Artificial Intelligence
CORRECTION: Guardforce AI Reports Revenue of $34.5 Million for 2022; Robotics AI Solutions Revenue Increases 245.1%
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This release acts as a correction to the release posted on 04/21/2023 from Guardforce AI to certain figures in the financial statements including consolidated balance sheets and statements of cash flows
NEW YORK, May 01, 2023 (GLOBE NEWSWIRE) — Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ:GFAI, GFAIW), an integrated security provider specializing in secured logistics, Artificial Intelligence (AI) and Robot-as-a-Service (RaaS), today announced financial results and provided a business update for the year ended December 31, 2022.
Lei (Olivia) Wang, Chairwoman and Chief Executive Officer of Guardforce AI, stated, “2022 was an important year for Guardforce AI. We made significant strides in building our integrated AI and robotics business while strengthening our well-established secured logistics business. Due to the impact of COVID-19 and the shutdown of certain customers’ facilities in the secured logistics business segment during the year, we experienced a slight decrease in revenue of less than 2.0%. Even though the robotic AI segment revenue is still a relatively small percentage of the total revenue, it grew by 245.1% in 2022.
“In our secured logistic business, we made progress in diversifying our services by targeting the retail sector, including food and beverage businesses, which handle large amounts of cash. These businesses are also potential targets for our robotics business. Notably, we secured a 5-year contract with the Bank of Thailand to operate Consolidated Cash Centers (CCCs) in the cities of Ubonratchathani and Phitsanulok in Thailand. Currently, Guardforce AI’s subsidiary operates four CCC centers, covering 31 of Thailand’s 76 provinces. At the beginning of 2023, we secured two long-term contracts with pre-existing clients: a 3-year contract with a renowned retail chain store in Thailand and a 5-year contract with a tollway company, for our secured logistics and cash handling services, further strengthening Guardforce AI’s leading position in Thailand.
“We continue to strengthen our presence in the Asia Pacific region, as we expanded into mainland China, one of the largest and fastest-growing markets for robotics and security solutions. During 2022, we completed three acquisitions in China, providing us with immediate access to thousands of valuable clients. In February 2023, we acquired key assets from Shenzhen Kewei Robot Technology Company Ltd (“Kewei”) in China, which provided us rights to the permanent use of Kewei’s patents and expanded our customer base, including premier Fortune 500 clients. This acquisition further strengthens our capabilities in developing robotic solutions for our customers. As a growing RaaS solution provider, our goal is to capture a significant share of the rapidly growing, multi-billion-dollar RaaS market.
“With an expanded global footprint and growing AI resources, we are expanding our RaaS solutions, such as Artificial Intelligence of Things (AIoT) robot advertising, AI-based support for hotels, and other uses of AI services. We are witnessing particularly strong demand within the tourism industry. Towards that end, we have made significant progress in developing the Guardforce AI Intelligent Cloud Platform (GFAI ICP) and successfully set up three main hubs for the GFAI ICP in Mainland China, the United States, and Hong Kong, each with the ability to manage well over 10,000 robots. We also launched our AIoT Robot Advertising (RA) model and its mobile application, GFAI AD, on the Apple App Store in Asia. The AIoT RA model enables advertisers to publish advertisements on Guardforce AI’s robots and make more informed marketing decisions with data feedback from the GFAI ICP.
“The hospitality industry is an important and major market for our robotic solutions. Towards that end, we partnered with Blue Pin (HK) Limited and launched the Smart AI Hotel solution, initially in Hong Kong, which allows customers to use our concierge robots to make bookings online, check-in, and check-out. Additionally, we partnered with Riversoft Inc. to co-develop a contactless travel robotic solution known as Robot Travel Agency (“RTA”). Our goal for the RTA is to help travelers find exclusive local promotions for restaurants, events, and stores. In 2023, we will continue to enhance and develop our robotic solutions for the hospitality industry and look forward to accelerated growth through our Smart AI Solution and AIoT RA model.
“In summary, we have built a highly scalable business model and expect to resume strong organic revenue growth in 2023, in addition to accelerating the rollout of our RaaS platform through both acquisitions and organic growth strategies,” concluded Ms. Wang.
Financial Overview
Net revenue decreased by $0.68 million, or 1.9%, to $34.5 million for 2022, compared to $35.2 million for 2021. This decrease was primarily due to continued disruptions due to COVID-19 and the shutdown of certain customer facilities to curtail the spread of the coronavirus. As a percentage of revenue, gross profit margin increased from 11.6% for 2021 to 12.3% for 2022, primarily due to cost control initiatives. Operating loss was $16.9 million for 2022, compared to $3.7 million for 2021. The increase reflects higher selling, distribution, and administrative (SD&A) to support the Company’s long-term growth strategy and the provision of obsolete of inventory and impairment of robotics fixed assets recognized in 2022. A majority of the increase in operating loss is additional expenses incurred on setting up new international offices to expand and grow the Company’s robotics business, including staff expenses, rental expenses, marketing expenses, and developing related technologies capabilities. Operating loss included an approximate $0.9 million provision of obsolete inventory and $4.4 million impairment of robotics fixed assets impairment. Net loss was $18.7 million for 2022 compared to $5.5 million for 2021, or net loss per share of $14.97 (post-consolidation) for 2022 compared to $11.90 (post-consolidation) for 2021. As of December 31, 2022, and 2021, the Company had cash and cash equivalents (including restricted cash) of approximately $8.2 million and $15.9 million, respectively.
About Guardforce AI Co., Ltd.
Guardforce AI Co., Ltd. (NASDAQ: GFAI, GFAIW) is a global security solutions provider, building on its legacy secured logistic business, while expanding and transforming into an integrated AI and Robot-as-a-Service (RaaS) business. With more than 40 years of professional experience and a strong customer foundation, Guardforce AI is developing RaaS solutions that improve operational efficiency, quickly establishing its presence in the Asia Pacific region, while expanding globally. For more information, visit www.guardforceai.com Twitter: @Guardforceai
Safe Harbor Statement
This press release contains statements that do not relate to historical facts but are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and reports under the heading “Risk Factors” as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise.
Investor Relations:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: [email protected]
Tel: 212-671-1020
Guardforce AI Corporate Communications
Hu Yu
Email: [email protected]
(tables follow)
Guardforce AI Co., Limited and Subsidiaries
Consolidated Statements of Profit and Loss
(Expressed in U.S. Dollars)
| For the years ended December 31, |
|||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Revenue | $ | 34,477,948 | $ | 35,153,190 | $ | 37,648,782 | |||||||||||
| Cost of sales | (30,246,724 | ) | (31,084,833 | ) | (31,374,098 | ) | |||||||||||
| Gross profit | 4,231,224 | 4,068,357 | 6,274,684 | ||||||||||||||
| Provision for and write off of withholding taxes receivable | (448,243 | ) | (190,038 | ) | (1,722,762 | ) | |||||||||||
| Provision for obsolete inventory | (942,882 | ) | – | – | |||||||||||||
| Impairment loss on fixed assets | (4,408,037 | ) | – | – | |||||||||||||
| Selling, distribution and administrative expenses | (15,320,201 | ) | (7,582,043 | ) | (6,674,472 | ) | |||||||||||
| Operating loss | (16,888,139 | ) | (3,703,724 | ) | (2,122,550 | ) | |||||||||||
| Other income, net | 88,732 | 285,220 | 52,956 | ||||||||||||||
| Foreign exchange gains, net | (590,965 | ) | (1,821,175 | ) | 68,924 | ||||||||||||
| Finance costs | (1,143,478 | ) | (984,843 | ) | (898,748 | ) | |||||||||||
| Loss before income tax | (18,533,850 | ) | (6,224,522 | ) | (2,899,418 | ) | |||||||||||
| Provision for income tax (expense) benefit | (132,208 | ) | 732,868 | (242,837 | ) | ||||||||||||
| Net loss for the year | (18,666,058 | ) | (5,491,654 | ) | (3,142,255 | ) | |||||||||||
| Less: net loss attributable to non-controlling interests | 101,264 | 9,727 | 16,231 | ||||||||||||||
| Net loss attributable to equity holders of the Company | $ | (18,564,794 | ) | $ | (5,481,927 | ) | $ | (3,126,024 | ) | ||||||||
| Loss per share | |||||||||||||||||
| Basic and diluted loss attributable to the equity holders of the Company | $ | (14.97 | )* | $ | (11.90 | )* | $ | (7.26 | )** | ||||||||
| Weighted average number of shares used in computation: | |||||||||||||||||
| Basic and diluted | 1,239,852 | * | 460,719 | * | 430,381 | ** | |||||||||||
| * | Giving retroactive effect to the 2023 share consolidation on January 31, 2023. |
| ** | Giving retroactive effect to the 2021 and 2023 share consolidation on August 20, 2021 and on January 31, 2023, respectively. |
Guardforce AI Co., Limited and Subsidiaries
Consolidated Balance Sheets
(Expressed in U.S. Dollars)
| As of December 31, | ||||||||||
| 2022 | 2021 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 6,930,639 | $ | 12,728,783 | ||||||
| Restricted cash | – | 1,600,000 | ||||||||
| Trade receivables | 5,400,186 | 4,939,568 | ||||||||
| Other receivables | 817,564 | – | ||||||||
| Other current assets | 1,743,008 | 1,275,981 | ||||||||
| Withholding taxes receivable, net | 757,024 | – | ||||||||
| Inventories | 5,105,770 | 1,387,549 | ||||||||
| Amount due from related parties | 14,508,873 | 26,007 | ||||||||
| Total current assets | 35,263,064 | 21,957,888 | ||||||||
| Non-current assets: | ||||||||||
| Restricted cash | 1,300,005 | 1,525,028 | ||||||||
| Property, plant and equipment | 8,066,761 | 9,897,301 | ||||||||
| Right-of-use assets | 4,171,409 | 2,364,993 | ||||||||
| Intangible assets, net | 5,793,143 | 164,316 | ||||||||
| Goodwill | 2,679,445 | 329,534 | ||||||||
| Withholding taxes receivable, net | 1,934,072 | 3,531,953 | ||||||||
| Deferred tax assets, net | 1,511,753 | 1,635,638 | ||||||||
| Other non-current assets | 447,322 | 345,586 | ||||||||
| Total non-current assets | 25,903,910 | 19,794,349 | ||||||||
| Total assets | $ | 61,166,974 | $ | 41,752,237 | ||||||
| Liabilities and equity | ||||||||||
| Current liabilities: | ||||||||||
| Trade and other payables | $ | 2,633,995 | $ | 1,028,721 | ||||||
| Borrowings | 3,181,616 | 16,066,020 | ||||||||
| Borrowings from related parties | 3,148,500 | 13,506,184 | ||||||||
| Current portion of operating lease liabilities | 1,774,192 | 2,366,045 | ||||||||
| Current portion of finance lease liabilities, net | 398,136 | 619,301 | ||||||||
| Other current liabilities | 2,477,369 | 1,824,635 | ||||||||
| Amount due to related parties | 3,868,691 | 591,026 | ||||||||
| Convertible note payables | 1,730,267 | – | ||||||||
| Total current liabilities | 19,212,766 | 22,495,748 | ||||||||
| Non-current liabilities: | ||||||||||
| Borrowings | 13,899,818 | 859,120 | ||||||||
| Operating lease liabilities | 2,340,075 | – | ||||||||
| Borrowings from related parties | 1,455,649 | 5,332,803 | ||||||||
| Finance lease liabilities, net | 233,550 | 666,455 | ||||||||
| Other non-current liabilities | 43,200 | 54,000 | ||||||||
| Provision for employee benefits | 4,849,614 | 5,819,132 | ||||||||
| Total non-current liabilities | 22,821,906 | 12,731,510 | ||||||||
| Total liabilities | 42,034,672 | 35,227,258 | ||||||||
| Equity | ||||||||||
| Ordinary shares – par value $0.12* authorized 7,500,000 shares, issued and outstanding 1,618,977* shares at December 31, 2022; par value $0.12* authorized 7,500,000 shares, issued and outstanding 529,766* shares at December 31, 2021 | 194,313 | 63,606 | ||||||||
| Subscription receivable | (50,000 | ) | (50,000 | ) | ||||||
| Additional paid in capital | 46,231,302 | 15,379,595 | ||||||||
| Legal reserve | 223,500 | 223,500 | ||||||||
| Warrants reserve | 251,036 | 251,036 | ||||||||
| Accumulated deficit | (28,769,014 | ) | (10,204,220 | ) | ||||||
| Accumulated other comprehensive income | 1,112,494 | 821,527 | ||||||||
| Capital & reserves attributable to equity holders of the Company | 19,193,631 | 6,485,044 | ||||||||
| Non-controlling interests | (61,329 | ) | 39,935 | |||||||
| Total equity | 19,132,302 | 6,524,979 | ||||||||
| Total liabilities and equity | $ | 61,166,974 | $ | 41,752,237 | ||||||
| * | Giving retroactive effect to the 2023 share consolidation on January 31, 2023. |
Guardforce AI Co., Limited and Subsidiaries
Consolidated Statements of Cash Flows
(Expressed in U.S. Dollars)
| For the years ended December 31, |
||||||||||||
| 2022 | 2021 | 2020 | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Net loss | $ | (18,666,058 | ) | $ | (5,491,654 | ) | $ | (3,142,255 | ) | |||
| Adjustments for: | ||||||||||||
| Depreciation | 5,365,312 | 4,981,259 | 4,979,274 | |||||||||
| Amortization of intangible assets | 616,095 | 51,383 | 54,745 | |||||||||
| Provision for obsolete inventories | 942,882 | – | – | |||||||||
| Impairment loss on fixed assets | 4,408,037 | – | – | |||||||||
| Stock-based compensation | 252,095 | – | 100,936 | |||||||||
| Finance costs | 1,083,276 | 909,093 | 650,492 | |||||||||
| (Decrease) Increase in deferred tax assets | 121,169 | (732,868 | ) | (30,135 | ) | |||||||
| Recovery of doubtful accounts, net | (7,394 | ) | – | (2,872 | ) | |||||||
| (Decrease) Increase in provision for withholding tax receivables | (147,002 | ) | 190,038 | 1,012,543 | ||||||||
| Write off of withholding tax receivables | 595,245 | – | 710,219 | |||||||||
| Loss/(Gain) from fixed assets disposal | 24,250 | 4,438 | (431 | ) | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Decrease/(Increase) in trade and other receivables | 428,772 | (26,740 | ) | 389,320 | ||||||||
| (Increase)/Decrease in other current assets | (332,188 | ) | 236,234 | 123,764 | ||||||||
| (Increase) in inventories | (2,876,443 | ) | (967,994 | ) | (484,745 | ) | ||||||
| (Increase)/ Decrease in amount due from related parties | (15,725,707 | ) | 352,432 | (373,003 | ) | |||||||
| (Increase)/Decrease on other non-current assets | (151,170 | ) | (58,431 | ) | 162,998 | |||||||
| (Decrease) in trade and other payables | (18,773 | ) | (437,086 | ) | (561,769 | ) | ||||||
| Decrease/(Increase) in other current liabilities | 947,020 | 1,944,617 | (670,072 | ) | ||||||||
| Increase in income tax payables | – | – | 272,972 | |||||||||
| Increase/(Decrease) in amount due to related parties | 3,884,995 | (361,815 | ) | 529,489 | ||||||||
| Decrease in withholding taxes receivable | 258,989 | 88,353 | 799,606 | |||||||||
| (Increase)/Decrease in provision for employee benefits | (193,639 | ) | 297,905 | 386,425 | ||||||||
| Net cash (used in) generated from operating activities | (19,190,237 | ) | 979,164 | 4,907,501 | ||||||||
| Cash flows from investing activities | ||||||||||||
| Acquisition of property, plant and equipment | (4,402,394 | ) | (5,235,480 | ) | (1,405,190 | ) | ||||||
| Proceeds from disposal of property, plant and equipment | 5,235 | – | – | |||||||||
| Acquisition of intangible assets | (3,242,537 | ) | (13,235 | ) | (26,316 | ) | ||||||
| Acquisition of subsidiaries, net of cash acquired | (1,765,933 | ) | 24,276 | – | ||||||||
| Net cash used in investing activities | (9,405,629 | ) | (5,224,439 | ) | (1,431,506 | ) | ||||||
| Cash flows from financing activities | ||||||||||||
| Proceeds from issue of shares | 20,346,353 | 13,244,329 | – | |||||||||
| Proceeds from exercise of warrants | 3,014,710 | – | – | |||||||||
| Proceeds from a convertible note | 1,500,000 | – | – | |||||||||
| Proceeds from borrowings | 3,426,096 | 1,563,444 | 7,363,163 | |||||||||
| Repayment of borrowings | (4,499,358 | ) | (1,334,930 | ) | (5,371,766 | ) | ||||||
| Payment of lease liabilities | (2,849,816 | ) | (2,819,531 | ) | (3,124,361 | ) | ||||||
| Net cash generated from (used in) financing activities | 20,937,985 | 10,653,312 | (1,132,964 | ) | ||||||||
| Net (decrease) increase in cash and cash equivalents, and restricted cash | (7,657,881 | ) | 6,408,037 | 2,343,031 | ||||||||
| Effect of movements in exchange rates on cash held | 34,714 | (684,136 | ) | 99,158 | ||||||||
| Cash and cash equivalents, and restricted cash at beginning of year | 15,853,811 | 10,129,910 | 7,687,721 | |||||||||
| Cash and cash equivalents, and restricted cash at end of year | $ | 8,230,644 | $ | 15,853,811 | $ | 10,129,910 | ||||||
| Non-cash investing and financing activities | ||||||||||||
| Equity portion of purchase consideration paid for acquisition of subsidiaries | $ | 4,579,880 | $ | 327,763 | $ | – | ||||||
Non-IFRS Financial Measures
To supplement our unaudited interim condensed consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the non-IFRS adjusted EBITDA as financial measures for our consolidated results.
We believe that adjusted EBITDA helps identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We believe that these non-IFRS measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present the non-IFRS financial measures in order to provide more information and greater transparency to investors about our operating results.
EBITDA represents net (loss) income before (i) finance costs, income tax benefit and depreciation of fixed assets and amortization of intangible assets, which we do not believe are reflective of our core operating performance during the periods presented.
Non-IFRS adjusted net (loss) income represents net (loss) income before (i) finance costs, income tax benefit and depreciation of fixed assets and amortization of intangible assets, (ii) certain non-cash expenses, consisting of stock-based compensation expense, allowance for and write off of withholding tax receivables, provision for obsolete inventory and impairment loss on fixed assets.
Non-IFRS (loss) earnings per share represents non-IFRS net (loss) income attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods. Non-IFRS diluted (loss) earnings per share represents non-IFRS net (loss) income attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis.
The table below is a reconciliation of our net income to EBITDA and non-IFRS net income for the periods indicated:
| For the years ended December 31, |
||||||||||||
| 2022 | 2021 | 2020 | ||||||||||
| Net loss – IFRS | $ | (18,666,058 | ) | $ | (5,491,654 | ) | $ | (3,142,255 | ) | |||
| Finance costs | 1,143,478 | 984,843 | 898,748 | |||||||||
| Income tax expense (benefit) | 132,208 | (732,868 | ) | 242,837 | ||||||||
| Depreciation and amortization expense | 5,981,407 | 5,032,642 | 5,034,019 | |||||||||
| EBITDA | (11,408,965 | ) | (207,037 | ) | 3,033,349 | |||||||
| Written off/ Provision for withholding tax receivables | 448,243 | 190,038 | 1,722,762 | |||||||||
| Provision for obsolete inventories | 942,882 | – | – | |||||||||
| Impairment loss on fixed assets | 4,408,037 | – | – | |||||||||
| Foreign exchange losses (gains), net | 590,965 | 1,821,175 | (68,294 | ) | ||||||||
| Adjusted net (loss) income (Non-IFRS) | $ | (5,018,838 | ) | $ | 1,804,176 | $ | 4,687,817 | |||||
| Non-IFRS (loss) earnings per share | ||||||||||||
| Basic and diluted (loss) profit for the year attributable to ordinary equity holders of the Company | $ | (4.05 | )* | $ | 3.92 | * | $ | 10.89 | ** | |||
| Weighted average number of shares used in computation: | ||||||||||||
| Basic and diluted | 1,239,852 | * | 460,719 | * | 430,381 | ** | ||||||
| * | Giving retroactive effect to the 2023 share consolidation on January 31, 2023. |
| ** | Giving retroactive effect to the 2021 and 2023 share consolidation on August 20, 2021 and on January 31, 2023, respectively. |
Artificial Intelligence
Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.
“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
https://www.kiwidesign.com/
https://www.facebook.com/KIWIdesignOfficial
https://www.instagram.com/kiwidesignins/
Tweets by KIWIdesign_shop
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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.
By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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Artificial Intelligence
IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility
BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.
Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com.
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View original content:https://www.prnewswire.co.uk/news-releases/idtechex-explores-printed-electronics-in-electrified-and-autonomous-mobility-302141570.html
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