Artificial Intelligence
Cemtrex Reports Third Quarter 2021 Financial Results
Brooklyn, NY, Aug. 16, 2021 (GLOBE NEWSWIRE) — – Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, has reported its financial and operational results for the third quarter ended June 30, 2021.
Third Quarter 2021 Financial Results
Revenue for the three months ended June 30, 2021, and 2020 was $10.3 million and $8.4 million, respectively, an increase of 22%. This increase is mainly due to an improvement in economic conditions from the impact of the COVID-19 crisis during the same period last year. Revenue for the nine months ended June 30, 2021, and 2020 was $28.4 million and $32.8, respectively, a decrease of 13%. The Advanced Technologies segment revenues for the three months ended June 30, 2021, increased by 17% to $5.8 million, and the Industrial Services segment revenues for quarter increased by 29%, to $4.5 million.
Gross Profit for the third quarter of 2021 was $4.1 million, or 40% of revenues as compared to gross profit of $3.3 million, or 39% of revenues for the year ago period. Gross profit increased due to higher sales and varied from product to product and from customer to customer.
Total operating expenses for three months ended June 30, 2021, were $6.4 million, compared to $5.7 million in the prior year’s quarter.
Operating activities for continuing operations used $6.2 million for the nine months ended June 30, 2021 compared to using $3.4 million of cash for the nine months ended June 30, 2020.
Net income for the quarter ended June 30, 2021 was approximately $1.1 million, as compared to a net loss of $4.2 million in 2020. Net income increased in the third quarter as compared to the same period last year primarily due to overall economic improvement from the impact of the COVID-19 crisis during the same period last year and the result of PPP Loan forgiveness.
Cash and cash equivalents totaled $12.9 million at June 30, 2021, as compared to $15.9 million at December 31, 2020 and $19.5 million at September 30, 2020.
Management Commentary
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results: “In the third quarter of 2021 we continued to see a renewed improvement in our segments, with revenue for the quarter up 12% sequentially from the second quarter. We remain optimistic that our revenue will continue to trend upward as the economic uncertainty due to the pandemic recedes.”
“Throughout the year we have striven to remain at the forefront of innovation by continuing to invest in the development of our roadmap including Advanced Technologies Segment’s proprietary technology, including Virtual Reality solutions, SmartDesk, and Artificial Intelligence (AI) based, next generation solutions associated with security and surveillance systems software. While we experienced some delays due to the pandemic, we believe that as we continue to roll out our exciting new products and solutions over the next year that our outlook remains positive.”
“Despite the challenges of the pandemic, we believe this focus on the evolution of our core technologies, and a commitment to driving top line growth, has put us in a strong position as our market returns to normal and customers reopen for business and resume purchasing.”
About Cemtrex
Cemtrex, Inc. (CETX) is a leading multi-industry technology company that is driving innovation in markets such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV) in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems. www.cemtrex.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the closing of the offering, gross proceeds from the offering, our new product offerings, expected use of proceeds, or any proposed fundraising activities. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. These risks and uncertainties are discussed under the heading “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
| (UNAUDITED) | (Restated) | |||||||
| June 30, | September 30, | |||||||
| Assets | 2021 | 2020 | ||||||
| Current assets | ||||||||
| Cash and equivalents | $ | 12,879,278 | $ | 19,490,061 | ||||
| Restricted cash | 1,690,873 | 1,582,798 | ||||||
| Short-term investments | 452,175 | 887,746 | ||||||
| Trade receivables, net | 5,234,216 | 6,686,797 | ||||||
| Trade receivables – related party | 1,505,789 | 1,432,209 | ||||||
| Inventory –net of allowance for inventory obsolescence | 8,669,397 | 6,793,806 | ||||||
| Prepaid expenses and other assets | 2,164,367 | 1,188,317 | ||||||
| Total current assets | 32,596,095 | 38,061,734 | ||||||
| Property and equipment, net | 7,236,755 | 6,961,751 | ||||||
| Right-of-use assets | 3,098,523 | 2,728,380 | ||||||
| Assets held for sale | 8,323,321 | 8,323,321 | ||||||
| Goodwill | 5,886,096 | 4,370,894 | ||||||
| Other | 1,094,429 | 744,207 | ||||||
| Total Assets | $ | 58,235,219 | $ | 61,190,287 | ||||
| Liabilities & Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,888,144 | $ | 2,857,817 | ||||
| Short-term liabilities | 6,381,047 | 7,034,510 | ||||||
| Lease liabilities – short-term | 840,016 | 721,036 | ||||||
| Deposits from customers | 39,227 | 29,660 | ||||||
| Accrued expenses | 2,476,812 | 2,392,487 | ||||||
| Deferred revenue | 1,794,187 | 1,651,784 | ||||||
| Accrued income taxes | 331 | 89,318 | ||||||
| Total current liabilities | 14,419,764 | 14,776,612 | ||||||
| Long-term liabilities | ||||||||
| Loans payable to bank | 1,046,504 | 1,871,201 | ||||||
| Long-term lease liabilities | 2,261,148 | 2,027,406 | ||||||
| Notes payable | 3,079,743 | 6,029,999 | ||||||
| Mortgage payable | 2,282,409 | 2,355,542 | ||||||
| Other long-term liabilities | 1,078,752 | 1,063,733 | ||||||
| Paycheck Protection Program Loans | 2,871,161 | 2,169,437 | ||||||
| Deferred Revenue – long-term | 449,563 | 467,329 | ||||||
| Total long-term liabilities | 13,069,280 | 15,984,647 | ||||||
| Total liabilities | 27,489,044 | 30,761,259 | ||||||
| Commitments and contingencies | – | – | ||||||
| Shareholders’ equity | ||||||||
| Preferred stock , $0.001 par value, 10,000,000 shares authorized, | ||||||||
| Series 1, 3,000,000 shares authorized, 1,885,151 shares issued and | ||||||||
| outstanding as of June 30, 2021, and 2,156,784 shares issued and | ||||||||
| outstanding as of September 30, 2020 (liquidation value of $10 per share) | 1,885 | 2,157 | ||||||
| Series A, 1,000,000 shares authorized, zero shares issued and outstanding at | ||||||||
| June 30, 2021, and 1,000,000 shares issued and outstanding at September 30, 2020 | – | 1,000 | ||||||
| Series C, 100,000 shares authorized, 50,000 shares issued and outstanding at | ||||||||
| June 30, 2021, and 100,000 shares issued and outstanding at September 30, 2020 | 50 | 100 | ||||||
| Common stock, $0.001 par value, 50,000,000 shares authorized, | ||||||||
| 18,711,463 shares issued and outstanding at June 30, 2021, and | ||||||||
| 17,622,539 shares issued and outstanding at September 30, 2020 | 18,711 | 17,623 | ||||||
| Additional paid-in capital | 58,846,576 | 60,221,766 | ||||||
| Retained earnings (accumulated deficit) | (30,660,550 | ) | (32,520,084 | ) | ||||
| Treasury stock at cost | (148,291 | ) | (148,291 | ) | ||||
| Accumulated other comprehensive income (loss) | 1,624,673 | 1,777,112 | ||||||
| Total Cemtrex stockholders’ equity | 29,683,054 | 29,351,383 | ||||||
| Non-controlling interest | 1,063,121 | 1,077,645 | ||||||
| Total liabilities and shareholders’ equity | $ | 58,235,219 | $ | 61,190,287 | ||||
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss)
| For the three months ended | For the nine months ended | |||||||||||||||
| June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||
| Revenues | $ | 10,326,431 | $ | 8,440,867 | $ | 28,422,892 | $ | 32,774,797 | ||||||||
| Cost of revenues | 6,198,715 | 5,161,015 | 16,360,822 | 18,800,355 | ||||||||||||
| Gross profit | 4,127,716 | 3,279,852 | 12,062,070 | 13,974,442 | ||||||||||||
| Operating expenses | ||||||||||||||||
| General and administrative | 5,670,019 | 5,347,718 | 16,337,200 | 15,380,199 | ||||||||||||
| Research and development | 757,966 | 331,936 | 2,033,688 | 1,113,455 | ||||||||||||
| Total operating expenses | 6,427,985 | 5,679,654 | 18,370,888 | 16,493,654 | ||||||||||||
| Operating income/(loss) | (2,300,269 | ) | (2,399,802 | ) | (6,308,818 | ) | (2,519,212 | ) | ||||||||
| Other income/(expense) | ||||||||||||||||
| Other income/(expense) | 3,901,658 | 158,134 | 6,532,590 | 830,251 | ||||||||||||
| Settlement Agreement – Related Party | – | – | 3,674,165 | – | ||||||||||||
| Interest Expense | (433,009 | ) | (1,982,101 | ) | (1,891,026 | ) | (3,812,921 | ) | ||||||||
| Total other income/(expense), net | 3,468,649 | (1,823,967 | ) | 8,315,729 | (2,982,670 | ) | ||||||||||
| Net loss before income taxes | 1,168,380 | (4,223,769 | ) | 2,006,911 | (5,501,882 | ) | ||||||||||
| Income tax benefit/(expense) | (40,759 | ) | (7,658 | ) | (168,190 | ) | (197,201 | ) | ||||||||
| Net income/(loss) | $ | 1,127,621 | $ | (4,231,427 | ) | $ | 1,838,721 | $ | (5,699,083 | ) | ||||||
| Less income in noncontrolling interest | 29,608 | (35,751 | ) | (20,813 | ) | 151,312 | ||||||||||
| Net income/(loss) attributable to Cemtrex, Inc. shareholders | $ | 1,098,013 | $ | (4,195,676 | ) | $ | 1,859,534 | $ | (5,850,395 | ) | ||||||
| Net income/(loss) | $ | 1,127,621 | $ | (4,231,427 | ) | $ | 1,838,721 | $ | (5,699,083 | ) | ||||||
| Other comprehensive income/(loss) | ||||||||||||||||
| Foreign currency translation gain/(loss) | (193,554 | ) | 154,443 | (234,045 | ) | 161,460 | ||||||||||
| Defined benefit plan actuarial gain/(loss) | – | – | 87,895 | – | ||||||||||||
| Comprehensive income/(loss) | 934,067 | (4,076,984 | ) | 1,692,571 | (5,537,623 | ) | ||||||||||
| Less comprehensive income/(loss) attributable to noncontrolling interest | (35,731 | ) | 41,266 | 14,524 | (118,623 | ) | ||||||||||
| Comprehensive income/(loss) attributable to Cemtrex, Inc. shareholders | $ | 969,798 | $ | (4,118,250 | ) | $ | 1,678,047 | $ | (5,419,000 | ) | ||||||
| Income/(loss) Per Share-Basic | $ | 0.06 | $ | (0.38 | ) | $ | 0.10 | $ | (0.82 | ) | ||||||
| Income/(loss) Per Share-Diluted | $ | 0.06 | $ | (0.38 | ) | $ | 0.10 | $ | (0.82 | ) | ||||||
| Weighted Average Number of Shares-Basic | 18,711,463 | 10,933,926 | 18,368,274 | 7,161,785 | ||||||||||||
| Weighted Average Number of Shares-Diluted | 18,711,463 | 10,933,926 | 18,368,274 | 7,161,785 | ||||||||||||
Condensed Consolidated Statements of Cash Flows
(Unaudited/Restated)
| For the nine months ended | ||||||||
| June 30, | ||||||||
| Cash Flows from Operating Activities | 2021 | 2020 | ||||||
| (unaudited) | (restated) | |||||||
| Net income/(loss) | $ | 1,838,721 | $ | (5,699,083 | ) | |||
| Adjustments to reconcile net loss to net cash provided/(used) by operating activities: | ||||||||
| Depreciation and amortization | 972,186 | 1,343,207 | ||||||
| Gain on disposal of property and equipment | 18,583 | 457 | ||||||
| Amortization of right-of-use assets | 653,175 | 352,691 | ||||||
| Change in allowance for doubtful accounts | (161,101 | ) | 126 | |||||
| Share-based compensation | 110,904 | 167,312 | ||||||
| Income tax expense/ (benefit) | 168,190 | (197,201 | ) | |||||
| Interest expense paid in equity shares | 818,348 | 2,505,924 | ||||||
| Accrued interest on notes payable | 64,748 | 308,748 | ||||||
| Amortization of original issue discounts on notes payable | 575,000 | 757,278 | ||||||
| Gain on marketable securities | (2,407,841 | ) | (607,103 | ) | ||||
| Settlement Agreement – Related Party | (3,674,165 | ) | – | |||||
| Discharge of Paycheck Protection Program Loans | (3,349,700 | ) | – | |||||
| Changes in operating assets and liabilities net of effects from acquisition | ||||||||
| of subsidiaries: | ||||||||
| Accounts receivable | 1,613,682 | 1,654,383 | ||||||
| Accounts receivable – related party | (78,594 | ) | 5,510 | |||||
| Inventory | (1,875,591 | ) | (1,384,453 | ) | ||||
| Prepaid expenses and other current assets | (976,050 | ) | (514,580 | ) | ||||
| Other assets | 149,778 | (1,017,337 | ) | |||||
| Other liabilities | 15,019 | (117,667 | ) | |||||
| Accounts payable | 30,327 | (1,205,851 | ) | |||||
| Operating lease liabilities | (650,535 | ) | (296,892 | ) | ||||
| Deposits from customers | 9,567 | 2,003 | ||||||
| Accrued expenses | (78,851 | ) | 383,230 | |||||
| Deferred revenue | 124,637 | (99,354 | ) | |||||
| Income taxes payable | (88,987 | ) | 272,925 | |||||
| Net cash used by operating activities | (6,178,550 | ) | (3,385,727 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Purchase of property and equipment | (1,113,658 | ) | (4,541,537 | ) | ||||
| Investment in Virtual Driver Interactive | (1,075,428 | ) | – | |||||
| Investment in MasterpieceVR | (500,000 | ) | – | |||||
| Investment in related party | – | (500,000 | ) | |||||
| Proceeds from sale of marketable securities | 9,134,159 | 22,720,132 | ||||||
| Purchase of marketable securities | (6,290,747 | ) | (23,479,038 | ) | ||||
| Purchases of treasury stock | – | (190,483 | ) | |||||
| Net cash used by investing activities | 154,326 | (5,990,926 | ) | |||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from notes payable | – | 4,485,000 | ||||||
| Payments on notes payable | (2,145,257 | ) | (726,640 | ) | ||||
| Proceeds on bank loans | – | 5,947,101 | ||||||
| Payments on bank loans | (957,186 | ) | (224,196 | ) | ||||
| Proceeds from Paycheck Protection Program Loans | 2,942,285 | – | ||||||
| Proceeds from securities purchase agreements | – | 12,462,648 | ||||||
| Payments on capital lease liabilities | (20,061 | ) | (13,838 | ) | ||||
| Expenses on securities purchase agreements | – | (840,728 | ) | |||||
| Revolving line of credit | – | (425,812 | ) | |||||
| Net cash provided/(used) by financing activities | (180,219 | ) | 20,663,535 | |||||
| Effect of currency translation | (298,265 | ) | 128,771 | |||||
| Net increase in cash, cash equivalents, and restricted cash | (6,204,443 | ) | 11,286,882 | |||||
| Cash, cash equivalents, and restricted cash at beginning of period | 21,072,859 | 2,858,085 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 14,570,151 | $ | 14,273,738 | ||||
| Balance Sheet Accounts Included in Cash, Cash Equivalents, and Restricted Cash | ||||||||
| Cash and equivalents | $ | 12,879,278 | $ | 12,939,493 | ||||
| Restricted cash | 1,690,873 | 1,334,245 | ||||||
| Total cash, cash equivalents, and restricted cash | $ | 14,570,151 | $ | 14,273,738 | ||||
| Supplemental Disclosure of Cash Flow Information: | ||||||||
| Cash paid during the period for interest | $ | 432,930 | $ | 240,971 | ||||
| Cash paid during the period for income taxes | $ | 88,987 | $ | 75,724 | ||||
| Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||||||
| Investment in Virtual Driver Interactive | $ | 439,774 | $ | – | ||||
| Stock issued to pay for products and/or services | $ | – | $ | 428,538 | ||||
| Stock issued to pay notes payable | $ | 2,187,837 | $ | 6,933,924 | ||||
Artificial Intelligence
Titans of Tech: GP Bullhound releases its annual report on the European tech ecosystem
LONDON, May 24, 2024 /PRNewswire/ — Titans of Tech: Unrivalled era of A.I. led innovation for European Tech – No more excuses. GP Bullhound is proud to announce the release of its Titans of Tech 2024 report. For the tenth year in a row, GP Bullhound has released its annual Titans of Tech report, highlighting and analysing the growth trends in Europe’s tech ecosystem. This comprehensive analysis underscores the resilience and growth of Europe’s tech sector, setting the stage for a new era of innovation and investment.
Key takeaways from our report include:
The funding frenzy is over, but the new normal is very healthy: Funding levels have normalised, averaging €15Bn per quarter over the last year, which is ~50% higher than 2019.The value of the ecosystem is growing despite the failures: 14 new unicorns were created in the last 12 months. Europe and Israel now have 323 unicorns, up from 311 a year ago and 283 the year before. The ecosystem’s total valuation has grown to $1.2Tr, an ~11x increase in billion-dollar companies and a ~14x increase in aggregate valuation since our first report in 2014.Megarounds are fewer but larger and still accessible: Access to capital rounds exceeding $50 million has tightened, but investors remain interested in supporting innovators. The deal count dropped 68% over the last two years due to a focus on profitability and conservative planning. Only 17% of European unicorns raised capital in 2023, as 93% had already raised funds during the 2021-2022 bull market.Software innovation continues, shaping the way we live and work: Despite funding challenges, technological developments, especially in artificial intelligence, continue to drive automation and cost savings. European AI companies received over €11Bn in funding in the last year, with 36% of new unicorns being AI/ML businesses.Category leaders and geographies: This year, the UK and France lead the startup arena with three unicorns each. The UK’s unicorns are valued at $3.4Bn, with significant contributions from AI leaders Synthesia and Builder.ai. France’s trio reaches a collective valuation of $7Bn, highlighted by innovators like Mistral AI. Germany, Israel, and the Netherlands each added two unicorns, while Sweden and Italy added one unicorn each.Europe’s most promising startups: GP Bullhound has analysed more than 100 European startups for scale, velocity, and sentiment, and ranked the top 50 companies with the most potential to become one-billion-dollar companies. The top 10 include Agicap, Brevo, Typeform, Homa, AMBOSS, Akeneo, Form3, Flo Health, Aidoc, and ConnexOne.Manish Madhvani, Managing Partner at GP Bullhound, said: “After ten years of issuing our Titans of Tech report, we have witnessed the highs and lows of the European tech ecosystem. A year ago, the situation was less encouraging for the fundraising environment, with macro uncertainty and with businesses more focused on layoffs than on growth and innovation.
Today, against the backdrop of negative headlines, we have cemented the building blocks for the next wave of innovation. Funding levels have stabilised, and are amazingly 50% higher than pre bull market levels. With Europe’s maturing base of engineering talent and the world’s fascination in its potential productivity gains, artificial intelligence offers a unique opportunity to create global leaders in record time. There is no shortage of funding for the best entrepreneurs and companies, as evidenced by the record $220m seed round for Paris based H announced this week. What was noticeable about the round was the range of the investor syndicate : from strategics such as Amazon, Samsung and UI Path, household names such as Bernard Arnault, Eric Schmidt and Xavier Niel, and leading VC’s.Looking ahead, we expect the next few years to represent an era of unprecedented innovation in the European ecosystem. Innovation is flowing, vast amounts of capital are available for the strong and the talent pool is expanding. No more excuses Europe!”
Expert interviewsWhat does it take to build a billion-dollar company? What are the critical success factors for European tech? How to remain resilient in a challenging market and benefit from economic downturns? This year’s report features expert views from leading founders and CEOs, including Synthesia, Quantexa, SEON, Flo Health, Zappi and CoverManager.
Download full report: www.gpbullhound.com/articles/titans-of-tech-2024
EnquiriesFor enquiries, please contact: [email protected]
About GP BullhoundGP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 12 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com.
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Artificial Intelligence
Bybit Web3 Announces Upcoming IDO for Aperture Finance, Simplifying Web3 Finance
DUBAI, UAE, May 24, 2024 /PRNewswire/ — Bybit Web3, the Web3 division of Bybit – one of the top three global crypto exchanges by trading volume, today announced an upcoming Initial DEX Offering (IDO) for Aperture Finance ($APTR) on its Web3 platform.
“Bybit Web3 is thrilled to be partnering with Aperture Finance to bring their innovative IDO to our platform,” said Emily Bao, Bybit Web3 Evangelist. “Aperture Finance’s AI-powered solutions have the potential to revolutionize DeFi by simplifying complex transactions and making Web3 finance more accessible to a wider audience. We believe this IDO will be a great opportunity for our users to get involved in this groundbreaking project early on.”
Aperture Finance: Simplifying the complexities of Web3 finance
Aperture Finance is a pioneer in AI-powered intents. Featuring an IntentsGPT interface and an AI-driven smart solver simulation, Aperture’s solver network significantly reduces barriers for DeFi users and enhances transaction efficiency.
IDO Details
IDO Subscription Period: May 24, 2024, 10AM UTC to May 28, 2024, 10AM UTCSnap Period: May 28, 2024, 10AM UTC to May 31, 2024, 10AM UTCReveal and Purchase Period: May 31, 2024, 10:15AM UTC to June 1, 2024, 10AM UTCListing Date: May 31, 2024, 10AM UTCToken Details
Token: APTRTotal Supply: 1,000,000,000Total Allocated to Bybit IDO: 6,666,667 APTREligibility Requirements
Users must hold a Bybit Wallet with a minimum balance of 300 USDT (Arbitrum Chain) throughout the Snapshot Period to participate in the IDO.Three (3) snapshots will be taken daily during the Snapshot Period.Maximum number of winners: 3,000For detailed information on the IDO process and eligibility requirements, please visit the Bybit Web3 page: https://www.bybit.com/en/web3/ido
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 1 million wallet users, over 10 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 30 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit, please visit Bybit Web3.
About Bybit
Bybit is one of the world’s top three crypto exchanges by trading volume with 30 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.For media inquiries, please contact: [email protected] more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social Media
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Artificial Intelligence
Northern Data Group’s Peak Mining, announces purchase of a second 300MW data center location in Corpus Christi, Texas
The location expands on an adjacent 300MW site, purchased in December 2023 The site comes with an ERCOT-approved interconnect of 300MWConstruction already underway, with long-lead time items secured and energization scheduled for early 2025FRANKFURT, May 24, 2024 /PRNewswire/ — Peak Mining, part of the Northern Data Group, announces the purchase of a second 300MW ERCOT-approved site in Corpus Christi, Texas. The location is adjacent to the 300MW mining facility that is already under construction. The site also provides energy in the attractive low-cost power zone of Load Zone South of the ERCOT grid, known for its abundance of renewable (wind) energy.
The investment represents a significant step forward in Northern Data Group’s investment strategy, cementing expansion plans well beyond the current 2024 financial year.
The new site enables Peak Mining to accelerate its expansion plans to become one of the largest bitcoin miners globally. The company will be deploying indoor, custom-designed, fully-integrated and liquid-cooled HPC data center systems to drastically improve deployment time and infrastructure cost, bringing Peak Mining to a leading position in the industry and preparing it for the future of HPC compute.
Saxet Infrastructure Group (“Saxet”) will act as construction manager for the design, build and energization of the substation. The Saxet team brings a strong track record of project management and deep expertise with the construction of HPC infrastructure.
Niek Beudeker, Managing Director, Peak Mining, commented: “The purchase of this second large site will significantly shorten our time to hashing and kick off one of the fastest mining expansions globally. We now have almost 700MW of sites in active development, that when fully fitted with our latest-generation hardware, could potentially provide up to 40EH of hash rate.”
Aroosh Thillainathan, Northern Data Group’s Chief Executive Officer, commented:”This second data center location demonstrates how Northern Data Group is able to harness the power and opportunity of HPC. Sustainability has been at the core of this further expansion into the US and thanks to the center’s ERCOT approved status, we will be able to scale our operations at speed, as the demand for digital assets continues to grow.”
Steven Quisenberry, Chief Executive Officer at Saxet Infrastructure Group, commented: We are excited to support Northern Data Group’s expansion in the ERCOT market and specifically to welcome them to the Corpus Christi area. The combination of base load industrial demand and significant renewable resources creates a unique opportunity for their portfolio. This is a terrific example of one of the largest, most advanced liquid cooled data centers in North America and we are proud to partner with Northern Data Group to bring their data center online.
Northern Data Group was advised on the transaction by Katten Muchin Rosenman LLP (Legal Counsel) and BitOoda Technologies LLC.
About Peak MiningPeak Mining, part of the Northern Data Group, is powering the future of the blockchain network. We deliver industry-leading operating and energy efficiency in bitcoin mining through the latest hardware alongside innovative technology and infrastructure. With our mining heritage dating back to 2013, we’ve been innovating for over a decade and have been at the forefront of the industry ever since. Our high-quality infrastructure is purpose-built to power the mining network, and we’re driven to continuously find new efficiencies driving value for our investors. We’re delivering long term value in more responsible ways.
About Northern Data GroupNorthern Data Group (ETR: NB2) is a leading provider of High Performance Computing (HPC) solutions to businesses and research institutions, utilizing GPU- and ASIC-based solutions. Our flexible compute power fuels innovation in our three core business divisons: Taiga Cloud, Ardent Data Centers, and Peak Mining. Through our HPC solutions, we pioneer ambitious computing innovation that drives progress in the AI, ML and Generative AI industries. Our close collaboration with industry-leading manufacturers including Gigabyte, AMD, and NVIDIA is fundamental to the acceleration of innovation across sectors including life sciences, financial services, and energy.
View original content:https://www.prnewswire.co.uk/news-releases/northern-data-groups-peak-mining-announces-purchase-of-a-second-300mw-data-center-location-in-corpus-christi-texas-302155098.html
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