Provision for credit losses of contingent liabilities of guarantee.” Before the adoption of ASC 326, gain or loss related to such financial guarantee was recorded in one combined financial statement line item within “Gain on guarantee liabilities, net.”Gross profit decreased by 76.7% from RMB717 million in the first quarter of 2019 to RMB167 million in the first quarter of 2020. The decrease in the gross profit is primarily due to the significant increase of processing and servicing cost, provision for credit losses of financing receivables, provision for credit losses of contract assets and receivables and provision for credit losses of contingent liabilities of guarantee.Sales and marketing expenses increased by 24.9% from RMB195 million in the first quarter of 2019 to RMB244 million in the first quarter of 2020. This increase was primarily due to an increase in online promotional fees and advertising costs, and an increase in amortization and depreciation expenses allocated to sales and marketing expense.Research and development expenses increased by 34.5% from RMB93.8 million in the first quarter of 2019 to RMB126 million in the first quarter of 2020. This increase was primarily due to an increase in salaries and personnel related costs and an increase in share-based compensation expenses.General and administrative expenses increased by 25.6% from RMB87.2 million in the first quarter of 2019 to RMB110 million in the first quarter of 2020. This increase was primarily due to an increase in salaries and personnel related costs and an increase in share-based compensation expenses.Change in fair value of financial guarantee derivatives was a loss of RMB439 million in the first quarter of 2020. The loss was primarily due to the re-measurement of the expected loss rates of the underlying outstanding off-balance sheet loans at the balance sheet date, which were negatively impacted by the ongoing COVID-19 pandemic started in this quarter.Income tax benefit for the first quarter of 2020 was RMB125 million, as compared to income tax expense of RMB85.5 million in the first quarter of 2019. The change was due to the significant increase of deferred tax assets arising from tax deductible allowance for credit losses of loans recognized during the first quarter of 2020.Net loss for the first quarter of 2020 was RMB678 million, as compared to net income of RMB424 million in the first quarter of 2019.Adjusted net loss for the first quarter of 2020 was RMB596 million, as compared to adjusted net income of RMB464 million in the first quarter of 2019.Please click here to view our vintage curve:http://ml.globenewswire.com/Resource/Download/dc244cc3-ec4c-42cd-b9fd-6794bbd35158OutlookBased on Lexin’s preliminary assessment of the current market conditions, the Company expects the second quarter loan originations to be over RMB38 billion and maintains total loan originations guidance for the fiscal year 2020 of between RMB170 billion and RMB180 billion. This is Lexin’s current and preliminary view, which is subject to changes and uncertainties. In particular, as situations surrounding the COVID-19 pandemic in China and globally continue to evolve, business visibility remains limited.Conference CallThe Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern time on June 4, 2020 (7:00 PM Beijing/Hong Kong time on June 4, 2020).Participants who wish to join the conference call should register online at:https://apac.directeventreg.com/registration/event/8175258Please note the Conference ID number of 8175258.Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.lexin.com.A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until June 11, 2020, by dialing the following telephone numbers:About LexinFintech Holdings Ltd.LexinFintech Holdings Ltd. is a leading online consumption and consumer finance platform for educated young professionals in China. The Company provides a range of services including financial technology services, membership benefits, and a point redemption system through its ecommerce platform Fenqile and membership platform Le Card. The Company works with financial institutions and brands both online and offline to provide a comprehensive consumption ecosystem catering to the needs of young professionals in China. Lexin utilizes advanced technologies such as big data, cloud computing and artificial intelligence throughout the Company’s services and operations, which include risk management, loan facilitation, and the near-instantaneous matching of users’ funding requests with offers from the Company’s many funding partners.For more information, please visit http://ir.lexin.comTo follow us on Twitter, please go to: https://twitter.com/LexinFintech.Use of Non-GAAP Financial Measures StatementIn evaluating our business, we consider and use adjusted net income/(loss), non-GAAP EBIT, adjusted net income/(loss) per ordinary share and per ADS, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expenses, interest expense associated with convertible notes, and investment loss and we define non-GAAP EBIT as net income/(loss) excluding income tax expense/(benefit), share-based compensation expenses, interest expense, net, and investment loss.We present these non-GAAP financial measures because it is used by our management to evaluate our operating performance and formulate business plans. Adjusted net income/(loss) enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes and investment loss. Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense/(benefit), share-based compensation expenses, interest expense, net, and investment loss. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income/(loss) and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense/(benefit), interest expense, net, and investment loss have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income/(loss) and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.We compensate for these limitations by reconciling the non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.Exchange Rate Information StatementThis announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.0808 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2020. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of its collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.For investor and media inquiries, please contact:LexinFintech Holdings Ltd.IR inquiries:
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: IR@lexin.comMedia inquiries:
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: email@example.comSOURCE LexinFintech Holdings Ltd. LexinFintech Holdings Ltd.Unaudited Condensed Consolidated Balance Sheets LexinFintech Holdings Ltd.Unaudited Condensed Consolidated Statement of Operations LexinFintech Holdings Ltd.Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) LexinFintech Holdings Ltd.Unaudited Reconciliations of GAAP and Non-GAAP Results LexinFintech Holdings Ltd.Unaudited Reconciliations of GAAP and Non-GAAP Results
Worldwide Smart Retail Industry to 2027 – by Solution, Retail Offering, System, Application & Geography
Dublin, July 08, 2020 (GLOBE NEWSWIRE) — The “Smart Retail – Global Market Outlook (2018-2027)” report has been added to ResearchAndMarkets.com’s offering.SoftwareHardwareRetail Offerings Covered:Hardlines and Leisure GoodsFast-moving Consumer GoodsApparel and AccessoriesSystems Covered:Smart LabelVisual MarketingIntelligent SystemSmart Payment SystemOther SystemsApplications Covered:Brand ProtectionFoot-traffic MonitoringInventory ManagementLoyalty Management and PaymentPredictive Equipment MaintenanceSmart Fitting RoomRegions Covered:USCanadaMexicoEuropeGermanyUKItalyFranceSpainRest of EuropeAsia PacificJapanChinaIndiaAustraliaNew ZealandSouth KoreaRest of Asia PacificSouth AmericaArgentinaBrazilChileRest of South AmericaMiddle East & AfricaSaudi ArabiaUAEQatarSouth AfricaRest of Middle East & AfricaWhat our report offers:Market share assessments for the regional and country-level segmentsStrategic recommendations for the new entrantsCovers Market data for the years 2017, 2018, 2019, 2023 and 2027Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.Strategic recommendations in key business segments based on the market estimationsCompetitive landscaping mapping the key common trendsCompany profiling with detailed strategies, financials, and recent developmentsSupply chain trends mapping the latest technological advancementsKey Topics Covered:Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
NexTech is Presenting at Wall Street Reporter’s “NEXT SUPER STOCK” Livestream Conference on July 9th, 2020
NEW YORK and TORONTO, July 08, 2020 (GLOBE NEWSWIRE) — NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, Video Conferencing and Virtual Events, is pleased to announce that NexTech CEO Evan Gappelberg will be presenting at Wall Street Reporter’s “Next Super Stock” livestream conference on July 9th, 2020.
CLICK HERE TO SIGN UPEvan will update investors on NexTech’s latest technological advances, the recent surge in business from its Video Conferencing and Virtual Events platform InfernoAR, plus the company’s record revenue growth, all as the company pursues four multi-billion dollar verticals in AR.NexTech’s live presentation will take place at 12:30PM Eastern, on Thursday July 9th, 2020The 20-minute presentation will be followed by a question and answer session. To learn more about the event, and sign up for free, click:CLICK HERE TO SIGN UPFor those unable to join the live event, a video of the presentation will be posted later.About “Next Super Stock Live!” conference:
Wall Street Reporter’s “NEXT SUPER STOCK Live!” The conference is dedicated to featuring select companies that have near-term catalysts in place which can drive transformational growth (and stock appreciation) in the months ahead.Recent Company Highlights in 2020:July 2, 2020: Hired Arnaud Amet as Director of Sales for Europe. Mr. Amet situated in Paris, France comes from regional and global sales and marketing roles in Microsoft (MSFT) where he worked for over a decade ending in 2015. He also has significant experience with his own startup in sales and marketing of AR/VR to large brands partnering with Facebook (FB), Huawei and Microsoft.
June 29, 2020: signed a contract to supply its InfernoAR video conferencing and virtual events platform to the Dallas Independent School District (Dallas ISD).
June 19, 2020: NexTech closed a private placement of 1,528,036 units priced at the market price of $2.10 per unit (the “Units”) for gross proceeds of $3,208,875 (the “Offering”). This financing provides the company with a healthy cash and inventory position of over $7.5million – its highest ever.
June 18, 2020: Company announces that it has signed a partner supplier agreement with BDA, LLC. BDA Sports will be using the InfernoAR virtual event platform for their signature annual Think Tank 2020 program for teams in NHL, NBA, MLB, and NFL.
June 10, 2020: Company signed a partner agreement and contract to provide its InfernoAR Virtual Events platform services to Skybridge World Dubai clients. Skybridge is a leading events, exhibition and marketing solutions provider to global corporations whose clients include: Emirates Glass, IBM, Lilly, Henkel, Amgen and many others. NexTech and Skybridge have already solidified their partnership and signed up their first customer, Bohringer Ingelheim.
June 4, 2020 The company launched its new ARitize360 app now live and available for a FREE download on both iOS and Android. The app’s 3D scan technology will add to the revenue-generating power of its AR eCommerce solution and its recently launched 3D/AR advertising platform.
June 3, 2020: The company achieved record revenue and gross profit for the month of May 2020. Both revenue and gross profit showed dramatic increases in May. Notably, compared to May 2019, the company’s revenue increased 169% to $1,300,000 while gross profit grew 290% to $800,000 representing the highest revenue and gross profit ever achieved in a single month.
June 1, 2020 : CEO Evan Gappelberg purchased 100,000 shares. It was reported that on 5/5/2020 he purchased 929,885 common shares of NexTech common stock, this is his fourth buy for the year 2020.
May 25, 2020: Signed a contract to supply its Augmented Reality Solutions to a $30 billion market capital, publicly-traded global technology company.
May 22, 2020: The company announced very positive results for its recently launched 3D/AR Ad Network which went live on February 4th 2020. Using the company’s 3D/AR ads resulted in a 300% increase in sales conversions, a 32% increase in click-through-rate (CTR) and a 23% lower cost per click than traditional 2D ads.
May 21, 2020: InfernoAR Virtual Events platform chosen to supply a $13 billion capital, publicly-traded global insurance company, for their global leadership two day summit starting June 6th.
May 19, 2020: Inferno AR integration with Cvent Solutions optimizing the entire InfernoAR event management value chain. Integration with CVENT will broaden the utility and increase the appeal of the platform by helping end-users seamlessly register and become more productive while using the platform.
May 14, 2020: Q1 Revenue grows 177% to $2.5 million, Gross Profit grows 267% to $1.3 million, Working Capital of $3.5 million.
May 12, 2020: InfernoAR platform integration with all major video platforms including its previously announced integration with Zoom, Microsoft Teams, Skype, and new integrations with Cisco Webex, BlueJeans, Google Hangouts, Google Meet, and GoToMeetings. These critical integrations continue to extend the capabilities of the platform, broaden the utility of the platform and help end-users become even more productive while using the platform.About NexTech AR Solutions Corp.NexTech is one of the leaders in the rapidly growing AR industry, estimated to hit $120 billion by 2022, according to Statista. NexTech, the first publicly traded “pure-play” AR company, began trading on the CSE on October 31st, 2018. NexTech has a two-pronged strategy for rapid growth including growth through acquisition of eCommerce businesses and growth of its omni-channel AR SaaS platform called ARitize™.The company is pursuing four verticals in AR.ARitize™ For eCommerce: The company launched its technologically advanced webAR for eCommerce early in 2019 and has been rapidly signing up customers onto its SaaS platform. Customers include Walther Arms, Wright Brothers, Mr. Steak, and Budweiser. NexTech has the first ‘full funnel’ end-to-end eCommerce solution for the AR industry including its 3D product capture, 3D ads for Facebook and Google, ‘Try it On’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy’.ARitize™ 3D/AR Advertising Platform: launched in Q1 2020 the ad platform will be the industry’s first end-to-end solution whereby the company will leverage its 3D asset creation into 3D, 360, AR ads. In 2019, according to IDC, global advertising spend will be about $725 billion.InfernoAR: the world’s most advanced Augmented Reality and Video Learning Experience Platform for Events, is a SaaS video platform that integrates Interactive Video, Artificial Intelligence and Augmented Reality in one secure platform to allow enterprises the ability to create the world’s most engaging virtual event management and learning experiences. Automated closed captions and translations to over 64 languages put InfernoAR in a class by itself.ARitize™ Hollywood Studios: expected to launch in 2020, the studio has created a proprietary entertainment venue for which it is producing immersive content using 360 video, and augmented reality as the primary display platform.To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.nextechar.com.On behalf of the Board of NexTech AR Solutions Corp.
CEO and DirectorFor further information, please contact:Evan Gappelberg
Chief Executive Officer
firstname.lastname@example.orgThe CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “looking forward” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the Company increasing investors awareness are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of NexTech to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. NexTech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Causality Link Adds Veteran IBM Natural Language Processing (NLP) Engineer Craig Trim as Senior Software Engineer – NLP
Salt Lake City, July 08, 2020 (GLOBE NEWSWIRE) — Causality Link, an advanced, artificial intelligence (AI)-driven investment technology provider, today announced the addition of veteran software engineer and natural language processing (NLP) expert Craig Trim as senior software engineer – NLP.Trim joins Causality Link having spent the majority of his 20-year software engineering career with IBM, during which time he contributed to over 200 filed patents. He was most recently a senior managing consultant, leading teams in the inception, creation and deployment of chatbots for top companies in the energy, telecommunications and automotive industries. Joining IBM as an intern in 2000, Trim has since been lead engineer for formal offerings in Watson Group, has led teams developing the auto-generation of knowledge graphs, and has led the design and implementation of large-scale e-commerce sites. In addition to his time at IBM, Trim was chief technology officer for Dristi, a cognitive computing company, where he led research and development to create a first-of-a-kind “Audience OS” and cognitive analytics platform. At Causality Link, Trim will lead efforts to enhance the company’s Research Assistant. This initiative will include increasing the number of data sources ingested, the speed at which the data is processed, the insights garnered from the data and more.“Causality Link is an exciting melding of tried and true technology and cutting-edge innovation that is rare to find and has been instrumental in their success thus far,” said Trim. “I look forward to developing and implementing ways to propel the platform even further to gather more insights from more sources in less time.”“Craig is a true trailblazer in the NLP space,” said Pierre Haren, co-founder and CEO of Causality Link. “During his prolific tenure at IBM, he pioneered the use of NLP in ontology learning to look for relationships between data, which is a critical part of our operation. We are thrilled to bring this inventive thinking to Causality Link as we drive our technology to the next level.”Causality Link’s unique, AI-powered research platform extracts the knowledge contained within millions of documents and other text-based sources to provide investors and analysts with a unique perspective on companies, industries and macroeconomic drivers. By aggregating explicitly stated cause-and-effect relationships between market indicators and company key performance indicators (KPIs), the Causality Link platform provides clients with more significant, longer-lasting, less emotional and more precise insights and forecasts.With the overall aim of improving transparency in financial markets, the Causality Link platform models the forces acting on the markets, leveraging machine learning (ML) and natural language processing (NLP) techniques to weave together the insights and creativity of experts in understanding the causal relationships at work in the financial world. The solution is leading the next wave of AI innovation that leverages technology to combine human knowledge from thousands of authors.About Causality LinkWith its advanced AI-driven research platform, Causality Link helps investment research professionals produce smarter decisions by better understanding the “causal links” between their subjects and various market indicators. Causality Link was formed on the notion that long-term success in AI and Machine Learning requires a balance of human and machine collaboration that leverages the strongest qualities in each. Causality Link’s platform merges explicit expert knowledge of causation – not simply correlation – with the mathematical power of predictive analytics enabling professionals to gain big-picture understanding of the financial markets. Visit www.causalitylink.com to learn more. AttachmentCraig TrimMichael Kingsley
Forefront Communications for Causality Link
Latest News1 year ago
Bleckwen Raises $10m and Appoints David Christie as CEO
Artificial Intelligence1 year ago
Kneron Debuts Edge AI Chip, Bringing AI to Devices Everywhere
Artificial Intelligence1 year ago
Chartis Research Names FICO a Category Leader in AI for Financial Services
Artificial Intelligence1 year ago
CredoLab extends smartphone-based scoring to insurers
Artificial Intelligence1 year ago
LogRhythm Scores the Singapore Business Review Technology Excellence Award 2019 for Cyber Security – Computer Software
Artificial Intelligence1 year ago
Tuya Exhibiting Products from its Global Clients that are “Powered by Tuya”
Artificial Intelligence1 year ago
Chengdu Tianfu Software Park Reflects the Vitality of IP Innovation
Artificial Intelligence3 months ago
Special Report: Coronavirus and the Housing Industry