Artificial Intelligence
NETSOL Technologies Reports Fiscal Second Quarter 2021 Financial Results
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CALABASAS, Calif., Feb. 16, 2021 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal second quarter ended December 31, 2020.
Fiscal Second Quarter 2021 and Recent Operational Highlights
Fiscal Second Quarter 2021 Financial Results Gross profit for the second quarter of fiscal 2021 was $6.0 million (or 46.0% of net revenues), compared to $7.8 million (or 49.7% of net revenues) in the second quarter of fiscal 2020. The decreases in gross profit and gross profit as a percentage of revenue were primarily due to a decrease in net revenue, offset by a decrease in cost of sales. The decrease in cost of sales was primarily due to a decrease in travel expense of $1.4 million, which was offset by an increase in salaries and consultant fees of $669,000.
Operating expenses for the second quarter of fiscal 2021 decreased 16.1% to $6.0 million (or 45.4% of net revenues) from $7.1 million (or 45.2% of net revenues) for the second quarter of fiscal 2020. The decrease in operating expenses was primarily due to decreases in selling and marketing expenses, professional services, research and development and general and administrative expenses.
GAAP net loss attributable to NETSOL for the second quarter of fiscal 2021 totaled $(242,000) or $(0.02) per diluted share, compared with GAAP net income of $586,000 or $0.05 per diluted share in the second quarter of fiscal 2020. GAAP net loss attributable to NETSOL included a $14,000 gain on foreign currency exchange transactions in the second quarter of fiscal 2021, which was a decrease from a gain of $61,000 in the prior year period.
Non-GAAP adjusted EBITDA for the second quarter of fiscal 2021 totaled $617,000 or $0.05 per diluted share, compared with non-GAAP adjusted EBITDA of $1.6 million or $0.13 per diluted share in the second quarter of fiscal 2020 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure). At December 31, 2020, cash and cash equivalents were $32.0 million, an increase from $20.2 million at June 30, 2020.
Stock Repurchase Program As of December 31, 2020, the Company had repurchased 446,996 shares of its common stock at an aggregate value of $1,392,671.
Management Commentary
“Fiscal Q2 yielded incrementally improved results for our global business as we saw the early stages of return to work thanks to the initial rollout of COVID-19 vaccine treatments at the end of 2020,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “We have continued to lean into our technology strengths and are still operating remotely for the most part without missing a step. During the period we expanded our SaaS-based footprint through a multi-million-dollar upgrade as well as several large-scale implementations, driving our recurring revenue base close to $6 million for the quarter, nearly $11 million year to date. We also recorded nearly $1.5 million in change requests from current customers, another encouraging data point for the improving health of the industries we serve and the economy as a whole. “Operationally, our recent appointment of Naeem Ghauri to President of NTI should allow us to accelerate progress within our core initiatives, namely driving more consistent topline growth through an increased focused on high-margin, SaaS opportunities which should also lead to sustained profitability. While the broader market cautiously begins to pick up in waves, we are continuing to execute against our near-term pipeline and current implementation schedule. We are being conservative in our cost structures, managing the business as owners, and will opportunistically look to deploy additional resources to high-value areas such as our Otoz Innovation Lab. We remain optimistic for the remainder of the year and even more bullish on the years ahead.”
Otoz Update
“Otoz is nearing completion of a pilot launch to fully digitize a U.S. tier one automotive company,” said Naeem Ghauri, President of NETSOL Technologies, Inc. and Otoz CEO. “This project has allowed us to create an amazing digital auto buying experience through a state-of-the-art app. Overall, this pilot is a door opener for Otoz to penetrate the rapidly growing digital mobility platform movement. Based on the sizeable prospect pipeline we have today, we are well on track to continue grow the Otoz client list by at least another few tier one mobility customers over the next twelve months.”
Conference Call U.S. dial-in: 1-877-407-0789 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.
The conference call will be broadcasted live and available for replay here and via the Investor Relations section of NETSOL’s website.
A replay of the conference call will be available after 12:00 p.m. Eastern time on the same day through March 2, 2021.
Toll-free replay number: 1-844-512-2921 About NETSOL Technologies About Otoz Forward-Looking Statements Use of Non-GAAP Financial Measures Investor Relations Contact:
Matt Glover and Tom Colton NETSOL Technologies, Inc. and Subsidiaries
NETSOL Technologies, Inc. and Subsidiaries NETSOL Technologies, Inc. and Subsidiaries
NETSOL Technologies, Inc. and Subsidiaries
Total net revenues for the second quarter of fiscal 2021 were $13.1 million, compared with $15.7 million in the prior year period. The decrease in total net revenues was primarily due to a decrease in total services revenues of $5.6 million, which was offset by an increase in total license fees of $2.4 million and an increase in total subscription and support revenues of $620,000.
On July 30, 2020, NETSOL’s Board of Directors approved a stock repurchase program that authorized potential repurchases of up to $2 million of its common stock over a six-month period. After the expiry of the original program, the Company’s Board of Directors approved the extension of the repurchase program through June 28, 2021. Under the program, the Company may repurchase its common stock in the open market from time-to-time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions and federal and state laws governing such transactions. NETSOL expects to fund the repurchase with its existing cash balance and cash generated from operations.
NETSOL Technologies management will hold a conference call today (February 16, 2021) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these financial results. A question and answer session will follow management’s presentation.
International dial-in: 1-201-689-8562
International replay number: 1-412-317-6671
Replay ID: 13715527
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1300 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.
Otoz provides business-to-business, white-label technology solutions for new mobility. Our suite of agile and customizable mobility solutions ranges from car sharing and subscription products to AI-enabled chatbots, allowing businesses to engage consumers and facilitate the complete transaction lifecycle intelligently and digitally. Otoz technologies empower automotive companies and start-ups to launch new mobility models quickly and efficiently. The technology Otoz has developed is cloud-native and supported by artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain. Our technology drives utilization, while supporting robust and efficient operations.
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operating results, including statements regarding the Company that are subject to certain risks and uncertainties such as the effect of stay at home orders and social distancing imposed by COVID-19 and its resultant impact on our financials and the world economy that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance, as well as the delay in recovery or a prolonged economic downturn that effects our Company, our customers and the world economy. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.
Gateway Investor Relations
1-949-574-3860
[email protected]
Schedule 1: Consolidated Balance Sheets
As of
As of
ASSETS
December 31, 2020
June 30, 2020
Current assets:
Cash and cash equivalents
$
32,003,647
$
20,166,830
Accounts receivable, net of allowance of $308,236 and $435,611
5,213,604
10,131,752
Accounts receivable – related party, net of allowance of $1,373,099 and $90,594
–
1,282,505
Revenues in excess of billings, net of allowance of $153,650 and $188,914
13,290,010
17,198,281
Revenues in excess of billings – related party, net of allowance of $8,163 and $0
–
8,163
Other current assets, net of allowance of $1,243,633 and $0
2,395,985
3,108,180
Total current assets
52,903,246
51,895,711
Revenues in excess of billings, net – long term
356,059
1,300,289
Convertible note receivable – related party, net of allowance of $4,250,000 and $0
–
4,250,000
Property and equipment, net
12,209,500
11,329,631
Right of use of assets – operating leases
1,937,907
2,360,129
Long term investment
3,734,907
2,387,692
Other assets
47,190
41,992
Intangible assets, net
4,753,543
5,391,077
Goodwill
9,516,568
9,516,568
Total assets
$
85,458,920
$
88,473,089
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
6,327,192
$
5,680,837
Current portion of loans and obligations under finance leases
10,383,572
9,139,561
Current portion of operating lease obligations
1,169,960
1,111,912
Unearned revenues
3,753,781
4,095,472
Common stock to be issued
88,324
88,324
Total current liabilities
21,722,829
20,116,106
Loans and obligations under finance leases; less current maturities
1,554,317
1,539,975
Operating lease obligations; less current maturities
962,724
1,339,965
Total liabilities
24,239,870
22,996,046
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value; 500,000 shares authorized;
–
–
Common stock, $.01 par value; 14,500,000 shares authorized;
12,147,458 shares issued and 11,452,959 outstanding as of December 31, 2020 and
12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020
121,476
121,222
Additional paid-in-capital
128,823,181
128,677,754
Treasury stock (at cost, 694,499 shares and 247,503 shares
as of December 31, 2020 and June 30, 2020, respectively)
(2,848,640
)
(1,455,969
)
Accumulated deficit
(40,104,089
)
(34,269,817
)
Other comprehensive loss
(32,060,151
)
(34,085,047
)
Total NetSol stockholders’ equity
53,931,777
58,988,143
Non-controlling interest
7,287,273
6,488,900
Total stockholders’ equity
61,219,050
65,477,043
Total liabilities and stockholders’ equity
$
85,458,920
$
88,473,089
Schedule 2: Consolidated Statement of Operations
For the Three Months
For the Six Months
Ended December 31,
Ended December 31,
2020
2019
2020
2019
Net Revenues:
License fees
$
2,586,504
$
176,706
$
2,589,979
$
2,640,922
Subscription and support
5,724,802
5,104,736
10,896,665
9,711,112
Services
4,810,154
10,351,153
12,282,194
16,770,044
Services – related party
–
57,424
–
140,357
Total net revenues
13,121,460
15,690,019
25,768,838
29,262,435
Cost of revenues:
Salaries and consultants
5,294,662
4,625,872
9,821,311
9,080,836
Travel
159,174
1,572,923
262,926
2,915,558
Depreciation and amortization
713,749
734,352
1,420,998
1,454,017
Other
911,566
954,912
1,839,719
1,899,436
Total cost of revenues
7,079,151
7,888,059
13,344,954
15,349,847
Gross profit
6,042,309
7,801,960
12,423,884
13,912,588
Operating expenses:
Selling and marketing
1,558,027
1,858,096
3,167,631
3,601,964
Depreciation and amortization
221,572
215,479
443,362
417,866
General and administrative
4,065,788
4,568,790
7,493,424
8,487,403
Research and development cost
110,419
454,605
196,408
1,127,575
Total operating expenses
5,955,806
7,096,970
11,300,825
13,634,808
Income from operations
86,503
704,990
1,123,059
277,780
Other income and (expenses)
Gain (loss) on sale of assets
(52,531
)
528
(74,273
)
239
Interest expense
(94,241
)
(88,006
)
(197,568
)
(151,669
)
Interest income
210,854
435,682
411,675
834,911
Gain (loss) on foreign currency exchange transactions
13,981
61,061
310,022
(1,699,129
)
Share of net loss from equity investment
(43,685
)
(164,796
)
(151,535
)
(354,020
)
Other income
45,365
207,987
132,637
226,313
Total other income (expenses)
79,743
452,456
430,958
(1,143,355
)
Net income (loss) before income taxes
166,246
1,157,446
1,554,017
(865,575
)
Income tax provision
(245,434
)
(610,510
)
(509,728
)
(848,748
)
Net income (loss)
(79,188
)
546,936
1,044,289
(1,714,323
)
Non-controlling interest
(162,916
)
39,039
(568,839
)
472,351
Net income (loss) attributable to NetSol
$
(242,104
)
$
585,975
$
475,450
$
(1,241,972
)
Net income (loss) per share:
Net income (loss) per common share
Basic
$
(0.02
)
$
0.05
$
0.04
$
(0.11
)
Diluted
$
(0.02
)
$
0.05
$
0.04
$
(0.11
)
Weighted average number of shares outstanding
Basic
11,580,030
11,724,606
11,683,631
11,694,423
Diluted
11,580,030
11,724,606
11,683,631
11,694,423
Schedule 3: Consolidated Statement of Cash Flows
For the Six Months
Ended December 31,
2020
2019
Cash flows from operating activities:
Net income (loss)
$
1,044,289
$
(1,714,323
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
1,864,360
1,871,883
Provision for bad debts
(175,575
)
(20,699
)
Share of net loss from investment under equity method
151,535
354,020
Loss on sale of assets
74,273
(239
)
Stock based compensation
165,164
328,585
Changes in operating assets and liabilities:
Accounts receivable
5,479,516
4,554,558
Accounts receivable – related party
–
2,229,695
Revenues in excess of billing
4,540,271
(1,088,693
)
Revenues in excess of billing – related party
–
14,823
Other current assets
(252,781
)
(208,065
)
Accounts payable and accrued expenses
313,869
490,875
Unearned revenue
(554,077
)
(3,019,493
)
Net cash provided by operating activities
12,650,844
3,792,927
Cash flows from investing activities:
Purchases of property and equipment
(1,249,895
)
(785,999
)
Sales of property and equipment
123,194
32,524
Convertible note receivable – related party
–
(535,000
)
Investment in associates
(93,000
)
–
Net cash used in investing activities
(1,219,701
)
(1,288,475
)
Cash flows from financing activities:
Proceeds from exercise of subsidiary options
–
11,621
Purchase of treasury stock
(1,392,671
)
–
Dividend paid by subsidiary to non-controlling interest
–
(1,920,618
)
Proceeds from bank loans
705,338
2,074,341
Payments on finance lease obligations and loans – net
(175,352
)
(102,499
)
Net cash provided by (used in) financing activities
(862,685
)
62,845
Effect of exchange rate changes
1,268,359
2,149,923
Net increase in cash and cash equivalents
11,836,817
4,717,220
Cash and cash equivalents at beginning of the period
20,166,830
17,366,364
Cash and cash equivalents at end of period
$
32,003,647
$
22,083,584
Schedule 4: Reconciliation to GAAP
For the Three Months Ended
For the Three Months Ended
For the Six Months Ended
For the Six Months Ended
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
Net Income (loss) attributable to NetSol
$
(242,104
)
$
585,975
$
475,450
$
(1,241,972
)
Non-controlling interest
162,916
(39,039
)
568,839
(472,351
)
Income taxes
245,434
610,510
509,728
848,748
Depreciation and amortization
935,321
949,831
1,864,360
1,871,883
Interest expense
94,241
88,006
197,568
151,669
Interest (income)
(210,854
)
(435,682
)
(411,675
)
(834,911
)
EBITDA
$
984,954
$
1,759,601
$
3,204,270
$
323,066
Add back:
Non-cash stock-based compensation
74,169
164,292
165,164
328,585
Adjusted EBITDA, gross
$
1,059,123
$
1,923,893
$
3,369,434
$
651,651
Less non-controlling interest (a)
(441,853
)
(346,644
)
(1,140,697
)
(155,409
)
Adjusted EBITDA, net
$
617,270
$
1,577,249
$
2,228,737
$
496,242
Weighted Average number of shares outstanding
Basic
11,580,030
11,724,606
11,683,631
11,694,423
Diluted
11,580,030
11,724,606
11,683,631
11,694,423
Basic adjusted EBITDA
$
0.05
$
0.13
$
0.19
$
0.04
Diluted adjusted EBITDA
$
0.05
$
0.13
$
0.19
$
0.04
(a)The reconciliation of adjusted EBITDA of non-controlling interest
to net income attributable to non-controlling interest is as follows
Net Income (loss) attributable to non-controlling interest
$
162,916
$
(39,039
)
$
568,839
$
(472,351
)
Income Taxes
44,233
190,292
92,882
243,627
Depreciation and amortization
264,535
270,003
529,100
529,638
Interest expense
28,824
25,491
60,344
44,532
Interest (income)
(67,207
)
(115,670
)
(133,164
)
(221,171
)
EBITDA
$
433,301
$
331,077
$
1,118,001
$
124,275
Add back:
Non-cash stock-based compensation
8,552
15,567
22,696
31,134
Adjusted EBITDA of non-controlling interest
$
441,853
$
346,644
$
1,140,697
$
155,409
Artificial Intelligence
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
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CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
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