Artificial Intelligence
Duos Technologies Group Reports First Quarter 2023 Results
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Strong First Quarter Performance Driven by 84% Revenue Increase to $2.64 Million
Continued Progress in Artificial Intelligence Development with Over 50 Planned Use Cases by Year-end
JACKSONVILLE, Fla., May 15, 2023 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter (“Q1 2023”) ended March 31, 2023.
First Quarter 2023 and Recent Operational Highlights
- Announced an add-on award of $1.9 million for the enhancement of a planned Railcar Inspection Portal (“rip®” or “RIP®”) system in the passenger transportation sector, pushing the total contract value to more than $13.5 million. This latest addition is part of a long-term installation of the Company’s most advanced RIP system, which will capture high-speed images of railcars at up to 125 miles per hour.
- Performed over 1.7 million comprehensive railcar scans in the first quarter across 11 portals, of which more than 238,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 15% of the total freight car population in North America.
- Released eight new AI detection models for use within the Company’s RIP solution since the beginning of the year. The Company currently has 37 models deployed and operational for freight and transit customers with plans to deploy more than 50 different models by the end of 2023.
- Signed strategic partnership with a regional railroad to identify and deploy RIPs to monitor their railcar fleet.
- Filed two additional patent applications related to the process and method for detecting defects on moving trains and inspecting aircraft during ground operations.
- Provided input to the Rail Safety Act of 2023 on technology for wayside detection. This Bill recently made it through the U.S. Senate Committee on Commerce, Science, and Transportation. It is expected to be voted upon in the full Senate.
- As of the end of the first quarter, the Company had $9.4 million of revenue in backlog and expects $7.7 million to be recognized during the remainder 2023.
First Quarter 2023 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiary Duos Technologies, Inc.
Total revenues for Q1 2023 increased 84% to $2.64 million compared to $1.44 million in the first quarter of 2022 (“Q1 2022”). Total revenue for Q1 2023 represents an aggregate of approximately $1.82 million of technology systems revenue and approximately $816,000 in recurring services and consulting revenue. The increase in revenues was driven by the manufacturing of two high-speed, bespoke RIPs for a transit customer and the successful delivery of AI detection models for a number of freight rail customers.
Cost of revenues for Q1 2023 increased 73% to $2.11 million compared to $1.22 million for Q1 2022. The increase in cost of revenues was driven by a similar increase in technology systems revenue primarily stemming from the manufacturing of two high-speed passenger RIPs.
Gross margin for Q1 2023 increased 142% to $537,000 compared to $222,000 for Q1 2022. The improvement in gross margin was driven by higher revenues related to two high-speed passenger RIPs coupled with additional algorithms deployed during the first quarter of 2023.
Operating expenses for Q1 2023 decreased 6% to $2.68 million compared to $2.86 million for Q1 2022. There was an increase in sales and marketing costs related to additional investment in staff. This was offset by a decrease in general and administrative costs primarily due to a year-over-year reduction in non-cash employee compensation charges.
Net operating loss for Q1 2023 totaled $2.14 million compared to net operating loss of $2.64 million for Q1 2022. The decrease in net operating loss was driven by the improved margins noted in the recurring services as well as project revenues as it progresses toward manufacturing and subsequent installation activities.
Net loss for Q1 2023 totaled $2.14 million compared to net loss of $2.64 million for Q1 2022. The improvement in net loss was driven by higher margins stemming from RIP projects and increased services and consulting revenues with minimal change in operating expenses.
Cash and cash equivalents at March 31, 2023 totaled $4.34 million compared to $1.12 million at December 31, 2022. As of quarter end, the Company had an additional $717,000 in receivables, bolstering its liquidity position to approximately $5.06 million. Duos also had an additional $1.53 million in inventory as of March 31, 2023, consisting primarily of long-lead items for future RIP installations.
In March 2023, the Company entered into a securities purchase agreement with certain existing investors resulting in the issuance of an aggregate of 4,000 shares of a newly authorized Series E Convertible Preferred Stock which is convertible common stock at an equivalent of $3.00 per share. Duos received aggregate proceeds of $4.00 million through the transaction.
Financial Outlook
At the end of the first quarter, the Company’s contracts in backlog represented approximately $9.4 million in revenue, of which approximately $7.7 million is expected to be recognized during the remainder of 2023. The balance of contract backlog is comprised of multi-year service and software agreements as well as project revenues spanning into fiscal 2024.
Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2023 as well as the planned expansion of the Company’s subscription business model and other contributing factors, Duos is reiterating its previously stated revenue expectations for the fiscal year ending December 31, 2023. The Company expects total revenue for 2023 to range between $20.0 million and $21.0 million, representing an increase of 33% to 40% compared to 2022.
Duos expects its improvement in operating results to be reflected over the course of the full year in 2023. As a result of timing and other factors, the Company expects revenues in the second quarter of 2023 to be in-line with the first quarter of 2023 before ramping more significantly in the latter half of the year.
Management Commentary
“We began the year building on the significant momentum we’ve generated over the last several quarters, which has us on track to deliver on our financial and operational goals for 2023,” said Duos Chief Executive Officer Chuck Ferry. “Over the last twelve months, we’ve generated approximately $16.2 million in revenues, underscoring our ability to deliver long-term performance over a sustained period and outside of quarterly fluctuations. Growth has come from a diversified pool of new customer contracts, add-on sales to existing agreements, and an increasing stream of recurring revenues as we expand our customer base as well as the breadth of our AI offerings. By the end of this year, we expect to have more than 50 commercialized AI use cases covering a wide range of railcar inspection points for both freight and passenger railcars.
“We have also remained in active discussions with many congressional leaders, regulators, rail operators, and other major stakeholders in providing support for potential new legislation, which is continuing to advance through the Congress. While our operational roadmap is not reliant on this bill, we have seen increased levels of interest from a wide range of railcar operators and owners who are looking to accelerate their technology investments to improve safety standards. Looking ahead, we are making encouraging progress in building out our new subscription offering, which is still planned to come online later this year. With our backlog at $9.4 million, we believe we have strong visibility into expected performance over the coming quarters as well as further confidence in our long-term growth outlook.”
Conference Call
The Company’s management will host a conference call today, May 15, 2023, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Date: Monday, May 15, 2023
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in: 877-407-3088
International dial-in: 201-389-0927
Confirmation: 13738333
Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.
If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company’s website here.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., designs, develops, deploys and operates intelligent vision based technology solutions supporting rail, logistics, intermodal and government customers that streamline operations, improve safety and reduce costs. The Company provides cutting edge solutions that automate the mechanical and security inspection of fast-moving trains, trucks and automobiles through a broad range of proprietary hardware, software, information technology and artificial intelligence. For more information, visit www.duostech.com.
Forward- Looking Statements
This news release includes forward-looking statements regarding the Company’s financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company’s organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as “believe,” “expect,” “anticipate,” “should,” “plan,” “aim,” “will,” “may,” “should,” “could,” “intend,” “estimate,” “project,” “forecast,” “target,” “potential” and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s ability to continue as a going concern, the Company’s ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (Unaudited) | |||||||||
| For the Three Months Ended | |||||||||
| March 31 | |||||||||
| 2023 | 2022 | ||||||||
| REVENUES: | |||||||||
| Technology systems | $ | 1,827,764 | $ | 783,269 | |||||
| Services and consulting | 816,524 | 656,047 | |||||||
| Total Revenues | 2,644,288 | 1,439,316 | |||||||
| COST OF REVENUES: | |||||||||
| Technology systems | 1,767,209 | 865,487 | |||||||
| Services and consulting | 339,907 | 351,762 | |||||||
| Total Cost of Revenues | 2,107,116 | 1,217,250 | |||||||
| GROSS MARGIN | 537,172 | 222,066 | |||||||
| OPERATING EXPENSES: | |||||||||
| Sales and marketing | 307,577 | 283,894 | |||||||
| Research and development | 404,885 | 436,717 | |||||||
| General and Administration | 1,971,508 | 2,143,073 | |||||||
| Total Operating Expenses | 2,683,970 | 2,863,684 | |||||||
| LOSS FROM OPERATIONS | (2,146,798 | ) | (2,641,618 | ) | |||||
| OTHER INCOME (EXPENSES): | |||||||||
| Interest expense | (1,180 | ) | (3,180 | ) | |||||
| Other income, net | 4,295 | 182 | |||||||
| Total Other Income (Expenses) | 3,115 | (2,998 | ) | ||||||
| NET LOSS | $ | (2,143,683 | ) | $ | (2,644,616 | ) | |||
| Basic and Diluted Net Loss Per Share | $ | (0.30 | ) | $ | (0.49 | ) | |||
| Weighted Average Shares-Basic and Diluted | 7,156,876 | 5,353,620 | |||||||
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| March 31 | December 31 | ||||||||||
| 2023 | 2022 | ||||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash | $ | 4,340,947 | $ | 1,121,092 | |||||||
| Accounts receivable, net | 717,345 | 3,418,263 | |||||||||
| Contract assets | 1,426,312 | 425,722 | |||||||||
| Inventory | 1,529,530 | 1,428,360 | |||||||||
| Prepaid expenses and other current assets | 532,381 | 441,320 | |||||||||
| Total Current Assets | 8,546,516 | 6,834,757 | |||||||||
| Property and equipment, net | 579,689 | 629,490 | |||||||||
| Operating lease right of use asset | 4,612,830 | 4,689,931 | |||||||||
| Security deposit | 600,000 | 600,000 | |||||||||
| OTHER ASSETS: | |||||||||||
| Patents and trademarks, net | 75,017 | 69,733 | |||||||||
| Software development costs, net | 454,280 | 265,208 | |||||||||
| Total Other Assets | 529,297 | 334,941 | |||||||||
| TOTAL ASSETS | $ | 14,868,332 | $ | 13,089,119 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Accounts payable | $ | 1,282,184 | $ | 2,290,390 | |||||||
| Notes payable – financing agreements | 193,094 | 74,575 | |||||||||
| Accrued expenses | 367,652 | 453,023 | |||||||||
| Equipment financing payable-current portion | 11,566 | 22,851 | |||||||||
| Operating lease obligations-current portion | 764,820 | 696,869 | |||||||||
| Contract liabilities | 2,066,861 | 957,997 | |||||||||
| Total Current Liabilities | 4,686,177 | 4,495,705 | |||||||||
| Equipment financing payable, less current portion | – | – | |||||||||
| Operating lease obligations, less current portion | 4,466,884 | 4,542,943 | |||||||||
| Total Liabilities | 9,153,061 | 9,038,648 | |||||||||
| Commitments and Contingencies (Note 4) | |||||||||||
| STOCKHOLDERS’ EQUITY: | |||||||||||
| Preferred stock: $0.001 par value, 10,000,000 shares authorized, 9,476,000 shares available to be designated | |||||||||||
| Series A redeemable convertible preferred stock, $10 stated value per share, | |||||||||||
| 500,000 shares designated; 0 issued and outstanding at March 31, 2023 and December 31, 2022, respectively, | |||||||||||
| convertible into common stock at $6.30 per share | |||||||||||
| Series B convertible preferred stock, $1,000 stated value per share, | |||||||||||
| 15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2023 | |||||||||||
| and December 31, 2022, respectively, convertible into common stock at $7 per share | |||||||||||
| Series C convertible preferred stock, $1,000 stated value per share, | |||||||||||
| 5,000 shares designated; 0 and 0 issued | |||||||||||
| and outstanding at March 31, 2023 and December 31, 2022, respectively, | |||||||||||
| convertible into common stock at $5.50 per share | |||||||||||
| Series D convertible preferred stock $0.001 par value, $1,000 stated value per share, | 1 | 1 | |||||||||
| 4,000 shares designated; 1,299 and 1,299 issued | |||||||||||
| and outstanding at March 31, 2023 and December 31, 2022, respectively, | |||||||||||
| convertible into common stock at $3 per share | |||||||||||
| Series E convertible preferred stock, $1,000 stated value per share $1,000 stated value, | |||||||||||
| 30,000 shares designated; 4,000 and 0 issued | |||||||||||
| and outstanding at March 31, 2023 and December 31, 2022, respectively, | 4 | – | |||||||||
| convertible into common stock at $3 per share | |||||||||||
| Common stock: $0.001 par value; 500,000,000 shares authorized, | |||||||||||
| 7,169,339 and 7,156,876 shares issued, 7,168,015 and 7,155,552 | 7,168 | 7,156 | |||||||||
| shares outstanding at March 31, 2023 and December 31, 2022, respectively | |||||||||||
| Additional paid-in-capital | 60,371,067 | 56,562,600 | |||||||||
| Total stock & paid-in-capital | 60,378,240 | 56,569,757 | |||||||||
| Accumulated deficit | (54,505,517 | ) | (52,361,834 | ) | |||||||
| Sub-total | 5,872,723 | 4,207,923 | |||||||||
| Less: Treasury stock (1,324 shares of common stock | |||||||||||
| at September 30, 2022 and December 31, 2021) | (157,452 | ) | (157,452 | ) | |||||||
| Total Stockholders’ Equity | 5,715,271 | 4,050,471 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | 14,868,332 | $ | 13,089,119 | |||||||
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited) | |||||||
| For the Three Months Ended | |||||||
| March 31 | |||||||
| 2023 | 2022 | ||||||
| Cash from operating activities: | |||||||
| Net loss | $ | (2,143,683 | ) | $ | (2,644,616 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 116,588 | 73,628 | |||||
| Stock based compensation | 75,128 | 250,577 | |||||
| Stock issued for services | 32,500 | 40,000 | |||||
| Capital of operating lease right of use asset | 77,101 | 77,636 | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | 2,700,917 | 1,449,908 | |||||
| Contract assets | (1,000,590 | ) | (264,223 | ) | |||
| Inventory | (101,167 | ) | (24,426 | ) | |||
| Prepaid expenses and other current assets | 228,941 | (264,687 | ) | ||||
| Accounts payable | (1,008,207 | ) | (95,708 | ) | |||
| Accrued expenses | (85,371 | ) | (30,622 | ) | |||
| Operating lease obligation | (8,108 | ) | 70,094 | ||||
| Contract liabilities | 1,108,864 | 534,706 | |||||
| Net cash used in operating activities | (7,086 | ) | (827,733 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchase of patents/trademarks | (7,339 | ) | (600 | ) | |||
| Purchase of software development | (212,067 | ) | – | ||||
| Purchase of fixed assets | (41,738 | ) | (101,478 | ) | |||
| Net cash used in investing activities | (261,144 | ) | (102,078 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayments of insurance and equipment financing | (201,485 | ) | (128,437 | ) | |||
| Repayment of finance lease | (11,285 | ) | (23,959 | ) | |||
| Proceeds from common stock issued | – | 6,095,000 | |||||
| Issuance cost | (299,145 | ) | (576,650 | ) | |||
| Proceeds from preferred stock issued | 4,000,000 | – | |||||
| Net cash provided by financing activities | 3,488,085 | 5,365,954 | |||||
| Net increase (decrease) in cash | 3,219,855 | 4,436,143 | |||||
| Cash, beginning of period | 1,121,092 | 893,720 | |||||
| Cash, end of period | $ | 4,340,947 | $ | 5,329,863 | |||
| Supplemental Disclosure of Cash Flow Information: | |||||||
| Interest paid | $ | 1,180 | $ | 3,180 | |||
| Taxes paid | $ | – | $ | – | |||
| Supplemental Non-Cash Investing and Financing Activities: | |||||||
| Notes issued for financing of insurance premiums | $ | 320,004 | $ | 242,591 | |||
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5aae4ae6-f020-4046-a4c5-9367e165e3ea
Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html
Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html
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