Artificial Intelligence
Inuvo Announces Revenue Increase of 66% Year-Over-Year for the Second Quarter Ending June 30, 2021
LITTLE ROCK, Ark., Aug. 12, 2021 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), a leading provider of marketing technology, today announced its financial results for the second quarter and six-month periods ending June 30, 2021.
Richard Howe, CEO of Inuvo, stated, “Revenue for the second quarter was strong across each of the IntentKey and ValidClick product line both year-over-year and sequentially. During Q2 the IntentKey performed 74% better than our clients’ goals and its 50% year-over-year and 37% sequential growth are indicative of those results. We expect to see a continuation of double-digit year-over-year growth throughout the second half of 2021 and would expect Adjusted EBITDA to turn positive when monthly revenue run rates exceed $5.5 million.”
Operational Highlights During 2021 to Date:
- A 56% increase in prospect presentations and a 70% improvement in deals won for the IntentKey.
- Launched IntentKey SaaS, with multiple clients now committed and/or already using the solution.
- Delivered results to IntentKey clients that exceeded their goals by 60% and in at least one case delivered in excess of an 88:1 Return on Advertising Spend.
- Renewed our largest ValidClick partner, one of the largest companies in the world, for an additional 2-year term.
- Expanded IntentKey AI platforms for advertising into the Canadian market and signed a first client.
- Signed multiple new clients for the IntentKey platform within private and public sectors and across industries.
- Signed a Casino/Resort company where the entire suite of IntentKey capabilities and channels were leveraged concurrently.
- ValidClick hit an all-time monthly high within the first half by serving Ads into roughly 100 million pageviews.
- Raised $14.25 million in additional capital resulting in a cash balance at the end of June 2021 of $17.3 million.
- Continued to successfully deliver cookieless campaigns well ahead of the industry disruption coming in 2023.
- Expanded sales, sales support, and account management to 20 people, including hires in Canada to support the IntentKey’s expansion North.
Financial Results for the Second Quarter and Six Month Periods Ended June 30, 2021:
Inuvo experienced higher year-over-year revenue for the three and six months ended June 30, 2021 as compared to the same periods in 2020. Net revenue for the second quarter and first six months ended June 30, 2021 totaled $12.6 million and $23.3 million, respectively, an increase of 66.5% and 3.2% as compared to $7.6 million and $22.5 million for the same period the prior year. Second through fourth quarter revenue in 2020 was affected by the COVID-19 pandemic, which had a material impact on the advertising industry beginning in April of 2020.
ValidClick revenue, which accounted for 77% of total revenue for the second quarter of 2021, has rebounded and exceeded the revenue of the second quarter of 2020 by 72%. Revenue from the IntentKey platform, which contributed 23% of total revenue for the three months ended June 30, 2021, exceeded the prior year quarter by approximately 50%.
Revenue increased sequentially 19% for the second quarter of 2021 as compared to the first quarter of 2021. IntentKey revenue increased 36.3% sequentially.
Cost of revenue for the second quarter and first six months ended June 30, 2021, totaled $2.3 million and $3.7 million as compared to $1.1 million and $4.5 million during the same periods the year prior. The increase in the cost of revenue for the three months ended June 30, 2021 was associated with revenue growth. For the six month period, cost of revenue improved by 18%.
Gross profit for the second quarter and first six months ended June 30, 2021, totaled $10.4 million and $19.5 million as compared to $6.5 million and $18 million during the same periods the year prior. Gross profit margin for the second quarter of 2021 was 82.1% as compared to 86% for the same period the year prior. Gross profit margin for the first six months ending June 30, 2021 were 84% as compared to 80% for the same period the year prior.
Operating expenses totaled $12.8 million for the second quarter of 2021 as compared to $7.8 million for the same period the year prior. Operating expenses totaled $24.5 million for the first six months of 2021 as compared to $21.8 million for the same period the year prior.
Marketing costs or traffic acquisition costs (“TAC”) include those expenses required to attract an audience to the ValidClick platform. The increase in the cost of revenue for the three and six months periods ended June 30, 2021 as compared to the same time periods in 2020 was largely due to the 72% increase in ValidClick revenue discussed above in the Net Revenue section.
Compensation expense was higher for the three and six-months ended June 30, 2021 compared to the same time periods in 2020 due primarily to higher employee salary expense and stock-based compensation. Total employment, both full and part-time, was 76 at June 30, 2021 compared to 70 at June 30, 2020. The higher headcount this year over last year was primarily due to hiring additional sales and sales support personnel for the IntentKey platform.
Selling, general and administrative costs were lower for the three and six-month periods ended June 30, 2021 compared to the same time period in 2020 due was primarily due to lower IT costs, lower facilities, travel and entertainment, corporate expenses and depreciation and amortization expense.
For the six month period in 2021, there was other income during the first quarter that included $420,000 dollars in licensing obligations for the use of ValidClick associated with a contract signed in March of 2020 that ended in March of 2021.
The net loss for the second quarter of 2021 totaled $2.4 million or $0.02 per basic and diluted share as compared to the net loss of $1.4 million or $0.02 per basic and diluted share for the same period the year prior. The net loss for the first six months period of 2021 totaled $4.5 million or $0.04 per basic and diluted share as compared to the net loss of $4.2 million or $0.07 per basic and diluted share for the same period the year prior.
Adjusted EBITDA was a loss of $965 thousand in the second quarter of 2021.
Liquidity and Capital Resources:
On June 30, 2021, Inuvo had $17.3 million in cash and cash equivalents, $15.4 million of working capital, an unused working capital facility of $5 million and no debt.
As of June 30, 2021, Inuvo had 118,518,445 common shares issued and outstanding.
Conference Call Details:
The Company will host a conference call on Thursday, August 12, 2021 at 8:30 a.m. Eastern Time (ET) to discuss its financial results for the second quarter ended June 30, 2021 and provide a business update.
Conference Call Details:
Date: Thursday, August 12, 2021
Time: 8:30 a.m. Eastern Time
Toll-free Dial-in Number: 1-888-394-8218
International Dial-in Number: 1-323-701-0225
Conference ID: 7678085
Participant Link: https://viavid.webcasts.com/starthere.jsp?ei=1484719&tp_key=0ed96da3ee
A telephone replay will be available through Thursday, August 26, 2021. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, please enter the code 7678085 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.
About Inuvo
Inuvo®, Inc. (NYSE American: INUV) is a market leader in artificial intelligence, aligning and delivering consumer-oriented product & brand messaging strategies based on powerful, anonymous, and proprietary consumer intent data for agencies, advertisers, and partners. To learn more, visit www.inuvo.com.
Safe Harbor / Forward-Looking Statements
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 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, 2020 as filed on February 11, 2021, our Quarterly Reports on Form 10-Q, and our other filings with the SEC. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo’s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information, which appears on our websites and our social media platforms is not part of this press release.
Inuvo Company Contact:
Wally Ruiz
Chief Financial Officer
Tel (501) 205-8397
[email protected]
Investor Relations:
KCSA Strategic Communications
Valter Pinto, Managing Director
Tel (212) 896-1254
[email protected]
| INUVO, INC. | ||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||
| June 30 | June 30 | June 30 | June 30 | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| Net revenue | $ | 12,635,583 | $ | 7,590,187 | $ | 23,253,392 | $ | 22,523,170 | ||||||
| Cost of revenue | 2,264,020 | 1,070,028 | 3,708,079 | 4,509,529 | ||||||||||
| Gross profit | 10,371,563 | 6,520,159 | 19,545,313 | 18,013,641 | ||||||||||
| Operating expenses | ||||||||||||||
| Marketing costs | 8,213,140 | 3,857,395 | 15,518,924 | 13,480,218 | ||||||||||
| Compensation | 2,880,217 | 2,118,311 | 5,618,084 | 4,462,546 | ||||||||||
| Selling, general and administrative | 1,676,890 | 1,781,121 | 3,401,868 | 3,839,963 | ||||||||||
| Total operating expenses | 12,770,247 | 7,756,827 | 24,538,876 | 21,782,727 | ||||||||||
| Operating loss | (2,398,684 | ) | (1,236,668 | ) | (4,993,563 | ) | (3,769,086 | ) | ||||||
| Interest expense, net | (7,991 | ) | (72,681 | ) | (30,380 | ) | (225,192 | ) | ||||||
| Other income (expense) , net | 24,548 | (49,939 | ) | 494,548 | (190,246 | ) | ||||||||
| Net loss before taxes | (2,382,127 | ) | (1,359,288 | ) | (4,529,395 | ) | (4,184,524 | ) | ||||||
| Net loss | $ | (2,382,127 | ) | $ | (1,359,288 | ) | $ | (4,529,395 | ) | $ | (4,184,524 | ) | ||
| Earnings per share, basic and diluted | ||||||||||||||
| Net loss income | (0.02 | ) | (0.02 | ) | (0.04 | ) | (0.07 | ) | ||||||
| Weighted average shares outstanding | ||||||||||||||
| Basic | 116,497,035 | 66,023,317 | 116,497,035 | 59,835,925 | ||||||||||
| Diluted | 116,497,035 | 66,023,317 | 116,497,035 | 59,835,925 | ||||||||||
| INUVO, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30 | December 31, | |||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Cash and cash equivalent | $ | 17,347,012 | $ | 7,890,665 | ||||
| Accounts receivable, net | 5,678,542 | 6,227,610 | ||||||
| Marketable securities | 888,585 | – | ||||||
| Prepaid expenses and other current assets | 493,527 | 413,435 | ||||||
| Total current assets | 24,407,666 | 14,531,710 | ||||||
| Property and equipment, net | 1,356,097 | 1,187,061 | ||||||
| Goodwill | 9,853,342 | 9,853,342 | ||||||
| Intangible assets, net | 7,653,337 | 8,586,089 | ||||||
| Other assets | 1,094,894 | 1,023,369 | ||||||
| Total other assets | 18,601,573 | 19,462,800 | ||||||
| Total assets | $ | 44,365,336 | $ | 35,181,571 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Accounts payable | $ | 6,469,960 | $ | 4,048,260 | ||||
| Accrued expenses and other current liabilities | 2,536,833 | 4,680,912 | ||||||
| Total current liabilities | 9,006,793 | 8,729,172 | ||||||
| Deferred tax liability | 107,000 | 107,000 | ||||||
| Other long-term liabilities | 561,527 | 1,056,285 | ||||||
| Total long-term liabilities | 668,527 | 1,163,285 | ||||||
| Total stockholders’ equity | 34,690,016 | 25,289,114 | ||||||
| Total liabilities and stockholders’ equity | $ | 44,365,336 | $ | 35,181,571 | ||||
| RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA | ||||||||||
| (unaudited) | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||
| June 30 | June 30 | June 30 | June 30 | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||||
| Net loss | ($2,382,127 | ) | ($1,359,288 | ) | ($4,529,395 | ) | ($4,184,524 | ) | ||
| Interest Expense | 7,991 | 72,681 | 30,380 | 225,192 | ||||||
| Depreciation | 314,106 | 348,660 | 619,634 | 718,033 | ||||||
| Amortization | 537,530 | 576,546 | 1,086,730 | 1,148,600 | ||||||
| EBITDA | (1,522,500 | ) | (361,401 | ) | (2,792,651 | ) | (2,092,699 | ) | ||
| Stock-based compensation | 557,602 | 193,288 | 952,472 | 402,185 | ||||||
| Non-recurring items: | ||||||||||
| Adjustment to derivative liability accounts | 28,057 | 168,364 | ||||||||
| Adjusted EBITDA | ($964,898 | ) | ($140,056 | ) | ($1,840,179 | ) | ($1,522,150 | ) | ||
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as net loss 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.
Unified Mobile Defense Platform Recognized for Innovation and Leadership Across Nine Cybersecurity Categories
REDWOOD CITY, Calif., May 21, 2024 /PRNewswire/ — Appdome, the mobile app economy’s one-stop shop for mobile defense, today announced it has received a total of nine (9) Cybersecurity Excellence Awards. The Appdome Unified Mobile App Defense Platform was awarded best in class across nine categories in recognition of the comprehensive breadth, depth and value of the Appdome platform to brands and enterprises alike.
“We congratulate Appdome on being recognized as an award winner in 9 categories of the 2024 Cybersecurity Excellence Awards,” said Holger Schulze, CEO of Cybersecurity Insiders and founder of the 600,000-member Information Security Community on LinkedIn, which organizes the 9th annual Cybersecurity Excellence Awards. “With over 600 entries across more than 300 categories, the awards are highly competitive. Appdome’s achievement reflects outstanding commitment to the core principles of excellence, innovation, and leadership in cybersecurity.”
Within a single pane of glass, Appdome delivers the most complete set of no-code, no-SDK, fully automated mobile defenses to mobile brands and enterprises, empowering mobile developers, cybersecurity, fraud and IT teams to deliver on any mobile cyber objective quickly and easily.
The nine (9) categories in which Appdome received a Cybersecurity Excellence Award are:
Mobile Security Platform: Appdome is the only enterprise-grade mobile security platform built for full mobile defense lifecycle management, visibility and control to brands and enterprises alike, including key features for build, test, release, monitor, response, and compliance automation. Mobile Security Automation: Appdome is the only mobile defense solution that uses machine learning to code and build over 300+ mobile app security, anti-fraud, anti-cheat, anti-malware, anti-bot, geo-compliance and other defenses in Android & iOS apps in the DevOps pipeline.Mobile Social Engineering Defense: The Appdome Social Engineering Prevention solution is the first of its kind to protect mobile users from voice phishing (Vishing) scams and other imposter scams, T.O.A.D. attacks, Remote Access Trojans (RATs), Gold Pickaxe, FaceID bypass and more without an SDK or external servers.Mobile Bot Defense: The Appdome MOBILEBot™ Defense solution is the first mobile anti-bot solution to come out of the box compatible with any industry standard web application firewall (WAF) on the market and provide multi-layered bot, credential stuffing and Account Take Over (ATO) defense without an SDK, external server, performance limits, or restrictions.Mobile Geo Compliance: Only the Appdome Mobile Geo-Compliance solution guarantees accurate and authentic geo location of mobile devices, applications and users without code or coding in the mobile app, without implementing an SDK and without deploying additional servers.Mobile XDR: The Appdome ThreatScope™ Mobile XDR solution is the only mobile attack and threat monitoring service that comes pre-packaged into the mobile defense lifecycle, requires no device agent, device profile, separate code, coding, SDK or server, and provides real-time detection and automated response across internal (employee facing) and external (consumer facing) Android & iOS apps.DevOps Mobile Security Tool: The Appdome platform’s fully integrated Security Release Management™ capabilities and Appdome Certified Secure™ mobile DevSecOps certification offer the only true enterprise-grade compliance assurance, audit and control for mobile defense at brands and enterprises, allowing quick verification that all security, anti-fraud and compliance objectives have been met. Mobile Application Security: With 300+ separate defenses for mobile apps, Appdome has the most comprehensive set of mobile application security features available in one product, fully compatible with all mobile Android & iOS apps.”Nine Cybersecurity Excellence Awards for Mobile Defense tells a very compelling story for the incredibly complex Dev, Sec, and Ops challenges organizations face detecting and defeating mobile-based risks and attacks,” said Chris Roeckl, Chief Product Officer at Appdome. “Point products make these challenges worse by adding complexity and overloading already taxed cyber and engineering teams. Appdome is the only platform simplifying work, bringing all these unique challenges under a single pane of glass, delivering 300+ protections and simultaneously resolving the security, fraud, resilience and compliance challenges brands and enterprises face.”
Learn more about the award-winning Appdome Platform at www.appdome.com or request a personalized demo at https://www.appdome.com/request-a-demo/appdome-home/
The full list of awards are available from the Cybersecurity Excellence Awards website https://cybersecurity-excellence-awards.com/
About AppdomeThe Appdome mission is to protect every mobile app and mobile user in the world. Appdome provides the mobile industry’s only Unified Mobile App Defense platform, powered by a patented mobile coding engine, Threat-Events™ Threat-Aware UX/UI Control, and ThreatScope™ Mobile XDR. Using Appdome, mobile brands eliminate complexity, ship faster and save money by delivering 300+ Certified Secure™ mobile app security, anti-malware, anti-fraud, mobile anti-bot, anti-cheat, geo compliance, MiTM attack prevention, code obfuscation, social engineering and other protections in Android and iOS apps with ease, inside the mobile DevOps and CI/CD pipeline. Leading financial, healthcare, government and m-commerce brands use Appdome to protect Android and iOS apps, mobile customers and mobile businesses globally. Appdome holds several patents including U.S. Patents 9,934,017 B2, 10,310,870 B2, 10,606,582 B2, 11,243,748 B2 and 11,294,663 B2. Additional patents pending.
Logo – https://mma.prnewswire.com/media/772169/AppDome_Logo_9_27_23.jpg
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Artificial Intelligence
Courageous Whistleblowers Reclaim Derogatory Terms As Data Shows 80% of Financial Professionals Stay Silent on Suspected Internal Fraud, Fearing Retaliation
Enron whistleblower, Sherron Watkins, alongside stars of Apple TV’s The Big Conn, Sarah Carver and Jennifer Griffith, reclaim derogatory labels for whistleblowers Concerning new data shows more than half of financial professionals in the UK and US have spotted or suspected internal fraud in their workplaces, yet four out of five stay silent fearing retaliation 32% of professionals in finance have seen whistleblowers victimized behind their back or to their faceJACKSONVILLE, Fla., May 21, 2024 /PRNewswire/ — New data from fraud detection software company Medius shows more than half of financial professionals in the UK and US (56%) have spotted or suspected internal fraud in their workplaces yet four in five (81%) stayed silent. When asked why, 45% of professionals cited the fear of recrimination.
Whistleblowers Sherron Watkins, Sarah Carver and Jennifer Griffith have joined forces to reclaim the derogatory names they were called after reporting serious internal financial fraud.
To help empower others to come forward, the whistleblowers are reclaiming the terms “snitch”, “rat” and “traitor”.
Sherron Watkins is the former Vice President of Enron Corporation who alerted the CEO to accounting irregularities, warning the organization “‘might implode in a wave of accounting scandals.” Watkins received national acclaim for her courageous actions and TIME magazine named her along with two others as their Persons of the Year in 2002, calling them simply ‘The Whistleblowers.’
Sarah Carver and Jennifer Griffith are the stars of Apple TV’s The Big Conn after they exposed a fraud scheme of more than $550 million while employed at the Social Security Administration. In efforts to silence their disclosures, they experienced multiple acts of severe retaliation and were denied protection. Ultimately, both Carver and Griffith were forced from employment.
Concerns of repercussions are vindicated – the survey reveals the extent to which financial professionals in the UK and US have witnessed negative consequences for whistleblowers firsthand:
59% have seen whistleblowers subsequently left out of important decisions 33% have seen whistleblowers moved to a different team 32% have heard whistleblowers called derogatory names behind their backs or directly to their faceWhen asked what would encourage them to flag suspicious activity, 93% of workers surveyed would feel more comfortable doing so if they had more evidence, yet nearly half (48%) said the legal system simply does not adequately protect whistleblowers.
Jim Lucier, CEO at Medius, a leading global provider of cloud-based accounts payable automation and spend management solutions, said:
“White collar crime is on the rise and no organization is safe. Employees are the last line of defense against fraud but confidence to report suspicious activity is declining. AI anomaly-detection technology can provide employees with the evidence and assurances they need to be more forthcoming. Building a culture where employees feel comfortable to report their suspicions could save organizations millions in the long-run.”
Medius works with over 4,000 customers across 102 countries and processes $200 billion in annual spend. It uses the power of AI and automation to detect fraud the moment invoices are submitted safeguarding against bad actors and potential threats, internal and external.
Sherron Watkins, whistleblower who was called a “snitch”, said: “When someone is troubled by corporate wrongdoing and they attempt to sound the alarm, the pathway is uncharted, things happen organically. Normal rational people speak about their concerns with their closest friends and work colleagues, who often suggest staying safe saying “keep your head down, if you must report, go soft, nothing black and white.” Yet black and white evidence is what is needed to get the attention of those in power, either internally or with media or outside watchdog groups to prevent or stop fraudulent activity.”
Jennifer Griffith, whistleblower who was called a “traitor”, said: “Choosing to blow the whistle involves more than just the desire to right a wrong. It’s about protecting their employers from fraud. However, it’s more often than not seen as causing trouble for the employer, or as a self-serving action to get a financial reward. No one who chooses to blow the whistle expects to have their reputation attacked, their credibility impugned or to lose their job. The cost of ignoring a whistleblowers complaints are far greater than acknowledging that a problem exists and taking steps to fix it. It’s been 19 years since I blew the whistle and the problems that existed then with the Social Security Administration still exist today. We must do more to protect whistleblowers.”
Sarah Carver, whistleblower who was called a “rat”, said: “The government’s attempt to conceal the fraud resulted in exacerbated damage, whereas a more prudent approach would have entailed immediate acknowledgement and rectification upon initial disclosure. The retaliatory measures aimed at silencing me made me stronger and fight harder to find someone to listen and stop the fraud.”
Georgina Hallford-Hall, CEO of Whistleblowers UK, said: “Too many organisations talk the talk but fail to engage with whistleblowers often at great cost to both. Technology used properly can remove the fear that both organisations and whistleblowers have about dealing with whistleblowing because it removes the person and focuses on the concerns or malfeasance. WhistleblowersUK are calling on the UK government to introduce an Independent Office of the Whistleblower to protect everyone from discrimination setting standards that end stigmatisation and discrimination making it safe to speak up.”
The billboard advertising campaign runs on Wall Street from Saturday, 18th May to Friday, 24th May 2024.
For more information about how Medius can prevent fraud, visit: https://www.medius.com/whistleblowing/
Notes to Editor
Methodology
The research was conducted by Censuswide with 1500 financial professionals in the UK and US (aged 18+) between 04/22/24 – 05/07/24. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.
For more information, please contact:
Fight or Flight for [email protected] / +44 330 133 0985
This information was brought to you by Cision http://news.cision.com
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Artificial Intelligence
ThroughPut.AI and Inteligistics Announce Strategic Partnership to Transform Agriculture and Fresh Produce Supply Chains
The Partnership focuses on driving maximum optimization of both the supply chain and interwoven cold chain to improve sales, profit margins, output, safety, and traceability.
PALO ALTO, Calif., May 21, 2024 /PRNewswire/ — ThroughPut Inc., the industrial AI supply chain Decision Intelligence pioneer, and Inteligistics, the leading digital visibility solutions provider for perishable supply chains, today announced a strategic technology alliance to accelerate profitability for the sales of perishable goods. This area is typically plagued by volatile prices and volumes, poor predictions, limited supply chain visibility, and excessive product spoilage. This leads to high rejection and discount rates, and avoidable lost margins. ThroughPut.AI, in collaboration with Inteligistics, will enable growers, suppliers, carriers, distributors, and retailers to significantly improve the efficiency of their supply and cold chain operations, thus ensuring that all fresh products – ranging from berries and vegetables to fish and meat – is sold profitably on-time and in-full for faster, fresher and safer delivery with full supply chain visibility.
Mutual customers introduced ThroughPut.AI and Inteligistics as complementary partners due to ThroughPut.AI’s patented, Gartner-ranked comprehensive Supply Chain Analytics & Decision Intelligence software, with Inteligistics’ industry-leading expertise in supply chain performance, productivity, and sustainability, where both have yielded high-value outcomes for customers, their consumers, and owner-investors across the globe. The two companies also share a common goal of minimizing waste, shrink, unfilled orders, and lost sales.
“We’re delighted to partner with Inteligistics as we look to expand our capabilities for our clients in the critical Food and Agricultural industry. Food and AG supply chains suffer from siloed legacy point solutions that don’t address today’s supply chain networks’ complexity and volatility. To overcome these modern Food and AG supply chain challenges, already existing but disparate data must be tapped into, stitched together, analyzed, visualized, and optimized with Industrial-grade AI for actionable recommendations and better results,” explained Seth Page, COO and Head of Strategic Partnerships of ThroughPut Inc. “By partnering with Inteligistics, we can provide customers with our unprecedented supply chain visibility, actionability, predictions and recommendations into customers’ cold chain operations as part of their larger end-to-end supply chain networks. This allows customers to leverage data at every step of the way to make the right produce available at the right place, at the right time, to the right customer, at the best price, in the correct quantities, and in the safest traceable manner possible.”
“Our partnership with ThroughPut.AI will empower agricultural producers, and buyers to leverage data for timely, intelligent decision-making, while accelerating margins,” said Rao Mandava, CEO and Chairman at Inteligistics. “Our customers will now have a unified common operating picture for a single source of truth for all their perishable inventory, enabling them to reduce risk, increase safety, and unlock new growth opportunities. The data is also available for our recently unveiled 1-Click FSMA 204 Traceability reporting solutions. All our supply and cold chain solutions work with data from a company’s legacy data platforms, including ERP, WMS and procurement systems, eliminating the major operational disruption associated with platform replacement.”
Joint Capabilities
Bringing together ThroughPut’s patented and award-winning AI-powered Supply Chain Advanced Analytics and Decision Intelligence solution with Inteligistics’ innovative supply and cold chain performance improvement capabilities will empower their customers to drive additional value in many key areas including the following:
Fill Rate: The joint solution will provide customers with an innovative fill rate model that will enable them to:Dynamically allocate products when farm and producer outputs vary, thus ensuring timely demand fulfillment.Proactively forecast customer demand, pricing, and volumes, as well as leveraging advanced analytics to balance supply with demand on a real-time basis.Tailor fill-rates based on customer segmentation, helping customers to prioritize higher contribution margin product mixes with the best on-time and in-full (OTIF) rates to maximize returns.Scheduling: The combined solution will empower suppliers and buyers to optimize loading facility and cross-docking queuing, slotting, scheduling, loading and usage via:Data-driven recommendations for ideal order fulfillment time-slots based on customer segmentation, available inventory, and priority-based delivery of in-demand products across the supply chain.Ensure necessary labor, docks and slots are available for loading on time to further enhance operational efficiency, greater throughput, higher output, and additional revenue and profit generation.Streamline the scheduling process and maximize order fulfillment while minimizing delays, idle time, and site traffic.Rejection and Discount Rates: Leveraging data inputs from Inteligistics and ThroughPut.AI will deliver fresh Food & Agriculture specific capabilities, including:Actionable insights and recommendations to optimize end-to-end supply chain operations while maintaining traceable product quality and food safety, for a greater bottom-line with enhanced regulatory compliance.Minimize rejection factors by analyzing data on product temperatures, sales history, and movements across supply chain networks to predict the likelihood of rejection or discounts, while reducing rejection rates and discounts in shipments that are fully traceable and quantifiable.Minimize waste and discounts to consumers by managing the inventory from DCs to stores using predictive shelf life and First Expire/First Out distribution.PR Contact
Tina Jacobs
[email protected]
About ThroughPut:
ThroughPut.AI is a Silicon Valley-based Supply Chain AI leader that puts Industrial material flows on Autopilot by leveraging existing Enterprise Data to achieve superior Business, Operations, Financial and Sustainability Results. ThroughPut.AI’s patented, Gartner-recognized AI-powered Supply Chain Analytics and Decision Intelligence software platform predicts Demand, reorients Production Capacity, reassigns Warehouse Space, and reorders Materials optimally, so businesses minimize overpromising and under-delivering, and maximize for their desired outcomes. As a rapid diagnostic platform, ThroughPut.AI both improves material flow and free-cash-flow across the entire end-to-end value chain far faster than leading contemporary and legacy solutions could ever imagine. The founding team is led by seasoned serial entrepreneurs with real-world AI, Supply Chain, Manufacturing, Transportation and Operations experience, from the shopfloor to the top-floor, at leading Fortune 500 Industrial Companies & pioneering Enterprise Technology companies that have impacted the world.
To learn more about ThroughPut Inc, visit our website today.
Additional Resources:
Learn more about ThroughPut Food and Beverage Solution OfferingsFor more information about ThroughPut, visit ThroughPut Resource LibraryRead the ThroughPut Blog and access latest ThroughPut Press CoverageAbout Inteligistics:
Inteligistics is uniquely placed in perishables industries using Silicon Valley technology and process improvements to bring digital transformation, turn Big Data into clear actions through AI/ML, and deliver high value improvements to supply chain and cold chain performance for perishable commodities. The resulting increase in productivity and reduction in critical cut-to-cool times, resources help meet sustainability goals. Using IoT, off-the-shelf wireless hardware, and proprietary cloud-based applications, Inteligistics develops custom solutions and provides an end-to-end integrated supply chain platform and standalone applications that improve quality, throughput, increase profits and deliver high ROI on the critical process of moving product from field to consumer. Visit inteligistics.com and linkedin.com/company/inteligistics.
View original content:https://www.prnewswire.co.uk/news-releases/throughputai-and-inteligistics-announce-strategic-partnership-to-transform-agriculture-and-fresh-produce-supply-chains-302151475.html
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