Artificial Intelligence
Inuvo Announces Financial Results for the Second Quarter Ending June 30, 2020
LITTLE ROCK, Ark., Aug. 13, 2020 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE AMERICAN: INUV) (“Inuvo” or the “Company”), a leading provider of marketing technology, powered by IntentKey™ artificial intelligence that serves brands and agencies, today announced its financial results for the second quarter and first six months ending June 30, 2020. The IntentKey, Inuvo’s proprietary machine learning technology, accounted for 25.6% of 2020 second quarter revenue and 16.9% of the first six months revenue, generating $1.94 million and $3.8 million, respectively.
Richard Howe, CEO of Inuvo, commented, “Lower revenue through the first six months of the year was principally caused by decreased advertising budgets associated with COVID-19 and primarily within the ValidClick Platform with May as the lowest revenue month of the year and where June, July and now August have all trended sequentially higher. Despite the Pandemic, the IntentKey business has grown 17% through the first half of the year.” Mr. Howe added, “Although revenue has been challenged during COVID-19, both the Net Loss and Adjusted EBITDA improved year-over-year within the quarter.”
Financial Results for the Three and Six Months Ended June 30, 2020: The IntentKey Platform revenue for the six months ended June 30, 2020 was up approximately 17% and flat year-over-year within the quarter.
The ValidClick Platform revenue for the six months ended June 30, 2020 was down approximately 29% and down 53% year-over-year within the quarter. Gross profit for the three and six months ended June 30, 2020 totaled $6.5 million and $18.0 million, respectively, yielding gross profit margins during each period of 86% and 80%, respectively.
IntentKey gross margins were approximately 55% in the current quarter, up 125% from the 24% in the prior year.
Operating expenses totaled $7.8 million in the quarter, down 26% from the $10.5 million in the prior year.
Net loss for the three and six months ended June 30, 2020 improved 30% and 5% to $1.4 million and $4.2 million respectively.
Adjusted EBITDA for the 2020 second quarter improved 84% to a loss of $140 thousand as compared to a loss of $854 thousand for the same period in 2019. At June 30, 2020 Inuvo had approximately $4.2 million in cash. On July 27, 2020 Inuvo closed a public offering for its common stock with gross proceeds of $10.75 million. The Company remains primarily focused on growing its AI technology, the IntentKey, where there is believed to be a technological and competitive advantage.
Conference Call Details: A telephone replay will be available through August 27, 2020. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, enter the code 7887083 followed by the # sign. You will then be prompted for your name, company and phone number. Playback will then automatically begin.
About Inuvo About the IntentKey™ Safe Harbor / Forward-Looking Statements / Disclosures Inuvo Company Contact: Investor Contact: Reconciliation of Loss from Continuing Operations before Taxes to EBITDA and Adjusted EBITDA
We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as net loss from continuing operations before taxes plus (i) interest expense, net, (ii) depreciation, and (iii) amortization. We further define Adjusted EBITDA as EBITDA plus (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Net revenue for the three and six months ended June 30, 2020 totaled $7.6 million and $22.5 million respectively down 46% and 24% year-over-year. Lower revenue throughout the period was principally the result of decreasing advertising budgets associated with COVID-19 within the ValidClick Platform.
Date: Thursday, August 13, 2020
Time: 4:30 p.m. Eastern Time
Toll-free Dial-in Number: 1-800-263-0877
International Dial-in Number: 1-646-828-8143
Conference ID: 7887083
Participant Link: https://investor.inuvo.com/ir-calendar
Inuvo®, Inc. (NYSE American: INUV) is a market leader in artificial intelligence, aligning and delivering consumer-oriented product & brand messaging strategies online based on powerful, anonymous and proprietary consumer intent data for agencies, advertisers and partners. To learn more, visit www.inuvo.com.
Inuvo®’s IntentKey™ is a patented, machine-learning technology designed to mirror the manner in which the human brain instantly associates ideas, emotions, places, people, and objects. It creates an accurate, high-definition picture of consumer intent and sentiment related to a particular topic or item. Inuvo harnesses the power of the IntentKey™ to discover and reach high volumes of incremental in-market and relevant audiences that are hidden from typical marketing approaches. The IntentKey™ enables pinpoint media execution reaching consumers throughout the purchasing funnel all the way to conversion.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation, statements made with respect to expectations with respect to the results of revenues from IntentKey in future periods, our lack of profitable operating history, changes in our business, potential need for additional capital, the ultimate impact of the COVID-19 pandemic on our industry in general and our business in particular, and other risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed on May 12, 2020 and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Inuvo, Inc. and are difficult to predict. The information, which appears on our websites and our social media platforms is not part of this press release.
Wally Ruiz
Chief Financial Officer
Tel (501) 205-8397
[email protected]
KCSA Strategic Communications
Valter Pinto, Managing Director
Tel (212) 896-1254
[email protected]
INUVO, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited
June 30
December 31,
2020
2019
Assets
Cash
$4,181,214
$372,989
Accounts receivable, net
3,256,697
7,529,785
Prepaid expenses and other current assets
243,137
243,888
Total current assets
7,681,048
8,146,662
Property and equipment, net
1,213,937
1,374,152
Goodwill
9,853,342
9,853,342
Intangible assets, net
9,518,841
10,451,593
Other assets
1,075,501
865,178
Total other assets
20,447,684
21,170,113
Total assets
$29,342,669
$30,690,927
Liabilities and Stockholders’ Equity
Accounts payable
$3,674,697
$7,520,567
Accrued expenses and other current liabilities
3,045,357
4,057,340
Financed receivables
2,158,443
3,381,364
Convertible promissory notes (net)
0
536,806
Derivative liability
0
182,250
Total current liabilities
8,878,497
15,678,327
Deferred tax liability
107,000
107,000
Other long-term liabilities
2,282,640
452,051
Total long-term liabilities
2,389,640
559,051
Total stockholders’ equity
18,074,532
14,453,549
Total liabilities and stockholders’ equity
$29,342,669
$30,690,927
INUVO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
June 30
June 30
June 30
June 30
2020
2019
2020
2019
Net revenue
$7,590,187
$14,047,907
$22,523,170
$29,512,476
Cost of revenue
1,070,028
5,674,360
4,509,529
12,354,988
Gross profit
6,520,159
8,373,547
18,013,641
17,157,488
Operating expenses
Marketing costs
3,857,395
6,528,336
13,480,218
13,072,345
Compensation
2,118,311
1,735,489
4,462,546
3,544,045
Selling, general and administrative
1,781,121
2,213,507
3,839,963
4,590,568
Total operating expenses
7,756,827
10,477,332
21,782,727
21,206,958
Operating loss
(1,236,668
)
(2,103,785
)
(3,769,086
)
(4,049,470
)
Interest (expense) income, net
(72,681
)
148,792
(225,192
)
(367,916
)
Other expense, net
(49,939
)
–
(190,246
)
–
Net loss
($1,359,288
)
($1,954,993
)
($4,184,524
)
($4,417,386
)
Earnings per share, basic and diluted
Net (loss) income
($0.02
)
($0.06
)
($0.07
)
($0.14
)
Weighted average shares outstanding
Basic
66,023,317
32,570,866
59,835,925
32,484,878
Diluted
66,023,317
32,570,866
59,835,925
32,484,878
RECONCILIATION OF LOSS FROM CONTINUING OPERATIONS BEFORE TAXES TO ADJUSTED EBITDA
(unaudited)
Three Months Ended
Six Months Ended
June 30
June 30
June 30
June 30
2020
2019
2020
2019
Loss from continuing operations before taxes
($1,359,288
)
($1,954,993
)
($4,184,524
)
($4,417,386
)
Interest expense (income), net
72,681
(148,792
)
225,192
367,916
Depreciation and amortization
925,206
813,510
1,866,632
1,637,275
EBITDA
(361,401
)
(1,290,275
)
(2,092,700
)
(2,412,195
)
Stock-based compensation
193,288
49,823
402,185
146,694
Non-recurring expense:
Costs incurred during the Terminated Merger
–
386,000
–
887,000
Adjustment to derivative liability accounts
28,057
168,364
Adjusted EBITDA
($140,056
)
($854,452
)
($1,522,151
)
($1,378,501
)
Artificial Intelligence
Delvitech and Eurotech: a partnership to take quality control to the next level
From Mathematical Models to AI-driven Automated Optical Inspection
AMARO, Italy, July 4, 2024 /PRNewswire/ — Delvitech, a leader in 3D automated optical inspection for assembled printed circuit boards leveraging artificial intelligence, has joined forces with Eurotech, a global innovator in ultra-high-performance Edge AI Computers, to revolutionize quality control technology.
Delvitech’s patented integrated optical inspection technology, designed to collect comprehensive data to drive neural networks in optical inspection, gains crucial support from Eurotech’s hardware. This collaboration boosts the efficiency of assembling printed circuit boards, greatly increasing assembly machine uptime and significantly reducing waste and rework.
Employing the patented optical head, Delvitech captures detailed images that are processed through its software, adept at detecting assembly and welding errors in the electronics manufacturing process. Eurotech’s hardware complements this system by offering the speed and computational accuracy necessary to handle the massive influx of data required for the algorithms to produce desired outcomes.
This integrated 3D solution is highly competitive and flexible, allowing customization to meet specific customer needs. As board electronics become increasingly complex, Delvitech’s technology surpasses traditional mathematical models by analyzing a variety of components, such as metal parts, transparent glues, and silicone elements.
Moreover, this collaboration enables Delvitech and Eurotech to offer a solution that not only identifies errors but also drives AI models to detect deviations and trends, proactively preventing future errors and enhancing process quality.
“In an environment where quality control demands are continuously growing, it is crucial to develop optical inspection systems with optimal performance and partner with providers of state-of-the-art solutions. Eurotech offers highly reliable solutions, extensively tested to meet our high-performance requirements,” said Roberto Gatti, CEO of Delvitech.
Paul Chawla, CEO of Eurotech, added, “Our collaboration with Delvitech showcases the power of our Edge AI solutions. We empower our partners to deliver efficient, cost-effective, and scalable solutions where accuracy and speed are critical.”
Currently focusing on optical control of boards and soon semiconductors, the partnership aspires to expand into other sectors, including medical and food, with a strong emphasis on cybersecurity and sustainability.
As Delvitech and Eurotech continue to innovate, they bring unique strengths to the table. Delvitech commits to “less errors, less waste, less CO2, more future,” while Eurotech focuses on “more security, more resilience, more efficiency,” ensuring effective asset management and rapid scalability. These commitments reflect common shared goals of exceeding market and customer expectations today and in the future.
About Eurotech
Eurotech (ETH.IM) is a multinational company that designs, develops, and supplies Edge Computers and Internet of Things (IoT) solutions – complete with services, software and hardware – to system integrators and enterprises. By adopting Eurotech solutions, customers have access to IoT building blocks and software platforms, to Edge Gateways to enable asset monitoring, and to High Performance Edge Computers (HPEC) created for Artificial Intelligence (AI) applications. To offer increasingly comprehensive solutions,
Eurotech has partnered with leading companies in their field of action, with the view of creating “best in class” solutions for the Industrial Internet of Things.
Learn more
Contacts
Corporate Communication Federica Maion Tel. +39 0433 485411 [email protected]
About Delvitech
Delvitech is a Swiss based leading provider of AI-based automatic optical inspection (AOI) solutions aimed at revolutionizing the printed circuit board (PCB) assembly and electronics manufacturing landscape. With a focus on innovation and quality, Delvitech is capable of elevating both cost and process efficiencies, ensuring scalability and inspection repeatability on all production lines. It aspires to make the PCB production process swifter, more reliable, and highly scalable by not only detecting errors, but inspecting the whole production process. Delvitech solution is not just about minimizing errors; it is a commitment to reducing waste, cutting down CO2 emissions, and pioneering the path as the first sustainable AOI solution.
Contacts
Marketing DepartmentFederica RiosaTel. +41 916 460 [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/delvitech-and-eurotech-a-partnership-to-take-quality-control-to-the-next-level-302189001.html
Artificial Intelligence
Converge Technology Solutions Announces Deconsolidation of Portage CyberTech Inc.
TORONTO and GATINEAU, QC, July 3, 2024 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) today announced that, as of June 27, 2024, the Company has fulfilled the criteria necessary for the deconsolidation of its majority owned subsidiary, Portage CyberTech Inc. (“Portage CyberTech”) for accounting purposes, following Converge’s decision to relinquish its right to majority representation on the board of directors of Portage CyberTech (the “Portage Board”) pursuant to a voting agreement dated as of June 27, 2024 (“Voting Agreement”).
In conjunction with the execution of the Voting Agreement, Portage CyberTech announced it has entered into a new stand-alone credit facility with the Canadian Imperial Bank of Commerce (“CIBC”), for up to $15 million, of which $10 million will be drawn immediately and the additional $5 million is contingent on achieving future financial targets.
“Successfully meeting the criteria necessary to deconsolidate Portage CyberTech from Converge is an important step for each company,” stated Shaun Maine, Group CEO of Converge. “This pivot will allow Converge to remain a strong partner and advocate for Portage CyberTech’s industry leading products and positions Portage CyberTech on its own accelerated growth path, operating completely independent of Converge.”
Converge Group CEO, Shaun Maine will maintain the position as Chairman of the Portage Board, which consists of three members. Converge currently retains ownership of approximately 51% of the outstanding common shares of Portage CyberTech in addition to the $25 million long-term loan entered into with Portage CyberTech.
About Portage CyberTech, A Converge Company
Portage CyberTech powers trusted digital transactions between individuals, businesses, and government organizations. Driven by some of the most ambitious digital projects and our desire to raise the visibility of our clients at home and abroad, our committed team of experts in all things digital – identity, access management, trusted services, and communications, have created the solutions designed to reach your customers. For more information, visit portagecybertech.com.
About Converge
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation regarding Converge, Portage Cybertech and their businesses. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its or Portage Cybertech’s actual results of operations, financial condition and position in the industry in which they each operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company or Portage Cybertech’s results of operations, financial condition and position in the industry in which they each operate are consistent with the forward-looking statements contained in this press release, those results of developments may not be indicative of results or developments in subsequent periods.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the Company’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information contact: Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495
View original content:https://www.prnewswire.co.uk/news-releases/converge-technology-solutions-announces-deconsolidation-of-portage-cybertech-inc-302189238.html
Artificial Intelligence
Trianz Welcomes Priyanshu Singh as Vice President & Chief of Staff to the CEO
SANTA CLARA, Calif., July 3, 2024 /PRNewswire/ — Trianz, a global digital transformation technology solutions and services firm, is thrilled to announce the appointment of Priyanshu Singh as its new VP & Chief of Staff. This strategic hire comes at a pivotal moment as Trianz continues to experience remarkable growth, driven by its shift to an ‘IP-led digital transformation’ model with hyper-automated platforms like Concierto – the hybrid cloud migrations and operations platform, and Extrica – the data to AI platform, accelerating customer success.
As Chief of Staff, Priyanshu Singh will play a crucial role in leading Trianz’ IP-led strategy development, operational excellence, and key execution teams, supporting the CEO’s office. He will design and implement organization-wide processes and capabilities and create and oversee opearational monitoring models and enterprise analytics. His expertise in business and competitive strategy, customer experience, digital transformation, and operations across multiple industries will be a tremendous asset as Trainz prepares to scale in this new model.
A graduate of the prestigious National Defense Academy, Priyanshu began his career in the Indian Army. After completing his MBA from IIM Calcutta, Priyanshu joined McKinsey & Company, working on strategy and business model design for clients across industries. His distinguished career includes key leadership roles at Uber, Lithium Urban Technologies, The Adecco Group, and Honeywell. Known for his excellence in reimagining offerings, exceeding support targets, and spearheading innovative solutions, Priyanshu has consistently delivered exceptional results. In 2016, he was recognized as one of India’s ‘Top 40 Under 40′ business leaders by The Economic Times and Spencer Stuart.
“We are excited to welcome Priyanshu Singh to our leadership team. With his military background, he brings a unique blend of discipline and strategic insight to Trianz,” said Sri Manchala, CEO of Trianz. “His deep expertise and forward-thinking approach will be invaluable in shaping our vision as we continue to leverage the power of our in-house innovations, AI, and cutting-edge tools. With Priyanshu on board, I am confident we will accelerate our transformations and achieve operational excellence.”
“I am honored to join Trianz as the new Chief of Staff,” said Priyanshu. “In this role, I will focus on bridging the gap between strategy and execution, ensuring our teams are aligned to achieve our committed objectives. I am passionate about problem-solving and look forward to collaborating with leaders across the organization to foster a culture of agility, adaptability, and continuous improvement. I am thrilled to be part of this dynamic team and confident we can achieve great things together.”
Priyanshu’s appointment underscores Trianz’ commitment to strengthening its leadership team and ensuring the company is well-prepared to seize future opportunities.
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our “IP Led Transformations” approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto , Extrica , and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media Team [email protected]+1-408-387-5800
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