Artificial Intelligence

TAOP Reports Financial Results for the Six Months Ended June 30, 2021

Published

2 years ago

October 26, 2021

Hong Kong, Oct. 26, 2021 (GLOBE NEWSWIRE) — Taoping Inc. (NASDAQ: TAOP), a provider of blockchain technology and smart cloud services, today announced its unaudited financial results for the six months ended June 30, 2021.

Revenue was $6.4 million for the first six months of 2021 as compared to $3.7 million for the same period of last year, representing an increase of $2.7 million, or 71.9%. The increase was primarily due to the increase of the sale of high-end data storage servers and software, the addition of advertising revenue as a result of the acquisition of Taoping New Media Co., Ltd. (“TNM”) on June 9, 2021, and the new revenue stream from cryptocurrency mining that the Company initiated in March 2021.

Gross profit was $2.1 million for the first six months of 2021, an increase of $0.6 million, compared to $1.5 million for the first six months of 2020. Gross profit as a percentage of revenue was 33.3% for the first six months of 2021, decreased from 39.3% for the same period of last year. The increase in the overall gross profits was primarily contributed by the increase of software revenue. The decrease in the overall gross margin was primarily resulted from lower margin of cryptocurrency mining and advertising as a result of new business developments for these two newly added business operations.

Net loss attributable to the Company was $14.1 million for the first six months of 2021, compared to a net loss attributable to the Company of $7.7 million for the same period of 2020. Most of the increase in loss was attributed to the share-based compensations granted to the Company’s employees and amortization of service compensation related to warrants issued to the consultants for their services, and loss from equity method investment of TNM, a company acquired on June 9, 2021.

Excluding share-based compensation expenses and loss from equity method investment of TNM, the adjusted net loss attributable to the Company was $8.4 million for the first six months of 2021, compared to the adjusted net loss of $7.4 million for the same period of 2020.

“In 2021, we made a series of strategic decisions including the investment in digital asset business and the acquisition of Taoping New Media. The new actions led to a $2.7 million year-over-year revenue increase for the first six months of 2021. We believe the new businesses will keep ramping up in the rest of 2021,” said Mr. Jianghuai Lin, CEO and Chairman of TAOP.

Mr. Lin added, “We are glad to see the cryptocurrency mining business generating new revenue stream in the first half of 2021 and its subsequent significant growth. We have acquired additional cryptocurrency miners to boost our mining capability and expect our computing power of Ethereum to reach a total of 1000GH/s by the end of 2021, which will generate about 700 Ether per month by then. In addition to Hong Kong facility, we are in the process of constructing new data center and cryptocurrency mining sites in Kazakhstan. We believe that our devoted efforts in the cryptocurrency mining business will provide additional value to the Company’s shareholders.”

Digital Assets Business Progress and Plan

	●	On August 27, 2021, the Company announced that its wholly-owned subsidiary Taoping Digital Assets (Asia) Limited (“TDAL”) and a Kazakhstan company, Aral Petroleum Capital LLP (“APC”), have signed a memorandum of understanding (“MOU”) to establish a joint venture to operate a cryptocurrency mining site in Kazakhstan, of which TDAL and APC will own 51% and 49%, respectively.

	●	On August 11, 2021, the Company signed a non-binding Memorandum of Understanding with Dennver Group Holdings Limited, a British Virgin Islands company, to purchase Ethereum mining machines with a total hash rate of 500 GH/s. Both parties aim to reach a definitive purchase agreement in the fourth quarter of 2021.

	●	On July 30, 2021, the Company entered into a strategic cooperation agreement (the “Agreement”) with Shenzhen IntelStrat Technology Co., Ltd. (“IntelStrat”). Pursuant to the Agreement, TAOP and IntelStrat will seek in-depth collaboration in data service center and investments in blockchain company. It is expected that the parties will initiate the R&D cooperation on certain blockchain technology related projects by the end of 2021.

	●	On May 5, 2021, the Company launched “Taoping G Cloud Hong Kong Data Center” in Hong Kong. The Company would deploy a total of 1,000 general-purpose servers suitable for Ethereum and cloud desktops at the data center, with a total hash rate of 480,000 MH/s, by the end of 2021. The Company has accomplished most of its planned deployment for the data center.

	●	On May 3, 2021, the Company entered into a strategic cooperation agreement with Singapore-based ZNDS Global Technology PTE. LTD. (“Zionodes”), a leading computing power trading platform for a 5-year term from May 1, 2021, to April 30, 2026. Pursuant to the strategic cooperation agreement, TAOP plans to increase the supply of computing power to Zionodes in stages totaling at least $10 million. The two parties will work together to develop the GPU cloud computing market. The cooperation is expected to be formally implemented in 2022.

Digital Culture (Advertising) Business Progress

	●	On August 6, 2021, the Company entered into a letter of intent with the majority shareholder of Yunnan Taoping IoT Limited (“Yunnan Taoping”) to acquire additional equity interests to increase its ownership interest of Yunnan Taoping to 51% or more. Pursuant to the letter of intent, the purchase price, to be determined by the two parties after the completion of due diligence, will be paid in the form of ordinary shares of TAOP. The letter of intent will be terminated if no definitive agreements are entered into between the parties before March 31, 2022.

	●	On July 28, 2021, the Company entered into a letter of intent with the shareholders of Zhenjiang Taoping IoT Technology Limited (“Zhenjiang Taoping”) to acquire 51% or more of the ownership interest of Zhenjiang Taoping. Pursuant to the letter of intent, the purchase price, to be determined by the parties after the completion of due diligence, will be paid in the form of ordinary shares of TAOP. The letter of intent will be terminated if no definitive agreements are entered into among the parties before December 31, 2021.

Dissolution of VIE Structure and Change of Corporate Headquarters to Hong Kong

On September 18, 2021, the Company’s wholly owned Chinese subsidiary, Information Security Technology (China) Co., Ltd. (“IST”), exercised the option to acquire 100% equity interests in iASPEC Technology Group Co., Ltd., the then variable interest entity (“VIE”) of the Company (“iASPEC”) from iASPEC’s sole shareholder, Mr. Jianghuai Lin, the Chief Executive Officer and Chairman of the Company. The Company believes that the dissolution of VIE structure in China will improve corporate governance and transparency for TAOP shareholders. The equity transfer was completed on September 24, 2021.

In addition, the Company relocated its global corporate headquarters from Shenzhen, China to Hong Kong as part of the implementation of its global growth strategy. As a result, the executive offices of the Company are now located at Unit 3102, 31/F, Citicorp Centre, 18 Whitefield Road, Hong Kong. TAOP’s Shenzhen office will serve as TAOP’s regional headquarter in Mainland China.

Financial Results for the First Six Months of 2021

Revenue

Revenue was $6.4 million for the first six months of 2021, compared to $3.7 million for the same period of last year, an increase of $2.7 million, or 71.9%. The increase was primarily due to the increase of $0.7 million of the product sale of high-end data storage servers, the increase of $0.6 million of the software sales, the addition of $0.6 million of advertising revenue, and $0.8 million revenue from cryptocurrency mining, a new business the Company initiated in March 2021. The Company expects that revenue for the second half of 2021 would increase as a result of the growth of cryptocurrency mining and advertising businesses.

Gross Profit

Gross profit was $2.1 million for the first six months of 2021, an increase of $0.6 million, compared to $1.5 million for the first six months of 2020. Gross profit as a percentage of revenue was 33.3% for the first six months of 2021, decreased from 39.3% for the same period of last year. The increase in the overall gross profits was primarily contributed by the increase of software revenue. The decrease in the overall gross margin was primarily resulted from lower margin of cryptocurrency mining and advertising. The Company expects that the gross margin for the remaining of 2021 would decrease slightly due to new business developments in cryptocurrency mining and advertising businesses.

Administrative, R&D and Selling Expenses

Administrative expenses increased by $6.5 million, or 92.6%, to $13.6 million for the first six months of 2021, from $7.1 million for the same period of 2020. Such increase was mainly caused by an increase in share-based compensation of $3.0 million to certain employees and $2.1 million amortization of service compensation related to warrants issued to certain consultants, and an increase of $0.9 million in allowance for credit losses. As a percentage of revenue, administrative expenses increased to 212% for the first six months of 2021, from 189% for the same period of 2020. The Company expects that the administrative expenses for remaining of 2021 would decrease as a result of the decrease of allowance for credit losses and share-based compensation to employees。

Research and development (“R&D”) expenses increased by $0.5 million, or 25.4%, to $2.3 million for the first six months of 2021, from $1.8 million for the first six months of 2020. Such increase was primarily due to the increase in payroll and benefits to R&D staff newly employed for the Blockchain Technology business segment, and the increase of depreciation expenses of purchased software. As a percentage of revenue, R&D expenses decreased to 35.2% for the first six months of 2021, from 48.2% for the same period of last year. R&D expense for the remaining of 2021 is expected to be consistent with the first half of the year.

Selling expenses increased by approximately $50,000, or 34.5%, to $0.19 million for the first six months of 2021, from $0.14 million for the first six months of 2020. This increase was primarily due to the increased commission and payroll expenses of sales department which was in line with the increase in revenues. Selling expense for the remaining of 2021 is expected to slightly increase in line with revenue increase.

Net loss attributable to Company

For the first six months of 2021, net loss attributable to the Company was $14.1 million, compared to a net loss attributable to the Company of $7.7 million for the same period of last year. The increase of net loss was the result of the foregoing factors, especially the increase in administrative expenses as discussed above.

Adjusted Net loss attributable to the Company

Excluding the two major reconciliation items, which are $5.1 million share-based compensation expenses and $0.6 million loss from equity method investment of TNM, the adjusted net loss was $8.4 million for the first six months of 2021, compared to the adjusted net loss of $7.4 million for the same period of 2020.

Cash and Financial Position

As of June 30, 2021, the Company had cash and cash equivalents of $0.8 million, compared to $0.9 million of cash and cash equivalents and $0.2 million of restricted cash as of December 31, 2020. Working capital deficit was $2.7 million as of June 30, 2021, compared to working capital deficit of $17.4 million as of December 31, 2020.

Net cash used in operating activities was $16.3 million for the first six months of 2021, compared to net cash used in operating activities of $1.2 million for the first six months of 2020.

About Taoping Inc.

Taoping Inc. (TAOP) is a blockchain technology and smart cloud services provider. The Company provides cloud-based ads display terminal, digital advertising distribution network and new media resource sharing platform in the Out-of-Home advertising market in China. TAOP is also dedicated to the research and application of blockchain technology and digital assets, a new business segment the Company initiated in 2021. With multiple cloud data center deployed overseas, the Company continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP provides solutions and cloud services to industries such as new media and artificial intelligence. To learn more, please visit http://www.taop.com/.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Taoping Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are “forward-looking statements” in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as “believes”, “expects” or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements may relate to, among other things, statements regarding our expected growth and financial performance, our strategies to drive growth, anticipated effects of the ongoing COVID-19 pandemic, expectations regarding our businesses and anticipated progress and benefits of the Company’s digital assets and digital culture (advertising) transactions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

About Non-GAAP Financial Measures

To supplement the Company’s financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses and loss from equity method investment of TNM, a company acquired on June 9, 2021. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.

Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.

Reconciliation of Non-GAAP Adjusted Net (Loss) Attributable to the Company and EPS are provided in the table at the end of this press release.

For further information, please contact:

TAOPING INC.
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2021 AND DECEMBER 31, 2020

	June 30, 2021			December 31, 2020
	(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	849,519		$	882,770
Restricted cash		–			214,144
Accounts receivable, net		2,707,994			4,264,257
Accounts receivable-related parties, net		166,012			2,919,215
Advances to suppliers		10,950,271			3,177,678
Prepaid expenses		9,891,376			24,635
Inventories, net		1,366,594			254,678
Cryptocurrencies, net		175,487			–
Loan receivable – related party		–			519,331
Other current assets		2,629,046			173,026
TOTAL CURRENT ASSETS		28,736,299			12,429,734

Non-current accounts receivable, net		–			1,839,230
Non-current accounts receivable-related parties, net		–			1,323,196
Property, plant and equipment, net		18,599,830			10,851,899
Long-term investments		818,266			30,592
Right-of-use assets		926,689			–
Other assets, non-current		3,790,167			4,302,000
TOTAL ASSETS	$	52,871,251		$	30,776,651

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term bank loans	$	5,949,005		$	6,210,176
Accounts payable		14,985,772			14,857,436
Accounts payable-related parties		–			69,585
Advances from customers		653,804			315,924
Advances from customers-related parties		100,636			161,063
Amounts due to related parties		3,380,197			137,664
Accrued payroll and benefits		222,086			231,598
Other payables and accrued expenses		4,991,801			6,636,097
Convertible note payable, net of debt discounts		689,502			1,180,908
Lease liability-current		418,546			–
TOTAL CURRENT LIABILITIES		31,391,349			29,800,451
Lease liability		580,917			–
TOTAL LIABILITIES		31,972,266			29,800,451

EQUITY
Ordinary shares, 2021 and 2020: par $0; authorized capital 100,000,000 shares; shares issued and outstanding, June 30, 2021: 13,646,360 shares; December 31, 2020: 8,486,956 shares*;		154,316,011			131,247,787
Additional paid-in capital		26,914,305			15,643,404
Statutory reserve		14,044,269			14,044,269
Accumulated deficit		(206,310,884	)		(192,212,544	)
Accumulated other comprehensive income		23,675,886			23,612,413
Total equity (deficit) of the Company		12,639,587			(7,664,671	)
Non-controlling interest		8,259,398			8,640,871
TOTAL EQUITY		20,898,985			976,200

TOTAL LIABILITIES AND EQUITY	$	52,871,251		$	30,776,651

* On July 30, 2020, the Company implemented a one-for-six reverse stock split of the Company’s issued and outstanding ordinary shares. Except for shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.

TAOPING INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

	Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
	(unaudited)			(unaudited)
Revenue – Products	$	2,971,899		$	2,056,805
Revenue – Products-related parties		67,612			217,813
Revenue – Software		1,621,534			1,049,377
Revenue – Advertising		576,310			–
Revenue – Cryptocurrency mining		814,772			–
Revenue – Other		319,429			371,381
Revenue – Other-related parties		54,021			41,974
TOTAL REVENUE		6,425,577			3,737,350

Cost – Products		2,696,207			1,970,154
Cost – Software		237,986			296,190
Cost – Advertising		683,835			–
Cost – Cryptocurrency mining		661,753			–
Cost – Other		7,555			4,001
TOTAL COST		4,287,336			2,270,345

GROSS PROFIT		2,138,241			1,467,005

Administrative expenses		13,606,688			7,064,286
Research and development expenses		2,260,274			1,802,747
Selling expenses		193,484			143,816
(LOSS) FROM OPERATIONS		(13,922,205	)		(7,543,844	)

Subsidy income		136,393			223,391
(Loss) from equity method investment		(578,619	)		–
Other income (loss), net		378,831			(302,336	)
Interest expense and debt discounts, net of interest income		(478,439	)		(387,761	)
(Loss) before income taxes		(14,464,039	)		(8,010,550	)

Income tax (expense) benefit		(871	)		69,858
NET LOSS		(14,464,910	)		(7,940,692	)
Less: Net loss attributable to the non- controlling interest		366,570			264,047
NET LOSS ATTRIBUTABLE TO THE COMPANY	$	(14,098,340	)	$	(7,676,645	)

Loss per share – Basic and Diluted*
Basic	$	(1.34	)	$	(1.12	)
Diluted	$	(1.34	)	$	(1.12	)
NET LOSS PER SHARE ATTRIBUTABLE TO THE COMPANY*
Basic	$	(1.31	)	$	(1.08	)
Diluted	$	(1.31	)	$	(1.08	)

* On July 30, 2020, the Company implemented a one-for-six reverse stock split of the Company’s issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.

TAOPING INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

	Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
	(unaudited)			(unaudited)
OPERATING ACTIVITIES
Net loss	$	(14,464,910	)	$	(7,940,692	)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses on accounts receivable and other current assets		6,697,608			5,875,044
Provision (reversal) for obsolete inventories		48,589			(15,255	)
Depreciation and amortization		2,713,008			1,605,201
(Gain) on sales of cryptocurrencies		(41,345	)		–
Impairment on cryptocurrencies		42,447			–
(Gain) on business acquisition		(12,345	)		–
Loss on equity method investment		578,620			–
Loss on disposal of equipment and inventories		44,705			50,428
Stock-based compensation for consulting services		2,142,892			204,443
Amortization of convertible note discount		257,430			163,833
Stock-based compensation to employees		2,950,070			92,308
Write-off of long aged payables		(330,991	)		–
Changes in operating assets and liabilities:
Accounts receivable		1,460,535			(1,225,284	)
Accounts receivable – related parties		744,732			803,982
Prepaid expenses		(701,611	)		–
Inventories		(1,193,956	)		27,762
Cryptocurrencies – mining		(814,772	)		–
Other non-current assets		–			342,269
Other current assets		(139,076	)		1,601,902
Advances to suppliers		(8,488,625	)		(1,685,458	)
Other payables and accrued expenses		(741,892	)		305,903
Advances from customers		322,214			(48,317	)
Advances from customers – related parties		(62,356	)		18,491
Amounts due to related parties		(140,447	)		–
Accounts payable to related party		(70,299	)		–
Accounts payable		(7,065,510	)		(1,283,642	)
Lease liability		(62,818	)		–
Income tax payable		–			(69,858	)
Net cash used in operating activities		(16,328,103	)		(1,176,940	)

INVESTING ACTIVITIES
Proceeds from sale of property and equipment		38,974			–
Purchases of property and equipment		(769,751	)		(150,470	)
Acquired cash in connection with a business acquisition		7,644			–
Proceeds from sales of cryptocurrencies		638,183			–
Repayment of loan receivable-related party		170,909			43,708
Net cash provided by (used in) investing activities		85,959			(106,762	)

FINANCING ACTIVITIES
Proceeds from short-term bank loans		4,172,283			4,029,193
Borrowings from related party		3,090,580			–
Repayment of short-term bank loans		(4,512,247	)		(5,696,201	)
Capital injected by minority shareholders in joint venture		4,047			–
Proceeds from issuance of convertible note, net of debt issuance costs		–			1,344,000
Proceeds from issuance of common stock, net of issuance cost		13,071,998			576,000
Net cash provided by financing activities		15,826,661			252,992

Effect of exchange rate changes on cash and cash equivalents		168,088			(4,092	)

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(247,395	)		(1,034,802	)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING		1,096,914			1,519,666
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, ENDING	$	849,519		$	484,864

Supplemental disclosure of cash flow information:
Cash paid during the year
Income taxes	$	–		$	–
Interest	$	195,469		$	346,042

	Six Months Ended June 30, 2021		Six Months Ended June 30, 2020
Reconciliation to amounts on consolidated balance sheets
Cash and cash equivalents	$	849,519	$	286,795
Restricted cash		–		198,069
Total cash, cash equivalents, and restricted cash	$	849,519	$	484,864

TAOPING INC.
Reconciliation of Non-GAAP Adjusted Net (Loss) Attributable to the Company and EPS

	Six Months Ended
	June 30,			June 30,
	2021			2020
Net (loss) attributable to the Company	$	(14,098,340	)	$	(7,676,645	)
Share-based compensation for consulting services		2,142,892			204,443
Share-based compensation to employees		2,950,070			92,308
Loss from equity method investment		578,620			–
Adjusted net (loss) attributable to the Company	$	(8,426,758	)	$	(7,379,894	)

Weighted average number of shares outstanding
Basic		10,761,008			7,075,611
Diluted		10,761,008			7,075,611

(Loss) per share
Basic	$	(1.31	)	$	(1.08	)
Diluted	$	(1.31	)	$	(1.08	)

Adjusted (loss) per share
Basic	$	(0.78	)	$	(1.04	)
Diluted	$	(0.78	)	$	(1.04	)

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Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers
Advancements in connectivity and connected device technologies

Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.
Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.
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https://www.skyquestt.com/speak-with-analyst/internet-of-things-market
Internet of Things (IoT) Market Insights:
Drivers
Advancements in connectivity and connected device technologies.Growing demand for Industrial IoT (IIoT) solutions.Increasing number of smart cities and development of smart infrastructure.Restraints
Lack of standardization of IoT devices and technologies.Privacy and data security issues.Interoperability challenges and complex integration scenarios.Prominent Players in Internet of Things (IoT) Market
MicrosoftCisco SystemsIntelSiemens (Germany)AWS (US)Oracle (US)Qualcomm (UK)SAP (Germany)IBM (US)Google (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/internet-of-things-market
Key Questions Answered in Internet of Things (IoT) Market Report
What are the top drivers for Internet of Things (IoT) market going forward?Who are the leading Internet of Things (IoT) market players?Where will demand for Internet of Things (IoT) be high?Which component accounts for a dominant revenue share of the global Internet of Things (IoT) market?This report provides the following insights:
Analysis of key drivers (advancements in connectivity and connected device technologies, growing demand for industrial IoT (IIoT), development of smart infrastructure for smart cities, growing use of smart devices ), restraints (lack of standardization, complexities in integration, concerns regarding security and privacy of data), and opportunities (rising popularity of connected healthcare, increasing adoption of Industry 4.0, rising use of industrial automation), influencing the growth of Internet of Things (IoT) market.Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) market.Market Development: Detailed analysis of potential regions where the market has potential to grow.Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.Related Reports:
Global Internet of Things in Retail Market
Global Internet of Things (IoT) in Agriculture Market
Global Internet of Things (IoT) Microcontroller Market
Global IOT In Healthcare Market
Global IOT in Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh Skyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/

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Artificial Intelligence

Sapiens Unveils Enhanced Reinsurance and Analytics Solution Catering to Evolving Market Demands

Published

2 hours ago

April 25, 2024

CISION (PR Newswire)

Latest version enhances operational efficiency, regulatory reporting, and strategic decision-making with robust business insights
ROCHELLE PARK, N.J., April 25, 2024 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced the launch of its latest version of Sapiens ReinsuranceMaster.

The new release of Version 9 brings a multitude of enhancements and technology stack updates, designed to empower insurers and reinsurers with robust, enriched functionality to support business requirements. This includes automating global inter-company retrocession, facilitating U.S. NAIC statutory reporting (Schedule F), and real-time reinsurance allocation support (‘reinsurance as a service’).
The latest release offers a multitude of enhancements, with one of the standout features being the seamless integration of Sapiens Intelligence with Sapiens ReinsuranceMaster. This integration empowers users with advanced data capabilities and actionable insights through out-of-the-box reinsurance reports and analytics of the reinsurance portfolio’s performance.
In addition, the new release brings significant improvements to the user experience, with a revamped user interface, enhancements in processing performance through improvements and parallel processing mechanisms, improved scalability and operability.
“With the growing significance of reinsurance in today’s volatile environment, our latest version of Sapiens ReinsuranceMaster with Sapiens Intelligence offers even greater value to insurers and reinsurers, catering to the ever-changing demands of this dynamic market,” said Roni Al-Dor, Sapiens President & CEO. “Leveraging the shared experience from our other products as well as requirements from our global client base, the solution is now very well-positioned to support global automation of complex reinsurance programs and provide management with insights into reinsurance performance as well as statutory reporting.”
Sapiens ReinsuranceMaster is a comprehensive, single platform for large and multi-national reinsurance programs, providing full financial control and flexibility across all lines of business. The solution supports the entire range of reinsurance contracts, providing full support for all auditing requirements and a consolidated view of liabilities and risks, as well as helping prevent financial leakage.
Sapiens Intelligence, now a fully integrated component of Sapiens ReinsuranceMaster v.9, produces actionable insights to maximize the value of data and KPIs for smarter decision making, improving reinsurance business management.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers’ digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn
Investor and Media Contact : Yaffa Cohen-Ifrah Sapiens Chief Marketing Officer and Head of Investor Relations Email: [email protected]
Forward Looking Statements
Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic, and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.
While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

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View original content:https://www.prnewswire.co.uk/news-releases/sapiens-unveils-enhanced-reinsurance-and-analytics-solution-catering-to-evolving-market-demands-302127409.html