Artificial Intelligence
Skillful Craftsman Education Technology Files Annual Report on Form 20-F and Reports Audited Fiscal Year 2020 Results
– 16% year-over-year revenue growth WUXI, China, Aug. 18, 2020 (GLOBE NEWSWIRE) — Skillful Craftsman Education Technology Ltd. (“Skillful Craftsman “ or “the Company”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today filed its annual report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) and reported audited financials for the fiscal year ended March 31, 2020. The annual report can be accessed on the SEC’s website at https://www.sec.gov/.
Fiscal Year 2020 Financial and Operational Highlights
All financial figures are in US Dollars unless otherwise noted.
Xiaofeng Gao, Chairman and CEO of Skillful Craftsman, commented, “We are excited to announce our results for the first time as a public company. Skillful Craftsman went public on the Nasdaq in July 2020 and we view this as a significant milestone in implementing our growth plan. Our strategy centers around expanding course offerings in tune with industry trends and government policies; integrating online and offline resources for virtual simulation experimental training; offering professional development-related services by leveraging Big Data and Artificial Intelligence technologies; and developing mobile app and WeChat interfaces to our online learning platform. We remain dedicated to improving careers by delivering high quality vocational education services, which will enable us to become a leading provider of online vocational education in China.”
Fiscal Year 2020 Financial Results All figures refer to fiscal year 2020 (ending March 31, 2020) unless otherwise stated.
Revenue increased by 16% to $28.6 million, up from $24.7 million for the prior fiscal year. Growth is primarily attributable to the increase in paid course enrollment, driven by our continual promotional activities and development effort on our virtual simulation experiment platform development.
Cost of revenue increased by 25% to $11.8 million from $9.5 million for the prior fiscal year, primarily driven by higher amortization expense for server hardware by $1.8 million, and higher virtual simulation fees paid by the Company of $0.8 million.
Gross profit increased by 10% to $16.8 million from $15.2 million for the prior fiscal year.
General and administrative expenses increased by 7% to $2.0 million from $1.9 million for the prior fiscal year, primarily driven by increased rental and service fees for human resources. Sales and marketing expenses decreased by 17% to $1.5 million from $1.8 million for the prior fiscal year, primarily driven by decreased pay service charges and promotion expenses.
Pre-Tax Income increased by 15% to $13.3 million, compared with $11.6 million for the prior fiscal year.
Net Income increased by 15% to $9.98 million, compared with $8.68 million for the prior fiscal year.
Cash and equivalents. At March 31, 2020, the Company had cash and cash equivalents of $11.9 million, compared with $10.4 million as of March 31, 2019.
About Skillful Craftsman Skillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experiment training courses. The Company was founded in Wuxi, China in 2013 and is a key supporter for China economic development and education reform for labor employment. As of March 31, 2020, the Company had 68.5 million total registered members, of which 3.1 million are fee-paying members.
Safe Harbor Statement
This report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements.
Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Such risks, uncertainties, and other factors include, but are not limited to, [our ability to improve the content of our existing courses, develop new courses or services, leverage new technologies, or anticipate market demand in a timely or cost-effective manner, and those factors discussed under the headings “Risk Factors”, “Operating and Financial Review and Prospects,” and elsewhere in this report. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business.. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
For more information, please contact: In China:
Skillful Craftsman The Blueshirt Group In the United States:
The Blueshirt Group ____________
1 Number of fee-paying members is defined as the total number of members that are paying fees for accessing our platforms as of the end of the applicable period.
SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITED
CONSOLIDATED BALANCE SHEETS
SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
– 35% year-over-year total fee-paying members growth
Frank Wang
Investor Relations Director
Email: [email protected]
Ms. Susie Wang
Phone: +86 138-1081-7475
Email: [email protected]
Ms. Julia Qian
Phone: +1 973-619-3227
Email: [email protected]
As of March 31
2020
2019
ASSETS
Current assets:
Cash and cash equivalents
$
11,931,714
$
10,362,283
Accounts receivable, net
78,785
451,132
Prepayments and other current assets
1,963,102
902,811
Total current assets
13,973,601
11,716,226
Non-current assets
Property and equipment, net
12,324,125
14,022,240
Intangible assets, net
19,294,740
17,799,207
Long-term prepayments and other non-current assets
97,035
–
Total non-current assets
31,715,900
31,821,447
TOTAL ASSETS
$
45,689,501
$
43,537,673
LIABILITIES
Current liabilities
Accounts payable
$
249,086
$
10,025
Taxes payable
543,600
375,337
Other payables
227,525
151,545
Deferred revenue-current
16,736,365
15,308,898
Total current liabilities
17,756,576
15,845,805
Non-current liabilities
Deferred revenue-noncurrent
50,877
8,672,836
Total non-current liabilities
50,877
8,672,836
TOTAL LIABILITIES
$
17,807,453
$
24,518,641
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value $0.0002 per share, 500,000,000 shares authorized; 9,000,000 shares issued and outstanding
1,800
1,800
Additional paid-in capital
1,619,774
1,619,774
Statutory reserve
745,590
745,590
Accumulated profits
26,921,172
16,945,947
Accumulated other comprehensive (loss):
(1,406,288
)
(294,079
)
TOTAL SHAREHOLDERS’ EQUITY
27,882,048
19,019,032
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
45,689,501
$
43,537,673
For the years ended
March 31,
2020
2019
2018
Revenue
$
28,601,071
$
24,668,840
$
14,910,543
Cost of revenue
(11,797,870
)
(9,458,559
)
(4,715,419
)
Gross profit
16,803,201
15,210,281
10,195,124
Operating expenses:
Selling and marketing expenses
(1,520,801
)
(1,832,006
)
(1,148,375
)
General and administrative expenses
(2,038,568
)
(1,899,110
)
(1,108,280
)
Total operating expenses
(3,559,369
)
(3,731,116
)
(2,256,655
)
Income from operations
13,243,832
11,479,165
7,938,469
Interest income
73,737
88,588
76,324
Others, net
(3,458
)
(195
)
(114
)
Income before income taxes
13,314,111
11,567,558
8,014,679
Income tax expense
(3,338,886
)
(2,892,500
)
(2,004,711
)
Net profit
$
9,975,225
$
8,675,058
$
6,009,968
Other comprehensive (loss):
Foreign currency translation adjustment
(1,112,209
)
735,192
722,635
Total comprehensive income
8,863,016
7,939,866
6,732,603
Net earnings per ordinary share, basic and diluted
$
1.11
$
0.96
$
0.67
Weighted average number of ordinary shares, basic and diluted
9,000,000
9,000,000
9,000,000
Artificial Intelligence
Wavenet Takes Centre Stage at DTW – Ignite 2024 in Copenhagen
SINGAPORE, July 2, 2024 /PRNewswire/ — Wavenet, a pioneering technology company renowned for its advancements in artificial intelligence (AI) and digital transformation, showcased its innovative prowess at the DTW – Ignite 2024 event. This prestigious gathering of global telecom industry leaders highlighted the pivotal role of AI and emerging trends reshaping the telecommunications landscape.
As a trailblazer with over two decades of expertise in digitising and transforming global telecom operations, Wavenet’s CEO, Suren Pinto, captivated the audience at the ‘AI at Scale’ forum. His presentation, titled ‘Copilot to Autopilot – A Telco’s AI Roadmap for Hyperconnected CX,’ detailed Wavenet’s cutting-edge Contact Center AI solutions that are revolutionising major telecom companies in Colombia, Cambodia, and Bolivia. Pinto underscored the transformative potential of intelligent and immersive customer experiences in a world driven by convenience and hyperconnectivity. He explained how integrating Copilot and Autopilot technologies is set to redefine telco roadmaps, ushering in a seamless and intuitive future for customer interactions. Additionally, Pinto demonstrated the future potential of customer experience (CX) with Apple Vision Pro-led demonstrations, showcasing the confluence of intelligent and immersive technology.
Reflecting on the event, Wavenet VP of Marketing and Communications, Peumi Rodrigo, expressed, “Returning to DTW in Copenhagen this year was a tremendous opportunity that solidified our positioning as a Bronze Partner. We received phenomenal feedback on our telecom solutions. Our state-of-the-art contact centre AI, zero-touch digital marketplace, and next-gen low-code/no-code development studio applications exemplify our commitment to revolutionising the telecom industry at an exponential pace. Our focus on intelligent and immersive customer experiences, combined with our array of value-added solutions and trusted by customers globally with continuous innovations, positions us to drive significant industry transformation.”
Wavenet’s innovative excellence was further recognised at DTW with the prestigious Open Innovation Catalyst Award for the ‘Gen AI Powered Toolkit for Network and Service Management.’ This groundbreaking initiative, in collaboration with key industry players such as Clarity Global, du, Mobily, Mobitel (Pvt) Ltd, PLDT, Smart Communications, Inc., Sri Lanka Telecom, Telekom Malaysia, Tech Mahindra, Nart Informatics – TechNarts, Telia, TurkNet, and Waylay, aims to revolutionise network resource management, ensuring peak performance and customer satisfaction through generative AI-based solutions.
With strategically located offices in Singapore, Colombia, Africa, Australia, Malaysia, Romania, and Sri Lanka, Wavenet is a global ISV dedicated to driving intelligent digital transformation across the telecommunications and digital enterprise sectors, influencing billions of users worldwide.
Contact:
Wavenet: [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/wavenet-takes-centre-stage-at-dtw—ignite-2024-in-copenhagen-302187757.html
Artificial Intelligence
Gupshup collaborates with Philippines’ leading Neobank Tonik, offers Generative AI chatbot to bring innovation in digital banking
SINGAPORE and MANILA, Philippines, July 2, 2024 /PRNewswire/ — Gupshup, the world’s leading Conversation Cloud today announced its partnership with Tonik Bank, the first digital-only neobank in the Philippines, to develop a state-of-the-art Generative AI chatbot for Tonik’s mobile app. The innovative solution aims to provide Tonik’s customers with instant and accurate answers to frequently asked questions, revolutionizing the way they interact with their bank.
The Generative AI chatbot, powered by Gupshup’s advanced natural language processing (NLP) and machine learning (ML) technologies, is designed to understand and respond to customer queries with human-like precision and empathy. By leveraging the latest advancements in AI, the chatbot can engage in contextual conversations, providing personalized and relevant information to each customer.
Tonik is the first digital bank in the Philippines to leverage Generative AI for customer service. By integrating the chatbot into their mobile app, Tonik Bank aims to provide their customers with instant access to information, reducing wait times and improving overall satisfaction.
“The integration of Gupshup’s ACE LLM into our operations has been truly transformative. We’ve witnessed significant value in its ability to automate routine tasks, elevate customer service, and boost our overall efficiency. This technology has the potential to revolutionize our operations, and we are excited to further explore its capabilities and implement it across our business,” said Sateesh Reddy, Deputy Chief Technology Officer of Tonik Bank.
Since the implementation of Gupshup’s technology, nine out of ten customer queries are now directed through Tonik’s in-app chat feature, where the AI autonomously resolves 75% of the queries without human intervention. This has not only amplified the efficiency of Tonik’s in-house customer care team by 4.3 times but also empowered them to dedicate more time to resolving intricate issues, ensuring that customers receive the personalized support they need.
The Generative AI chatbot solution is expected to generate significant cost savings for Tonik, with an estimated total of over USD 20 million over the next three years.
“Our partnership with Tonik Bank exemplifies the future of BFSI. As the sector evolves, Gen AI will be crucial to deliver seamless, personalized, and efficient customer experiences. Our chatbot solution is designed to do just that, empowering banks like Tonik to focus on what matters most – building strong relationships with their customers,” said Beerud Sheth, Co-founder and CEO of Gupshup.
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View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/gupshup-collaborates-with-philippines-leading-neobank-tonik-offers-generative-ai-chatbot-to-bring-innovation-in-digital-banking-302186820.html
Artificial Intelligence
Seedtag Enters Australian Market with Acquisition of JustEggs
The global contextual advertising company enters the Australian market with acquisition of JustEggs, expanding its footprint in the APAC region
SYDNEY, July 2, 2024 /PRNewswire/ — Seedtag, the global leader in contextual advertising, announced today that the company has acquired JustEggs, an Australian-owned creative intelligence business that drives measurable digital solutions for brands and advertisers. The acquisition is a strategic move to support business growth across the APAC region by introducing Seedtag’s proprietary contextual AI technology, Liz, to the Australian market.
Founded in 2013, JustEggs specialises in leveraging its innovative digital solutions to create engaging campaigns that offer true value for brands and advertisers. Starting in July, JustEggs will integrate Seedtag’s privacy-first targeting technologies into its offering to further enhance its advertising solutions, providing more targeted and effective campaigns for its clients through the power of contextual AI. To ensure a smooth integration of both technologies, Seedtag and JustEggs will work closely together while delivering a seamless experience to their partners. JustEggs’ CEO and Founder, Nik Kontoulas, will remain with the company, assuming the role of Managing Director ANZ.
The number of internet users in Australia is expected to exceed 23.3 million by 2025, achieving an impressive internet penetration rate of over 89% – according to Statista. For Seedtag, entering the Australian market was a natural step toward fulfilling its mission of becoming the contextual partner for brands, agencies, and publishers. Australia will now benefit from privacy-first advertising that reaches consumers through their real-time interests at scale. This launch follows Seedtag’s successful market entries in India and Peru in 2023 and Canada in 2024.
For over a decade, Seedtag has been developing its in-house contextual AI technology, Liz, to meet the ever evolving needs of the adtech industry. In 2024, Seedtag was awarded “Best Contextual Targeting Offering” at Digiday Media Awards. The acquisition of JustEggs increases Seedtag’s presence to a total of 17 markets.
“The acquisition of JustEggs is a clear example of Seedtag’s willingness to continue its international expansion into the APAC region,” said Albert Nieto, Co-CEO & Co-Founder of Seedtag. “We are very excited to partner with one of the best teams in our industry to bring contextual intelligence to new heights.”
“Teaming up with Seedtag thrusts us into a fresh era of digital advertising innovation for the ANZ market,” said Nik Kontoulas, founder of JustEggs. “With their proprietary tech and global reach, we’re geared up for success in a cookieless world and beyond. It’s an exciting journey ahead.”
“Australia is a very sophisticated, data and technology-led market, and we have much to contribute to this local digital advertising industry,” said Dal Gill, VP of New Markets at Seedtag. “Following our successful entry into India, this is the second market we have opened in the APAC region. I’m confident that our unique contextual advertising solutions will greatly benefit Australian brands and publishers in achieving their advertising goals while meeting the demand for privacy-first, scalable targeting.”
About Seedtag
Seedtag is the leading contextual advertising company that creates highly impactful and engaging digital ads within relevant premium content, powering targeting and returns for top publishers and the finest brands. The company’s contextual AI, Liz, allows brands to engage with consumers within their universe of interest on a cookie-free basis.
Seedtag was founded in Madrid in 2014 by two ex-googlers who wanted to get the most out of editorial images. Today, it is a global company with more than 600 employees and a significant international presence, with offices in Spain, France, Italy, UK, Benelux, Germany, Mexico, Brazil, Colombia, Argentina, Chile, UAE, Peru, Canada, US, India and Australia.
About JustEggs
Founded in 2013 JustEggs specialize in the convergence of creative, media and data, helping 100+ brands drive customer acquisition and retention.
The mission always remains to evolve the digital ad market with effective and measurable digital ad solutions that drive relevancy for consumers and real world results for retail marketers.
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View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/seedtag-enters-australian-market-with-acquisition-of-justeggs-302186843.html
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