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BE Semiconductor Industries N.V. Announces Q2-20 and H1-20 Results

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Q2-20 Revenue of € 124.3 Million and Net Income of € 39.8 Million Up 34.1% and 110.6%, Respectively, vs. Q2-19. Results Exceed Expectations
Share Buyback Program Extended and Increased to € 125 Million
DUIVEN, The Netherlands, July 28, 2020 (GLOBE NEWSWIRE) — BE Semiconductor Industries NV (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2020.Key Highlights Q2-20Revenue of € 124.3 million, up 36.1% vs. Q1-20 and 34.1% vs. Q2-19 primarily due to higher shipments for mobile and, to a lesser extent, high-end logic applications and increased demand from Chinese customers. Exceeded high end of guidance rangeOrders of € 101.3 million, down 14.6% vs. Q1-20 but up 22.5% vs. Q2-19. The sequential order decrease was primarily due to lower demand for high end mobile applications generally, partially offset by increased orders from Chinese subcontractors for mobile and other electronics applicationsGross margin reached 62.0%, up 5.3 points vs. Q1-20 and 6.0 points vs. Q2-19 primarily due to a more favorable product mix, increased labor efficiencies and, to a lesser extent, forex benefitsNet income of € 39.8 million grew € 25.9 million (186.3%) vs. Q1-20 and € 20.9 million (110.6%) vs. Q2-19 primarily due to significantly higher revenue and gross margins. Net margin more than doubled to 32.0% vs. 15.2% in Q1-20 and 13.5% in Q2-19Share buyback program extended until October 2021 and increased by € 50 million to € 125 millionKey Highlights H1-20Revenue of € 215.6 million, up 23.8% vs. H1-19 reflecting improved market conditions and higher demand for mobile and, to a lesser extent, high end logic applicationsOrders of € 219.9 million grew € 53.9 million (+ 32.5%) primarily due to higher demand for mobile applicationsGross margin reached 59.7%, up 3.8 points vs. H1-19 primarily due to Besi’s strong advanced packaging market position, more favorable product mix and increased labor efficienciesNet income of € 53.7 million increased € 25.3 million (+ 89.1%) vs. H1-19. Net margin grew strongly to 24.9% vs. 16.3% in H1-19Net cash of € 93.6 million rose € 7.5 million (+ 8.7%) vs. June 30, 2019OutlookQ3-20 revenue estimated to decrease by approximately 10-25% vs. Q2-20 due to typical seasonal influences, lower demand for mobile applications post H1-20 build and ongoing uncertainty as to the development of the COVID-19 pandemic. Gross margin anticipated to range between 58% -60%* Reflects cash dividend payments of € 73.5 million and € 122.4 million in Q2-20 and Q2-19, respectivelyRichard W. Blickman, President and Chief Executive Officer of Besi, commented:
“Besi reported strong Q2-20 and first half year results in an improving industry environment. Revenue and net income for Q2-20 were € 124.3 million and € 39.8 million, respectively, increases of 34.1% and 110.6% versus Q2-19. Besi exceeded the high end of revenue guidance as we resumed full operations globally despite the COVID-19 pandemic, achieved higher than anticipated shipments for mobile applications and benefited from increased demand by Chinese subcontractors for mobile and other electronics applications, continuing a trend starting in H2 -19.
Profitability and efficiency also increased significantly in Q2-20 and for the first half year. Gross and operating margins in Q2-20 increased to 62.0% and 39.0%, respectively, increases of 6.0 and 11.9 points, respectively, versus the comparable period of the prior year. Besi’s solid financial performance primarily reflected improved industry conditions, our strong advanced packaging market position and a favorable product mix. On the operational front, it reflected strategic execution in a difficult production environment, labor efficiencies associated with a 5.2% decrease in year over year fixed headcount levels and lower travel, service and other overhead costs associated with the shift to a work at home business environment . Similarly, H1-20 revenue of € 215.6 million and net income of € 53.7 million grew by 23.8% and 89.1%, respectively.Orders for the first half year were € 219.9 million, an increase of 32.5% versus H1-19 as industry overcapacity lessened and mobile customers increased demand in anticipation of new handset introductions later this year with advanced features and functionality. To a lesser extent, orders also benefited from continued demand growth for high end logic applications such as cloud infrastructure, artificial intelligence and high-performance computing as we move more rapidly into the digital society. Automotive end market demand remained at depressed levels as consumers react to the economic fall-out from the pandemic. For the quarter, orders were € 101.3 million, a 22.5% increase versus Q2-19 but a decrease of 14.6% versus Q1-20 primarily as a result of reduced spending by high end mobile customers after their H1-20 capacity build. Besi ended the first half year with a strong balance sheet and continues to return excess capital to shareholders. At June 30, 2020, cash and deposits totaled € 366.6 million after the payment of € 76.6 million in the form of cash dividends and share repurchases. Net cash and deposits of € 93.6 million at quarter end grew by 8.7% versus the end of Q2-19. Given continued strong profitability and cash flow generation this year, Besi will extend its current share buyback program until October 30, 2021 and increase its size by € 50 million to € 125 million.Looking ahead, we estimate that Q3-20 revenue will decrease by approximately 10-25% due to typical seasonal influences, lower demand for mobile applications post the H1-20 build and customer caution as to the development of the COVID-19 pandemic. Gross margin is estimated to range between 58-60% based on the forecasted product mix. Operating expenses are expected to decrease by 10-15% versus Q2-20 as we carefully control costs in an uncertain environment. We are cautiously optimistic about Besi’s prospects for the remainder of 2020 given our better than anticipated first half results and Q3-20 guidance. We temper this optimism, however, given the current unpredictable course, recurrence and severity of the pandemic and its implications for semiconductor demand.Longer-term, we are encouraged about Besi’s prospects in the next investment cycle given our strong performance in a difficult environment and by strong secular growth drivers for our business. Further, we have a leading position in advanced packaging which is an important enabler of the digital society and the new applications to be generated along with it. ”Second Quarter Results of OperationsQ2-20 revenue of € 124.3 million increased by 36.1% and 34.1% versus Q1-20 and Q2-19, respectively, primarily due to higher shipments for mobile and, to a lesser extent, high-end logic and cloud infrastructure applications. In addition, shipments to Chinese customers increased relative to each respective period, continuing a favorable trend which began in H2-19. Q2-20 revenue growth exceeded the high end of guidance (+ 5% to + 25%) primarily due to higher than anticipated shipments for mobile applications as Besi and its main customers resumed full operations amidst the global pandemic.Orders of € 101.3 million were down 14.6% versus Q1-20 primarily due to lower demand for high end mobile applications generally, partially offset by increased orders by Chinese subcontractors for mobile and other electronics applications. In contrast, orders grew by 22.5% versus Q2-19 primarily due to improved market conditions and higher bookings for mobile and computing applications. Per customer type, IDM orders decreased € 2.8 million, or 5.9%, versus Q1-20 and represented 44% of total orders for the period. Subcontractor orders decreased by € 14.5 million, or 20.4%, versus Q1-20 and represented 56% of total orders.Besi’s gross margin reached 62.0% in Q2-20, an increase of 5.3 points vs Q1-20 and 6.0 points versus Q2-19 primarily due to a more favorable product mix, increased labor efficiencies from lower fixed Asian production headcount, and, to a lesser extent, forex benefits from favorable changes in the euro versus the USD, MYR and CHN currencies. The Q2-20 gross margin significantly exceeded guidance (56% -58%) due to higher than anticipated shipments for mobile applications during the period.Q2-20 operating expenses declined by € 4.4 million (-13.3%) versus Q1-20 and was in-line with guidance. The decrease was primarily due to (i) a € 2.5 million reduction in variable compensation expense, (ii) € 1.0 million lower development expense due to higher R&D capitalization, net in the quarter and (iii) lower consulting expenses. Operating expenses increased by € 1.8 million (+ 6.7%) versus Q2-19 due to increased variable compensation expense of € 2.4 million.Net income of € 39.8 million grew by € 25.9 million (186.3%) versus Q1-20 and € 20.9 million (110.6%) versus Q2-19 primarily due to higher revenue and gross margin levels realized along with operating leverage from tight controls of fixed overhead levels relative to revenue growth. Similarly, Besi’s net margin increased to 32.0% in Q2-20, a significant increase versus the 15.2% and 20.4% realized in Q1-20 and Q2-19, respectively.Half Year Results of OperationsH1-20 revenue reached € 215.6 million, up 23.8% versus H1-19 reflecting improved industry conditions and higher demand for mobile and, to a lesser extent, high end logic and cloud infrastructure applications . Similarly, orders of € 219.9 million grew € 53.9 million (+ 32.5%) versus H1-19. Revenue and order growth were partially offset by reduced demand for automotive applications due to the adverse impact on consumer demand from the pandemic.Besi’s gross margin rose 3.8 points versus H1-19 to reach 59.7% primarily due to its strong advanced packaging market position, more favorable product mix and increased labor efficiencies. In addition, Besi’s net income of € 53.7 million and net margin of 24.9% increased by 89.1% and 8.6 points, respectively, versus H1-19 as increased revenue and gross margin more than offset € 4.0 million of higher operating expenses, principally associated with increased share-based compensation expense.Financial ConditionAt the end of Q2-20, cash and deposits aggregated € 366.6 million. As compared to Q1-20, Besi’s net cash and deposits decreased by € 54.7 million due primarily to the payment of (i) € 73.5 million in cash dividends to shareholders, (ii) € 4.3 million of capitalized development spending and (ii) € 3.1 million of share repurchases which was partially offset by cash flow from operations of € 22.9 million. Net cash of € 93.6 million at quarter end grew € 7.5 million (+ 8.7%) versus June 30, 2019. During the quarter, € 7.0 million principal amount of the 2016 Convertible Notes were converted into 351,186 ordinary shares. As a result, the principal outstanding amount of the 2016 Convertible Notes declined from € 125.0 million to € 118.0 million.Share Repurchase Activity / Extension and Increase of Share Repurchase Program
During the quarter, Besi repurchased 90,844 of its ordinary shares at an average price of € 33.54 per share for a total of € 3.1 million. Cumulatively, as of June 30, 2020, 3.2 million shares have been purchased under the current € 75 million share repurchase program at an average price of € 22.58 per share for a total of € 73.3 million. As of such date, Besi held approximately 7.3 million shares in treasury at an average cost of € 15.48, equal to 9.1% of its outstanding shares.
Besi will extend the duration of its current share buyback program until October 30, 2021 and increase the total amount from € 75 million to € 125 million. The share repurchase program was initiated for capital reduction purposes and to help offset dilution related to Besi’s 2016 and 2017 Convertible Notes and shares issued under employee stock plans. It will be funded using Besi’s available cash resources and be effective immediately. At present, Besi has authority until October 30, 2021 to purchase up to 10% of its outstanding shares (approximately 8.0 million shares).The share repurchase program will be executed in accordance with industry best practices and in compliance with European buyback rules and regulations and may be suspended or discontinued at any time. Besi has engaged an independent broker for the program and all purchases will be executed through Euronext Amsterdam (the “Main Exchange”) and Multilateral Trading Facilities as defined by Directive 2014/65 / EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (each being referred to as “Exchanges”) and subject to the rules of the relevant Exchange. The timing and amount of any shares repurchased under this program will be determined by the independent broker independently of, and without influence by, Besi. The maximum purchase price to be paid per share under the program will not exceed the higher of the last independent trade price of the shares and the highest current independent bid price of the shares on the venue to which the purchase was carried out. Any repurchased shares will be available in the future for use in connection with Besi’s stock plans and other general corporate purposes, including acquisitions. The information included in this press release is made public under the Market Abuse Regulation (No. 596/2014 / EU).Prospective Member of the Supervisory Board
Effective August 1, 2020, Dr. Laura Oliphant will join Besi’s Supervisory Board as a prospective member. It is the Board’s intention to nominate her for appointment as a member of the Supervisory Board at Besi’s 2021 AGM (April 2021). Dr. Oliphant (57) has extensive experience in the semiconductor, semiconductor equipment and other technology industries as a senior manager, investor and board director. Currently, she is an independent consultant with Serendibite Partners, where she provides expertise to early stage businesses, Fortune 500 companies and venture capital firms. Previously, Dr. Oliphant served as CEO of Translarity, Inc., a venture backed, advanced probe card startup focused on RF applications. Prior thereto, she was with Intel Corporation for almost 25 years including as an Investment Director of Intel Capital and as a Supply Chain Program Manager in Intel’s supplier management organization. Dr. Oliphant currently serves on the board of directors of the following US and European corporations: Aehr Test Systems (NASDAQ: AEHR, Fremont, CA), Feasible Inc. (Emeryville, CA), Novelda AS (Oslo, Norway) and Numascale AS (Oslo, Norway). She has a PhD in Chemical Engineering from the University of California, Berkeley and is a holder of the National Association of Corporate Directors Board Leadership Fellowship. Novelda AS (Oslo, Norway) and Numascale AS (Oslo, Norway). She has a PhD in Chemical Engineering from the University of California, Berkeley and is a holder of the National Association of Corporate Directors Board Leadership Fellowship. Novelda AS (Oslo, Norway) and Numascale AS (Oslo, Norway). She has a PhD in Chemical Engineering from the University of California, Berkeley and is a holder of the National Association of Corporate Directors Board Leadership Fellowship.
OutlookBased on its June 30, 2020 order backlog and feedback from customers, Besi forecasts for Q3-20 that:Revenue will decrease by approximately 10-25% vs. € 124.3 million reported in Q2-20.Gross margin will range between 58-60% vs. the 62.0% realized in Q2-20.Operating expenses will decrease by 10-15% vs. the € 28.6 million reported in Q2-20.Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). The dial-in for the conference call is (31) 20 531 5851. To access the audio webcast and webinar slides, please visit www.besi.com .
Basis of Presentation
The accompanying condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2019 Annual Report, which is available on www.besi.com
About Besi
Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY Nasdaq International Designation) and its headquarters are located in Duiven, the Netherlands.www.besi.com .
Caution Concerning Forward Looking Statements
This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales , product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “Will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2019 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise. any inability to attract and retain skilled personnel; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2019 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise. any inability to attract and retain skilled personnel; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2019 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Cash Flow Statements

Supplemental Information (unaudited)
(euro in millions, unless stated otherwise)
____________________1 )    The calculation of diluted income per share assumes the exercise of equity settled share based payments and the full conversion of the Convertible Notes

Artificial Intelligence

Actuators Market worth $94.8 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, March 29, 2024 /PRNewswire/ — The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth can be attributed to growing industrial automation and use of robots in various sectors like manufacturing and transportation, Developments in areas like sensor technology, connectivity, and control systems, The increasing demand for actuators is fueled by the expansion of sectors like healthcare (medical devices), oil & gas, and aerospace & defense, and the need for improved process control, energy efficiency, and safety regulations in various industries.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=59465451
Browse in-depth TOC on “Actuators Market” 300 – Tables175 – Figures350 – Pages
Actuators Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 67.7 billion
Estimated Value by 2029
$ 94.8 billion
Growth Rate
Poised to grow at a CAGR of 7.0%
Market Size Available for
2019–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Actuation, Application, Type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Issues of leakage in pneumatic and hydraulic actuators
Key Market Opportunities
Increased spending on renewable sources of energy for power generation
Key Market Drivers
Rapid industrialization and utilization of robotics
The Electric segment held the largest growth rate in the Actuators market by actuation.
By actuation, the Actuators market has been segmented into electric, hydraulic, pneumatic, and others. electric Segment to hold the highest growth rate during the forecast period. Electrical actuators use electricity to produce motion. These actuators can be further classified into solenoid actuators and motor-driven actuators. A solenoid used in an electric actuator works on the principle of electromagnetism. Electrical actuators provide control and acceleration at higher speeds. The force for applying thrust can be managed without the requirement for compressed air and the related infrastructure, and hence the total energy consumption in these actuators is lower. Electrical actuators can be used for various applications where linear as well as rotary actuation is required. They can be used for low torque as well as high torque requirements.
The vehicle equipment segment is expected to account for the largest share of Actuators by application in 2024.
By application, the Actuators industry is segmented into industrial automation, robotics, and vehicle equipment. The vehicles and equipment segment includes actuators used in automotive, aircraft, ships, and defense vehicles. These can be either hydraulic, pneumatic, electrical, or mechanical actuators. Actuators are widely used in various systems and sub-systems of an automobile, aircraft, ships as well as defense vehicles.
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Asia Pacific accounts for the largest market share in 2024.
The Actuators market has been studied in North America, Europe, Asia Pacific, Middle East, and Rest of the World. The Asia Pacific region accounts for the largest market share in 2024 as well as throughout the forecast period due to the increasing demand for actuators in the region to enhance the growth of the market. India is expected to show the highest growth rate in Asia Pacific Region for Actuators market.
Major players operating in the Actuators companies are SMC Corporation (Japan), Rockwell Automation (US), Curtiss-wright Corporation (US), ABB Ltd (Switzerland), and Parker Hennifin Corporation (US).
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Browse Adjacent Market: Aerospace and Defence Market Research Reports & Consulting
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Aircraft Sensors Market Size, Share & Growth Analysis Report by Aircraft Type (Fixed-wing, Rotary-wing, UAVs, AAM), Application (Engine, Aerostructures, Fuel & Hydraulic, Cabin), Sensor Type, End Use (OEM, Aftermarket), Connectivity (Wired, Wireless) and Geography- Global Forecast to 2027
Military Actuators Market by Application (Air, Land, Naval), System (Electrical, Hydraulic, Pneumatic, Mechanical), Component (Cylinders, Drives, Servo Valves, Manifolds), Type (Linear, Rotary), and Region (2019-2024)
Aircraft Actuators Market Size, Share & Industry Growth Analysis Report by Installation Type (OEM & Aftermarket), System, Technology (Hydraulic, Electric Hybrid, Mechanical, Pneumatic, and Full Electric), Type, Platform, Aircraft Type (Fixed Wing and Rotary Wing) and Region – Global Forecast to 2027
Aircraft Engine Market Size, Share & Industry Growth Analysis Report by Type (Turboprop, Turbofan, Turboshaft, Piston Engine), Platform (Fixed wing, Rotary Wing, UAV), Component (Compressor, Turbine, Gear Box, Exhaust Nozzle, Fuel System), Technology, and Global Growth Driver and Industry Forecast to 2026
Avionics Market by Platform (Military Aviation, Commercial Aviation, General Aviation, Special Mission Aviation), Fit, Systems and Region (North America, Europe, Asia Pacific, Middle East and Rest of the World) – Global Forecast to 2030
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Artificial Intelligence

Roborock Unveils Global No.1 Robotic Vacuum Cleaner Sales Ranking at International Launch Event

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Certified by Euromonitor, Roborock attributes its rise to the top to embracing a long-term mindset while upholding customer-centric innovation above all else
BEIJING, March 29, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced it has taken the number one spot for robotic vacuum sales worldwide, according to new data by Euromonitor. Celebrating its achievements at a global launch event on the eve of its 10-year anniversary, the brand also revealed a glimpse of what is to come in the form of new product lines while sharing its vision for the future.

Founded in 2014, Roborock owes its success to its long-standing commitment to customer-centric innovation. By delivering meaningful solutions which improve everyday lives, Roborock has built a truly global fanbase, with Euromonitor data confirming that the brand has achieved the number 1 sales position worldwide for robotic vacuum cleaners[1].
“We are so honored to be celebrating this achievement with you all, which was made possible thanks to the ongoing trust and support received over the last 10 years.” Mr. Quan, Roborock President, announced, “Our path to success has been a marathon, not a sprint, as we have always kept in view our brand spirit of “taking the long view in order to do the right thing”. Our unwavering commitment to focusing on delivering true value to our customers is how we have built the brand affinity that has gotten us where we are today – firmly on our way to becoming a global leader in the smart home space.”
Steppingstones on the Path to Success: Roborock Achieves Steady Market Growth on Journey to Become a Global Leading Home Appliance Brand
Further cementing its global success story, the brand also revealed impressive results in many of its key markets. Roborock is now present in over 170 countries, serving over 15 million homes worldwide. According to data from IDC, Roborock ranks number one in Turkey and number two in the US in terms of sales, while also taking the top spot in Germany, Korea, and the Nordics in terms of shipments in 2023[2]. As revealed by Roborock’s latest Financial Earnings Report, the brand recorded a total revenue of 8.65 billion Yuan last year (US$1.22 billion), with total robot vacuum shipments surpassing 2.6 million units. Roborock’s overseas operation recorded revenue growth of 21.42% compared to the prior year and Roborock’s net profit was listed at 2.05 billion Yuan (US$288 million), achieving an overall annual growth rate of 73.32%. This consistent growth across all key markets demonstrates Roborock’s strategic choice to directly address consumer demands and striving for excellence across user experience is resonating with millions worldwide.
Despite these successes, Mr. Quan acknowledged these results were not in themselves the ultimate end goal. Globalization is a vital pillar of Roborock’s mission to become a leader in its field. As such, Roborock plans to expand its global footprint by introducing more innovative products that cater to the unique needs of global users, taking into account the different requirements of various markets, and extending more partnerships worldwide, ensuring that Roborock makes strides overseas on a larger scale and at a faster pace.
Meaningful Innovation: Roborock’s User-Centric R&D Principles and Latest Revolutionary Developments
Roborock’s passion to create value for its consumers propels them to continuously seek out new technological advancements that can serve real consumer pain points. From 2019 to 2023 Roborock invested 1.9 billion Yuan (260 million USD) in Research and Development. Roborock’s approach to take the long term view, ensures R&D teams are encouraged not to seek quick fixes, but to focus on innovation that will truly serve the needs of the end consumer, such as addressing key areas like cleaning capabilities, mapping and navigation, convenience and smart home interconnectivity.
Enhancing the cleaning capabilities of its latest range, Roborock has introduced the FlexiArm Design™ Side Brush, a stretching side brush delivering 100% corner cleaning coverage – elevating the user experience. When it comes to user satisfaction, delivering a low-maintenance, hands-free experience is also paramount. Roborock recently introduced an auto water refill and drainage system, which automatically emptying and replacing dirty water with clean water through pipes during mop washing and tank refilling.
Aside from advanced hardware solutions, Roborock has always invested heavily in the discovery and implementation of emerging technologies that can enhance the functionality and accessibility of its devices. Roborock’s Reactive AI 2.0 Obstacle Recognition technology can recognize and differentiate between floor and room types, accurately identifying 73 different obstacles to navigate, including floor mirrors and pet supplies. Roborock SmartPlanTM function uses an advanced AI algorithm to intelligently plan and optimize cleaning paths and settings based on user habits and specific home layout, making the cleaning process even more intelligent and efficient. The S8 MaxV Ultra is now certified by CSA for Matter, and other Roborock products will follow in the near future suit to enhance connectivity.
Enriching Roborock’s Product Portfolio to Enhance the Quality of Life for Consumers
Concluding the exciting launch, Roborock unveiled three exciting new product lines to its portfolio of intelligent automated devices. Roborock’s product managers took to the stage to introduce three new robotic vacuums – the G20S (S8 MaxV Ultra), V20 and P10S Pro. 
The G20S (S8 MaxV Ultra) launched to great acclaim at CES 2024 and is Roborock’s most technologically advanced one-stop cleaning solution to date. A highly intuitive device, the G20S is equipped with FlexiArm Design™ Side Brush, a unique robotic arm that enables complete corner cleaning capabilities, and an extra side mop for edge cleaning, alongside Reactive AI 2.0 obstacle recognition, built-in intelligent voice assistant, and RockDock® Ultra which automatically maintains the robot cleaner using hot water and heated air with intelligent mop re-washing and re-mopping capabilities. The G20S (S8 MaxV Ultra) will be available to purchase globally from April, retailing for USD 1799.99 / EURO 1499.
Initially debuting in China, the V20 will be the world’s first robotic vacuum cleaner equipped with dual-vision 3DToF solid-state LiDAR navigation and obstacle avoidance system, which observes the reflection of modulated light to offer better depth accuracy for even more intuitive floor mapping. With an ultra-thin 8.2cm body and equipped with FlexiArm DesignTM corner and edge cleaning, DuoRoller Riser Brush, and maintenance-free cleaning dock, the V20 is set to redefine automated, low maintenance cleaning.
Finally, the P10S Pro is positioned as the perfect partner for those hard-to-reach spots. Combining FlexiArm DesignTM with an extendable side brush and mop, the device provides 100% corner coverage and the ultimate in edge-cleaning, taking even the trickiest surfaces in its stride.
These solutions further solidify Roborock’s commitment to satisfying the needs of its customers in its fearless pursuit of innovation. Stay tuned for further market specific launch announcements of these innovations and more. 
About Roborock
Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://global.roborock.com/.
[1] The data comes from Euromonitor International (Shanghai) Co., Ltd. The sales figures of robotic vacuum cleaners worldwide in the first three quarters of 2023 (in RMB hundred million) were used for calculation. Roborock ranks first in the industry. Robotic vacuum cleaner refers to vacuum cleaners that automatically move around rooms using sensors to clean floors. The research was completed in February 2024.
[2] Data based on IDC Quarterly Smart Home Device Tracker, 2023 Q4. Rankings for the US and Turkey are based on sales value, while rankings for Germany, the Nordic countries (Denmark, Finland, Norway, Sweden), and Korea are based on shipment volume
Photo – https://mma.prnewswire.com/media/2375122/PHOTO.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/roborock-unveils-global-no1-robotic-vacuum-cleaner-sales-ranking-at-international-launch-event-302103463.html

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Cato Shatters SASE Speed Record

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Cato doubles throughput without any hardware upgrades, underscoring the value of a fully cloud-native platform.
TOKYO, March 29, 2024 /PRNewswire/ — Cato Networks, the SASE leader, announced a new SASE throughput record here at the Porsche Studio Ginza ahead of the 2024 Tokyo E-Prix, achieving 10 Gbps without hardware upgrades. At 10 Gbps, Cato became the first SASE platform to compete not only in the ABB FIA Formula E World Championship but also to deliver SASE performance so powerful that the TAG Heuer Porsche Formula E Team could transfer all the data of an entire Formula E season in under 2.5 hours instead of 3.5 days.

“We’re very excited to be partnering with the TAG Heuer Porsche Formula E Team at the 2024 Tokyo E-Prix,” says Shlomo Kramer, CEO and co-founder of Cato Networks. “The incredible speeds of the Gen3 racecars are only matched by the unprecedented throughput of Cato SASE Cloud. With 10 Gbps, we enable enterprises to replace their data center firewalls and enjoy all the benefits of a true, cloud-native SASE platform.”
Cato SASE Speed Record Up to 3x Other SASE Solutions on the Grid
As SASE continues its upmarket movement, higher capacity connections become essential for meeting various business needs such as bandwidth-intensive applications (cloud storage and backup, disaster recovery), hybrid clouds connecting two parts of the data center for inter-application processing, and large campuses.
To meet those challenges, Cato is introducing 10 Gbps throughput on a single, encrypted tunnel. The doubling of Cato Cloud Interconnect and Cato Socket performance comes without costly hardware upgrades, typical of appliance-based architectures. Compute-intensive operations that usually degrade edge appliance performance — packet encryption/decryption, security inspection, and the like — are handled by multiple Cato Single Pass Processing Engine (SPACE) cores, concurrently processing real-time traffic within Cato PoPs (Points of Presence). Parallel network flow processing is also enabled within the Cato Socket to maximize throughput end-to-end.
By contrast, SASE solutions implemented as virtual machines (VMs) in the cloud or modified web proxies remain limited to under 2 Gbps of throughput for a single tunnel. Appliance-based SASE
solutions top out at just under 3 Gbps. The lower throughputs force enterprises to artificially split traffic within locations across multiple tunnels from the edge appliance to the SASE PoP, a layer of complexity and risk that does not exist in Cato SASE Cloud.
Tokyo: A Place for Fast Cars and Fast Networks
The 2024 Tokyo E-Prix is the perfect venue to highlight Cato’s breakthrough performance. In the fast-paced world of Formula E, every second counts. The sport is intensively data-driven, where teams rely on their IT networks to analyze data and make critical, split-second strategy decisions to achieve a winning edge. Multiple computers in the car produce 100 to 500 billion data points per event, with more than 400 gigabytes of data generated and sent back to the cloud for analysis.
With 16 E-Prix this season, many in regions lacking Tokyo’s developed infrastructure, the ABB FIA Formula E Word Championship presents an incredible networking and security stress test. Cato SASE Cloud provides fast, secure, and reliable access to the TAG Heuer Porsche Formula E Team, regardless of location.
Tokyo, Osaka, and soon Sapporo form the three PoP locations within Japan. Within Tokyo, three Cato PoPs service the region; another two PoPs service Osaka. A sixth PoP is opening in Sapporo. Should users or locations lose access to any one PoP, they would immediately fail over to one of the other PoPs in Japan, providing the TAG Heuer Porsche Formula E Team and all Cato customers with incredibly reliable access in Tokyo – and across the globe.
To learn more about Cato SASE Cloud, visit us at https://www.catonetworks.com/platform/
To learn more about Cato’s partnership with the TAG Heuer Porsche Formula E Team, visit us at https://www.catonetworks.com/porsche-formula-e-team/.
About Cato Networks
Cato Networks is the leader in SASE, 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.

View original content:https://www.prnewswire.co.uk/news-releases/cato-shatters-sase-speed-record-302101273.html

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