Artificial Intelligence
ZW Data Action Technologies Reports Full Year 2021 Audited Financial Results
BEIJING, April 15, 2022 (GLOBE NEWSWIRE) — ZW Data Action Technologies Inc. (Nasdaq: CNET) (the “Company”), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its audited financial results for the year ended December 31, 2021.
Financial Highlights
- Revenues in the full year of 2021 increased to $47.33 million, representing an increase of 23.2% YOY;
- Working capital of $11.10 million as of December 31, 2021, compared to $4.86 million as of December 31, 2020;
- Cash and cash equivalents of $7.17 million as of December 31, 2021, compared to $4.30 million as of December 31, 2020.
Full Year 2021 Financial Results
Revenues
For the full year of 2021, revenues increased by $8.92 million, or 23.2%, to $47.33 million from $38.41 million for the same period of last year. The increase in revenues was primarily attributable to the increase in revenues from our distribution of the right to use search engine marketing service business category.
Cost of revenues
Total cost of revenues increased by $9.45 million, or 25.0%, to $47.23 million for the full year of 2021 from $37.78 million for the same period of last year. The increase in cost of revenues was primary attributable to the increase in costs associated with the distribution of the right to use search engine marketing service we purchased from key search engines, which was in line with the increase in related revenues.
Gross profit (loss) and gross profit (loss) margin
Gross profit was $0.10 million for the full year of 2021, compared to $0.63 million for the same period of last year, which was primarily attributable to the decrease in gross margin from our internet advertising and related data and ecommerce O2O advertising and marketing services business categories, and was partially offset by the increase in gross margin from the distribution of the right to use search engine marketing services business category. Overall gross profit margin rate was 0.2% for the full year of 2021, compared to 1.6% for the same period of last year.
Operating expenses
Sales and marketing expenses increased by $0.37 million, or 102.2%, to $0.73 million for the full year of 2021 from $0.36 million for the same period of last year. The increase in sales and marketing expenses was mainly attributable to the increase in brand building and promotion expenses.
General and administrative expenses increased by $7.20 million, or 132.5%, to $12.63 million for the full year of 2021 from $5.43 million for the same period of last year. The increase in general and administrative expenses was mainly attributable to an increase in share-based compensation expenses of $5.14 million and an increase in general departmental expenses of $1.93 million which was primarily related to the increase in office lease and other administrative costs of our new office in Guangzhou.
Research and development expenses decreased by $0.21 million, or 39.5%, to $0.33 million for the full year of 2021 from $0.54 million for the same period of last year. The decrease in research and development expenses was mainly attributable to the decrease in share-based compensation expenses.
Operating loss
Loss from operations was $13.59 million for the full year of 2021, compared to $5.70 million for the same period of last year. Operating loss margin was 28.7% for the full year of 2021, compared to 14.8% for the same period of last year.
Other income (expense), net
Total other income increased to $11.08 million for the full year of 2021, compared to total $0.62 million for the same period of last year, which was primarily attributable to the increase in gain from change in fair value of warrant liabilities.
Net income (loss) attributable to CNET and earnings (loss) per share
Net loss attributable to CNET was $2.75 million, or loss per share of $0.08, for the full year of 2021. This compared to net loss attributable to CNET of $5.22 million, or loss per share of $0.24, for the same period of last year.
Financial Condition
As of December 31, 2021, the Company had cash and cash equivalents of $7.17 million, compared to $4.30 million as of December 31, 2020. Accounts receivable, net was $3.44 million as of December 31, 2021, compared to $2.41 million as of December 31, 2020. Working capital was $11.10 million as of December 31, 2021, compared to $4.86 million as of December 31, 2020.
Net cash used in operating activities was $8.84 million for the full year of 2021, compared to net cash provided by operating activities of $0.33 million for the same period of last year. Net cash used in investing activities was $5.47 million for the full year of 2021, compared to $3.47 million for the same period of last year. Net cash provided by financing activities was $17.11 million for the full year of 2021, compared to $5.82 million for the same period of last year.
Recent Developments
During the fourth quarter of 2021, the Company initialized a partnership with Shanghai Weiyou Information Technology Co., Ltd. to contribute to the insurance ecosystem with a blockchain technology upgrade through jointly developing a “Blockchain + Insurance” services platform for small and medium-sized enterprises.
Meanwhile, the Company cooperated with Guangzhou Digital Gold Information Technology Co., Ltd. (“Digital Gold Information”) to explore the development of Intellectual Property (“IP”) + Non-Fungible Token (“NFT”) + Metaverse business model, providing the peripheral products and digital merchandise services for authorized IPs through leveraging the resources of Digital Gold Information’s IP and the Company’s BIF platform.
About ZW Data Action Technologies Inc.
Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the “Company”) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, ZW Data Action Technologies delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain and artificial intelligence enabled web/mobile applications and software solutions for clients. More information about the Company can be found at: http://www.zdat.com/.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of ZW Data Action Technologies Inc., which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ZW Data Action Technologies Inc.’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ZW Data Action Technologies Inc. will be those anticipated by ZW Data Action Technologies Inc. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ZW Data Action Technologies Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
For more information, please contact:
Sherry Zheng
Weitian Group LLC
Email: [email protected]
Phone: +1 718-213-7386
ZW DATA ACTION TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for number of shares and per share data)
| As of December 31, | ||||||||
| 2021 | 2020 | |||||||
| (US $) | (US $) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents * | $ | 7,173 | $ | 4,297 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $2,236 and $4,247, respectively * | 3,439 | 2,407 | ||||||
| Prepayment and deposit to suppliers * | 7,559 | 4,657 | ||||||
| Due from related parties * | 90 | 61 | ||||||
| Other current assets * | 1,657 | 1,462 | ||||||
| Total current assets | 19,918 | 12,884 | ||||||
| Long-term investments * | 2,280 | 67 | ||||||
| Operating lease right-of-use assets * | 2,019 | 48 | ||||||
| Property and equipment, net * | 375 | 60 | ||||||
| Intangible assets, net * | 7,523 | 2,557 | ||||||
| Blockchain platform applications development costs | – | 4,406 | ||||||
| Long-term deposits and prepayments | 75 | 39 | ||||||
| Deferred tax assets, net * | 441 | 606 | ||||||
| Total Assets | $ | 32,631 | $ | 20,667 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable * | $ | 1,119 | $ | 608 | ||||
| Advances from customers * | 1,245 | 1,436 | ||||||
| Accrued payroll and other accruals * | 389 | 489 | ||||||
| Taxes payable * | 3,534 | 3,430 | ||||||
| Operating lease liabilities * | 202 | 18 | ||||||
| Lease payment liabilities related to short-term leases * | 152 | 203 | ||||||
| Other current liabilities * | 141 | 333 | ||||||
| Warrant liabilities | 2,039 | 1,505 | ||||||
| Total current liabilities | 8,821 | 8,022 | ||||||
| Long-term liabilities: | ||||||||
| Operating lease liabilities-Non current * | 1,907 | 32 | ||||||
| Long-term borrowing from a related party | 137 | 134 | ||||||
| Total Liabilities | 10,865 | 8,188 | ||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| ZW Data Action Technologies Inc.’s stockholders’ equity | ||||||||
| Common stock (US$0.001 par value; authorized 100,000,000 and 50,000,000 shares at December 31, 2021 and 2020; issued and outstanding 35,332,677 shares and 26,062,915 shares at December 31, 2021 and 2020, respectively) | 35 | 26 | ||||||
| Additional paid-in capital | 61,785 | 49,772 | ||||||
| Statutory reserves | 2,598 | 2,598 | ||||||
| Accumulated deficit | (43,734 | ) | (40,980 | ) | ||||
| Accumulated other comprehensive income | 1,082 | 1,129 | ||||||
| Total ZW Data Action Technologies Inc.’s stockholders’ equity | 21,766 | 12,545 | ||||||
| Noncontrolling interests | – | (66 | ) | |||||
| Total equity | 21,766 | 12,479 | ||||||
| Total Liabilities and Equity | $ | 32,631 | $ | 20,667 |
*All of the VIEs’ assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets.
ZW DATA ACTION TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except for number of shares and per share data)
| Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| (US $) | (US $) | |||||||
| Revenues | ||||||||
| From unrelated parties | $ | 47,324 | $ | 38,390 | ||||
| From related parties | 4 | 18 | ||||||
| Total revenues | 47,328 | 38,408 | ||||||
| Cost of revenues | 47,230 | 37,776 | ||||||
| Gross profit | 98 | 632 | ||||||
| Operating expenses | ||||||||
| Sales and marketing expenses | 730 | 361 | ||||||
| General and administrative expenses | 12,632 | 5,433 | ||||||
| Research and development expenses | 326 | 539 | ||||||
| Total operating expenses | 13,688 | 6,333 | ||||||
| Loss from operations | (13,590 | ) | (5,701 | ) | ||||
| Other income/(expenses) | ||||||||
| Change in fair value of warrant liabilities | 11,329 | 653 | ||||||
| Interest income, net | 4 | 1 | ||||||
| Loss on disposal of long-term investments | (38 | ) | – | |||||
| Other expense, net | (216 | ) | (31 | ) | ||||
| Total other income | 11,079 | 623 | ||||||
| Loss before income tax expense and noncontrolling interests | (2,511 | ) | (5,078 | ) | ||||
| Income tax expense | (177 | ) | (143 | ) | ||||
| Net loss | (2,688 | ) | (5,221 | ) | ||||
| Net (income)/loss attributable to noncontrolling interests | (66 | ) | 5 | |||||
| Net loss attributable to ZW Data Action Technologies Inc. | $ | (2,754 | ) | $ | (5,216 | ) | ||
| Net loss | $ | (2,688 | ) | $ | (5,221 | ) | ||
| Foreign currency translation loss | (47 | ) | (380 | ) | ||||
| Comprehensive loss | $ | (2,735 | ) | $ | (5,601 | ) | ||
| Comprehensive (income)/loss attributable to noncontrolling interests | (66 | ) | 9 | |||||
| Comprehensive loss attributable to ZW Data Action Technologies Inc. | $ | (2,801 | ) | $ | (5,592 | ) | ||
| Loss per share | ||||||||
| Loss per common share | ||||||||
| Basic and diluted | $ | (0.08 | ) | $ | (0.24 | ) | ||
| Weighted average number of common shares outstanding: | ||||||||
| Basic and diluted | 33,048,921 | 21,602,107 |
ZW DATA ACTION TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| (US $) | (US $) | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (2,688 | ) | $ | (5,221 | ) | ||
| Adjustments to reconcile net loss to net cash (used in)/provided by operating activities | ||||||||
| Depreciation and amortization | 632 | 856 | ||||||
| Amortization of operating lease right-of-use assets | 207 | 13 | ||||||
| Share-based compensation expenses | 7,028 | 2,152 | ||||||
| Loss on disposal of long-term investment | 38 | – | ||||||
| Provision of allowances for doubtful accounts | – | 833 | ||||||
| Change in fair value of warrant liabilities | (11,329 | ) | (653 | ) | ||||
| Deferred taxes | 177 | 143 | ||||||
| Other non-operating losses | 524 | 11 | ||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | (986 | ) | 116 | |||||
| Prepayment and deposit to suppliers | (2,061 | ) | 2,804 | |||||
| Due from related parties | – | 24 | ||||||
| Other current assets | 6 | (6 | ) | |||||
| Long-term deposits and prepayments | (74 | ) | – | |||||
| Accounts payable | 495 | 180 | ||||||
| Advances from customers | (221 | ) | (671 | ) | ||||
| Accrued payroll and other accruals | (90 | ) | (16 | ) | ||||
| Other current liabilities | (355 | ) | (299 | ) | ||||
| Taxes payable | 29 | 14 | ||||||
| Operating lease liabilities | (116 | ) | (8 | ) | ||||
| Lease payment liability related to short-term leases | (54 | ) | 54 | |||||
| Net cash (used in)/provided by operating activities | (8,838 | ) | 326 | |||||
| Cash flows from investing activities | ||||||||
| Payment for leasehold improvements and purchase of vehicles, furniture and office equipment | (334 | ) | – | |||||
| Cash effect of deconsolidation of VIE’s subsidiaries | (8 | ) | – | |||||
| Proceeds from disposal of fixed assets | – | 3 | ||||||
| Investment and advances to ownership investee entities | (2,263 | ) | (28 | ) | ||||
| Short-term loan to unrelated parties | (202 | ) | (1,444 | ) | ||||
| Deposit and prepayment paid for contracts of other investing activities | (1,500 | ) | – | |||||
| Payment for blockchain platform applications development costs | – | (503 | ) | |||||
| Payment for purchase of software technology and other intangible assets | (1,160 | ) | (1,500 | ) | ||||
| Net cash used in investing activities | (5,467 | ) | (3,472 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of common stock and warrants (net of cash offering cost of $1,600 and $750 respectively) | 17,111 | 6,250 | ||||||
| Repayment of short-term bank loan | – | (435 | ) | |||||
| Net cash provided by financing activities | 17,111 | 5,815 | ||||||
| Effect of exchange rate fluctuation on cash and cash equivalents | 70 | 25 | ||||||
| Net increase in cash and cash equivalents | 2,876 | 2,694 | ||||||
| Cash and cash equivalents, at beginning of the year | 4,297 | 1,603 | ||||||
| Cash and cash equivalents, at end of the year | $ | 7,173 | $ | 4,297 |
USA News Group Commentary
Issued on behalf of Lithium South Development Corporation
VANCOUVER, BC, May 3, 2024 /PRNewswire/ — USA News Group – Despite what appears to be a supply glut currently in the global lithium market, already there are signs of a lithium rebound on the horizon. According to Statista, global lithium demand is projected to grow through next year, while Fastmarkets predicts lithium supply will increase 30% in 2024. Fastmarkets also expects that by 2030, US lithium demand alone will grow by nearly 500%. Looking ahead, lithium miners continue to move their chess pieces onto the board with anticipation of long-term rewards, including the work of Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF), Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), Piedmont Lithium Inc. (NASDAQ:PLL), Lithium Americas Corp. (NYSE:LAC) (TSX:LAC), and Rio Tinto Group (NYSE:RIO).
Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF) recently filed a new Preliminary Economic Assessment (PEA), which provides support for the company to proceed with development plans for a 15,600 tonnes per year lithium carbonate plant. As per the PEA, the project’s financial model shows a Net Present Value (NPV) after tax of US$938 million, and an after-tax Internal Rate of Return (IRR) of 31.6%, with a 2.5-year payback.
“We are very pleased to have achieved this important milestone for the HMN Li Project,” said Adrian F.C. Hobkirk, Founder, President and CEO of Lithium South. “The robust economics and room for expansion indicate a promising future for Lithium South.”
The HMN Li project is planned to use an extraction and recovery process based on conventional solar evaporation of the well brine. Magnesium and other contaminants will be removed using industry standard proven methods including liming. The concentrated lithium solution will then be processed into lithium carbonate technical grade.
The PEA announcement came just weeks after the company announced the expansion of its ongoing production well drill program. A 400 meter deep pumping well has been completed at the Alba Sabrina claim block, which at 2,089 hectares is the project’s largest. Recent efforts at the well successfully cleared out sediments, leading to the flow of clear brine with strong artesian characteristics, suggesting potential for enhanced brine extraction rates. To maximize these benefits, Lithium South has contracted a significantly larger 80-kilowatt pump, and is now completing a long term pump test. Based on results, further wells are planned for Alba Sabrina and the southern claim blocks at Viamonte and Norma Edith.
“These developments on the Alba Sabrina claim block could potentially enhance our operational capacity,” said Hobkirk. “The completion of this pumping test, anticipated by the end of May, will provide critical technical insight into the capacity potential of this area of the salar.”
Earlier in the year, Lithium South together with the Korean conglomerate POSCO, entered into a cooperative development agreement on the HMN Li Project, representing a crucial step forward in advancing towards lithium production. Previously, towards the end of 2023, Lithium South also released an updated NI 43-101 technical report for its premier HMN Li asset, which demonstrated a significant 175% boost in its lithium resource, amounting to over 1.58 million tonnes of lithium carbonate equivalent (LCE).
According to Chile’s Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), there will be steady lithium prices in the coming months, despite the supply glut. In particular, SQM is optimistic for the second half of the year, which the company predicts will entail higher sales volumes.
“As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials,” said Ricardo Ramos, CEO of SQM. “However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance.”
This optimism was shared by Keith Phillips, CEO of Piedmont Lithium Inc. (NASDAQ:PLL) in an interview with Yahoo! Finance Live.
“[When it comes to mining] low prices are the cure for low prices,” said Phillips, adding that “it’s a matter of time” that prices will rebound. How fast that rebound occurs is still to be determined, however, Piedmont isn’t slowing its march.
Just recently, Piedmont received its state mining permit from the state of North Carolina, where the company owns 3,600 acres, from which it plans to mine spodumene from at least half of the area. Piedmont will then convert the material to lithium hydroxide, which is key to the manufacturing of EV batteries.
“We look forward to continued engagement with the local community and the Gaston County Board of Commissioners,” said Phillips. “We have had extensive and ongoing dialogue with possible funding sources for Carolina Lithium.”
Domestically sourced lithium is projected to become even more desirable, especially with US government incentives underway. Lithium Americas Corp. (NYSE:LAC) (TSX:LAC) recently secured a record $2.26 billion loan from the US Department of Energy to build its Thacker Pass lithium project in Nevada.
Construction began at the site located just south of the Nevada-Oregon border in March 2023, following a lengthy and intricate legal victory over conservationists, ranchers, and Indigenous groups. Lithium Americas anticipates finalizing securing a loan later this year, pending the completion of final environmental assessments. Once the financing is in place, the company aims to commence substantial construction activities, a project slated to last three years. The initial phase of the mine is projected to yield 40,000 metric tons of battery-grade lithium carbonate annually, sufficient to supply up to 800,000 electric vehicles.
“Our team has been focused on refining the development plan and de-risking construction execution of Phase 1 for Thacker Pass,” said Jonathan Evans, President and CEO of Lithium Americas. “We have de-risked execution by advancing detailed engineering and project planning. To date, we have completed all the early-works and infrastructure required for major construction, including excavating the processing plant areas.”
Looking at multiple international lithium projects, mining giant Rio Tinto Group (NYSE:RIO) has already expressed the company remains bullish on lithium despite not currently seeking any big acquisitions. Back in March, Rio Tinto committed to spending $350 million on its Rincon lithium project in Argentina, set to commence production by the end of the year.
This comes just months after the President of Serbia expressed interest to hold further talks with Rio Tinto regarding its Jadar lithium project, after the country revoked licenses on the $2.4 billion asset in 2022. If brought to completion, the project could supply 90% of Europe’s current lithium needs, and make Rio Tinto a leading lithium producer. As well, Rio Tinto held talks with the country of Rwanda back in January for the exploration and mining of lithium in the East African nation.
“[Rio Tinto is] “excited to be partnering with the government of Rwanda, applying our global experience to accelerate the search for primary lithium deposits in Rwanda’s Western Province,” said Lawrence Dechambenoit, global head of external affairs at Rio Tinto. The move could further unlock the potential of another country’s mining sector, if successful.
Source: https://usanewsgroup.com/2023/10/18/the-lithium-race-to-power/
CONTACT:USA NEWS [email protected] (604) 265-2873
Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101 participated in the production of this advertisement, and approves of the technical and scientific disclosure contained herein pertaining to Lithium South.
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Lithium South Development Corporation advertising and digital media from the company directly. There may be 3rd parties who may have shares of Lithium South Development Corporation, and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Lithium South Development Corporation which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Lithium South Development Corporation at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. The contents of this advertisement were reviewed by Mr. William Feyerabend, a Consulting Geologist and Qualified Person as defined under National Instrument 43-101. Mr. Feyerabend approves of the scientific and technical disclosure pertaining to Lithium South contained within this advertisement. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
View original content:https://www.prnewswire.co.uk/news-releases/lithium-miners-strategize-for-long-term-gains-as-market-recovers-302135776.html
Artificial Intelligence
ROLLER and Amusement Connect Announce Integration to Streamline Cashless Card Operations
New partnership enhances guest experiences and operational efficiency across attraction venues
AUSTIN, Texas, May 3, 2024 /PRNewswire/ — In an effort to improve the guest experience and streamline operations for attractions venues, ROLLER, a global leader in leisure and attractions technology, has joined forces with Amusement Connect, a recognized leader in cashless card operations. This strategic partnership delivers an integration that aims to streamline the arcade experience for operators and guests alike, providing a more efficient way for entertainment venues to operate.
Through this integration, ROLLER and Amusement Connect enable the sale, top-up, and balance checks of cashless cards directly from ROLLER’s point-of-sale devices, simplifying the management of pay-to-play attractions. This move is expected to enhance operational efficiency and improve guest satisfaction by making sales smoother and more convenient. The integration also simplifies reporting by automatically recording every purchase of a cashless card, saving venue operators time and ensuring accurate tracking of purchases.
Both companies leverage cloud-based technology to ensure that venues can operate without the need for expensive servers, with the promise of continuous updates to keep the systems equipped with the latest features and improvements. This integration also introduces the option for guests to purchase game cards online through ROLLER’s online checkout, a feature designed to make the check-in process more efficient and increase average transaction values.
“Amusement Connect and ROLLER have a shared commitment to helping attractions businesses deliver exceptional guest experiences. So, we’re thrilled to partner with Amusement Connect on this integration – a trailblazing company known for great customer support and providing innovative tech. This isn’t just about upgrading our technology—it’s delivering on our promise to make every guest experience smoother and every operator’s day a bit easier,” explained Luke Finn, CEO and Founder of ROLLER.
“As we continue to innovate and collaborate with industry leaders like ROLLER, we’re thrilled to see the tangible benefits our integration brings to our customers. Together, we’re not just transforming transactions; we’re elevating experiences and driving profitability with every interaction,” commented Frank Licausi, Co-Owner of Amusement Connect.
This partnership between ROLLER and Amusement Connect represents a significant step towards more streamlined operations in the amusement industry. It offers a blend of efficiency and convenience aimed at improving the way entertainment venues operate and enhancing the overall guest experience. For more information on this integration and how it can benefit your venue, contact ROLLER or Amusement Connect directly.
About ROLLER
ROLLER is the cloud-based venue management platform for the modern attraction, purpose-built to remove friction from the guest experience at every touchpoint. Their all-in-one platform simplifies its customers’ business processes, improving efficiency and maximizing revenue. ROLLER’s comprehensive solution includes: Online Checkout & Ticketing, Point-of-Sale, Integrated Payments, Memberships, Gift Cards, Waivers, Self-Serve Kiosks, Cashless Wallets, the Guest Experience Score®, and more. To learn more, visit roller.software.
About Amusement Connect
Founded by Frank Licausi and John Tarpley in 2017, our comprehensive game card system, accompanied by a variety of products, provides a complete overview on games and attractions in settings like bars, arcades, FEC’s, and multi-location entertainment centers. As operators and industry experts, we bring innovation, value, and the best possible experiences to entertainment venues with our award-winning game card system. Bringing you more at amusementconnect.com.
View original content:https://www.prnewswire.co.uk/news-releases/roller-and-amusement-connect-announce-integration-to-streamline-cashless-card-operations-302135415.html
Artificial Intelligence
Computer Vision in Healthcare Market Worth $11.5 billion | MarketsandMarkets™
CHICAGO, May 3, 2024 /PRNewswire/ — Computer Vision in Healthcare Market in terms of revenue was estimated to be worth $3.9 billion in 2024 and is poised to reach $11.5 billion by 2029, growing at a CAGR of 24.0% from 2024 to 2029 according to a new report by MarketsandMarkets™.
The market’s expansion is fueled by the exponential growth of medical imaging data which necessitates efficient analysis methods, where computer vision techniques excel in automating and enhancing diagnostic processes. Further, the demand for improved patient care and outcomes fuels the adoption of AI-driven solutions, empowering healthcare providers with precise tools for diagnosis, treatment planning, and monitoring. Nevertheless, ensuring the accuracy and reliability of computer vision algorithms remains a significant challenge, especially in complex medical imaging tasks where errors can have critical consequences. Additionally, the regulatory landscape surrounding AI-based medical devices is evolving, requiring stringent validation and approval processes, which can impede the timely deployment of innovative solutions. Thus, restraining the market.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=231790940
Browse in-depth TOC on “Computer Vision in Healthcare Market”
505 – Tables55 – Figures379 – Pages
Computer Vision in Healthcare Market Scope:
Report Coverage
Details
Market Revenue in 2024
$3.9 billion
Estimated Value by 2029
$11.5 billion
Growth Rate
Poised to grow at a CAGR of 24.0%
Market Size Available for
2022–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product & Service, Type, Applications, End User
Geographies Covered
North America, Europe, Asia Pacific, Latin America and Middle East and Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Computer vision solutions for healthcare that are hosted in the cloud
Key Market Drivers
The healthcare sector is experiencing a growing need for computer vision systems
“The largest share in the computer vision in healthcare market, based on type, was attributed to the PC-based computer vision systems segment in 2023.”
The PC-based computer vision systems segment holds the largest market share in the computer vision in healthcare market in 2023. The growth of this segment is propelled by factors such as PCs offering robust computational power, enabling real-time processing of complex algorithms required for tasks like medical image analysis. Also, PCs provide flexibility and scalability, allowing users to customize hardware configurations and software solutions according to specific requirements. This versatility makes them adaptable to various healthcare settings, from small clinics to large hospitals.
“In 2023, the patient activity monitoring/fall prevention segment demonstrated the most significant growth in the computer vision in healthcare market based on hospital management by type.”
The patient activity monitoring/fall prevention segment is expected to experience the highest growth in the computer vision in healthcare market. The key drivers for this growth include the aging population worldwide that has led to an increased focus on elderly care and fall prevention initiatives. Computer vision systems offer non-intrusive and continuous monitoring of patients’ movements, enabling early detection of potential fall risks and timely intervention to prevent accidents. Also, the growing adoption of wearable devices and smart sensors integrated with computer vision technology allows for seamless monitoring of patients’ activities both inside healthcare facilities and at home. This remote monitoring capability enhances patient safety and independence while reducing the burden on caregivers and healthcare resources.
“North America accounted for the largest share of the healthcare simulation market in 2023.”
In 2023, North America held the largest share in the computer vision in healthcare market, with Europe and Asia Pacific following. The significant presence of North America in the global market can be attributed to factors such as region’s strong focus on improving patient outcomes and reducing healthcare costs which incentivizes the integration of computer vision solutions to streamline processes, enhance diagnostics, and optimize treatment pathways.
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Computer Vision in Healthcare Market Dynamics:
Drivers:
The healthcare sector is experiencing a growing need for computer vision systemsRestraints:
The resistance of medical practitioners towards adopting AI-based technologiesOpportunities:
Computer vision solutions for healthcare that are hosted in the cloudChallenge:
Lack of curated dataKey Market Players of Computer Vision in Healthcare Industry:
The key players functioning in the computer vision in healthcare market include NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US), Basler AG (Germany), AiCure (US), iCAD, Inc. (US), Thermo Fisher Scientific Inc. (US), SenseTime (China), KEYENCE CORPORATION (Japan), Assert AI (India), Artisight (US), LookDeep Inc. (US), care.ai (US), CareView Communications (US), VirtuSense (US), Teton (Denmark), viso.ai (Switzerland), NANO-X IMAGING LTD. (Israel), Comofi Medtech Pvt. Ltd. (India), Avidtechvision (India), Roboflow, Inc. (US), Optotune (US) and CureMetrix, Inc. (US).
The break-down of primary participants is as mentioned below:
By Company Type – Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%By Designation – C-level: 42%, Director-level: 31%, and Others: 27%By Region – North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=231790940
Recent Developments of Computer Vision in Healthcare Industry:
In April 2024, iCAD partnered with RAD-AID to enhance breast cancer detection utilizing the AI technology in underserved regions and low- and middle-income countries (LMICs).In March 2024, Microsoft and NVIDIA have broadened their longstanding collaboration with robust new integrations that harness cutting-edge NVIDIA generative AI and Omniverse technologies across Microsoft Azure, Azure AI services, Microsoft Fabric, and Microsoft 365.In February 2022, Advanced Micro Devices acquired Xilinx. This acquisition established the forefront leader in high-performance and adaptive computing, with a significantly expanded scale and the most formidable portfolio of leadership computing, graphics, and adaptive SoC products in the industry.Computer Vision in Healthcare Market – Key Benefits of Buying the Report:
This report will enrich established firms and new entrants/smaller firms to gauge the market’s pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
Analysis of key drivers: (Increasing demand for computer vision systems in the healthcare industry, government initiatives to increase the adoption of AI-based technologies), restraints (Reluctance of medical practitioners to adopt AI-based technologies), opportunities (Cloud-based healthcare computer vision solutions), and challenges (Rising security concerns related to cloud-based image processing and analytics) influencing the growth of the computer vision in healthcare market.Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the computer vision in healthcare market.Market Development: Comprehensive information on the lucrative emerging markets, products & services, applications, end-users, and regions.Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the computer vision in healthcare market.Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the computer vision in healthcare market like NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US).Related Reports:
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Operating Room Integration Market – Global Forecasts to 2028
Get access to the latest updates on Computer Vision in Healthcare Companies and Computer Vision in Healthcare Market Size
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