Artificial Intelligence
Aterian Reports Third Quarter 2022 Results
Reports Third Quarter 2022 Net Revenue of $66.3 Million
Targeting Adjusted EBITDA Profitability in the Second Half of 2023 Driven Primarily by Improving International Shipping Rates and Cost Reductions
NEW YORK, Nov. 08, 2022 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”) today announced results for the third quarter ended September 30, 2022.
Third Quarter 2022 Highlights
- Third quarter 2022 net revenue declined 2.6% to $66.3 million, compared to $68.1 million in the third quarter of 2021.
- Third quarter 2022 gross margin declined to 45.5%, compared to 50.2% in the third quarter of 2021, primarily due to the liquidation of high priced excess inventory.
- Third quarter 2022 contribution margin declined to 1.1% from 12.1% in the third quarter of 2021, primarily due to the liquidation of high priced excess inventory.
- Third quarter 2022 operating loss of $(108.9) million increased, compared to a loss of $(7.5) million in the third quarter of 2021. Third quarter 2022 operating loss includes a gain of $0.8 million from the change in fair value of earn-out liabilities, a non-cash loss of $(90.9) million from the impairment on goodwill, a non-cash loss of $(3.1) million on the impairment on intangibles and $(2.9) million of non-cash stock compensation while third quarter 2021 operating loss included a gain of $4.2 million from the change in fair value of earn-out liabilities and $(9.6) million of non-cash stock compensation.
- Third quarter 2022 net loss of $(116.9) million increased from $(110.6) million in the third quarter of 2021. Third quarter 2022 net loss includes a gain of $5.5 million in net charges from the changes in fair value of warrants, a loss of $(12.8) million from the derivative related to offering of common stock, $(2.9) million of non-cash stock compensation, a gain of $0.8 million from the change in fair value of earn-out liabilities, a non-cash loss of $(90.9) million from the impairment on goodwill, and a non-cash loss of $(3.1) million on the impairment on intangibles, while third quarter 2021 included a loss of $(107.0) million from extinguishment of debt, a gain of $8.1 million from the change in fair value of warrants, and a gain of $1.4 million associated with a derivative liability from our term loan, a gain of $4.2 million from the change in fair value of earn-out liabilities and $(9.6) million of non-cash stock compensation.
- Third quarter 2022 adjusted EBITDA of $(9.1) million declined as compared to $0.7 million in the third quarter of 2021.
- Launched one new product in the third quarter of 2022 compared with zero new products launched in the third quarter of 2021.
- Total cash balance at September 30, 2022 was $26.0 million.
“Shipping costs have cast a cloud over ecommerce for an extended period, but last week we loaded containers from China at approximately a 90 percent discount to the costs we incurred in the second half of 2021,” commented Yaniv Sarig, CEO of Aterian. “With these costs continuing to normalize, we can begin transitioning from defense to offense. We plan to close the year by continuing what we did in this past quarter: aggressively liquidating higher cost inventory, extending market share of our leading products, and charting a path to sustainable contribution margins and positive Adjusted EBITDA. The austere operating conditions arising out of the pandemic have increased the universe of potential M&A targets, and we continue to evaluate attractively valued opportunities.”
Fourth Quarter 2022 Outlook
For the fourth quarter of 2022, taking into account the current global environment and rising inflation, we believe that net revenue will be between $45 million and $55 million.
Non-GAAP Financial Measures
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Non-GAAP Financial Measures and Reconciliations” section below. The most directly comparable financial measure presented in accordance with GAAP to EBITDA and Adjusted EBITDA is net loss. We are unable to reconcile the forward-looking statements of EBITDA and Adjusted EBITDA in this press release to their nearest GAAP measures because the nearest GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.
Webcast and Conference Call Information
Aterian will host a conference call to discuss financial results today, November 8, 2022, at 5:00 p.m. Eastern Time, which will be accessible by telephone and the internet. To access the call, participants from within the U.S. should dial (833) 636-1351 and participants from outside the U.S. should dial (412) 902-4267 and ask to be joined into the Aterian, Inc. call. Participants may also access the call through a live webcast at https://ir.aterian.io. The archived online replay will be available for a limited time after the call in the Investors Relations section of the Aterian website.
About Aterian, Inc.
Aterian, Inc. (Nasdaq: ATER) is a leading technology-enabled consumer product platform that builds, acquires, and partners with best-in-class e-commerce brands by harnessing proprietary software and an agile supply chain to create top selling consumer products. The Company’s cloud-based platform, Artificial Intelligence Marketplace Ecommerce Engine (AIMEE™), leverages machine learning, natural language processing and data analytics to streamline the management of products at scale across the world’s largest online marketplaces with a focus on Amazon, Shopify and Walmart. Aterian has thousands of SKUs across its many owned and operated brands and sells products in multiple categories, including home and kitchen appliances, health and wellness, beauty and consumer electronics.
Forward Looking Statements
All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our expected net revenue for the fourth quarter of 2022; regarding our target of achieving adjusted EBITDA profitability in the second half of 2023; our ability to extend market share and reduce costs; expected changes in the cost of shipping containers and shipping rates; our expectations regarding the transition of our business strategy from offense to defense; our expectations regarding contribution margin and adjusted EBITDA; our ability to manage our inventory, including through liquidation of inventory; and our expectations around our M&A opportunities. These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to the global shipping disruptions, our ability to continue as a going concern, our ability to meet financial covenants with our lenders, our ability to create operating leverage and efficiency when integrating companies that we acquire or have acquired, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to the impact of COVID-19, the war in the Ukraine, the rising tensions between China and Taiwan and other macroeconomic factors, including their impact on consumer demand, our cash flows, financial condition, forecasting and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; the impact of intangible assets such as goodwill, and other impairments; disruptions to the Company’s information technology systems, including but not limited to potential or actual security breaches of systems protecting consumer and employee information or other types of cybercrimes or cybersecurity attacks; our ability to disrupt the consumer products industry; our ability to maintain and grow market share in existing and new product categories; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue and expenses; acquisitions of other companies and technologies and our ability to successfully integrate such companies and technologies with our business; our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.
Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
ATERIAN, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data)
December 31, 2021 | September 30, 2022 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash | $ | 30,317 | $ | 25,997 | ||||
Accounts receivable—net | 10,478 | 4,933 | ||||||
Inventory | 63,045 | 60,457 | ||||||
Prepaid and other current assets | 21,034 | 10,459 | ||||||
Total current assets | 124,874 | 101,846 | ||||||
PROPERTY AND EQUIPMENT—net | 1,254 | 856 | ||||||
GOODWILL—net | 119,941 | — | ||||||
OTHER INTANGIBLES—net | 64,955 | 56,265 | ||||||
OTHER NON-CURRENT ASSETS | 2,546 | 2,564 | ||||||
TOTAL ASSETS | $ | 313,570 | $ | 161,531 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Credit facility | $ | 32,845 | $ | 23,919 | ||||
Accounts payable | 21,716 | 13,491 | ||||||
Seller notes | 7,577 | 2,326 | ||||||
Contingent earn-out liability | 3,983 | — | ||||||
Warrant liability | — | 6,308 | ||||||
Accrued and other current liabilities | 17,621 | 14,533 | ||||||
Total current liabilities | 83,742 | 60,577 | ||||||
OTHER LIABILITIES | 360 | 1,673 | ||||||
CONTINGENT EARN-OUT LIABILITY | 5,240 | — | ||||||
Total liabilities | 89,342 | 62,250 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Common stock, par value $0.0001 per share—500,000,000 shares authorized and 55,090,237 shares outstanding at December 31, 2021; 500,000,000 shares authorized and 69,540,749 shares outstanding at September 30, 2022 |
5 | 7 | ||||||
Additional paid-in capital | 653,650 | 705,775 | ||||||
Accumulated deficit | (428,959 | ) | (604,946 | ) | ||||
Accumulated other comprehensive loss | (468 | ) | (1,555 | ) | ||||
Total stockholders’ equity | 224,228 | 99,281 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 313,570 | $ | 161,531 |
See notes to condensed consolidated financial statements.
ATERIAN, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
NET REVENUE | $ | 68,121 | $ | 66,326 | $ | 184,446 | $ | 166,268 | ||||||||
COST OF GOODS SOLD | 33,946 | 36,135 | 91,464 | 81,118 | ||||||||||||
GROSS PROFIT | 34,175 | 30,191 | 92,982 | 85,150 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Sales and distribution | 32,337 | 33,792 | 96,716 | 88,632 | ||||||||||||
Research and development | 2,767 | 1,706 | 7,220 | 4,582 | ||||||||||||
General and administrative | 10,843 | 10,369 | 31,807 | 29,481 | ||||||||||||
Impairment loss on goodwill | — | 90,921 | — | 119,941 | ||||||||||||
Impairment loss on intangibles | — | 3,118 | — | 3,118 | ||||||||||||
Change in fair value of contingent earn-out liabilities | (4,245 | ) | (774 | ) | (11,949 | ) | (5,240 | ) | ||||||||
TOTAL OPERATING EXPENSES: | 41,702 | 139,132 | 123,794 | 240,514 | ||||||||||||
OPERATING LOSS | (7,527 | ) | (108,941 | ) | (30,812 | ) | (155,364 | ) | ||||||||
INTEREST EXPENSE—net | 2,786 | 904 | 11,877 | 2,043 | ||||||||||||
GAIN ON EXTINGUISHMENT OF SELLER NOTE | — | — | — | (2,012 | ) | |||||||||||
LOSS ON INITIAL ISSUANCE OF EQUITY | — | 12,834 | — | 18,669 | ||||||||||||
CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITY | 1,360 | — | 3,254 | — | ||||||||||||
LOSS ON EXTINGUISHMENT OF DEBT | 106,991 | — | 136,763 | — | ||||||||||||
CHANGE IN FAIR VALUE OF WARRANT LIABILITY | (8,134 | ) | (5,528 | ) | 26,455 | 2,365 | ||||||||||
LOSS ON INITIAL ISSUANCE OF WARRANT | — | — | 20,147 | — | ||||||||||||
OTHER EXPENSE (INCOME) | 5 | (174 | ) | 43 | (199 | ) | ||||||||||
LOSS BEFORE INCOME TAXES | (110,535 | ) | (116,977 | ) | (229,351 | ) | (176,230 | ) | ||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 21 | (75 | ) | 64 | (243 | ) | ||||||||||
NET LOSS | $ | (110,556 | ) | $ | (116,902 | ) | $ | (229,415 | ) | $ | (175,987 | ) | ||||
Net loss per share, basic and diluted | $ | (3.13 | ) | $ | (1.81 | ) | $ | (7.55 | ) | $ | (2.78 | ) | ||||
Weighted-average number of shares outstanding, basic and diluted | 35,359,999 | 64,648,650 | 30,383,375 | 63,397,196 |
See notes to condensed consolidated financial statements.
ATERIAN, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Nine Months Ended September 30, | ||||||||
2021 | 2022 | |||||||
OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (229,415 | ) | $ | (175,987 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 4,757 | 5,763 | ||||||
Provision for sales returns | 398 | 134 | ||||||
Amortization of deferred financing costs and debt discounts | 7,730 | 321 | ||||||
Issuance of common stock | — | 43 | ||||||
Stock-based compensation | 21,330 | 11,854 | ||||||
Gain from increase of contingent earn-out liability fair value | (11,949 | ) | (5,240 | ) | ||||
Loss in connection with the change in warrant fair value | 26,455 | 2,365 | ||||||
Loss from extinguishment of High Trail December 2020 and February 2021 Term Loan | 28,240 | — | ||||||
Loss from extinguishment of High Trail April 2021 Term Loan | 106,991 | — | ||||||
Loss from embedded derivative related to term loan | 3,254 | — | ||||||
Loss from extinguishment of Credit Facility | 1,532 | — | ||||||
Loss on initial issuance of warrant | 20,147 | — | ||||||
Gain in connection with settlement of note payable | — | (2,012 | ) | |||||
Loss on initial issuance of equity | — | 18,669 | ||||||
Impairment loss on goodwill | — | 119,941 | ||||||
Impairment loss on intangibles | 3,118 | |||||||
Allowance for doubtful accounts and other | 4,597 | 219 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (3,765 | ) | 5,326 | |||||
Inventory | (27,531 | ) | 2,588 | |||||
Prepaid and other current assets | (7,219 | ) | 3,351 | |||||
Accounts payable, accrued and other liabilities | 13,999 | (9,994 | ) | |||||
Cash used in operating activities | (40,449 | ) | (19,541 | ) | ||||
INVESTING ACTIVITIES: | ||||||||
Purchase of fixed assets | (14 | ) | (29 | ) | ||||
Purchase of Healing Solutions assets | (15,250 | ) | — | |||||
Purchase of Photo Paper Direct, net of cash acquired | (10,583 | ) | — | |||||
Purchase of Squatty Potty assets | (19,040 | ) | — | |||||
Cash used in investing activities | (44,887 | ) | (29 | ) | ||||
FINANCING ACTIVITIES: | ||||||||
Proceeds from warrant exercise | 9,051 | — | ||||||
Proceeds from cancellation of warrant | 16,957 | — | ||||||
Proceeds from equity offering, net of issuance costs | 36,735 | — | ||||||
Proceeds from equity offering | 8,749 | 27,007 | ||||||
Repayments on note payable to Smash | (9,254 | ) | (2,868 | ) | ||||
Borrowings from MidCap credit facility | 14,630 | 107,678 | ||||||
Repayments for MidCap credit facility | (28,274 | ) | (116,924 | ) | ||||
Deferred financing costs from MidCap credit facility | (151 | ) | — | |||||
Repayments for High Trail December 2020 Note and February 2021 Note | (59,500 | ) | — | |||||
Borrowings from High Trail February 2021 Note and warrants | 14,025 | — | ||||||
Repayments for High Trail April 2021 Note | (10,139 | ) | — | |||||
Borrowings from High Trail April 2021 Note and warrants | 110,000 | |||||||
Debt issuance costs from High Trail February 2021 Note | (1,462 | ) | — | |||||
Debt issuance costs from High Trail April 2021 Note | (2,202 | ) | — | |||||
Payment for squatty earn-out | (3,988 | ) | (3,983 | ) | ||||
Insurance obligation payments | (2,329 | ) | (1,778 | ) | ||||
Insurance financing proceeds | 2,424 | 2,099 | ||||||
Cash provided by financing activities | 95,272 | 11,231 | ||||||
EFFECT OF EXCHANGE RATE ON CASH | (434 | ) | (936 | ) | ||||
NET CHANGE IN CASH AND RESTRICTED CASH FOR PERIOD | 9,502 | (9,275 | ) | |||||
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD | 30,097 | 38,315 | ||||||
CASH AND RESTRICTED CASH AT END OF PERIOD | $ | 39,599 | $ | 29,040 | ||||
RECONCILIATION OF CASH AND RESTRICTED CASH | ||||||||
CASH | $ | 37,470 | $ | 25,997 | ||||
RESTRICTED CASH—Prepaid and other assets | 2,000 | 2,914 | ||||||
RESTRICTED CASH—Other non-current assets | 129 | 129 | ||||||
TOTAL CASH AND RESTRICTED CASH | $ | 39,599 | $ | 29,040 | ||||
ATERIAN, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||
Cash paid for interest | $ | 4,989 | $ | 1,409 | |||
Cash paid for taxes | $ | 41 | $ | 58 | |||
Non-cash consideration paid to contractors | $ | 4,032 | $ | 1,137 | |||
Modification of warrants between equity and liability | $ | 75,826 | $ | — | |||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Original issue discount | $ | 2,475 | $ | — | |||
Fair value of contingent consideration | $ | 20,971 | $ | — | |||
Discount of debt relating to warrants issuance | $ | 50,695 | $ | — | |||
Notes Payable of acquisition | $ | 16,550 | $ | — | |||
Issuance of common stock in connection with Healing Solutions and Photo Paper Direct acquisitions | $ | 50,529 | $ | — | |||
Issuance of common stock – debt repayment | $ | 125,562 | $ | — | |||
Issuance of common stock related to exercise of warrants | $ | — | $ | 767 | |||
Fair value of warrants issued in connection with equity offering | $ | — | $ | 18,982 | |||
Issuance of Common Stock | $ | — | $ | 43 | |||
Exercise of prefunded warrants | $ | — | $ | 15,039 |
See notes to condensed consolidated financial statements.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and accompanying tables include certain non-GAAP financial measures. The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of our on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP.
Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by us may be different from the non-GAAP financial measures used by other companies.
We have presented the following non-GAAP measures to assist investors in understanding our core net operating results on an on-going basis: (i) Contribution Margin; (ii) Contribution margin as a percentage of net revenue; (iii) EBITDA (iv) Adjusted EBITDA; and (v) Adjusted EBITDA as a percentage of net revenue. These non-GAAP financial measures may also assist investors in making comparisons of our core operating results with those of other companies.
As used herein, Contribution margin represents gross profit less amortization of inventory step-up from acquisitions (included in cost of goods sold) and e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). As used herein, Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and provision for income taxes. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of earn-outs, amortization of inventory step-up from acquisitions (included in cost of goods sold), changes in fair-market value of warrant liability, professional fees and transition costs related to acquisitions, loss from extinguishment of debt, impairment of goodwill, loss on initial issuance of equity, litigation reserve and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. Contribution margin, EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to loss from operations or net loss, as determined under GAAP.
We present Contribution margin and Contribution margin as a percentage of net revenue, as we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to gross profit, provides useful supplemental information for investors. Specifically, Contribution margin and Contribution margin as a percentage of net revenue are two of our key metrics in running our business. All product decisions made by us, from the approval of launching a new product and to the liquidation of a product at the end of its life cycle, are measured primarily from Contribution margin and/or Contribution margin as a percentage of net revenue. Further, we believe these measures provide improved transparency to our stockholders to determine the performance of our products prior to fixed costs as opposed to referencing gross profit alone.
In the reconciliation to calculate contribution margin, we add e-commerce platform commissions, online advertising, selling and logistics expenses (“sales and distribution variable expense”), to gross margin to inform users of our financial statements of what our product profitability is at each period prior to fixed costs (such as sales and distribution expenses such as salaries as well as research and development expenses and general administrative expenses). By excluding these fixed costs, we believe this allows users of our financial statements to understand our products’ performance and allows them to measure our products’ performance over time.
We present EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provide useful supplemental information for investors. We use these measures with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue are useful to investors in assessing the operating performance of our business without the effect of non-cash items.
Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue may not be comparable to similarly titled measures in other organizations because other organizations may not calculate Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue in the same manner as we do. Our presentation of Contribution margin and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.
We recognize that EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects:
- our capital expenditures or future requirements for capital expenditures or mergers and acquisitions;
- the interest expense or the cash requirements necessary to service interest expense or principal payments, associated with indebtedness;
- depreciation and amortization, which are non-cash charges, although the assets being depreciated and amortized will likely have to be replaced in the future, or any cash requirements for the replacement of assets;
- changes in cash requirements for our working capital needs; or
- changes in fair value of contingent earn-out liabilities, warrant liabilities, and amortization of inventory step-up from acquisitions (included in cost of goods sold).
Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is and is expected to remain a key element of our overall long-term incentive compensation package.
We also recognize that Contribution margin and Contribution margin as a percentage of net revenue have limitations as analytical financial measures. For example, Contribution margin does not reflect:
- general and administrative expense necessary to operate our business;
- research and development expenses necessary for the development, operation and support of our software platform;
- the fixed costs portion of our sales and distribution expenses including stock-based compensation expense; or
- changes in fair value of contingent earn-out liabilities, warrant liabilities, and amortization of inventory step-up from acquisitions (included in cost of goods sold).
Adjusted EBITDA
EBITDA represents net loss plus depreciation and amortization, interest expense, net and provision for income taxes. Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of earn-outs, amortization of inventory step-up from acquisitions (included in cost of goods sold), change in fair-market value of warrant liability, professional fees and transition costs related to acquisitions, loss from extinguishment of debt, impairment of goodwill, loss on initial issuance of equity, litigation reserve and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue.
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable financial measure presented in accordance with GAAP:
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
(in thousands, except percentages) | ||||||||||||||||
Net loss | $ | (110,556 | ) | $ | (116,902 | ) | $ | (229,415 | ) | $ | (175,987 | ) | ||||
Add: | ||||||||||||||||
Provision for (benefit from) income taxes | 21 | (75 | ) | 64 | (243 | ) | ||||||||||
Interest expense, net | 2,786 | 904 | 11,877 | 2,043 | ||||||||||||
Depreciation and amortization | 1,872 | 1,869 | 4,757 | 5,763 | ||||||||||||
EBITDA | (105,877 | ) | (114,204 | ) | (212,717 | ) | (168,424 | ) | ||||||||
Other expense (income), net | 5 | (174 | ) | 43 | (199 | ) | ||||||||||
Impairment loss on goodwill | — | 90,921 | — | 119,941 | ||||||||||||
Impairment loss on intangibles | — | 3,118 | — | 3,118 | ||||||||||||
Change in fair value of contingent earn-out liabilities | (4,245 | ) | (774 | ) | (11,949 | ) | (5,240 | ) | ||||||||
Amortization of inventory step-up from acquisitions (included in cost of goods sold) | 875 | — | 4,916 | — | ||||||||||||
Gain on extinguishment of seller note | — | — | — | (2,012 | ) | |||||||||||
Loss on initial issuance of equity | — | 12,834 | — | 18,669 | ||||||||||||
Change in fair value of derivative liability | 1,360 | — | 3,254 | — | ||||||||||||
Loss on extinguishment of debt | 106,991 | — | 136,763 | — | ||||||||||||
Change in fair market value of warrant liability | (8,134 | ) | (5,528 | ) | 26,455 | 2,365 | ||||||||||
Loss on initial issuance of warrant | — | — | 20,147 | — | ||||||||||||
Professional fees related to acquisitions | 53 | — | 1,450 | — | ||||||||||||
Litigation reserve | — | 1,800 | — | 2,600 | ||||||||||||
Transition cost from acquisitions | 130 | — | 1,314 | — | ||||||||||||
Transition cost from Photo Paper Direct acquisition | — | — | 696 | — | ||||||||||||
Reserve on dispute with PPE supplier | — | — | 4,100 | — | ||||||||||||
Stock-based compensation expense | 9,570 | 2,943 | 21,330 | 11,854 | ||||||||||||
Adjusted EBITDA | $ | 728 | $ | (9,064 | ) | $ | (4,198 | ) | $ | (17,328 | ) | |||||
Net loss as a percentage of net revenue | (162.3 | )% | (176.3 | )% | (124.4 | )% | (105.8 | )% | ||||||||
Adjusted EBITDA as a percentage of net revenue | 1.1 | % | (13.7 | )% | (2.3 | )% | (10.4 | )% |
Contribution Margin
Contribution margin represents gross profit less amortization of inventory step-up from acquisitions (included in cost of goods sold) and e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. The following table provides a reconciliation of Contribution margin to gross profit and Contribution margin as a percentage of net revenue to gross profit as a percentage of net revenue, which are the most directly comparable financial measures presented in accordance with GAAP.
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
(in thousands, except percentages) | ||||||||||||||||
Gross Profit | $ | 34,175 | $ | 30,191 | $ | 92,982 | $ | 85,150 | ||||||||
Add: | ||||||||||||||||
Amortization of inventory step-up from acquisitions (included in cost of goods sold) | 875 | — | 4,916 | — | ||||||||||||
Less: | ||||||||||||||||
E-commerce platform commissions, online advertising, selling and logistics expenses | (26,818 | ) | (29,448 | ) | (77,870 | ) | (74,927 | ) | ||||||||
Contribution margin | $ | 8,232 | $ | 743 | $ | 20,028 | $ | 10,223 | ||||||||
Gross Profit as a percentage of net revenue | 50.2 | % | 45.5 | % | 50.4 | % | 51.2 | % | ||||||||
Contribution margin as a percentage of net revenue | 12.1 | % | 1.1 | % | 10.9 | % | 6.1 | % |
Each of our products typically goes through the Launch phase and depending on its level of success is moved to one of the other phases as further described below:
- Launch phase: During this phase, we leverage our technology to target opportunities identified using AIMEE (Artificial Intelligence Marketplace e-Commerce Engine) and other sources. This phase also includes revenue from new product variations and relaunches. During this period of time, due to the combination of discounts and investment in marketing, our net margin for a product could be as low as approximately negative 35%. Net margin is calculated by taking net revenue less the cost of goods sold, less fulfillment, online advertising and selling expenses. These costs primarily reflect the estimated variable costs related to the sale of a product.
- Sustain phase: Our goal is for every product we launch to enter the sustain phase and become profitable, with a target average of positive 15% net margin, within approximately three months of launch on average. Net margin primarily reflects a combination of manual and automated adjustments in price and marketing spend.
- Liquidate phase: If a product does not enter the sustain phase or if the customer satisfaction of the product (i.e., ratings) is not satisfactory, then it will go to the liquidate phase and we will sell through the remaining inventory. Products can also be liquidated as part of inventory normalization especially when steep discounts are required.
The following tables break out our third quarter 2021 and 2022 results of operations by our product phases:
Three months ended September 30, 2021 (in thousands) (unaudited) | |||||||||||||||||||||
Sustain | Launch | Liquidate/ Other |
Fixed Costs | Stock-based compensation expense | Total | ||||||||||||||||
NET REVENUE | $ | 59,754 | $ | 5,336 | $ | 3,031 | $ | — | $ | — | $ | 68,121 | |||||||||
COST OF GOODS SOLD | 28,313 | 3,275 | 2,358 | — | — | 33,946 | |||||||||||||||
GROSS PROFIT | 31,441 | 2,061 | 673 | — | — | 34,175 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Sales and distribution | 22,818 | 2,887 | 1,113 | 3,075 | 2,444 | 32,337 | |||||||||||||||
Research and development | — | — | — | 991 | 1,776 | 2,767 | |||||||||||||||
General and administrative | — | — | — | 5,493 | 5,350 | 10,843 | |||||||||||||||
Change in fair value of contingent earn-out liabilities | — | — | — | (4,245 | ) | — | (4,245 | ) | |||||||||||||
Three months ended September 30, 2022 (in thousands) (unaudited) | |||||||||||||||||||||
Sustain | Launch | Liquidate/ Other |
Fixed Costs | Stock-based compensation expense | Total | ||||||||||||||||
NET REVENUE | $ | 54,164 | $ | 1,625 | $ | 10,537 | $ | — | $ | — | $ | 66,326 | |||||||||
COST OF GOODS SOLD | 25,350 | 943 | 9,841 | — | — | 36,135 | |||||||||||||||
GROSS PROFIT | 28,813 | 682 | 696 | — | — | 30,191 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Sales and distribution | 23,181 | 803 | 5,463 | 3,345 | 999 | 33,792 | |||||||||||||||
Research and development | — | — | — | 1,195 | 511 | 1,706 | |||||||||||||||
General and administrative | — | — | — | 8,937 | 1,433 | 10,370 | |||||||||||||||
Impairment loss on goodwill | — | — | — | 90,921 | — | 90,921 | |||||||||||||||
Impairment loss on intangibles | — | — | — | 3,118 | — | 3,118 | |||||||||||||||
Change in fair value of contingent earn-out liabilities |
— | — | — | (774 | ) | — | (774 | ) | |||||||||||||
Nine months ended September 30, 2021 (in thousands) (unaudited) | |||||||||||||||||||||
Sustain | Launch | Liquidate/ Other |
Fixed Costs | Stock-based compensation expense | Total | ||||||||||||||||
NET REVENUE | $ | 163,466 | $ | 12,292 | $ | 8,688 | $ | — | $ | — | $ | 184,446 | |||||||||
COST OF GOODS SOLD | 74,173 | 8,191 | 9,100 | — | — | 91,464 | |||||||||||||||
GROSS PROFIT | 89,293 | 4,101 | (412 | ) | — | — | 92,982 | ||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Sales and distribution | 67,046 | 6,415 | 43,963 | 13,891 | 4,968 | 96,716 | |||||||||||||||
Research and development | — | — | — | 3,340 | 3,880 | 7,220 | |||||||||||||||
General and administrative | — | — | — | 19,325 | 12,482 | 31,807 | |||||||||||||||
Change in fair value of contingent earn-out liabilities |
— | — | — | (11,949 | ) | — | (11,949 | ) | |||||||||||||
Nine months ended September 30, 2022 (in thousands) (unaudited) | |||||||||||||||||||||
Sustain | Launch | Liquidate/ Other |
Fixed Costs | Stock-based compensation expense | Total | ||||||||||||||||
NET REVENUE | $ | 146,207 | $ | 3,804 | $ | 16,257 | $ | — | $ | — | $ | 166,268 | |||||||||
COST OF GOODS SOLD | 65,358 | 2,096 | 13,663 | — | — | 81,118 | |||||||||||||||
GROSS PROFIT | 80,849 | 1,707 | 2,593 | — | — | 85,150 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Sales and distribution | 63,295 | 1,971 | 9,661 | 9,477 | 4,228 | 88,632 | |||||||||||||||
Research and development | — | — | — | 3,164 | 1,418 | 4,582 | |||||||||||||||
General and administrative | — | — | — | 23,272 | 6,210 | 29,482 | |||||||||||||||
Impairment loss on goodwill | — | — | — | 119,941 | — | 119,941 | |||||||||||||||
Impairment loss on intangibles | — | — | — | 3,118 | — | 3,118 | |||||||||||||||
Change in fair value of contingent earn-out liabilities |
— | — | — | (5,240 | ) | — | (5,240 | ) |
Artificial Intelligence
RepTrak Announces 2024 Global RepTrak® 100 Report
BOSTON, April 18, 2024 /PRNewswire/ — The RepTrak™ Company, the world’s leading reputation data and insights company, released its annual Global RepTrak 100 report. Utilizing its advanced reputation monitoring software, RepTrak gathered data from more than 243,000 survey responses across 14 major economies to rank the world’s 100 most reputable companies. They share that ranking alongside a full analysis of global corporate reputation trends and corresponding public sentiment in the 2024 report.
After two years of consecutive Reputation Score declines, this year’s Score is back up with an increase from 73.2 in 2023 to 73.8 in 2024. It’s a small increase after 2023’s full one-point drop. However, it’s an encouraging sign that companies have begun to recover from reputation falls driven by many challenges: macroeconomic issues, workplace difficulties, product problems, and corporate responsibility skepticism.
“This year’s report underscores a pivotal shift in the corporate landscape, spotlighting the remarkable adaptability and dedication of the Top 100 companies in responding to the dynamic needs of stakeholders,” states RepTrak CEO Mark Sonders. “The companies featured in our report are not just riding the wave of change; they are the ones steering it, proving that the best approach to business is one that embraces evolution and champions progress.”
RepTrak’s report explores how people thought, felt, and acted toward companies over the past year. Findings include notable increases in Conduct and Citizenship efforts, stakeholders’ rising willingness to invest, culturally resonant brand communications, and ESG Scores that soared despite skepticism around the acronym.
To read the full 2024 Global RepTrak 100 report, please visit: www.reptrak.com/globalreptrak
About RepTrak
The RepTrak™ Company is the world’s leading reputation data and insights company. We help companies by organizing and grading a variety of reputational elements, offering a real-world report card on their corporate reputation. Subscribers to the RepTrak program use our predictive insights to protect business value, improve return on investment, and increase their positive impact on society. RepTrak’s pairing of advanced metrics and dedicated reputation advisors offers clients an actionable analysis of their reputation data, aligning business objectives with stakeholder sentiment across different markets and sectors.
Established in 2004, The RepTrak Company owns the world’s largest reputation benchmarking database, gathering over 1 million company ratings per year used by CEOs, boards, and executives in more than 60 countries worldwide. For more information, please visit: www.reptrak.com
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Artificial Intelligence
Group-IB takes part in a global operation to cripple Canadian Phishing-as-a-Service provider LabHost
SINGAPORE, April 18, 2024 /PRNewswire/ — Group-IB, a leading cybersecurity company aimed at investigating, preventing, and fight digital crime announced today that it participated in a coordinated global takedown operation against prominent Canadian Phishing-as-a-Service (PhaaS) provider LabHost, which has led to the arrest of 37 suspects across the United Kingdom and around the world by law enforcement agencies. As part of the operation, Group-IB also conducted an extensive analysis of LabHost’s criminal history and infrastructure, including insights into LabHost’s administrative platform and the services it provides to its purported user base which exceeds 2,000 subscribers worldwide, who illegally obtained around 480,000 card numbers, 64,000 pin numbers, and over 1 million passwords from victims used for websites and other online services, according to law enforcement agencies.
“By leveraging our Threat Intelligence and Digital Risk Protection, we are able to identify and monitor phishing attacks and websites like those deployed by LabHost and its subscribers around the world, enabling us to actively alert and protect our customers, and in turn, their customers as well,” said Dmitry Volkov, Chief Executive Officer of Group-IB. “Today’s takedown operation demonstrates the agility and responsiveness of our decentralized Digital Crime Resistance Centers, and how quickly we can provide immediate and local assistance wherever our customers may be.”
First uncovered in late 2021, LabHost emerged as a fully automated Phishing-as-a-Service (PhaaS) platform, streamlining the creation of phishing websites meticulously mirroring the interface and functionality of prominent banking, postal, and financial entities, aimed at intercepting, seizing, and profiting from users’ personal, credit card, and online banking credentials. Users are prompted to select from various “membership plans,” tailored to target businesses and individuals in either the United States and Canada, or globally, akin to mobile subscription models. These plans encompass “standard,” “premium,” and “world membership” tiers, priced between US$179 and US$300 monthly, with options for monthly, quarterly, or annual billing cycles.
For media inquiries, please contact [email protected]
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Artificial Intelligence
Malaysia Data Center Market to Witness $3.97 Billion Investment Opportunities by 2029, Get Insights on 34 Existing Data Centers and 33 Upcoming Facilities across Malaysia – Arizton
CHICAGO, April 18, 2024 /PRNewswire/ — According to Arizton’s latest research report, the Malaysia data center market is growing at a CAGR of 13.92% during the forecast period.
To Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Malaysia Data Center Market Report Scope
Report Attributes
Details
Market Size (Investment)
USD 3.97 Billion (2029)
Market Size (Area)
883 Thousand Sq. Feet (2029)
Market Size (Power Capacity)
163 MW (2029)
CAGR Investment (2023-2029)
13.92 %
Colocation Market Size (Revenue)
USD 1.23 Billion (2029)
Historic Year
2020-2022
Base Year
2023
Forecast Year
2024-2029
Over the next few years, Malaysia is poised to witness significant growth in data center investments, driven by the influx of operators like AirTrunk, Equinix, Princeton Digital Group, and other leading companies. Key hubs like Cyberjaya, Kuala Lumpur, and Johor Bahru are expected to see heightened activity, hosting most of the country’s data centers.
The wholesale colocation sector is projected to experience a revenue surge fueled by major cloud players like Microsoft, Google, and AWS. These companies have unveiled plans to establish dedicated cloud regions within Malaysia, with expected timelines for deployment within the next one to two years. This trend underscores Malaysia’s growing importance as a regional hub for data infrastructure and cloud services.
Malaysia is among the top expensive markets globally for developing data centers. Malaysia’s data center construction cost in 2023 stood at about $8.5-$10 million per MW, making it the costliest market in the APAC region after Singapore and Jakarta.
Investment Opportunities in the Malaysia Data Center Market
In November 2023, ST Telemedia Global Data Centres announced its plans to develop a new data center campus in Johor. The construction of the first building is likely to begin soon and become operational by 2025. The company formed a joint venture with Basis Bay to develop a new data center campus with two buildings, Cyberjaya DC.2 and STT Kuala Lumpur 1 in Cyberjaya, Selangor.In October 2023, EDGNEX Data Centres by DAMAC announced its plans to enter the APAC market for the first time; the company is considering a facility in Cyberjaya, Selangor. The expected investment can cross the $52 million mark.In October 2023, Infinaxis Data Centre Holdings, the joint venture between Gaw Capital Partners and A3 Capital, announced the construction of its first data center facility in Cyberjaya. The facility will have 10 data halls and will likely be operational by Q2 2025.In September 2023, EdgeConneX announced its plans to expand its footprint in Malaysia with the development of three data centers sites across Bukit Jalil, Kuala Lumpur, and Cyberjaya. The company plans to develop data centers in partnership with Cyberview.To Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Market Trends
According to IRENA, in 2022, hydroenergy accounted for around 69% of the renewable energy capacity in Malaysia, followed by solar energy, which contributed about 21%, along with a 10% contribution by bioenergy.Malaysia aims to achieve the target of net-zero carbon emissions by 2050. To make this goal a reality, WWF-Malaysia is partnering with Boston Consulting Group to develop an independent joint study on the country’s optimal net zero pathway.The government of Malaysia has established a green tariff scheme to support its carbon-neutrality target. Under the scheme, subscribers can get electricity from solar or hydro sources instead of fossil fuel sources.Mergers, acquisitions, joint ventures, and partnerships are key strategies employed by operators to expand their portfolios and global footprint. For example:
In December 2023, Chindata Group merged with BCPE Chivalry Merger Sub, a wholly owned subsidiary of BCPE Chivalry Bidco, completing its transition to a private company from a public one.November 2023 saw ST Telemedia Global Data Centres, in a joint venture with Basis Bay, announcing plans to develop a new data center campus with two buildings in Cyberjaya, Selangor.A3 Capital and Gaw Capital Partners formed a joint venture in February 2023 to establish Infinaxis Data Centre Holdings to develop and operate data centers across Malaysia and Southeast Asia.MN Holdings, an engineering services and solutions company, signed a Memorandum of Understanding (MoU) in April 2023 with Shanghai DC-Science, outlining an investment of approximately $600 million to develop a data center site at the Sedenak Tech Park, Johor.Why Should You Buy This Research?
Market size is available regarding investment, area, power capacity, and Malaysia colocation market revenue.An assessment of the data center investment in Malaysia by colocation, hyperscale, and enterprise operators.Investments in the area (square feet) and power capacity (MW) across cities in the country.A detailed study of the existing Malaysia data center market landscape, an in-depth market analysis, and insightful predictions about market size during the forecast period.Snapshot of existing and upcoming third-party data center facilities in MalaysiaFacilities Covered (Existing): 34Facilities Identified (Upcoming): 33Coverage: 9 LocationsExisting vs. Upcoming (Area)Existing vs. Upcoming (IT Load Capacity)Data Center Colocation Market in MalaysiaColocation Market Revenue & Forecast (2023-2029)Wholesale vs. Retail Colocation Revenue (2023-2029)Retail Colocation PricingWholesale Colocation PricingThe Malaysia data center market investments are classified into IT, power, cooling, and general construction services with sizing and forecast.A comprehensive analysis of the latest trends, growth rate, potential opportunities, growth restraints, and prospects for the industry.Business overview and product offerings of prominent IT infrastructure providers, construction contractors, support infrastructure providers, and investors operating in the industry.A transparent research methodology and the analysis of the demand and supply aspects of the industry.Buy this Research @ https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Post-Purchase Benefit
1hr of free analyst discussion10% off on customizationThe Report Includes the Investment in the Following Areas:
IT InfrastructureServersStorage SystemsNetwork InfrastructureElectrical InfrastructureUPS SystemsGeneratorsSwitches & SwitchgearsPDUsOther Electrical InfrastructureMechanical InfrastructureCooling SystemsRack CabinetsOther Mechanical InfrastructureCooling SystemsCRAC and CRAHChillersCooling Tower and Dry CoolersOther Cooling UnitsGeneral ConstructionCore & Shell DevelopmentInstallation & Commissioning ServicesBuilding & Engineering DesignFire Detection & Suppression SystemsPhysical SecurityData Center Infrastructure Management (DCIM)Tier StandardTier I & Tier IITier IIITier IV GeographySelangorJohorOther StatesVendor Landscape
IT Infrastructure Providers
Cisco SystemsDell TechnologiesFujitsuHewlett Packard EnterpriseHuawei TechnologiesIBMInspurLenovoNetAppData Center Construction Contractors & Sub-Contractors
Advance Power EngineeringAsima ArchitectsAVO TechnologyB-Global TechCTC-GlobalCSF GroupCyclect GroupDSCO GroupGamudaGCM TechnologiesHSS EngineersISGKienta Engineering ConstructionLSK EngineeringMES GroupM+W Group (Exyte)MN HoldingsNakanoNTT FACILITIESPowerware SystemsS5 EngineeringShaw ArchitectSunway Construction GroupUnique CentralSupport Infrastructure Providers
ABBCaterpillarCumminsEatonFuji ElectricHITEC Power ProtectionKOHLER PowerLegrandMitsubishi ElectricNarada Power SourcePiller Power SystemsRittalRolls-RoyceSchneider ElectricSiemensSocomecSTULZTraneVertivData Center Investors
Bridge Data CentresEdge CentresGDS ServicesIRIX (PP TELECOMMUNICATION)Keppel Data CentresNTT DATAOpen DCTM OneVantage Data CentersYTL Data Center HoldingsNew Entrants
AirTrunkAmazon Web Services (AWS)EdgeConneXEquinixFutureData (Cyclect Group + TSG Group)Googlei-BerhadInfinaxis Data Centre HoldingsMN Holdings + Shanghai DC-ScienceMicrosoftNEXTDCPrinceton Digital GroupRegal OrionSingtelST Telemedia Global Data CentresYondrTo Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Key Questions Answered in the Report:
What factors are driving the Malaysian data center industry?
How big is the Malaysia data center market?
How many MW of power capacity will be added across Malaysia during 2024 to 2029?
What is the growth rate of the Malaysia data center market?
Which states are included in the Malaysia data center market report?
Get the Detailed TOC @ https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
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About Us:
Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Contact UsCall: +1-312-235-2040 +1 302 469 0707 Mail: [email protected] Contact Us: https://www.arizton.com/contact-us Blog: https://www.arizton.com/blog Website: https://www.arizton.com/
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