Artificial Intelligence

Aterian Reports Third Quarter 2021 Results

Published

3 years ago

November 8, 2021

GlobeNewswire

Quarterly Net Revenue Grew 16% Year-Over-Year to $68.1 Million With Positive Adjusted EBITDA

Quarterly Direct Revenue (excluding Wholesale and PPE) Grew 37% Year-Over-Year

Company Optimizing its Supply Chain and Secures Competitive Shipping Rates

NEW YORK, Nov. 08, 2021 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”) today announced results for the third quarter ended September 30, 2021.

Third Quarter 2021 Highlights

Net revenue grew 16% year over year to $68.1 million, compared to $58.8 million in the third quarter of 2020.
Gross margin improved to 50.2% compared to 47.8% in the third quarter of 2020.
Contribution margin declined to 12.1% from 19.1% in the third quarter of 2020 mainly as a result of cost increases due to supply chain disruptions.
Operating income declined to a loss of $7.5 million, compared to operating income of $0.1 million in the third quarter of 2020.
Operating expenses were $41.7 million which is an increase from $28.0 million in the third quarter of 2020. Operating expenses for the third quarter of 2021 include a $4.2 million benefit from the change in fair-value of earn out liabilities.
Fixed operating expenses increased as a percentage of net revenue to 11.3% compared to 10.5% in the third quarter of 2020 when excluding non-cash stock-based compensation and amortization of intangibles of $11.4 million in the third quarter of 2021 and $4.9 million in the third quarter of 2020 and $4.2 million benefit from the change in fair-value of potential future performance based earnouts from acquisitions in 2021.
Net loss of $(110.6) million, which includes a $(107.0) million loss from extinguishment of debt, a $8.1 million gain from the change in fair value of warrants, and a $(1.4) million gain associated with a derivative liability from our term loan, increased from a net loss of $(0.8) million in the third quarter of 2020.
Adjusted EBITDA of $0.7 million decreased compared to $5.1 million in the third quarter of 2020.
No new products launched in the third quarter compared to 8 in the third quarter of 2020.
Total cash balance at September 30, 2021 decreased by $24.4 million from June 30, 2021 to $37.5 million.

Yaniv Sarig, Co-Founder and Chief Executive Officer, commented, “This quarter was an all-hands effort to stabilize our business, strengthen our balance sheet and prepare Aterian to pursue our growth trajectory as we approach 2022. In July of this year, the price of shipping containers from China to the United States skyrocketed to over $20,000. This left us in a challenging situation and we were forced to raise prices to offset our costs at the expense of our sales volume and margins. We acted quickly to protect the company and reached an agreement with our lender to reduce our debt while also focusing on negotiations with our logistics partners to secure better shipping rates. Our team put in a tremendous effort to re-engineer our entire 2022 manufacturing and shipping plan. Our logistics team has successfully secured new competitive shipping rates with various partners including Amazon, Flexport and XPO, who have proven to be great partners through these disruptions. Although the risks related to the COVID-19 pandemic and its impact on global supply chains have not subsided, we believe that the work we have done is setting us up to accelerate growth again in 2022 organically and through an expected resumption of our M&A strategy.”

Non-GAAP Financial Measures
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Non-GAAP Financial Measures and Reconciliations” section below.

Webcast and Conference Call Information
Aterian will host a live conference call to discuss financial results today, November 8, 2021, at 5:00 p.m. Eastern Time. To access the call, participants from within the U.S. should dial (877) 295-1077 and participants from outside the U.S. should dial (470) 495-9485 and provide the conference ID: 7237999. Participants may also access the call through a live webcast at https://ir.aterian.io/investor-relations. Please visit the website at least 15 minutes prior to the start of the call to register and download any necessary software. The archived online replay will be available for a limited time after the call in the Investor Relations section of the Aterian website.

About Aterian, Inc.
Aterian, Inc. (Nasdaq: ATER), is a leading technology-enabled consumer products platform that builds, acquires, and partners with best-in-class e-commerce brands by harnessing proprietary software and an agile supply chain to create top selling consumer products. The Company’s cloud-based platform, Artificial Intelligence Marketplace Ecommerce Engine (AIMEE™), leverages machine learning, natural language processing and data analytics to streamline the management of products at scale across the world’s largest online marketplaces, including Amazon, Shopify and Walmart. Aterian has thousands of SKUs across 14 owned and operated brands and sells products in multiple categories, including home and kitchen appliances, health and wellness, beauty and consumer electronics.

Forward Looking Statements
All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements regarding our growth trajectory; the strength of our balance sheet; global supply chain disruptions; our shipping rates; the re-engineering of our 2022 manufacturing and shipping plans; our strategic decisions and defensive moves and the potential for such decisions and moves to address the global supply chain disruptions; our expectations around accelerating growth in 2022 and any resumption of our M&A strategy. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to; those related to the global shipping disruptions, our ability to continue as a going concern, our ability to meet financial covenants with our lenders, our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to the impact of COVID-19, including its impact on consumer demand, our cash flows, financial condition and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital (including for PPE products) and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to grow market share in existing and new product categories, including PPE; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies, our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Contact:

Ilya Grozovsky
Director of Investor Relations & Corp. Development
Aterian, Inc.
[email protected]
917-905-1699

ATERIAN, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data)

	December 31, 2020			September 30, 2021
ASSETS
CURRENT ASSETS:
Cash	$	26,718		$	37,470
Accounts receivable—net		5,747			9,292
Inventory		31,582			71,273
Prepaid and other current assets		11,111			12,831
Total current assets		75,158			130,866
PROPERTY AND EQUIPMENT—net		169			1,299
GOODWILL—net		47,318			118,619
OTHER INTANGIBLES—net		31,460			67,355
OTHER NON-CURRENT ASSETS		3,349			3,546
TOTAL ASSETS	$	157,454		$	321,685
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Credit facility	$	12,190		$	—
Accounts payable		14,856			24,640
Term loan		21,600			—
Seller notes		16,231			8,827
Contingent earn-out liability		1,515			14,886
Accrued and other current liabilities		8,340			18,177
Total current liabilities		74,732			66,530
OTHER LIABILITIES		1,841			379
CONTINGENT EARN-OUT LIABILITY		21,016			16,667
TERM LOANS		36,483			25,454
Total liabilities		134,072			109,030
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS’ EQUITY:
Common stock, par value $0.0001 per share—500,000,000 shares authorized and 27,074,791 shares outstanding at December 31, 2020; 500,000,000 shares authorized and 50,049,660 shares outstanding at September 30, 2021		3			5
Additional paid-in capital		216,305			635,296
Accumulated deficit		(192,935	)		(422,350	)
Accumulated other comprehensive income (loss)		9			(296	)
Total stockholders’ equity		23,382			212,655
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	157,454		$	321,685

See notes to condensed consolidated financial statements.

ATERIAN, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
NET REVENUE	$	58,783		$	68,121		$	144,212		$	184,446
COST OF GOODS SOLD		30,688			33,946			78,218			91,464
GROSS PROFIT		28,095			34,175			65,994			92,982
OPERATING EXPENSES:
Sales and distribution		18,944			32,337			51,472			96,716
Research and development		1,846			2,767			6,578			7,220
General and administrative		7,199			10,843			23,554			31,807
Change in fair value of contingent earn-out liabilities		—			(4,245	)		—			(11,949	)
TOTAL OPERATING EXPENSES:		27,989			41,702			81,604			123,794
OPERATING INCOME (LOSS)		106			(7,527	)		(15,610	)		(30,812	)
INTEREST EXPENSE—net		934			2,786			3,120			11,877
CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY		—			1,360			—			3,254
LOSS ON EXTINGUISHMENT OF DEBT		—			106,991			—			136,763
CHANGE IN FAIR VALUE OF WARRANT LIABILITY		—			(8,134	)		—			26,455
LOSS ON INITIAL ISSUANCE OF WARRANT		—			—			—			20,147
OTHER EXPENSE (INCOME)		(23	)		5			(4	)		43
LOSS BEFORE INCOME TAXES		(805	)		(110,535	)		(18,726	)		(229,351	)
PROVISION FOR INCOME TAXES		—			21			46			64
NET LOSS	$	(805	)	$	(110,556	)	$	(18,772	)	$	(229,415	)
Net loss per share, basic and diluted	$	(0.05	)	$	(3.13	)	$	(1.18	)	$	(7.55	)
Weighted-average number of shares outstanding, basic and diluted		17,090,050			35,359,999			15,903,517			30,383,375

See notes to condensed consolidated financial statements.

ATERIAN, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

	Nine Months Ended September 30,
	2020			2021
OPERATING ACTIVITIES:
Net loss	$	(18,772	)	$	(229,415	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		179			4,757
Provision for sales returns		77			398
Amortization of deferred financing costs and debt discounts		914			7,730
Stock-based compensation		17,472			21,330
Gain from increase of contingent earn-out liability fair value		—			(11,949	)
Loss in connection with the change in warrant fair value		—			26,455
Loss on initial issuance of warrant		—			20,147
Loss extinguishment of High Trail December 2020 and February 2021 Term Loan		—			28,240
Loss extinguishment of High Trail April 2021 Term Loan		—			106,991
Loss extinguishment of Credit Facility		—			1,532
Loss from derivative liability discount related to term loan		—			3,254
Allowance for doubtful accounts and other		5			4,597
Changes in assets and liabilities:
Accounts receivable		(7,492	)		(3,765	)
Inventory		17,235			(27,531	)
Prepaid and other current assets		(320	)		(7,219	)
Accounts payable, accrued and other liabilities		(1,698	)		13,999
Cash provided by (used in) operating activities		7,600			(40,449	)
INVESTING ACTIVITIES:
Purchase of fixed assets		(33	)		(14	)
Purchase of Truweo assets		(14,032	)		—
Purchase of Healing Solutions assets		—			(15,250	)
Purchase of Photo Paper Direct, net of cash acquired		—			(10,583	)
Purchase of Squatty Potty assets		—			(19,040	)
Cash used in investing activities		(14,065	)		(44,887	)
FINANCING ACTIVITIES:
Proceeds from warrant exercise		12			9,051
Proceeds from cancellation of warrant		—			16,957
Proceeds from equity offering, net of issuance costs		23,416			36,735
Proceeds from exercise of stock options		—			8,749
Repayment of note payable related to Aussie Health acquisition		(207	)		—
Repayments on note payable to Smash		—			(9,254	)
Taxes paid related to net settlement upon vesting of restricted common stock		(112	)		—
Borrowings from MidCap credit facility		99,508			14,630
Repayments from MidCap credit facility		(108,278	)		(28,274	)
Repayments from Horizon term loan		(1,000	)		—
Deferred financing costs from MidCap credit facility		—			(151	)
Repayments for High Trail December 2020 Note and February 2021 Note		—			(59,500	)
Repayments for High Trail April 2021 Note		—			(10,139	)
Borrowings from High Trail February 2021 Note		—			14,025
Borrowings from High Trail April 2021 Note		—			110,000
Debt issuance costs from High Trail February 2021 Note		—			(1,462	)
Debt issuance costs from High Trail April 2021 Note		—			(2,202	)
Deferred offering costs		(139	)		—
Insurance obligation payments		(2,357	)		(2,329	)
Insurance financing proceeds		2,660			2,424
Payment for Squatty earnout		—			(3,988	)
Capital lease obligation payments		(4	)		—
Cash provided by financing activities		13,499			95,272
EFFECT OF EXCHANGE RATE ON CASH		3			(434	)
NET CHANGE IN CASH AND RESTRICTED CASH FOR PERIOD		7,037			9,502
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD		30,789			30,097
CASH AND RESTRICTED CASH AT END OF PERIOD	$	37,826		$	39,599
RECONCILIATION OF CASH AND RESTRICTED CASH
CASH	$	37,385		$	37,470
RESTRICTED CASH—Prepaid and other assets		312			2,000
RESTRICTED CASH—Other non-current assets		129			129
TOTAL CASH AND RESTRICTED CASH	$	37,826		$	39,599

ATERIAN, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	$	2,321	$	4,989
Cash paid for taxes	$	45	$	41
Non-cash consideration paid to contractors	$	1,013	$	4,032
Amended warrants to equity	$	—	$	75,826
Non-cash barter exchange of inventory for advertising credits	$	889	$	—
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Note payable on acquisition of Truweo	$	2,455	$	—
Original issue discount	$	—	$	2,475
Fair value of contingent consideration	$	—	$	20,971
Discount of debt relating to warrants issuance	$	—	$	50,695
Notes Payable of acquisition	$	—	$	16,550
Issuance of common stock in connection with Healing Solutions and Photo Paper Direct acquisitions	$	—	$	50,529
Issuance of common stock – debt repayment	$	—	$	125,562

See notes to condensed consolidated financial statements.

Non-GAAP Financial Measures

We believe that our financial statements and the other financial data included in this press release have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the United States (“GAAP”). However, for the reasons discussed below, we have presented certain non-GAAP measures herein.

We have presented the following non-GAAP measures to assist investors in understanding our core net operating results on an on-going basis: (i) Contribution margin; (ii) Contribution margin as a percentage of net revenue; (iii) Adjusted EBITDA; and (iv) Adjusted EBITDA as a percentage of net revenue. These non-GAAP financial measures may also assist investors in making comparisons of our core operating results with those of other companies.

As used herein, Contribution margin represents gross profit less amortization of inventory step-up from acquisitions (included in cost of goods sold) and e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). As used herein, Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and income tax expense. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of earn-outs, amortization of inventory step-up from acquisitions (included in cost of goods sold), changes in fair-market value of warrant liability, loss on initial issuance of warrant, professional fees and transition fees related to acquisitions, reserve on dispute with a PPE supplier, loss from extinguishment of debt, changes of fair-market value of derivative liability related to the term and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. Contribution margin, EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to loss from operations or net loss, as determined under GAAP.

We present Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provides useful supplemental information for investors. We use Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, together with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors.

We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue are useful to investors in assessing the operating performance of our business without the effect of non-cash items, while Contribution margin and Contribution margin as a percentage of net revenue are useful to investors in assessing the operating performance of our products as they represent our operating results without the effects of fixed costs and non-cash items. Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA, Adjusted EBITDA nor Adjusted EBITDA as a percentage of net revenue should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue may not be comparable to similar titled measures in other organizations because other organizations may not calculate Contribution margin, EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue in the same manner as we do. Our presentation of Contribution margin and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.

We recognize that EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects:

our capital expenditures or future requirements for capital expenditures or mergers and acquisitions;
the interest expense or the cash requirements necessary to service interest expense or principal payments, associated with indebtedness;
depreciation and amortization, which are non-cash charges, although the assets being depreciated and amortized will likely have to be replaced in the future, or any cash requirements for the replacement of assets;
changes in cash requirements for our working capital needs; or
changes in fair value of contingent earn-out liabilities, warrant liabilities, and amortization of inventory step-up from acquisitions (included in cost of goods sold) and transition costs from acquisitions.

Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is currently and is expected to remain a key element of our overall long-term incentive compensation package.

We also recognize that Contribution margin and Contribution margin as a percentage of net revenue have limitations as analytical financial measures. For example, Contribution margin does not reflect:

general and administrative expense necessary to operate our business;
research and development expenses necessary for the development, operation and support of our software platform;
the fixed costs portion of our sales and distribution expenses including stock-based compensation expense; or
changes in fair value of contingent earn-out liabilities, warrant liabilities, and amortization of inventory step-up from acquisitions (included in cost of goods sold).

Contribution Margin

Contribution margin represents gross profit less amortization of inventory step-up from acquisitions (included in cost of goods sold) and e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. The following table provides a reconciliation of Contribution margin to gross profit, which is the most directly comparable financial measure presented in accordance with GAAP.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
	(in thousands, except percentages)						(in thousands, except percentages)
Gross Profit	$	28,095		$	34,175		$	65,994		$	92,982
Add:
Amortization of inventory step-up from acquisitions (included in cost of goods sold)		—			875			—			4,916
Less:
E-commerce platform commissions, online advertising, selling and logistics expenses		(16,885	)		(26,818	)		(45,502	)		(77,870	)
Contribution margin	$	11,210		$	8,232		$	20,492		$	20,028
Gross Profit as a percentage of net revenue		47.8	%		50.2	%		45.8	%		50.4	%
Contribution margin as a percentage of net revenue		19.1	%		12.1	%		14.2	%		10.9	%

Adjusted EBITDA

EBITDA represents net loss plus depreciation and amortization, interest expense, net and income tax expense. Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of earn-outs, amortization of inventory step-up from acquisitions (included in cost of goods sold), change in fair-market value of warrant liability, loss on initial issuance of warrant, professional fees and transition costs related to acquisitions, reserve on dispute with a PPE supplier, loss from extinguishment of debt, changes of fair-market value of derivative liability related to the term loan and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable financial measure presented in accordance with GAAP:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2020				2021				2020				2021
	(in thousands, except percentages)								(in thousands, except percentages)
Net loss	$	(805	)		$	(110,556	)		$	(18,772	)		$	(229,415	)
Add:
Provision for income taxes	0				21				46				64
Interest expense, net		934				2,786				3,120				11,877
Depreciation and amortization		100				1,872				179				4,757
EBITDA		229				(105,877	)			(15,427	)			(212,717	)
Other expense (income), net		(23	)			5				(4	)			43
Change in fair value of contingent earn-out liabilities		—				(4,245	)			—				(11,949	)
Amortization of inventory step-up from acquisitions (included in cost of goods sold)		—				875				—				4,916
Change in fair market value of warrant liability		—				(8,134	)			—				26,455
Derivative liability discount related to term loan		—				1,360				—				3,254
Loss on extinguishment of debt		—				106,991				—				136,763
Loss on initial issuance of warrant		—				—				—				20,147
Professional fees related to acquisitions		—				53				—				1,450
Transition costs from acquisitions		—				130				—				1,314
Professional fees related to Photo Paper Direct acquisition		—				—				—				696
Reserve on dispute with PPE supplier		—				—				—				4,100
Stock-based compensation expense		4,861				9,570				17,472				21,330
Adjusted EBITDA	$	5,067			$	728			$	2,041			$	(4,198	)
Net loss as a percentage of net revenue		(1.4	)	%		(162.3	)	%		(13.0	)	%		(124.4	)	%
Adjusted EBITDA as a percentage of net revenue		8.6		%		1.1		%		1.4		%		(2.3	)	%

We believe each of our products goes through three core phases as follows:

Launch phase: During this phase, we leverage our technology to target opportunities identified using AIMEE. During this period of time, and due to the combination of discounts and investment in marketing, our net margin for a product could be as low as negative 35%. In general, a product may stay in the launch phase on average for 3 months.
Sustain phase: Our goal is for every product we launch to enter the sustain phase and become profitable, with a target average of positive 10% net margin (i.e. contribution margin). Over time, our products benefit from economies of scale stemming from purchasing power both with manufacturers and with fulfillment providers.
Liquidate phase: If a product does not enter the sustain phase or if the customer satisfaction of the product (i.e., ratings) are not satisfactory, then it will go to the liquidate phase and we will sell the remaining inventory.

The following table breaks out our quarterly results of operations by our product phases including our PaaS business line:

	Three months ended September 30, 2020 (in thousands) (unaudited)
	Sustain		Launch		PaaS		Liquidate/ Other		Fixed Costs		Stock-based compensation expense		Total
NET REVENUE	$41,598		$5,029		$340		$11,816			$-		$-	$58,783
COST OF GOODS SOLD		19,849		2,753		–		8,086		–		–		30,688
GROSS PROFIT		21,749		2,276		340		3,730		–		–	$28,095
OPERATING EXPENSES:
Sales and distribution		11,898		2,023		147		2,875		1,253		748		18,944
Research and development		–		–		–		–		1,068		778		1,846
General and administrative		–		–		–		–		3,864		3,335		7,199

	Three months ended September 30, 2021 (in thousands) (unaudited)
	Sustain		Launch		PaaS		Liquidate/ Other		Fixed Costs		Stock-based compensation expense		Total
NET REVENUE	$59,754		$5,336		$67		$2,964			$-		$-	$68,121
COST OF GOODS SOLD (1)		28,313		3,275		–		2,358		–		–		33,946
GROSS PROFIT		31,441		2,061		67		606		–		–	$34,175
OPERATING EXPENSES:
Sales and distribution (2)		22,818		2,887		–		1,113		3,075		2,444		32,337
Research and development		–		–		–		–		991		1,776		2,767
General and administrative (3)		–		–		–		–		5,493		5,350		10,843

Sustain cost of goods sold includes $0.9 million of amortization of inventory step-up from acquisitions
Fixed costs for sales and distribution includes $0.3m of depreciation and amortization
Fixed costs for general and administrative includes $1.6m of depreciation and amortization

	Nine months ended September 30, 2020 (in thousands) (unaudited)
	Sustain		Launch		PaaS		Liquidate/ Other		Fixed Costs		Stock-based compensation expense		Total
NET REVENUE	$102,549		$16,838		$1,048		$23,777			$-		$-	$144,212
COST OF GOODS SOLD		52,726		9,390		–		16,102		–		–		78,218
GROSS PROFIT		49,823		7,448		1,048	$7,675			–		–	$65,994
OPERATING EXPENSES:
Sales and distribution		30,178		7,502		364		7,516		4,151		1,761		51,472
Research and development		–		–		–		–		3,347		3,231		6,578
General and administrative		–		–		–		–		11,074		12,480		23,554

	Nine months ended September 30, 2021 (in thousands) (unaudited)
	Sustain		Launch		PaaS		Liquidate/ Other			Fixed Costs		Stock-based compensation expense		Total
NET REVENUE	$163,466		$12,292		$340		$8,348				$-		$-	$184,446
COST OF GOODS SOLD (4)		74,173		8,191		–		9,100			–		–		91,464
GROSS PROFIT		89,293		4,101		340	$(752		)		–		–	$92,982
OPERATING EXPENSES:
Sales and distribution (5)		67,046		6,415		37		4,359			13,891		4,968		96,716
Research and development		–		–		–		–			3,340		3,880		7,220
General and administrative (6)		–		–		–		–			19,325		12,482		31,807

Sustain cost of goods sold includes $4.9 million of amortization of inventory step-up from acquisitions
Fixed costs for sales and distribution includes $0.5m of depreciation and amortization
Fixed costs for general and administrative includes $4.3m of depreciation and amortization

Related Topics:AI Artificial Intelligence Machine learning

Up Next

Kronos Bio and Tempus Announce Multi-Year Collaboration to Provide Kronos Bio With Access to Tempus’ Platform

Don't Miss

New AMD Instinct™ MI200 Series Accelerators Bring Leadership HPC and AI Performance to Power Exascale Systems and More

GlobeNewswire

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024

Published

1 day ago

May 17, 2024

CISION (PR Newswire)

more-than-$9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024

Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.

The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
Photo – https://mma.prnewswire.com/media/2416174/Regeneron_ISEF_2024_Winners_Photo.jpg
Logo – https://mma.prnewswire.com/media/2416197/Society_for_Science_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html

Artificial Intelligence

J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit

Published

1 day ago

May 17, 2024

CISION (PR Newswire)

In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.

In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.

View original content:https://www.prnewswire.co.uk/news-releases/jp-morgan-life-sciences-private-capital-blue-horizon-advisors-and-united-al-saqer-announce-winner-of-inaugural-2024-life-sciences-innovation-summit-302149186.html

Artificial Intelligence

Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024

Published

1 day ago

May 17, 2024

CISION (PR Newswire)

congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024

SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.

Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
Photo – https://mma.prnewswire.com/media/2415818/Global_Data_Center_Facility_Summit_2024.jpg

View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html