Artificial Intelligence
AppHarvest announces Q3 2022 results and makes significant progress in bringing four-farm network consisting of 165 acres online by end of year
AppHarvest Berea and AppHarvest Somerset are the second and third farms to open as company expects to quadruple farms by year-end and diversify produce portfolio to include salad greens and berries
Construction delays at Berea, Somerset and Richmond farms drive lower net sales and improved Adjusted EBITDA loss guidance for the year
AppHarvest completes $30 million financing deal with Mastronardi Produce secured by AppHarvest Berea farm
Company announces leadership transitions to leverage CEA management experience
MOREHEAD, Ky., Nov. 07, 2022 (GLOBE NEWSWIRE) — AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced its operating and financial results for the quarter ending September 30, 2022, showing strong progress on its strategy to quadruple its number of farms by year-end with the opening of the AppHarvest Berea and AppHarvest Somerset controlled environment agriculture (CEA) facilities and beginning commercial shipments of both salad greens and berries. The four-farm network expected to open this year consists of 165 acres making AppHarvest one of the largest CEA producers.
“As we near completion of the AppHarvest four-farm network with a diversified set of crops against a backdrop of extreme weather that continues to demonstrate the need for controlled environment agriculture in the U.S. to support food security with a climate-resilient and more sustainable approach, I’m encouraged by the team’s progress to execute one of the largest CEA buildouts ever while ramping up production of our fruit and vegetable portfolio for more potential revenue-generating streams this upcoming year,” said AppHarvest Founder & CEO Jonathan Webb.
Third Quarter 2022 Results
For the third quarter 2022, net sales were $524,000 on 0.75 million pounds of tomatoes sold with a net sales price of 70 cents per pound versus net sales of $543,000 on 1.5 million pounds of tomatoes sold with a net sales price of 37 cents per pound in the third quarter of 2021.The third quarter historically is the company’s lowest production period because of the annual summer refresh for the replanting of the Morehead farm to prepare for the next growing season. Despite the higher net price per pound in the third quarter of 2022, net sales were slightly lower than the third quarter 2021 due to lower yield related to the plant health issues disclosed earlier in the year.
In line with expectations while the company continues to rapidly expand its network to four farms, the company recorded a net loss of $24.0 million and non-GAAP Adjusted EBITDA loss of $12.0 million in the third quarter of 2022, compared to a prior year net loss of $17.3 million and non-GAAP Adjusted EBITDA loss of $16.5 million. See reconciliation of the non-GAAP measure at the end of this news release.
Leadership transitions
Tony Martin, a CEA industry veteran with prior experience as chief financial officer of Windset Farms, was recently appointed to the AppHarvest board of directors. The company expects to leverage Martin’s deep CEA expertise to provide valuable guidance in the areas of facilities, staffing and operations, to allow for streamlining within the organization. The general managers of each farm, with Martin’s counsel, will continue working to increase operational rigor and discipline. As the company announced last week, the team’s access to Martin enables David Lee to focus on his role as an AppHarvest board member and to step down from his role as president later this year.
Operations
Planting for the third growing season at Morehead is complete, and harvesting is expected to begin in early November. The crop currently is healthy, showing none of the plant health issues previously reported for the first quarter of 2022. The Morehead farm continues to make progress in improving quality, reducing distribution fees and expanding product variety that may command higher prices. Staffing efforts have increased across the farms, and lessons learned from Morehead are being actively applied to maximize labor efficiency, quality and produce yield as we ramp up operations at the three new facilities.
Development
On October 26, the company announced the start of commercial shipments from its new 15-acre Berea, Ky. salad greens farm featuring a “touchless growing system” with autonomous harvesting. The farm is opening on a phased approach, beginning with five acres and then bringing on additional productive acreage over time. When at capacity, AppHarvest Berea is expected to be able to harvest the equivalent of an estimated 10 miles of lettuce per day. Salad greens from AppHarvest Berea will be used in the new “Queen of Greens®” washed-and-ready-to-eat packaged salad brand.
The company also announced on November 3, the opening of its 30-acre Somerset, Ky., berry farm, where the team already has planted nearly one million strawberry plants for its upcoming season. The company confirmed it has begun commercial shipments of WOW® Berries for its customer, Mastronardi Produce. AppHarvest Somerset will grow strawberries and is expected to alternate the crop seasonally with English cucumbers. AppHarvest continues construction on its 60-acre Richmond, Ky. farm, which is expected to double the company’s capacity to grow tomatoes. Combined with the Morehead farm, the Richmond facility is expected to enable the company to grow nearly 1.5 million tomato plants per season. The AppHarvest Richmond farm also is expected to start operating before the end of 2022.
AppHarvest secures $30 million in non-dilutive capital
In conjunction with the opening of AppHarvest Berea, the company announced a new source of non-dilutive capital through a $30 million loan from Mastronardi Produce secured by the AppHarvest Berea farm. The secured financing is being delivered in two tranches of $15 million each, the first of which occurred on October 25 and the second is anticipated in the first half of the fourth quarter. The loan will incur an interest rate of 7.5% with interest paid in kind until the loan matures. Consistent with its strategy to secure attractive long-term financing for its assets, AppHarvest is evaluating a potential sale-leaseback financing for the Berea farm.
Balance Sheet and Liquidity
As of September 30, 2022, cash and cash equivalents were $36.2 million. During the quarter, the company sold 542,000 shares for $1.4 million via the ATM facility with Cowen, which has a remaining availability of $98.6 million, and 360,000 shares for $1.3 million on the committed equity facility with B. Riley Principal Capital established in December 2021. In July 2022, the company closed on the $50 million in USDA guaranteed loans with Greater Nevada Credit Union backed by AppHarvest Somerset with a current interest rate of 6.45% and a 23-year term, with the first three years being interest payments only. The financing, announced last quarter, repaid the previous JP Morgan credit facility and freed up the related $48 million in restricted cash, which was replaced by $22 million in restricted cash dedicated toward the completion of the Somerset facility.
The company expects to incur approximately $85 million to $95 million more in capital expenditures for the completion of the three construction projects underway, $50 million to $55 million of which is expected to be spent in the fourth quarter of 2022, with the remaining $35 million to $40 million expected to be paid by first quarter of 2023. Increases were driven by construction delays and supply chain issues associated with the expected quadrupling of the farm network by year-end.
Financial Outlook
The company is revising its full-year 2022 net sales outlook downward by approximately $6.6 million to an expected range of $14.0 million to $17.0 million. The revised guidance is primarily driven by construction delays related to supply chain issues at both AppHarvest Berea and AppHarvest Somerset that affected the timing of commercial shipments from the farms.
The company also is updating its full-year 2022 outlook range for Adjusted EBITDA loss guidance upward by $13.5 million to an anticipated loss in the range of $67.0 million to $72.0 million. This improvement was driven by lower costs of goods sold and operating costs related to the delayed operational readiness of the new facilities as well as cost-saving measures implemented in the second half of this year.
Conference Call and Webcast
AppHarvest will host a webcast and conference call today at 4:30 p.m. ET to discuss its third quarter financial results and operations.
The conference call will be streamed over the internet and accessible through the “Investor Relations” section of the AppHarvest website at https://investors.appharvest.com. To join the live call, please register here for the dial-in number and a personal PIN code. An audio-only replay of the webcast will be available on the company’s website approximately 90 minutes after the end of the conference call for 30 days.
Upcoming Events
AppHarvest management plans to participate in the 2nd Annual Roth AgTech Answers in New York City on Tuesday, November 15, 2022, and the Canaccord Genuity AgriFood Tech Innovation Virtual Forum on Thursday, December 1, 2022.
Details on upcoming events are available at the “Events” section of the AppHarvest Investor Relations website at https://investors.appharvest.com.
About AppHarvest
AppHarvest is a sustainable food company in Appalachia developing and operating some of the world’s largest high-tech indoor farms with robotics and artificial intelligence to build a reliable, climate-resilient food system. AppHarvest’s farms are designed to grow produce using sunshine, rainwater and up to 90% less water than open-field growing, all while producing yields up to 30 times that of traditional agriculture and preventing pollution from agricultural runoff. AppHarvest currently operates its flagship farm – about the size of 50 football fields – in Morehead, Ky., producing tomatoes. The company is developing a network of farms to produce a variety of vine crops, salad greens and berries. The four-farm network that is expected to be operational by the end of 2022 consists of 165 acres. For more information, visit https://www.appharvest.com/.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP measures, such as Adjusted EBITDA, to understand and evaluate the Company’s core operating performance. The Company defines and calculates Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense or benefit, depreciation and amortization, adjusted to exclude: stock-based compensation expense, Business Combination transaction-related costs, restructuring and impairment costs, remeasurement of warrant liabilities, start-up costs for new CEA facilities, Root AI acquisition related costs and certain other non-core items. The Company believes this non-GAAP measure of financial results provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management uses this non-GAAP measure for trend analyses and for budgeting and planning purposes.
The Company believes that the use of this non-GAAP financial measure provides an additional tool for investors to use in evaluating projected operating results and trends. Other similar companies may present different non-GAAP measures or calculate similar non-GAAP measures differently. Management does not consider this non-GAAP measure in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of this non-GAAP financial measure is that it excludes significant expenses that are required to be presented in the Company’s GAAP financial statements. Because of this limitation, you should consider Adjusted EBITDA alongside other financial performance measures, including net loss and the Company’s other financial results presented in accordance with GAAP.
Adjusted EBITDA as used in connection with the Company’s 2022 outlook is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. The Company is unable to reconcile this forward-looking non-GAAP financial measure to net income, its most directly comparable forward-looking GAAP financial measure, without unreasonable efforts, because the Company is currently unable to predict with a reasonable degree of certainty its stock-based compensation expense for 2022. In addition, the company may incur additional expenses which may impact adjusted EBITDA. Such items may include costs and expenses related to the business combination activities, income taxes and other items. The unavailable information could have a significant impact on the Company’s full year 2022 GAAP financial results.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “expect,” “believe,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “could,” “would,” “plan,” “potential,” “seem,” “future,” “outlook,” “can,” “may, ”“target,” “strategy” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding AppHarvest’s intention to build high-tech CEA farms, the anticipated benefits of and production at such facilities, including implementation of a phased approach at each facility, timing and availability of tomatoes at top national grocery stores and restaurants, anticipated benefits of the third season harvest, of the delivery of the second tranche of funding from Mastronardi Produce, the potential for a sale-leaseback of the Berea farm, the composition of AppHarvest’s leadership team, AppHarvest’s future financial performance, as well as AppHarvest’s growth and evolving business plans and strategy, ability to capitalize on commercial opportunities, future operations, estimated financial position, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of AppHarvest’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AppHarvest. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the company’s Quarterly Report on Form 10-Q filed with the SEC by AppHarvest on November 7, 2022, under the heading “Risk Factors,” and other documents AppHarvest has filed, or that AppHarvest will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect AppHarvest’s expectations, plans, or forecasts of future events and views as of the date of this press release. AppHarvest anticipates that subsequent events and developments will cause its assessments to change. However, while AppHarvest may elect to update these forward-looking statements at some point in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing AppHarvest’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
APPHARVEST, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands except per share amounts)
| September 30, 2022 |
December 31, 2021 |
||||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 36,231 | $ | 150,755 | |||
| Restricted cash | 22,464 | 25,556 | |||||
| Accounts receivable, net | 4 | 1,575 | |||||
| Inventories, net | 12,409 | 4,998 | |||||
| Prepaid expenses and other current assets | 4,850 | 5,613 | |||||
| Total current assets | 75,958 | 188,497 | |||||
| Operating lease right-of-use assets, net | 1,677 | 5,010 | |||||
| Property and equipment, net | 458,744 | 343,913 | |||||
| Other assets, net | 27,079 | 16,644 | |||||
| Total non-current assets | 487,500 | 365,567 | |||||
| Total assets | $ | 563,458 | $ | 554,064 | |||
| Liabilities and stockholders’ equity | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 10,500 | $ | 8,553 | |||
| Accrued expenses | 17,648 | 15,794 | |||||
| Current portion of lease liabilities | 472 | 751 | |||||
| Current portion of long-term debt | 3,685 | 28,020 | |||||
| Other current liabilities | 106 | 119 | |||||
| Total current liabilities | 32,411 | 53,237 | |||||
| Long-term debt, net of current portion | 181,619 | 102,637 | |||||
| Lease liabilities, net of current portion | 1,898 | 4,938 | |||||
| Deferred income tax liabilities | 3,594 | 2,418 | |||||
| Private Warrant liabilities | 514 | 1,385 | |||||
| Other liabilities | 107 | 1,809 | |||||
| Total non-current liabilities | 187,732 | 113,187 | |||||
| Total liabilities | 220,143 | 166,424 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, par value $0.0001, 10,000 shares authorized, 0 issued and outstanding, as of September 30, 2022 and December 31, 2021, respectively | — | — | |||||
| Common stock, par value $0.0001, 750,000 shares authorized, 107,278 and 101,136 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 11 | 10 | |||||
| Additional paid-in capital | 605,222 | 576,895 | |||||
| Accumulated deficit | (270,638 | ) | (187,314 | ) | |||
| Accumulated other comprehensive income (loss) | 8,720 | (1,951 | ) | ||||
| Total stockholders’ equity | 343,315 | 387,640 | |||||
| Total liabilities and stockholders’ equity | $ | 563,458 | $ | 554,064 | |||
APPHARVEST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS (Unaudited)
(In thousands except per share data)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net sales | $ | 524 | $ | 543 | $ | 10,046 | $ | 5,980 | |||||||
| Cost of goods sold | 5,874 | 7,482 | 33,549 | 30,001 | |||||||||||
| (5,350 | ) | (6,939 | ) | (23,503 | ) | (24,021 | ) | ||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative expenses | 17,514 | 25,401 | 58,778 | 84,357 | |||||||||||
| Total operating expenses | 17,514 | 25,401 | 58,778 | 84,357 | |||||||||||
| Loss from operations | (22,864 | ) | (32,340 | ) | (82,281 | ) | (108,378 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest expense from related parties | — | — | — | (658 | ) | ||||||||||
| Interest expense | — | (805 | ) | — | (893 | ) | |||||||||
| Change in fair value of Private Warrants | 27 | 15,781 | (233 | ) | 32,095 | ||||||||||
| Other | 297 | 113 | 366 | 574 | |||||||||||
| Loss before income taxes | (22,540 | ) | (17,251 | ) | (82,148 | ) | (77,260 | ) | |||||||
| Income tax benefit (expense) | (1,444 | ) | (17 | ) | (1,176 | ) | (539 | ) | |||||||
| Net loss | (23,984 | ) | (17,268 | ) | (83,324 | ) | (77,799 | ) | |||||||
| Other comprehensive income (loss): | |||||||||||||||
| Net unrealized gains (losses) on derivatives contracts, net of tax | 3,551 | (66 | ) | 10,671 | (2,578 | ) | |||||||||
| Comprehensive loss | $ | (20,433 | ) | $ | (17,334 | ) | $ | (72,653 | ) | $ | (80,377 | ) | |||
| Net loss per common share: | |||||||||||||||
| Basic and diluted | $ | (0.23 | ) | $ | (0.17 | ) | $ | (0.80 | ) | $ | (0.83 | ) | |||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic and diluted | 106,453 | 100,437 | 103,643 | 93,823 | |||||||||||
APPHARVEST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
| Nine Months Ended September 30, | |||||||
| 2022 | 2021 | ||||||
| Operating Activities | |||||||
| Net loss | $ | (83,324 | ) | $ | (77,799 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Change in fair value of Private Warrants | 233 | (32,095 | ) | ||||
| Deferred income tax (benefit) expense | 1,176 | 539 | |||||
| Depreciation and amortization | 9,941 | 7,791 | |||||
| Fixed asset impairment | 1,070 | — | |||||
| Stock-based compensation expense | 17,495 | 31,248 | |||||
| Rent expense in excess of payments | (158 | ) | (72 | ) | |||
| Changes in operating assets and liabilities | |||||||
| Accounts receivable | 1,571 | 259 | |||||
| Inventories, net | (7,411 | ) | (800 | ) | |||
| Prepaid expenses and other current assets | 762 | (2,752 | ) | ||||
| Other assets, net | (1,722 | ) | (10,486 | ) | |||
| Accounts payable | 888 | 811 | |||||
| Accrued expenses | (1,577 | ) | 1,575 | ||||
| Other current liabilities | 50 | (178 | ) | ||||
| Other non-current liabilities | (46 | ) | 617 | ||||
| Net cash used in operating activities | (61,052 | ) | (81,342 | ) | |||
| Investing Activities | |||||||
| Purchases of property and equipment | (121,613 | ) | (112,903 | ) | |||
| Purchases of property and equipment from a related party | — | (122,911 | ) | ||||
| Cost of acquisition, net of cash acquired | — | (9,756 | ) | ||||
| Investment in unconsolidated entity | — | (5,000 | ) | ||||
| Net cash used in investing activities | (121,613 | ) | (250,570 | ) | |||
| Financing Activities | |||||||
| Proceeds from Business Combination and PIPE Shares, net | — | 448,500 | |||||
| Proceeds from debt | 105,759 | 95,709 | |||||
| Payments on long-term debt | (48,597 | ) | — | ||||
| Debt issuance costs | (2,430 | ) | (1,046 | ) | |||
| Payments on financing obligation to a related party | — | (2,088 | ) | ||||
| Proceeds from stock options exercised | 137 | 35 | |||||
| Proceeds from exercise of warrants | — | 95 | |||||
| Proceeds from Employee Stock Purchase Plan | 211 | — | |||||
| Payments of withholding taxes on restricted stock conversions | (1,497 | ) | (2,341 | ) | |||
| Proceeds from issuance of common stock | 11,466 | — | |||||
| Other financing activities | — | (37 | ) | ||||
| Net cash provided by financing activities | 65,049 | 538,827 | |||||
| Change in cash and cash equivalents | (117,616 | ) | 206,915 | ||||
| Cash, cash equivalents and restricted cash at the beginning of period | 176,311 | 21,909 | |||||
| Cash, cash equivalents and restricted cash at the end of period | 58,695 | 228,824 | |||||
| Less restricted cash at the end of the period | 22,464 | — | |||||
| Cash and cash equivalents at the end of the period | $ | 36,231 | $ | 228,824 | |||
| Non-cash Activities: | |||||||
| Fixed assets purchases in accounts payable | $ | 1,059 | $ | 14,170 | |||
| Fixed assets purchases in accrued liabilities | $ | 3,431 | $ | 8,331 | |||
| Terminated right of use assets and operating lease liabilities | $ | 3,031 | $ | — | |||
| New right of use assets and lease liabilities | $ | 169 | $ | 1,055 | |||
APPHARVEST, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP Measures to Non-GAAP Measures
(In millions)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (Dollars in millions) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||
| Net loss | $ | (24.0 | ) | $ | (17.3 | ) | $ | (83.3 | ) | $ | (77.8 | ) | ||||
| Interest expense from related parties | — | — | — | 0.7 | ||||||||||||
| Interest expense | — | 0.8 | — | 0.9 | ||||||||||||
| Interest income | (0.2 | ) | (0.1 | ) | (0.5 | ) | (0.2 | ) | ||||||||
| Income tax (benefit) expense | 1.4 | — | 1.2 | 0.5 | ||||||||||||
| Depreciation and amortization expense | 3.8 | 3.2 | 9.9 | 7.8 | ||||||||||||
| EBITDA | (19.0 | ) | (13.4 | ) | (72.7 | ) | (68.1 | ) | ||||||||
| Change in fair value of Private Warrants | — | (15.8 | ) | 0.2 | (32.1 | ) | ||||||||||
| Stock-based compensation expense | 5.5 | 11.6 | 17.5 | 31.2 | ||||||||||||
| Transaction success bonus on completion of Business Combination | — | — | — | 1.5 | ||||||||||||
| Restructuring and impairment costs | 0.2 | 0.9 | 4.5 | 0.9 | ||||||||||||
| Start-up costs for new CEA facilities(1) | 1.3 | — | 2.6 | — | ||||||||||||
| Business Combination transaction costs | — | 0.1 | — | 13.9 | ||||||||||||
| Root AI acquisition costs(2) | — | — | — | 1.0 | ||||||||||||
| Adjusted EBITDA | $ | (12.0 | ) | $ | (16.5 | ) | $ | (47.9 | ) | $ | (51.6 | ) | ||||
(1) Start-up costs are related to the pre-commencement commercial activities for tomatoes, salad greens and berries at the Richmond, Berea and Somerset CEA facilities
(2) The acquisition of Root AI occurred on April 7, 2021
Media Contact: Travis Parman, [email protected]
Investor Contact: [email protected]
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9eb68dde-edef-403a-b04a-5c80e4c569e1
https://www.globenewswire.com/NewsRoom/AttachmentNg/af987581-24b2-44d8-86a7-a5def824d294
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.
Photo – https://mma.prnewswire.com/media/2407480/Caption___Rainbow_Robotics_Press_Release__Rainbow_Robotics_begins_pre_orders_of_Bimanual_Mobile_Mani.jpg
View original content:https://www.prnewswire.co.uk/news-releases/rainbow-robotics-begins-pre-orders-of-bimanual-mobile-manipulator-rb-y1–the-worlds-first-research-platform-for-ai-experts-for-80-000-usd-302139719.html
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.
About Meister Media Worldwide
For media inquiries, please contact:Amy Reddington, Show Director
Logo – https://mma.prnewswire.com/media/2080421/4694823/Meister_Media_Worldwide_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/agribusiness-global-announces-2024-event-line-up-connecting-crop-input-leaders-worldwide-302140221.html
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
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. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Scope AI Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares Scope AI Corp., 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 Scope AI Corp. 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 Scope AI Corp. 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. 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/economic-shifts-ahead-as-ai-integrates-deeply-into-work-and-society-fueling-4-4-trillion-growth-302140422.html
-
Artificial Intelligence6 days agoCleverTap launches Clever.AI, the AI-Driven Edge for Customer Engagement & Retention
-
Uncategorized6 days agoImproving the Developer Journey in Crafting Artificial Intelligence Applications
-
Uncategorized6 days ago
Unveiling the Complex Psychological Implications of Artificial Intelligence
-
Artificial Intelligence6 days ago5G Enterprise Market Projected to Reach $115.81 billion by 2030 – Exclusive Report by 360iResearch
-
Artificial Intelligence6 days agoBitrue expands Bitcoin Runes Offerings with GPTV Listing and Staking Options
-
Artificial Intelligence6 days agoVirtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
-
Artificial Intelligence6 days agoInnodisk Introduces iCAP Air: Advancing Air Quality Management through Autonomous Decision-Making
-
Artificial Intelligence6 days agoAppian Named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms Report
