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NETSOL Technologies Reports Fiscal Third Quarter 2022 Financial Results

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Total net revenues up 7.4% to $14.8 million in Q3 FY 2022

Annual recurring revenue (SaaS and Support) increased to a $26.2 million run rate

CALABASAS, Calif., May 12, 2022 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal third quarter ended March 31, 2022.

Fiscal Third Quarter 2022 and Recent Operational Highlights

  • Subscription (SaaS and Cloud) and support quarterly revenues increased 16% to $6.6 million.
  • NETSOL’s U.S. based mobility startup Otoz expanded its digital automotive retail platform MINI Anywhere® for BMW® Group Financial Services in the U.S. for its key brand MINI®. MINI Anywhere is now live with 17 MINI dealerships, including 70%+ of the California MINI dealerships and 75% of all Pennsylvania dealerships. The Company now has dealerships enrolled in California, Florida, Texas, New York, New Jersey, and Pennsylvania. Long term, the solution has the potential to be rolled out to over 100 MINI dealerships across all 50 states.
  • Successfully completed key activities related to GAC China contract with deliveries expected in May and July 2022.
  • Completed required workshops for Ascent 2.0 implementation for Motorcycle Group US with development of enhancements underway for three major modules: POS, CTA, and CMS.

Fiscal Third Quarter 2022 Financial Results

Total net revenues for the third quarter of fiscal 2022 were $14.8 million, compared with $13.8 million in the prior year period. The increase in total net revenues was primarily driven by increases in subscription and support revenues of $0.9 million and services revenue of $0.6 million, slightly offset by a decrease in license fees of $0.5 million.

  • Total license fees were $1.6 million, compared with $2.1 million in the prior year period.
  • Total subscription (SaaS and Cloud) and support revenues were $6.6 million, compared with $5.7 million in the prior year period.
  • Total services revenues were $6.6 million, compared with $6.0 million in the prior year period.

Gross profit for the third quarter of fiscal 2022 was $5.8 million (or 39% of net revenues), compared to $6.4 million (or 47% of net revenues) in the third quarter of fiscal 2021. The decrease in gross profit was primarily due to an increase in cost of sales of $1.6 million driven by increases in salaries and consulting costs of $1.4 million.

Operating expenses for the third quarter of fiscal 2022 were $6.4 million (or 43% of sales), compared to $6.0 million (or 43% of sales) for the third quarter of fiscal 2021. The increase in operating expenses was primarily due to increases in selling and marketing expenses, offset by a decrease in general and administrative expenses.

GAAP net loss attributable to NETSOL for the third quarter of fiscal 2022 totaled $0.3 million or $0.02 per diluted share, compared with GAAP net loss of $0.6 million or $0.05 per diluted share in the third quarter of fiscal 2021.

Non-GAAP adjusted EBITDA for the third quarter of fiscal 2022 totaled $0.4 million or $0.03 per diluted share, compared with non-GAAP adjusted EBITDA of $0.2 or $0.02 per diluted share in the third quarter of fiscal 2021 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

At March 31, 2022, cash and cash equivalents were $30.6 million, a decrease from $33.7 million at June 30, 2021.

Management Commentary

“We remain on-track to deliver on our fiscal 2022 guidance,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “We previously forecasted 10% top-line growth and 20% growth in our recurring revenues. I am pleased to report that for the nine months ended March 31, 2022, our team has delivered top-line growth of 10.5% and increased our annual recurring revenues by nearly 34%. Our pipeline and mix of opportunities remain robust, particularly in our European and North American growth markets, giving us confidence in our ability to drive additional contract signings over the coming months. Additionally, we are now seeing accelerated adoption of our Otoz Digital Retail Platform, one of our more venture-focused operations, as it continues to expand through its MINI Anywhere partnership. We were just entering our second state at the end of the last quarter, and now we are serving customers in six states with the platform. Our vision of pushing the boundaries for new ownership and payment models is quickly becoming a reality as we continue to support our customers where they are today and where they want to go in the future, building value for our shareholders in the process.”

Company CFO Roger Almond added: “Our subscription and support segment were a key growth driver during the quarter. As our workforce continues to return across our global footprint, we expect growth will accelerate in the quarters ahead, which will require a related increase in expenses to support our increased business activity moving forward. Our cash position remains near record levels, providing the resources to support our core business growth as well as strategic investments in high-return, long-term opportunities, such as the promising work of the Otoz Innovation Lab. With these factors in consideration, we are reiterating our full year revenue outlook of 10% topline growth and 20% subscription revenue growth throughout the balance of the year.”

Conference Call

NETSOL Technologies management will hold a conference call today (May 12, 2022) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these financial results. A question-and-answer session will follow management’s presentation.

U.S. Dial-In: 877-407-0789
International Dial-In: 201-689-8562

Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be webcast live and available for replay here and via the Investor Relations section of NETSOL’s website.

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until May 26, 2022 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13729917.

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1300 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.

About Otoz

Otoz, a division of NETSOL Technologies Inc. (Nasdaq: NTWK), provides business-to-business, white-label technology solutions for new mobility. The Otoz suite of agile and customizable mobility solutions ranges from car sharing and subscription products to AI-enabled chatbots, allowing businesses to engage consumers and facilitate the complete transaction lifecycle intelligently and digitally. Otoz technologies empower automotive companies and start-ups to launch digital retailing and new mobility models quickly and efficiently. The technology Otoz has developed is cloud-native and supported by artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain. Otoz technology drives utilization, while supporting robust and efficient operations.

Forward-Looking Statements

This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operating results, including statements regarding the Company that are subject to certain risks and uncertainties such as the effect of disparate stay at home orders and social distancing requirements imposed internationally by COVID-19 and its resultant impact on our financials and the world economy that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance, as well as the delay in recovery or a prolonged economic downturn that effects our Company, our customers and the world economy. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Use of Non-GAAP Financial Measures

The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.

Investor Relations Contact:

Dave Gentry
RedChip Companies
407-491-4498
[email protected]

NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets

      As of   As of
  ASSETS
March 31, 2022   June 30, 2021
Current assets:      
  Cash and cash equivalents $ 30,573,312     $ 33,705,154  
  Accounts receivable, net of allowance of $208,547 and $166,231   7,054,468       4,184,096  
  Accounts receivable – related party, net of allowance of $1,373,099 and $1,373,099          
  Revenues in excess of billings, net of allowance of $84,209 and $136,976   14,610,725       14,680,131  
  Revenues in excess of billings – related party, net of allowance of $8,163 and $8,163          
  Other current assets, net of allowance of $1,243,633 and $1,243,633   2,864,742       3,009,393  
    Total current assets   55,103,247       55,578,774  
Revenues in excess of billings, net – long term   993,862       957,603  
Convertible note receivable – related party, net of allowance of $4,250,000 and $4,250,000          
Property and equipment, net   10,114,458       12,091,812  
Right of use of assets – operating leases   1,238,713       1,345,869  
Long term investment   2,893,700       3,155,852  
Other assets   37,583       55,127  
Intangible assets, net   2,178,128       3,904,656  
Goodwill     9,516,568       9,516,568  
    Total assets $ 82,076,259     $ 86,606,261  
                   
  LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:
             
  Accounts payable and accrued expenses $ 6,317,127     $ 6,696,035  
  Current portion of loans and obligations under finance leases   9,622,669       11,366,171  
  Current portion of operating lease obligations   706,684       857,729  
  Unearned revenue   6,948,669       4,556,626  
    Total current liabilities   23,595,149       23,476,561  
Loans and obligations under finance leases; less current maturities   127,899       699,841  
Operating lease obligations; less current maturities   570,871       564,257  
    Total liabilities   24,293,919       24,740,659  
Commitments and contingencies
             
Stockholders’ equity:      
  Preferred stock, $.01 par value; 500,000 shares authorized;          
  Common stock, $.01 par value; 14,500,000 shares authorized;              
    12,191,570 shares issued and 11,252,539 outstanding as of March 31, 2022 and              
    12,181,585 shares issued and 11,265,064 outstanding as of June 30, 2021   121,916       121,816  
  Additional paid-in-capital   129,084,786       129,018,826  
  Treasury stock (at cost, 939,031 shares and 916,521 shares              
  as of March 31, 2022 and June 30, 2021, respectively)   (3,920,856 )     (3,820,750 )
  Accumulated deficit   (37,484,998 )     (38,801,282 )
  Other comprehensive loss   (36,740,406 )     (31,868,481 )
    Total NetSol stockholders’ equity   51,060,442       54,650,129  
  Non-controlling interest   6,721,898       7,215,473  
    Total stockholders’ equity   57,782,340       61,865,602  
    Total liabilities and stockholders’ equity $ 82,076,259     $ 86,606,261  
                   

NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations

      For the Three Months   For the Nine Months
      Ended March 31,   Ended March 31,
       2022     2021     2022     2021 
Net Revenues:              
  License fees $ 1,620,827     $ 2,120,963     $ 3,586,874     $ 4,710,942  
  Subscription and support   6,554,540       5,674,776       22,159,798       16,571,441  
  Services   6,634,459       5,988,257       17,956,877       18,270,451  
    Total net revenues   14,809,826       13,783,996       43,703,549       39,552,834  
                   
Cost of revenues:              
  Salaries and consultants   6,756,898       5,372,302       18,081,225       15,193,613  
  Travel   256,730       151,075       753,698       414,001  
  Depreciation and amortization   741,587       759,768       2,236,190       2,180,766  
  Other   1,220,041       1,075,403       3,712,256       2,915,122  
    Total cost of revenues   8,975,256       7,358,548       24,783,369       20,703,502  
                   
Gross profit   5,834,570       6,425,448       18,920,180       18,849,332  
                   
Operating expenses:              
  Selling and marketing   2,074,873       1,595,967       5,502,028       4,763,598  
  Depreciation and amortization   206,346       272,075       633,481       715,437  
  General and administrative   3,841,655       3,860,509       11,548,097       11,353,933  
  Research and development cost   251,001       234,678       761,621       431,086  
    Total operating expenses   6,373,875       5,963,229       18,445,227       17,264,054  
                   
Income (loss) from operations   (539,305 )     462,219       474,953       1,585,278  
                   
Other income and (expenses)              
  Gain (loss) on sale of assets   8,770       (53,012 )     (181,955 )     (127,285 )
  Interest expense   (85,916 )     (98,656 )     (277,737 )     (296,224 )
  Interest income   364,161       231,979       1,123,547       643,654  
  Gain (loss) on foreign currency exchange transactions   499,516       (1,825,349 )     2,684,680       (1,515,327 )
  Share of net loss from equity investment   (76,798 )     (80,953 )     (317,581 )     (232,488 )
  Other income   (30,296 )     521,758       (7,599 )     654,395  
    Total other income (expenses)   679,437       (1,304,233 )     3,023,355       (873,275 )
                   
Net income (loss) before income taxes   140,132       (842,014 )     3,498,308       712,003  
Income tax provision   (157,604 )     (133,156 )     (526,737 )     (642,884 )
Net income (loss)   (17,472 )     (975,170 )     2,971,571       69,119  
  Non-controlling interest   (260,998 )     351,939       (1,655,287 )     (216,900 )
Net income (loss) attributable to NetSol $ (278,470 )   $ (623,231 )   $ 1,316,284     $ (147,781 )
                   
                   
                   
Net income (loss) per share:              
  Net income (loss) per common share              
    Basic $ (0.02 )   $ (0.05 )   $ 0.12     $ (0.01 )
    Diluted $ (0.02 )   $ (0.05 )   $ 0.12     $ (0.01 )
                   
Weighted average number of shares outstanding              
    Basic   11,249,606       11,343,406       11,249,449       11,571,878  
    Diluted   11,249,606       11,343,406       11,249,449       11,571,878  
                                   


NETSOL Technologies, Inc. and Subsidiaries

Schedule 3: Consolidated Statement of Cash Flows

        For the Nine Months
        Ended March 31,
         2022     2021 
Cash flows from operating activities:      
  Net income $ 2,971,571     $ 69,119  
  Adjustments to reconcile net income to net cash      
    provided by (used in) operating activities:      
  Depreciation and amortization   2,869,671       2,896,203  
  Provision for bad debts   6,897       (280,363 )
  Share of net loss from investment under equity method   317,581       232,488  
  Loss on sale of assets   181,955       127,285  
  Stock based compensation   78,225       239,333  
  Changes in operating assets and liabilities:      
    Accounts receivable   (3,404,247 )     (777,953 )
    Revenues in excess of billing   (385,971 )     7,485,646  
    Other current assets   53,173       (791,849 )
    Accounts payable and accrued expenses   14,918       (69,021 )
    Unearned revenue   2,822,178       1,256,456  
  Net cash provided by operating activities   5,525,951       10,387,344  
             
Cash flows from investing activities:      
  Purchases of property and equipment   (1,680,856 )     (2,109,058 )
  Sales of property and equipment   321,251       131,293  
  Investment in associates         (155,500 )
  Net cash used in investing activities   (1,359,605 )     (2,133,265 )
             
Cash flows from financing activities:      
  Purchase of treasury stock   (100,106 )     (2,064,800 )
  Proceeds from bank loans   312,467       2,109,572  
  Payments on finance lease obligations and loans – net   (1,045,464 )     (533,344 )
  Net cash used in financing activities   (833,103 )     (488,572 )
Effect of exchange rate changes   (6,465,085 )     2,666,800  
Net increase (decrease) in cash and cash equivalents   (3,131,842 )     10,432,307  
Cash and cash equivalents at beginning of the period   33,705,154       20,166,830  
Cash and cash equivalents at end of period $ 30,573,312     $ 30,599,137  
               

NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP

  For the Three
Months Ended
  For the Three
Months Ended
  For the Nine
Months Ended
  For the Nine
Months Ended
  March 31, 2022   March 31, 2021   March 31, 2022   March 31, 2021
               
Net Income (loss) attributable to NetSol $ (278,470 )   $ (623,231 )   $ 1,316,284     $ (147,781 )
Non-controlling interest   260,998       (351,939 )     1,655,287       216,900  
Income taxes   157,604       133,156       526,737       642,884  
Depreciation and amortization   947,933       1,031,843       2,869,671       2,896,203  
Interest expense   85,916       98,656       277,737       296,224  
Interest (income)   (364,161 )     (231,979 )     (1,123,547 )     (643,654 )
EBITDA $ 809,820     $ 56,506     $ 5,522,169     $ 3,260,776  
Add back:              
Non-cash stock-based compensation   49,933       74,169       78,225       239,333  
Adjusted EBITDA, gross $ 859,753     $ 130,675     $ 5,600,394     $ 3,500,109  
Less non-controlling interest (a)   (500,805 )     66,659       (2,382,721 )     (1,074,038 )
Adjusted EBITDA, net $ 358,948     $ 197,334     $ 3,217,673     $ 2,426,071  
               
               
Weighted Average number of shares outstanding                              
Basic   11,249,606       11,343,406       11,249,449       11,571,878  
Diluted   11,249,606       11,343,406       11,249,449       11,571,878  
                               
Basic adjusted EBITDA $ 0.03     $ 0.02     $ 0.29     $ 0.21  
Diluted adjusted EBITDA $ 0.03     $ 0.02     $ 0.29     $ 0.21  
                               
                               
(a)The reconciliation of adjusted EBITDA of non-controlling interest                              
to net income attributable to non-controlling interest is as follows                              
                               
Net Income (loss) attributable to non-controlling interest $ 260,998     $ (351,939 )   $ 1,655,287     $ 216,900  
Income Taxes   45,427       34,867       159,854       127,749  
Depreciation and amortization   279,055       283,716       840,508       812,816  
Interest expense   25,764       29,585       81,846       89,929  
Interest (income)   (117,417 )     (71,440 )     (362,146 )     (204,604 )
EBITDA $ 493,827     $ (75,211 )   $ 2,375,349     $ 1,042,790  
Add back:                              
Non-cash stock-based compensation   6,978       8,552       7,372       31,248  
Adjusted EBITDA of non-controlling interest $ 500,805     $ (66,659 )   $ 2,382,721     $ 1,074,038  

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

Automotive Digital Cockpit Domain Controller Power Expected to Double by 2030

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NEW YORK, March 28, 2024 /PRNewswire/ — The lengthening lifecycle of vehicles is driving automotive Original Equipment Manufacturers (OEMs) to plan several years of customer support through regular Over-the-Air (OTA) updates. Achieving this requires a digital Cockpit Domain Controller (CDC) with an architecture that supports long-term updating and maintenance. According to a new report from global technology intelligence firm ABI Research, the computing power of the CDC will increase significantly over the next few years, with graphical computing power and deep-learning processing power (for AI-powered functions) expected to double by 2030 for an average mid-market CDC.

OEMs are beginning to plan for several years of support, both in software patches and bug fixes, and for delivering new added value features to the driving experience. “This support and feature roadmap requires a hardware and software architecture that supports the continuous updating of vehicles over time. OEMs need a system that accommodates quick, targeted updates by shipping vehicles with planned overhead in computing power, software containerization, and robust hypervisors. These can be accommodated by silicon vendors such as NVIDIA or Qualcomm with their suite of high-powered System-on-Chips (SoCs), along with hypervisor and software specialists such as Blackberry QNX. The ecosystem hasn’t fully adjusted to OTA updates in mixed-criticality systems like the digital cockpit domain controller yet, with most OEMs speculating about the level of computing power that is needed for several years of support and few going to their silicon and tier-one partners with roadmaps of planned features,” explains Abu Miah, Smart Mobility and Automotive Analyst at ABI Research.
The computing power of the CDC will increase significantly over time. The Tera Floating-Point Operations per Second (TFLOPS) of an average mid-market CDC is expected to rise from 1 TFLOPS in 2023 to 2.5 TFLOPS by 2030. Miah adds, “One of the primary drivers of this increase is the implementation of a larger number of higher resolution screens in the vehicle to accommodate new high-end gaming and video-on-demand features.”
Building a ‘future-proofed’ CDC is not as simple as throwing compute power at the vehicle. “OEMs, tier ones, and silicon vendors must all work toward an ecosystem of hardware and software agnosticism, modular architecture, and collaborative software development if they are to match customers’ expectations of updates, patches, and bug fixes from the consumer electronics space,” Miah concludes.
These findings are from ABI Research’s Future-Proofing Digital Cockpit Domain Controllers application analysis report. This report is part of the company’s Smart Mobility and Automotive research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific technology.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info: 
GlobalDeborah Petrara Tel: +1.516.624.2558 [email protected] 
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Artificial Intelligence

ACL Digital in Collaboration with AWS and Infineon to Participate at Embedded World 2024

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SAN JOSE, Calif., March 28, 2024  /PRNewswire/ — ACL Digital, an ALTEN group company, is a pioneer in design-led digital experience, innovation, enterprise IT modernization, and product engineering services, announced that ACL Digital, in collaboration with AWS and Infineon, is going to showcase its AWS IoT & Cloud capabilities at Embedded World 2024, Hall 4 (Booth #4-552) from April 9 to April 11 in Nuremberg, Germany.

ACL Digital, a top-tier AWS Services partner, propels organizations of all sizes to navigate digital transformation to accelerate time-to-market. The company provides comprehensive support, from adopting to modernizing IT infrastructure on AWS. By leveraging expertise in architecture, security, migration, and operations, ACL Digital unlocks the full potential of AWS, streamlining IoT and cloud journeys and fast-tracking business growth and innovation.
The AWS Advanced Tier partnership enables ACL Digital to leverage AWS expertise, its robust support ecosystem and best practices to deliver customer delight.
ACL Digital offers visitors at Embedded World 2024 a chance to experience the exclusive demo of a Smart Stove Solution, built by leveraging the AWS Cloud and Infineon platform and how it has added value to our customers.
With over 100 AWS-certified experts, ACL Digital empowers clients to achieve breakthrough results in their digital transformation. Also, the leading digital transformation company supports global clients in navigating the complexities of cloud implementation, migration and digital transformation with ease and helping them unlock new growth opportunities.
About AWS
Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 105 Availability Zones within 33 geographic regions, with announced plans for 12 more Availability Zones and four more AWS Regions in Malaysia, New Zealand, Thailand, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit https://aws.amazon.com .
About Infineon
Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The company has around 58,600 employees worldwide and generated revenue of about €16.3 billion in the 2023 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY). To learn more about Infineon, visit https://www.infineon.com/
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ACL Digital an ALTEN Group Company, is a digital product innovation and engineering leader. We help our clients design and build innovative products (AI, Cloud, and Mobile ready), content and commerce-driven platforms, and connected, converged digital experiences for the modern world through a design-led Digital Transformation framework.
Headquartered in Silicon Valley, ACL Digital is a leader in design-led digital experience, innovation, enterprise modernization, and product engineering services converging to Technology, Media & Telecom. The company has a workforce of 57,000+ spread across more than 30+ countries.

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Gilbarco Veeder-Root champions fuel efficiency, clean fuels and diesel rebate solutions in mining

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gilbarco-veeder-root-champions-fuel-efficiency,-clean-fuels-and-diesel-rebate-solutions-in-mining

JOHANNESBURG, March 28, 2024 /PRNewswire/ — Global leader in technology solutions OEM Gilbarco Veeder-Root (GVR) is dedicated to enhancing operational performance by delivering comprehensive end-to-end wetstock, industrial, mining, and business-to-business solutions, all tailored to meet the specific needs of the customer.

 
 
By encompassing every aspect of mining operations, GVR commercial and industrial Middle East and Africa director Westtar Kapito says, “the company is setting new benchmarks for fuel efficiency, safety and sustainability within the mining industry”.
As part of a holistic approach to mining excellence, Kapito explains that Gilbarco’s integrated fuel and fleet management technology solutions are designed to address the multifaceted challenges of the mining industry.
Some of these facets include wetstock control, equipment maintenance and management, fleet management and automation, compliance monitoring and environmental sustainability, as well as driving productivity and profitability through innovation.
In addition, the introduction of Gilbarco’s clean fuel solution exemplifies the company’s commitment to maintaining equipment integrity and performance.
This technology, GVR says, monitors in real-time the status of up to 16 “clean fuels” key performance matrices, thereby ensuring that dirty fuel is flagged and not transferred into mining equipment which would affect engines and injectors and thus lower productivity.
Gilbarco’s comprehensive site automation solutions empower mining companies with critical data analytic insights, facilitating efficient monitoring and management of fleet and fuel inventory. Gilbarco’s dataFLEX360 platform plays a pivotal role, offering near real-time reporting and analytics to drive informed decision-making and operational agility.
dataFLEX360 is a Web-based, cloud-hosted strategic operational insights platform. The system ensures accurate, reliable and relevant reporting of all fuel, fleet and asset transactions, and provides for proactive corrective measures to reduce complex reporting and gives a consolidated and comprehensive view across all sites and assets.
With reconciliations at its core, dataFLEX360 provides solution accuracy on operational data.
Integral to the company’s solutions is compliance with Global Industry Standards and environmental stewardship, from leak detection to vapour recovery and clean fuel technologies. Gilbarco’s products are designed to ensure compliance and minimise the carbon footprint of mining operations.
Additionally, through the company’s innovative telematics technology and the data generated, it can systematically and seamlessly generate South African Revenue Services- (SARS-) compliant fuel rebate reports for any selected tax period.  
GVR’s technology provides a full audit trail required for eligibility for SARS rebates, and its reporting platform simplifies logbook and data gathering required, enabling successful rebate claims and return on investment.
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View original content:https://www.prnewswire.co.uk/news-releases/gilbarco-veeder-root-champions-fuel-efficiency-clean-fuels-and-diesel-rebate-solutions-in-mining-302102415.html

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