Artificial Intelligence
OMNIQ Announces 93% increase YOY in Q4 Revenue to $24.9 Million, Full Year 2021 Revenue increased 42% to a Record $78.3 Million
SALT LAKE CITY, March 31, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced its financial results for the three months and full year ended December 31, 2021.
OMNIQ’s 2021 momentum:
- Company up listed to NASDAQ in September 2021.
- Close to $100,000,000 annual revenue run rate marks a significant milestone as fourth quarter revenue increased to $24.9 Million.
- Company acquired 77% of Dangot Computers Ltd., a leader in providing sophisticated solutions of automation for Hospitals, Restaurants, Supermarkets, Government Institutions and others.
- Synergy with Dangot generated immediate joint projects with OMNIQ’s AI solutions.
- OMNIQ’s Q Shield’s AI based turnkey law enforcement solution offered to municipalities is experiencing positive momentum as five (5) new cities in the US have already contracted and more are in the pipeline. Revenue model is based on recurring revenue sharing.
- AI solutions installed in critical spots in the Middle East for public safety and terror prevention.
- 93% Q4 YoY revenue increased up to $24.9 million
- 24% Gross margin in Q4 2021 compared to 19% in Q4 2020
- 42% YoY increase in Fiscal Year (FY) 2021 revenue up to $78.3 million
- 21% sequential increase in Q4 sales over Q3 2021
- 53% YoY gross profit increase in FY 2021
- Cash grew by 39% since December 31, 2020 to approximately $7.1 million
Additional 2021 and recent events:
- Awarded an approximately $3.5 Million service project to provide mobile data collection and communication devices for an international leader in the transportation and logistics sector
- Announces rollout of 1,000 Units of “Smart Buy and Go” (SBG) solution for a supermarket chain in Israel; plans to soon offer SBG to its fortune 500 Customers in the United States operating in an industry estimated to be $1.0 Trillion
- Announced $1 million follow-on order from a $1 billion plus regional LTL trucking company with over 80 logistic centers in North America
- Dangot Computers Ltd awarded with an approximate $2 million order for Intelligent Healthcare Carts (IHC) from Israel’s Largest Health Maintenance Organization (HMO)
- Received $7.0 million aggregate purchase agreement from mid west-based third-party logistics client
- Awarded a $7.8 Million purchase order from leading U.S. food distributor
- Received $1.8 Million purchase order for IoT “contactless” data collection solution from a Fortune 500 leading IT supply chain provider
- Partnered with 911inform to expand offerings and sales channels for AI-based object identification and location discovery solutions
Shai Lustgarten, CEO of omniQ: “
We are experiencing strong momentum as we expand our reach in diversified multibillion-dollar markets, maximize opportunities with our rich and loyal customer base, and continue exceptional distribution of our proven and superior product offering. We achieved an annual revenue run rate of $100,000,000 marking a milestone for continuous growth elevating OMNIQ to new spheres. We are introducing our AI and automation offerings to both new clients, as well as our existing customers which include many fortune 500 firms. We are looking forward to a successful future executing our strategy achieving our ambitious plan for the benefit of OMNIQ”.
Fourth Quarter 2021 Financial Results
OMNIQ reported revenue of $24.9 million for the quarter ended December 31, 2021, an increase of 93% from $12.9 million in the fourth quarter of 2020. Our Gross Margin grew from 19% to 24%, which coupled with the Dangot acquisition resulted in a 143% growth in Gross Profit to $6.1 million. Total operating expenses for the quarter were $7.6 million, compared with $5.1 million in the fourth quarter of 2020, however there were significant non-recurring expenses related to the acquisition of Dangot in Q4 this year.
Net loss for the quarter was $2.2 million, or a loss of $0.36 per basic share, compared with a loss of $2.9 million, or a loss of $0.66 per basic share, for the fourth quarter of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the fourth quarter of 2021 amounted to a loss of $553 thousand compared with an adjusted EBITDA loss of $772 thousand in the fourth quarter of 2020.
Cash balance at December 31, 2021 was approximately $7.1 million compared with $5.1 million at December 31, 2020.
FY 2021 Financial Results
OMNIQ reported revenue of $78.3 million for the year that ended December 31, 2021, an increase of 42% from $55 million in the same period of 2020. Our Gross Profit grew to $16.7 million in the year that ended December 31, 2021 compared to $11 million in 2020. Total operating expenses for the year ended December 31, 2021 were $27 million, compared with $20 million in the same period in 2020, however there were significant non-recurring expenses related to the acquisition of Dangot in Q4 this year.
Net loss for the year ended December 31, 2021 was $13.1 million, or a loss of $2.20 per basic share, compared with a loss of $11.5 million, or a loss of $2.49 per basic share, for the same period of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the year ended December 31, 2021, amounted to a loss of $4.1 million compared with an adjusted EBITDA loss of $3.1 million in 2020.
Shai Lustgarten concluded: “We are very pleased with our 2021 performance; we are now fully devoted to improving performance in order to continue the success and lead the company to new spheres. This is an opportunity to thank our great team of loyal and capable employees, without their devotion and skills nothing can be done. A warm welcome to the Dangot excellent team that quickly became an organic part of OMNIQ’s family, special thanks to the professional team and last but not least a big thank you to our shareholders for your support. Wish all of us a great success in 2022 and going forward. “
Earnings Call Details
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Event Date: April 1, 2022 – 11:00 AM Eastern Time
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 349185
Event Link: Webcast URL: https://www.webcaster4.com/Webcast/Page/2310/44628
Replay Number:
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 44628
Replay Link: Webcast URL: https://www.webcaster4.com/Webcast/Page/2310/44628
About omniQ Corp.
omniQ Corp. (Nasdaq: OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
omniQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com.
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in omniQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting omniQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at https://www.sec.gov. omniQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.
James Carbonara
Hayden IR
(646)-755-7412
[email protected]
Brett Maas
Hayden IR
(646) 536-7331
[email protected]
Koko Kimball
(385)-758-9241
[email protected]
| OMNIQ CORP. | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||
| For the Years Ended December 31, | ||||||||
| (In thousands, except share and per share data) | 2021 | 2020 | ||||||
| Total Revenues | $ | 78,251 | $ | 55,209 | ||||
| Cost of goods sold | 61,582 | 44,293 | ||||||
| Gross profit | 16,669 | 10,916 | ||||||
| Operating expenses | ||||||||
| Research and development | 1,873 | 1,805 | ||||||
| Selling, general and administrative | 21,865 | 15,802 | ||||||
| Depreciation | 251 | 178 | ||||||
| Amortization | 3,160 | 2,114 | ||||||
| Total operating expenses | 27,149 | 19,899 | ||||||
| Loss from operations | (10,480 | ) | (8,983 | ) | ||||
| Other income (expenses): | ||||||||
| Interest expense | (2,515 | ) | (2,628 | ) | ||||
| Other (expenses) income | 7 | 112 | ||||||
| Total other expenses | (2,508 | ) | (2,516 | ) | ||||
| Net loss before income taxes | (12,988 | ) | (11,499 | ) | ||||
| Provision for income taxes | ||||||||
| Current, net of deferred | (156 | ) | (5 | ) | ||||
| Total provision for income taxes | (156 | ) | (5 | ) | ||||
| Net loss | (13,144 | ) | (11,504 | ) | ||||
| Net income attributable to noncontrolling interest | 218 | – | ||||||
| Net loss attributable to OmniQ Corp | $ | (13,362 | ) | $ | (11,504 | ) | ||
| Net loss | $ | (13,144 | ) | $ | (11,504 | ) | ||
| Foreign currency translation adjustment | 71 | (167 | ) | |||||
| Comprehensive loss | $ | (13,073 | ) | $ | (11,671 | ) | ||
| Less comprehensive loss attributable to noncontrolling interests | (59 | ) | – | |||||
| Comprehensive loss attributable to OmniQ Corp | $ | (13,132 | ) | $ | (11,671 | ) | ||
| Reconciliation of net loss to net loss after series C dividend attributable to common stockholders’ of OmniQ Corp | ||||||||
| Net loss | $ | (13,144 | ) | $ | (11,504 | ) | ||
| Less: Preferred stock – Series C dividend | (77 | ) | (191 | ) | ||||
| Net loss less series C dividend | (13,221 | ) | (11,695 | ) | ||||
| Net income attributable to noncontrolling interest | 218 | – | ||||||
| Net loss after series C dividend attributable to common stockholders’ of OmniQ Corp | $ | (13,439 | ) | $ | (11,695 | ) | ||
| Net loss per share – basic and diluted attributable to common stockholders’ of OmniQ Corp | $ | (2.20 | ) | $ | (2.49 | ) | ||
| Weighted average number of common shares outstanding – basic | 6,082,763 | 4,322,303 | ||||||
| OMNIQ Corp. | ||||||||
| RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES | ||||||||
| year ended | ||||||||
| (In thousands) | December 31, | |||||||
| Adjusted EBITDA Calculation | 2021 | 2020 | ||||||
| Net loss | -13,144 | -11,504 | ||||||
| Depreciation & amortization | 3,411 | 2,292 | ||||||
| Interest expense | 2,515 | 2,628 | ||||||
| Income taxes | 156 | 5 | ||||||
| Stock compensation | 2,912 | 2,770 | ||||||
| Nonrecurring loss events | 12 | 757 | ||||||
| Adjusted EBITDA | -4,136 | -3,052 | ||||||
| Total revenues, net | 78,251 | 55,209 | ||||||
| Adjusted EBITDA as a % of total revenues, net | -5.30% | -5.50% | ||||||
Artificial Intelligence
Rainbow Robotics begins pre-orders of Bimanual Mobile Manipulator RB-Y1, the world’s first research platform for AI experts for $80,000 USD
DAEJEON, South Korea, May 9, 2024 /PRNewswire/ — Rainbow Robotics(CEO Jungho Lee), a robot platform specialized company, will begin pre-orders for the Bimanual Mobile Manipulator RB-Y1 from May 8.
During the pre-order period, the research platform is sold for $80,000 USD and the commercial platform is sold for $120,000 USD (VAT excluded). Products are scheduled to be delivered sequentially starting in October.
RB-Y1 is a research platform that has both arms with 7 degrees of freedom per arm for smooth movements similar to human movements. It is a humanoid-like robot with a single leg with 6 degrees of freedom on a mobile platform for a wide work radius. The LiDAR system is adopted for autonomous movement, and a high-performance 3D recognition sensor and master ARM are provided as options to increase usability. In line with the recent trend of the AI era, Rainbow Robotics plans to provide various APIs and options so that AI developers can easily utilize them for research purposes.
Recently, various organizations are introducing humanoid robots. However, they are only used for their own purposes and there is no standard platform for various AI robot researchers. Rainbow Robotics’ RB-Y1 is the first to commercially sell such a research platform.
Unlike existing simple industrial robots, a Bimanual Mobile Manipulator is a humanoid robot that uses both arms and is suitable for advanced manufacturing sites and services. It is a next-generation robot platform that can be used for complex assembly, manufacturing, and collaboration beyond existing simple automation processes.
If you would like to pre-order RB-Y1, please contact us through enquiry page or email us at [email protected].
Meanwhile, Rainbow Robotics will participate as a bronze sponsor in the IEEE International Conference on Robotics and Automation (ICRA 2024), which will be held at Pacifico Yokohama, Japan on May 13.
During the exhibition, various demonstrations will be shown of controlling RB-Y1 with real-time remote operation technology, which links the data arm and simulation system. Additionally, Rainbow Robotics plans to exhibit the small, high-precision collaborative robot RB3-730 and the quadruped robot RBQ-10.
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Artificial Intelligence
AgriBusiness Global™ Announces 2024 Event Line-Up: Connecting Crop Input Leaders Worldwide
WILLOUGHBY, Ohio, May 8, 2024 /PRNewswire/ — AgriBusiness Global, the premier business source for leaders in the global crop input value chain, is thrilled to announce its lineup of events for 2024. For 37 years, AgriBusiness Global has been the go-to resource for quality, trustworthy information and analysis, leading the industry in providing the next generation of crop solutions covering synthetic crop protection, biologicals, and plant health.
In 2024, AgriBusiness Global will host three events, each designed to connect industry leaders, promote innovation, and drive business growth:
AgriBusiness Global℠ LATAM Conference Date: 14-15 MayLocation: Panama City, Panama
Capitalizing on Emerging Technologies in LATAM
The ABG LATAM Conference will bring together industry experts and influencers to discuss the latest trends and developments in crop protection, plant health, biologicals, and ag technology specific to the Latin American region. The Latin-American market offers new opportunities for business growth and partnerships with leading players in the region. Learn More>
AgriBusiness Global℠ Trade Summit Date: 7-8 AugustLocation: Orlando, Florida, USA
The #1 Global Agribusiness Event- Dedicated to Worldwide Networking and New Business Development
The ABG Trade Summit is the trusted forum for advancing development in the rapidly emerging global crop protection, ag tech, plant health, and biological sectors. Attendees can expect to meet with the world’s leading manufacturers, exporters, trading companies, sellers, formulators, and consultants. Trade Summit facilitates global trade by offering educational sessions, a robust exhibit floor, private meeting rooms, and dedicated networking opportunities for the world market to connect, engage, and build business. Learn More>
AgriBusiness Global℠ SE Asia ConferenceDate: 6-7 NovemberLocation: Jakarta, Indonesia
Empowering Southeast Asia’s AgriBusiness for Global Impact
The ABG Southeast Asia Conference, produced in cooperation with the Indonesian CropCare Association, will showcase cutting-edge technologies and innovations in crop production, addressing the unique challenges and opportunities in the Southeast Asian market. Attendees will gain unique insights to prepare for the future and navigate the present in the rapidly evolving agricultural market. Learn More>
“Our events are dynamic platforms for industry leaders to connect, collaborate, and drive innovation,” said Eric Davis, Group Director at AgriBusiness Global. “We are excited to bring together the brightest minds in the industry to explore new ideas, foster partnerships, and shape the future of agriculture.”
For information about the 2024 events and how to participate, visit AgriBusinessGlobal.com.
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Artificial Intelligence
Economic Shifts Ahead as AI Integrates Deeply into Work and Society, Fueling $4.4 Trillion Growth
USA News Group News Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, May 8, 2024 /PRNewswire/ — USA News Group News Commentary – New developments in AI technology are currently changing the face of work, economies, and society as we know it, according to analysts at McKinsey & Company who are projecting generative AI (gen AI) could add $4.4 trillion annually to the global economy. Between January and March of this year alone, the world’s largest cloud-computing giants have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads, according to The Economist. The shift is leading experts to witness how AI companies are leading a transition from Software-as-a-Service to Service-as-Software, turning the table on the very essence of SaaS, representing a $4.6 trillion opportunity. A variety of tech companies have recently advanced the integration of AI, providing swift, safe, and cost-effective solutions for businesses to adopt artificial intelligence technology this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).
The article continued: Seeing the extraordinary speed of AI’s advancements and impacts, combined with surging private- and public-sector demand, is causing regulators in the USA and EU to issue legislation calling for action. Now analysts are trying to determine whether the GenAI boom is setting up to be another bubble, or a legitimate long-term investment opportunity.
SCOPE AI PROVIDES CORPORATE UPDATE
Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. Built on advanced visual recognition and neural network technology, GEM could advance industries, including Advertising and Gaming, by providing them with new insights and capabilities.
Advertising: GEM aims to enable advertising businesses to personalize ad content based on real-time user behavior analysis. By leveraging visual recognition technology, companies can create highly targeted and engaging ads, maximizing return on ad spend and driving customer engagement to new heights.
Gaming: In the gaming industry, GEM aims to enhance user experiences by customizing gameplay and recommendations. By analyzing player behavior using neural networks, GEM provides customers and developers with invaluable insights with the intention of optimizing game design, increasing user retention, and maximizing revenue potential.
Unveiling Neural Networks: Neural networks are the foundation of GEM’s technology. These complex algorithms mimic the structure and functionality of the human brain, enabling machines to learn from vast amounts of data and make intelligent predictions and decisions. By harnessing the power of neural networks, GEM offers comprehensive capabilities in advanced pattern recognition, data analysis, and decision-making across industries.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure”, said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in the kind and sensitivity of data we can process and store. It’s a potential game-changer for the industry.”
Scope’s GEM platform includes advanced features designed to enhance user experience and security, all while streamlining operations. Built-in customer support and user management modules allow for seamless assistance, while the native referral system fosters user engagement and growth. Along with the full admin suite for comprehensive analysis and reporting, businesses are fully empowered with unparalleled capabilities and insights.
CONTINUED… Read this and more news for Scope AI at: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market this week include:
Meta Platforms, Inc. (NASDAQ: META), the parent company of Facebook, Instagram, and WhatsApp, recently teamed up with the Georgia Institute of Technology to create a massive open dataset to advance AI solutions for carbon capture, a technology with promising potential to address global climate concerns. As per the collaboration, Georgia Tech and Meta say their massive database could potentially make it easier and faster to design and implement new direct air capture technologies.
“The open-source database enabled the team to train an AI model that is orders of magnitude faster than existing chemistry simulations,” said Georgia Tech in a press release. “The project, named OpenDAC, could accelerate climate solutions the planet desperately needs.”
Researchers at Meta’s Fundamental AI Research (FAIR) team were already looking for ways to harness their machine-learning prowess to address climate concerns. They ultimately landed on direct air capture as what they believed to be a promising technology, and immediately reached out to Georgia Tech. FAIR’s lead authors generated the database by running quantum chemistry computations on inputs provided by Georgia Tech’s team, using about 400 million CPU hours along the way, and surpassing several hundreds of times more computing than the average academic computing lab can do in a year.
Amazon.com, Inc. (NASDAQ: AMZN) through its global Amazon Web Services (AWS) cloud system subsidiary recently rolled out its new AI system called Q, which it has dubbed as “the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.”
As well, Amazon also recently launched its Custom Model Import for Bedrock tool, which CEO Andy Jassy called a “sneak big launch as it satisfies a customer request we’ve heard frequently and that nobody has yet met.” The tool allows customers to import custom models they’ve built in Amazon SageMaker into tits Amazon Bedrock platform. Doing so lets enterprises utilize AI investments they’ve already made, while also leveraging Bedrock’s capabilities to scale their models and applications.
“Customers are excited about this, and as more companies find they’re employing a mix of custom-built models along with leveraging existing LLMs,” said Jassey. “The prospect of these two linchpin services in SageMaker and Bedrock working well together is quite appealing.”
Apple Inc. (NASDAQ: AAPL), whose iPhones currently hold the Top 4 (and 5 of the Top 10) best-selling smartphone models by sales, recently reported an all-time revenue record in sales in its most recent financial results. While being seen as potentially late to the game on AI, several reports in recent weeks has suggested that Apple is not only talking to OpenAI and/or Google about powering some of its AI features, it’s also been reportedly spending “millions of dollars a day” training its own AI model, called Ajax.
Now industry experts are saying the iPhone is about to become an “AI phone”, in anticipation of Apple’s upcoming iOS 18. A key anticipated feature of iOS 18 is Apple’s own large language model (LLM), similar to the technology behind AI chatbots like ChatGPT. It’s widely speculated that this Apple-developed LLM will be integrated with Siri, enhancing the capabilities of the iPhone’s digital assistant. As indicated by Bloomberg in late April, it’s suggested that Apple’s LLM will be entirely on-device, meaning the tech will be powered inside by the iPhone’s processor, rather than in the cloud—which may be a bit less powerful and knowledgeable, but with far quicker response times.
C3.ai, Inc. (NYSE: AI), an Enterprise AI application software company, is actively working to enhance the petroleum industry in Houston, through a cooperative effort that allows oil and gas companies to share AI technology and applications with each other. This effort is meant to curb companies from withholding information from competitors, with the goal of collaboration instead.
“We’re building the applications that are, you know, monitoring every device on every offshore oil rig in real time so that they can see with 18 hours in advance before something fails and just shut it down,” said Tom Siebel, CEO of C3.ai. Siebel has explained that AI is at work in oil and gas, diagnosing issues and assisting with maintenance, giving the example of a giant like Shell uses AI to track their half a million valves around the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
A recent report from Research and Markets predicted that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a CAGR of 13.3%.
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
CONTACT:USA NEWS [email protected](604) 265-2873
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