Artificial Intelligence
NETSOL Technologies Reports Fiscal Second Quarter 2023 Financial Results
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- Net Revenue for the Quarter was $12.4 Million; $14.6 Million on a Constant Currency Basis
- Implementing Cost Efficiency Initiatives Projected to Generate Cost Savings of More Than $4 Million and Accelerate Return to Profitability
- Strong Sales Pipeline of Approximately $250 Million
- Recurring Revenue (SaaS and Support) of $6.5 Million; $7.7 Million on a Constant Currency Basis; Expect Fiscal 2023 Annual Recurring Revenue (SaaS and Support) of Approximately $25 Million
- Growing Partnerships with Consultants, System Integrators, and Technology Partners Including Amazon Web Services and a Tier 1 Automotive Company Through Company’s Mobile AI and Machine-Learning Based Solution Otoz
- Announced Plans to Expand North American Presence with Facility in Austin, Texas
- Balance Sheet Remains Strong with $21 Million in Cash and $3.93 per Share in Shareholders’ Equity
CALABASAS, Calif., Feb. 14, 2023 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal second quarter ended December 31, 2022.
Fiscal Second Quarter 2023 and Recent Operational Highlights
- Implementing a proactive series of initiatives to reduce costs and drive efficiencies which the Company expects will generate more than $4 million in total savings and accelerate its return to profitability.
- In the process of establishing a support and delivery center in Austin, Texas to accommodate sales and support staff who will facilitate the Company’s growing customer base across the North American region.
- Signed a new multi-million-dollar agreement with a tier 1 automotive company in the U.S. to implement and license the Company’s Otoz mobility solution which will manage back-office operations for vehicle subscriptions.
- Otoz, the Company’s mobile AI and machine-learning based solution, went live with its 37th dealer and now has dealers in 16 states.
- Sales pipeline of $250 million driven by the addition of new prospects who have registered interest in NFS Ascent®, digital, and legacy solutions across various regions.
- Generated approximately $1.0 million in revenue from change requests received from various customers across multiple regions.
- Achieved ACE partnership status in cloud services domain by partnering with Amazon Web Services (AWS) which is expected to help grow the Company’s cloud services vertical.
- Achieved the first Go-Live milestone for the finance company of a leading Swedish bank by effectively implementing its invoice factoring system.
Fiscal Second Quarter 2023 Financial Results
Total net revenues for the second quarter of fiscal 2023 were $12.4 million, compared with $15.5 million in the prior year period. The decrease in total net revenues was primarily due to the recording of an approximately $3.5 million onetime revenue gain in the second quarter of 2022 as well as a delay in recognition of license revenues. On a constant currency basis, net revenues were $14.6 million. The decrease in revenues on a constant currency basis was driven by a decrease in license fees of $1.9 million, and a decrease in subscription and support revenue of $1.7 million, which was offset by an increase in service revenue of $2.8 million compared to the prior year period.
- Total license fees were $15,900 compared with $1.9 million in the prior year period. Total license fees on a constant currency basis were $16,200.
- Total subscription (SaaS and Cloud) and support revenues were $6.5 million compared with $9.4 million in the prior year period. Total subscription and support revenues on a constant currency basis were $7.7 million. The decrease in total subscription and support revenues for the second quarter of 2023 was primarily due to the recording of approximately $3.5 million as a onetime, cumulative catch-up in the second quarter of 2022 due to an amendment to the Company’s 10-year contract with a major customer.
- Total services revenues were $5.9 million compared with $4.1 million in the prior year period. Total service revenues on a constant currency basis were $6.9 million.
Gross profit for the second quarter of fiscal 2023 decreased to $3.1 million (or 25.4% of net revenues), compared to $7.6 million (or 49.4% of net revenues) in the second quarter of fiscal 2022. On a constant currency basis, gross profit for the second quarter of fiscal 2023 decreased to $3.3 million (or 22.4% of net revenues as measured on a constant currency basis). The decrease in gross profit on a constant currency basis was primarily due to an increase in salaries and consultant costs of $2.8 million, travel costs of $495,000, and depreciation of $158,000 on a constant currency basis compared to the prior year period.
Operating expenses for the second quarter of fiscal 2023 were $6.2 million (or 50.0% of sales) compared to $6.0 million (or 38.7% of sales) for the second quarter of fiscal 2022. On a constant currency basis, operating expenses for the second quarter of fiscal 2023 increased to $7.2 million (or 49.4% of sales on a constant currency basis). The increase in operating expenses was primarily due to increases in selling expenses of $531,000, salaries and wages of $328,000, research and development costs of $358,000, depreciation of $30,000 and professional service fees of $29,000 on a constant currency basis compared to the prior year period.
GAAP net loss attributable to NETSOL for the second quarter of fiscal 2023 totaled $(2.1 million) or $(0.19) per diluted share, compared with GAAP net income of $1.4 million or $0.13 per diluted share in the second quarter of fiscal 2022. On a constant currency basis, GAAP net loss attributable to NETSOL for the second quarter of fiscal 2023 totaled $(2.7 million) or $(0.24) per diluted share. For the second quarter of fiscal 2023, the GAAP net loss attributable to NETSOL included a $657,000 gain on foreign currency exchange transactions and on a constant currency basis a gain of $827,000 which was a decrease from a gain of $901,000 in the prior year period.”
Non-GAAP adjusted EBITDA for the second quarter of fiscal 2023 was a loss of $(1.3 million) or $(0.12) per diluted share, compared with non-GAAP adjusted EBITDA of $2.1 million or $0.19 per diluted share in the second quarter of fiscal 2022 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At December 31, 2022, cash and cash equivalents were $21.0 million, a decrease from $24.0 million at June 30, 2022. Total NetSol stockholders’ equity at December 31, 2022 was $44.4 million, or $3.93 per share.
Management Commentary
NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri stated, “Our second quarter results fell short of our internal targets as we were impacted by delays in recognizing revenue from a multi-million-dollar contract that we expect to begin realizing in the third quarter of fiscal 2023. That said, we made considerable strategic progress during the quarter and are particularly excited about the opportunity in North America as we continue to see our products gain traction in this region. In the second quarter, our Otoz division signed a new agreement with a tier 1 automotive company in the United States and went live with its 37th dealer and is now in 16 states across the country. Additionally, we continue to make good progress establishing a new facility in Austin, Texas to accommodate sales and support staff, and we are partnering with consultants and system integrators that will help us to efficiently scale our U.S. operations. The United States is currently the most vibrant market for us and we are strategically investing in our growth in this region. On a global scale, we have a robust sales pipeline currently valued at approximately $250 million. While this is an impressive and active pipeline, we are experiencing a longer than normal sales cycle as we continue to implement our technology across multiple regions.
Mr. Ghauri continued, “We are focused on driving enhanced growth and profitability in the business, and to that end are implementing global cost reduction initiatives to drive efficiency while better aligning resources to our growth opportunities – particularly the U.S. market and SaaS business. We are targeting in excess of $4 million in cost reductions which we expect to implement by the end of fiscal 2023. We are excited and encouraged by the traction that our products are seeing across all of our markets and are optimistic about our strategy and growth prospects as we move through the balance of fiscal 2023.”
Conference Call
NETSOL Technologies management will hold a conference call today (February 14, 2023) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these financial results. A question and answer session will follow management’s presentation.
U.S. dial-in: 877-407-0789
International dial-in: 201-689-8562
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Investor Relations at 818-222-9195.
The conference call will be broadcasted live and available for replay here and via the Investor Relations section of NETSOL’s website.
A telephone replay of the conference call will be available approximately three hours after the call concludes through Tuesday, February 28, 2023.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13736219
About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.
About Otoz
Otoz, a division of NETSOL Technologies, Inc. (Nasdaq: NTWK), provides business-to-business, white-label technology solutions for new mobility. The Otoz suite of agile and customizable mobility solutions ranges from car sharing and subscription products to AI-enabled chatbots, allowing businesses to engage consumers and facilitate the complete transaction lifecycle intelligently and digitally. Otoz technologies empower automotive companies and start-ups to launch digital retailing and new mobility models quickly and efficiently. The technology Otoz has developed is cloud-native and supported by artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain. Otoz technology drives utilization, while supporting robust and efficient operations.
Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operating results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance, as well as the delay in recovery or a prolonged economic downturn that effects our Company, our customers and the world economy. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Use of Non-GAAP Financial Measures
The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.
Investor Relations Contact:
IMS Investor Relations
[email protected]
+1 203-972-9200
NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets
As of | As of | ||||||
ASSETS | December 31, 2022 | June 30, 2022 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 20,946,722 | $ | 23,963,797 | |||
Accounts receivable, net of allowance of $163,111 and $166,231 | 4,595,675 | 8,669,202 | |||||
Revenues in excess of billings, net of allowance of $49,614 and $136,976 | 14,785,593 | 14,571,776 | |||||
Other current assets, net of allowance of $1,243,633 and $1,243,633 | 2,748,520 | 2,223,361 | |||||
Total current assets | 43,076,510 | 49,428,136 | |||||
Revenues in excess of billings, net – long term | 604,358 | 853,601 | |||||
Convertible note receivable – related party, net of allowance of $4,250,000 and $4,250,000 | – | – | |||||
Property and equipment, net | 8,719,657 | 9,382,624 | |||||
Right of use of assets – operating leases | 1,246,778 | 969,163 | |||||
Long term investment | 1,064,501 | 1,059,368 | |||||
Other assets | 532 | 25,546 | |||||
Intangible assets, net | 801,039 | 1,587,670 | |||||
Goodwill | 9,302,524 | 9,302,524 | |||||
Total assets | $ | 64,815,899 | $ | 72,608,632 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 7,423,248 | $ | 6,813,541 | |||
Current portion of loans and obligations under finance leases | 7,386,750 | 8,567,145 | |||||
Current portion of operating lease obligations | 499,455 | 548,678 | |||||
Unearned revenue | 4,048,768 | 4,901,562 | |||||
Total current liabilities | 19,358,221 | 20,830,926 | |||||
Loans and obligations under finance leases; less current maturities | 306,945 | 476,223 | |||||
Operating lease obligations; less current maturities | 789,621 | 447,260 | |||||
Total liabilities | 20,454,787 | 21,754,409 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $.01 par value; 500,000 shares authorized; | – | – | |||||
Common stock, $.01 par value; 14,500,000 shares authorized; | |||||||
12,222,985 shares issued and 11,283,954 outstanding as of December 31, 2022 and | |||||||
12,196,570 shares issued and 11,257,539 outstanding as of June 30, 2022 | 122,231 | 121,966 | |||||
Additional paid-in-capital | 128,484,714 | 128,218,247 | |||||
Treasury stock (at cost, 939,031 shares | |||||||
as of December 31, 2022 and June 30, 2022) | (3,920,856 | ) | (3,920,856 | ) | |||
Accumulated deficit | (42,366,093 | ) | (39,652,438 | ) | |||
Other comprehensive loss | (42,011,340 | ) | (39,363,085 | ) | |||
Total NetSol stockholders’ equity | 40,308,656 | 45,403,834 | |||||
Non-controlling interest | 4,052,456 | 5,450,389 | |||||
Total stockholders’ equity | 44,361,112 | 50,854,223 | |||||
Total liabilities and stockholders’ equity | $ | 64,815,899 | $ | 72,608,632 | |||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
For the Three Months | For the Six Months | |||||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||
Net Revenues: | ||||||||||||||||||
License fees | $ | 15,884 | $ | 1,955,331 | $ | 265,844 | $ | 1,966,047 | ||||||||||
Subscription and support | 6,502,669 | 9,374,869 | 12,519,503 | 15,605,258 | ||||||||||||||
Services | 5,871,805 | 4,142,762 | 12,311,130 | 11,322,418 | ||||||||||||||
Total net revenues | 12,390,358 | 15,472,962 | 25,096,477 | 28,893,723 | ||||||||||||||
Cost of revenues: | ||||||||||||||||||
Salaries and consultants | 6,942,171 | 5,661,917 | 13,028,906 | 11,324,327 | ||||||||||||||
Travel | 635,298 | 282,836 | 1,027,643 | 496,968 | ||||||||||||||
Depreciation and amortization | 693,278 | 728,868 | 1,347,327 | 1,494,603 | ||||||||||||||
Other | 977,148 | 1,156,754 | 2,298,141 | 2,492,215 | ||||||||||||||
Total cost of revenues | 9,247,895 | 7,830,375 | 17,702,017 | 15,808,113 | ||||||||||||||
Gross profit | 3,142,463 | 7,642,587 | 7,394,460 | 13,085,610 | ||||||||||||||
Operating expenses: | ||||||||||||||||||
Selling and marketing | 2,007,462 | 1,807,162 | 3,769,639 | 3,427,155 | ||||||||||||||
Depreciation and amortization | 198,222 | 212,864 | 389,176 | 427,135 | ||||||||||||||
General and administrative | 3,510,389 | 3,733,303 | 7,235,819 | 7,706,442 | ||||||||||||||
Research and development cost | 472,904 | 235,390 | 942,531 | 510,620 | ||||||||||||||
Total operating expenses | 6,188,977 | 5,988,719 | 12,337,165 | 12,071,352 | ||||||||||||||
Loss from operations | (3,046,514 | ) | 1,653,868 | (4,942,705 | ) | 1,014,258 | ||||||||||||
Other income and (expenses) | ||||||||||||||||||
Gain (loss) on sale of assets | 5,048 | (80,125 | ) | 28,344 | (190,725 | ) | ||||||||||||
Interest expense | (202,363 | ) | (90,808 | ) | (323,973 | ) | (191,821 | ) | ||||||||||
Interest income | 309,906 | 316,253 | 741,763 | 759,386 | ||||||||||||||
Gain on foreign currency exchange transactions | 657,223 | 901,016 | 1,972,928 | 2,185,164 | ||||||||||||||
Share of net loss from equity investment | 5,133 | (79,818 | ) | 5,133 | (240,783 | ) | ||||||||||||
Other income (expense) | 89,660 | 19,668 | 91,980 | 22,697 | ||||||||||||||
Total other income (expenses) | 864,607 | 986,186 | 2,516,175 | 2,343,918 | ||||||||||||||
Net income (loss) before income taxes | (2,181,907 | ) | 2,640,054 | (2,426,530 | ) | 3,358,176 | ||||||||||||
Income tax provision | (220,056 | ) | (201,506 | ) | (413,404 | ) | (369,133 | ) | ||||||||||
Net income (loss) | (2,401,963 | ) | 2,438,548 | (2,839,934 | ) | 2,989,043 | ||||||||||||
Non-controlling interest | 309,037 | (1,031,763 | ) | 126,279 | (1,394,289 | ) | ||||||||||||
Net income (loss) attributable to NetSol | $ | (2,092,926 | ) | $ | 1,406,785 | $ | (2,713,655 | ) | $ | 1,594,754 | ||||||||
Net income (loss) per share: | ||||||||||||||||||
Net income (loss) per common share | ||||||||||||||||||
Basic | $ | (0.19 | ) | $ | 0.13 | $ | (0.24 | ) | $ | 0.14 | ||||||||
Diluted | $ | (0.19 | ) | $ | 0.13 | $ | (0.24 | ) | $ | 0.14 | ||||||||
Weighted average number of shares outstanding | ||||||||||||||||||
Basic | 11,270,199 | 11,244,539 | 11,263,869 | 11,249,372 | ||||||||||||||
Diluted | 11,270,199 | 11,244,539 | 11,263,869 | 11,249,372 | ||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
For the Six Months | |||||||||||
Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | (2,839,934 | ) | $ | 2,989,043 | ||||||
Adjustments to reconcile net income (loss) to net cash | |||||||||||
provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 1,736,503 | 1,921,738 | |||||||||
Provision for bad debts | (67,176 | ) | (33,815 | ) | |||||||
Share of net (gain) loss from investment under equity method | (5,133 | ) | 240,783 | ||||||||
(Gain) loss on sale of assets | (28,344 | ) | 190,725 | ||||||||
Stock based compensation | 146,167 | 28,292 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 3,772,091 | (3,243,348 | ) | ||||||||
Revenues in excess of billing | (702,812 | ) | (4,741,806 | ) | |||||||
Other current assets | (529,579 | ) | 304,464 | ||||||||
Accounts payable and accrued expenses | 904,731 | 56,539 | |||||||||
Unearned revenue | (696,971 | ) | (749,249 | ) | |||||||
Net cash provided by (used in) operating activities | 1,689,543 | (3,036,634 | ) | ||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (1,252,325 | ) | (773,953 | ) | |||||||
Sales of property and equipment | 70,283 | 201,773 | |||||||||
Net cash used in investing activities | (1,182,042 | ) | (572,180 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Purchase of treasury stock | – | (100,106 | ) | ||||||||
Proceeds from bank loans | – | 188,272 | |||||||||
Payments on finance lease obligations and loans – net | (537,180 | ) | (715,121 | ) | |||||||
Net cash used in financing activities | (537,180 | ) | (626,955 | ) | |||||||
Effect of exchange rate changes | (2,987,396 | ) | (3,881,870 | ) | |||||||
Net decrease in cash and cash equivalents | (3,017,075 | ) | (8,117,639 | ) | |||||||
Cash and cash equivalents at beginning of the period | 23,963,797 | 33,705,154 | |||||||||
Cash and cash equivalents at end of period | $ | 20,946,722 | $ | 25,587,515 | |||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
For the Three Months | For the Six Months | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Income (loss) attributable to NetSol | $ | (2,092,926 | ) | $ | 1,406,785 | $ | (2,713,655 | ) | $ | 1,594,754 | ||||||
Non-controlling interest | (309,037 | ) | 1,031,763 | (126,279 | ) | 1,394,289 | ||||||||||
Income taxes | 220,056 | 201,506 | 413,404 | 369,133 | ||||||||||||
Depreciation and amortization | 891,500 | 941,732 | 1,736,503 | 1,921,738 | ||||||||||||
Interest expense | 202,363 | 90,808 | 323,973 | 191,821 | ||||||||||||
Interest (income) | (309,906 | ) | (316,253 | ) | (741,763 | ) | (759,386 | ) | ||||||||
EBITDA | $ | (1,397,950 | ) | $ | 3,356,341 | $ | (1,107,817 | ) | $ | 4,712,349 | ||||||
Add back: | ||||||||||||||||
Non-cash stock-based compensation | 64,333 | 25,289 | 146,167 | 28,292 | ||||||||||||
Adjusted EBITDA, gross | $ | (1,333,617 | ) | $ | 3,381,630 | $ | (961,650 | ) | $ | 4,740,641 | ||||||
Less non-controlling interest (a) | 7,363 | (1,293,037 | ) | (392,172 | ) | (1,881,916 | ) | |||||||||
Adjusted EBITDA, net | $ | (1,326,254 | ) | $ | 2,088,593 | $ | (1,353,822 | ) | $ | 2,858,725 | ||||||
Weighted Average number of shares outstanding | ||||||||||||||||
Basic | 11,270,199 | 11,244,539 | 11,263,869 | 11,249,372 | ||||||||||||
Diluted | 11,270,199 | 11,244,539 | 11,263,869 | 11,249,372 | ||||||||||||
Basic adjusted EBITDA | $ | (0.12 | ) | $ | 0.19 | $ | (0.12 | ) | $ | 0.25 | ||||||
Diluted adjusted EBITDA | $ | (0.12 | ) | $ | 0.19 | $ | (0.12 | ) | $ | 0.25 | ||||||
(a)The reconciliation of adjusted EBITDA of non-controlling interest | ||||||||||||||||
to net income attributable to non-controlling interest is as follows | ||||||||||||||||
Net Income (loss) attributable to non-controlling interest | $ | (309,037 | ) | $ | 1,031,763 | $ | (126,279 | ) | $ | 1,394,289 | ||||||
Income Taxes | 68,406 | 61,761 | 128,316 | 114,427 | ||||||||||||
Depreciation and amortization | 255,584 | 273,822 | 493,917 | 561,453 | ||||||||||||
Interest expense | 62,736 | 26,682 | 100,132 | 56,082 | ||||||||||||
Interest (income) | (93,012 | ) | (101,385 | ) | (225,501 | ) | (244,729 | ) | ||||||||
EBITDA | $ | (15,323 | ) | $ | 1,292,643 | $ | 370,585 | $ | 1,881,522 | |||||||
Add back: | ||||||||||||||||
Non-cash stock-based compensation | 7,960 | 394 | 21,587 | 394 | ||||||||||||
Adjusted EBITDA of non-controlling interest | $ | (7,363 | ) | $ | 1,293,037 | $ | 392,172 | $ | 1,881,916 | |||||||
Artificial Intelligence
Cyber insurtech BOXX partners with Zurich Insurance Group in Switzerland to introduce breakthrough personal cyber product
TORONTO, May 21, 2024 /PRNewswire/ — Award-winning global Insurtech BOXX Insurance Inc. that combines cyber insurance and security has announced the launch of a cutting-edge cyber risk solution in collaboration with Zurich Insurance Group in Switzerland, providing digital protection for individuals and families.
Recognizing the critical need for comprehensive protection against digital threats Zurich Insurance in Switzerland has partnered with technology partner BOXX Insurance to develop a user-friendly solution designed to help individuals and families better predict and prevent potential scams and digital threats.
Designed for simplicity, the app’s personalized experience puts users’ digital safety front and centre, featuring an easy-to-use interface designed by Zurich Insurance in Switzerland and developed by BOXX in close collaboration with Zurich. The App is now available in Switzerland offering support in English, German, French and Italian.
“We created this to give individuals and families what they want – an app that delivers an essential bundle of tools at users fingertips including access to experts in the event of a cyber emergency,” explained Vishal Kundi, CEO and Founder, BOXX Insurance. “Smartphones have become the fastest-selling gadgets in history. They have penetrated every aspect of daily life. The average person picks their phone up to 100 times a day so if we want to make their world a digitally safer place, we have to ensure their phone and their usage is better secured,” Kundi added.
“An extensive research conducted by Zurich Insurance in Switzerland showed that many are not aware of online dangers and that around a quarter have already been victims of a cyber-attack. In addition, customers are simply overwhelmed with the range of cyber products,” says René Harlacher, Chief Underwriting Officer of Zurich Insurance in Switzerland. “At Zurich, it’s our mission to go beyond mere protection, and also offer our customers tools to help them build resilience and implement preventative measures against cyber risks. Based on these facts, we are expanding our cyber offering for private individuals so that we can provide them with support before, during and after a possible cyber-attack. This is exactly where our joint offering with BOXX Insurance comes in, as a way to lend additional support to our customers,” he adds.
The newly launched solution by Zurich Insurance in Switzerland focuses on providing essential services to help prevent digital threats combined with emergency assistance and support in case of an emergency. Delivered to end customers by Zurich, key features include:
Identity Protection: Identifies if personal data captured in the app shows up on the dark web and notifies users, providing help and advice to reduce threats of identity theft.Secure VPN: By creating a secure and encrypted internet connection the VPN protects data from potential threats such as hacking, identity theft, and phishing attacks. Secure WiFi: Scans WiFi networks for threats and helps proactively detect security issues.Safe Browsing: Warns against harmful websites and links to protect privacy and personal data.Device Protection: Checks and improves the security settings of devices. Devices with the Android operating system are additionally protected against viruses and malware.Password Manager: Creates and manages strong passwords and assists with their use.Edutainment: Educational content in an entertaining way to raise awareness of personal cyber security.Emergency Support and Assistance: Help and assistance from cyber security experts to provide support in cyber emergencies and for many other IT-related problems. The new offering is available here: https://www.zurich.ch/en/private-customers/living-events/cyberprotection/insurance-prevention
“From providing protection from the dangers of being connected at home and on the go, customers now have the means to keep their devices and data secure and have access to indispensable help in an emergency, all in one easy-to-use app,” Kundi added.
Zurich has been working with BOXX since 2021 and participated in BOXX’s Series A and Series B funding rounds. As a Zurich Global Ventures portfolio company, BOXX is proud to now extend the ongoing collaboration with Zurich to enable Swiss customers to be digitally safer.
About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. Privately-held with headquarters in Canada, BOXX has global offices in Toronto, Miami, Zurich, Dubai and Mumbai.
BOXX Insurance is an award-winning global cyber protection and insurance provider. We’re not a typical company. That’s by design. We’re serious about making the world a digitally safer place; creating real, positive changes for our clients and partners, and building a lasting legacy, from what we create, inside the BOXX.
Every day we’re improving the digital health of businesses, families and individuals around the world who rely on BOXX’s solutions and services to predict, prevent and insure them against cyber threats.
Media Contact: Sarah Madden, [email protected]
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Artificial Intelligence
Amp Finalises Commercial Agreements for Cape Hardy Advanced Fuels Precinct
ADELAIDE, Australia, May 21, 2024 /PRNewswire/ — Amp Energy (“Amp” or the “Company”) announced today it has finalised all required commercial agreements for the development of the Cape Hardy Advanced Fuels Precinct – one of the leading green hydrogen, green ammonia and advanced fuel projects in Australia. The agreements, which were executed with Iron Road Ltd, include the purchase of a 630-hectare parcel of land at Cape Hardy as well as finalised royalty structure and common user infrastructure agreement. Amp will continue to build upon development progress made since announcing the Strategic Framework Agreement with Iron Road Ltd in April 2023 to bring advanced fuel production capacity to Cape Hardy.
The Cape Hardy Advanced Fuels Precinct will provide production at scale with up to 10 GW of planned electrolyser capacity. Development will be structured to initially bring 1 GW online with incremental stages to reach 10 GW of total capacity. The project will both cater to the domestic Australian market, supporting the Australian Government’s net zero goals, while also featuring global export capabilities. To facilitate distribution, Cape Hardy will be equipped with Australia’s first purpose-built advanced fuels export terminal.
Amp has been in discussions to develop the Cape Hardy Advanced Fuels precinct, in collaboration with Iron Road Ltd and The Government of South Australia, for the past two years. During that time, Amp has made significant development progress. The project’s concept, design, and pre-Front End Engineering Design (FEED) phase have been studied and reviewed by two leading global engineering firms, Arup and Technip Technologies, as Amp targets completion of pre-FEED studies for the first 1 GW electrolyser phase over the next 9 months. FEED scoping and contracting is currently underway ahead of awarding the FEED contract in late 2024 or early 2025.
Desalinated water is to be sourced from the recently announced Northern Water Supply (NWS) seawater desalination plant that will be located at Cape Hardy to meet the project’s demand for electrolyser feed water, cooling water, process plant water, and fire water. Amp is co-funding pre-FID expenditures for the NWS project.
Additionally, Amp is working closely with the Barngarla Determination Aboriginal Corporation RNTBC (“BDAC”). With continued support from the BDAC, Amp is confident the Cape Hardy Advanced Fuels Precinct will have a meaningful economic impact on the region. Amp currently estimates this will include approximately 4,000 direct and 6,000 indirect jobs for the first gigawatt of electrolyser capacity alone.
“We are seeing growing demand for Advanced Fuels both in Australia and abroad. This includes green ammonia, liquid hydrogen, methanol, and sustainable aviation fuel. The Cape Hardy Advanced Fuels Precinct will allow for large-scale production of these fuels that will be critical to the energy transition and achieving net zero targets. We could not be more excited about the project’s potential impact, and we are grateful for the partnership and continued support from Iron Road Ltd, the South Australian Government and BDAC as we progress full steam ahead on development” said Paul Ezekiel, Amp President and Co-founder.
Minister for Trade and Investment, Joe Szakacs said “The State Government recognises the strategic importance of the Cape Hardy Advanced Fuels Precinct attracting investment into the state for domestic and export opportunities, as there is an increasing flight to quality for hydrogen projects worldwide.”
About AmpAmp Energy is a global energy transition development platform, which delivers renewables, battery storage, Advanced Fuels and green AI data centers at scale, together with proprietary AI-enabled grid flexibility through its Amp X platform. Since its inception 15 years ago, Amp has developed and built or contracted 14 GW of assets globally. Amp is backed by major investments from institutional capital partners including global private equity firm the Carlyle Group, who has invested over US$440 million. The company has global operations throughout North America, the UK, Australia, Japan, and Spain.
For more information, please visit amp.energy
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Artificial Intelligence
GEEKOM A8 AI PC is now available for €799 and up.
TAIPEI, May 21, 2024 /PRNewswire/ — The GEEKOM A8, a highly anticipated Next-Gen AI mini PC with an AMD HawkPoint Ryzen 8040 processor, is now available.
The A8 employs a metal housing with rounded corners and anodized matte finish, giving it a gorgeous and stylish look. Having a footprint smaller than the palm of a hand, the mini PC will conveniently fit in all types of desktop arrangement and instantly elevate the aesthetics of any workspace.
There are two variants of the GEEKOM A8, users have the option to choose between two processors from the same AMD HawkPoint family: Ryzen 7 8845HS and Ryzen 9 8945HS. Both chips feature 8 Zen 4 CPU cores, 16 threads, 16MB L3 cache, an AMD Radeon 780M integrated GPU as well as a Ryzen AI Engine NPU, but the Ryzen 9 8945HS is designed to offer slightly better performance, thanks to its higher CPU and GPU frequencies.
With a greatly enhanced NPU, the A8 can execute 60% more AI workloads than mini PCs with last-generation Ryzen 7040 chips, allowing users to embrace a new era of AI computing. For average consumers, the A8 will quickly find answers to all questions and turn texts into images and videos. For business users, the A8 will automatically summarize notes, transcribe calls, and take meeting minutes. For professional content creators, the A8 will bring much faster AI-powered photo editing, quicker video output, and speedier multi-tasking, helping bring the most ambitious ideas to life. With the new IceBlast 1.5 cooling technology, the A8 can stay cool and stable even when tasks are loaded.
Besides its powerful performance, the A8 also offers a wide array of ports, including four USB-A (including three USB3.2 Gen2), two HDMI2.0, a 40Gbps USB4, a multi-function Type-C, an SDXC slot, and a 3.5mm audio jack. Users can choose to connect the mini PC to an eGPU, ultra high-speed portable storage, or up to four 4K displays.
The A8 is now available on GEEKOM’s independent website. The 8845HS and 8945HS variants are priced at €799 and €949 respectively. Regardless of the CPU option, each unit is preinstalled with 32GB dual-channel SO-DIMM DDR5-5600 RAM, a fast 1TB M.2 2280 PCIe4.0*4 SSD, a wireless card that supports WiFi 7 and Bluetooth 5.4, and a licensed copy of Windows 11 operating system.
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View original content:https://www.prnewswire.co.uk/news-releases/geekom-a8-ai-pc-is-now-available-for-799-and-up-302148964.html
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