Artificial Intelligence
Aehr Reports Record Revenue and Profit for Fiscal 2023 and Guides for Over 50% Increase in Revenue for Fiscal 2024 on Strength from Semiconductor Wafer Level Test and Burn-in Demand
FREMONT, Calif., July 13, 2023 (GLOBE NEWSWIRE) — Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and production burn-in equipment, today announced financial results for its fiscal 2023 fourth quarter and full year ended May 31, 2023.
Fiscal Fourth Quarter Financial Results:
- Net sales were a record $22.3 million, up from $20.3 million in the fourth quarter of fiscal 2022.
- GAAP net income was a record $6.1 million, or $0.21 per diluted share, up from GAAP net income of $5.8 million, or $0.20 per diluted share, in the fourth quarter of fiscal 2022.
- Non-GAAP net income, which excludes the impact of stock-based compensation, was a record $6.8 million, or $0.23 per diluted share, compared to non-GAAP net income of $6.5 million, or $0.23 per diluted share, in the fourth quarter of fiscal 2022.
- Backlog as of May 31, 2023, was $24.5 million. Effective backlog, which includes all orders received since the end of the fourth quarter, is $39.7 million.
- Total cash, cash equivalents, and short-term investments as of May 31, 2023 were $47.9 million, up from $31.5 million at May 31, 2022.
Fiscal Year Financial Results:
- Net sales were a record $65.0 million, up 28% from $50.8 million in fiscal 2022.
- GAAP net income was a record $14.6 million, or $0.50 per diluted share, up 54% from GAAP net income of $9.5 million, or $0.34 per diluted share, in fiscal 2022.
- Non-GAAP net income, which excludes the impact of stock-based compensation, was a record $17.3 million, or $0.59 per diluted share, up 62% from non-GAAP net income of $10.7 million, or $0.38 per diluted share, in fiscal 2022.
An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr’s non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
“We are pleased to report record financial performance for both the quarter as well as the entire fiscal year ended May 31. For fiscal 2023, total revenue grew 28% to a record $65.0 million, bookings reached a record of $78.3 million, and our GAAP profit of $14.6 million and non-GAAP profit of $17.3 million were also records, growing 54% and 62% year over year, respectively. This record performance was driven by bookings and revenue shipments of our FOX wafer level test and burn-in systems and WaferPak full wafer Contactors for silicon carbide semiconductors used in electric vehicles and electric vehicle charging infrastructure, as well as silicon photonics devices used in data and telecommunications infrastructure and a new application for multichip modules using optical data interconnections.
“We saw fiscal 2023 as a breakout year for our unique and proprietary wafer level test and burn-in products. These products provide complete solutions for semiconductor manufacturers for high-volume test, burn-in, and stabilization of semiconductors such as those used in electric vehicles, electric vehicle charging infrastructure, photovoltaic (solar) power conversion, and data and telecommunications infrastructure. We also see on the horizon a significant new market opportunity for test and burn-in of semiconductors such as silicon photonics devices used in optical input/output (I/O) and co-packaged optics for data farms, computing, and Artificial Intelligence (AI) markets.
“In our fiscal fourth quarter just completed, we received the first purchase order from another new silicon carbide semiconductor company for our production FOX-XP solution to be used for volume production wafer level test and burn-in of silicon carbide devices for electric vehicles, trucks, and train traction inverter modules. The train traction inverter application represents an exciting new market driver for our FOX production test solutions due to the extreme reliability and length of service requirements of this application leading to prolonged test times. This new customer, a multinational industrial conglomerate and manufacturer of semiconductors including power semiconductors, is forecasting to grow their silicon carbide business significantly to meet the market demand, which we forecast will in turn drive incremental capacity of our FOX systems as well as our proprietary WaferPak full wafer Contactors.
“With the addition of this latest customer, we have significantly expanded our customer base by adding a total of four new silicon carbide customers this year. Each of these customers is already ramping or plans to ramp our products into high-volume production using our multi wafer test and burn-in systems.
“We also have multiple potential customers inquiring about our systems with the new high voltage option introduced last year to test and burn-in gallium nitride (GaN) semiconductors for power conversion applications. The gallium nitride market appears to be a potentially significant growth driver for our systems and WaferPak full wafer Contactors, particularly for automotive and photovoltaic applications where burn-in appears to be critical for meeting the initial quality and reliability needs of those markets.
“We also see a major market opportunity with the upcoming application of silicon photonics integrated circuits for use in optical chip-to-chip communication. This is in addition to the current photonics transceiver market used in data and telecommunications. Multiple companies such as Intel, nVidia, AMD, TSMC, and Global Foundries have made announcements regarding their product roadmaps for co-packaged photonics integrated circuits with microprocessors, graphics processors, chip sets for computing as well as artificial intelligence applications. During the fiscal fourth quarter, we received our first order from a current major silicon photonics customer for a volume production FOX-XP configured to enable cost-effective production test of wafers of next-generation photonic integrated circuits, which can be used in new optical I/O or heterogeneous integrated packages. This customer is one of the world’s largest semiconductor manufacturers and we expect to receive orders for additional production systems as they increase production of these devices.
“Another major milestone is that we have now installed both configurations of our new fully automated WaferPak Aligner at multiple customers, with the standalone Aligner already accepted and released into production just this week, and the FOX-XP with integrated Aligner expected to receive acceptance before the end of our current fiscal first quarter. Our new automated WaferPak Aligner allows hands free operation of WaferPak handling and Alignment and is available either as a standalone with movement between the Aligner and portable carts or in full integration with the FOX-XP system. As capacity and volume forecast increase, eliminating all manual interfaces for automated handling can become critical. The added automation capability of our new Aligner gives our wafer level test and burn-in offering even greater value and opens several incremental markets to Aehr, such as high-volume processors and chipsets with integrated photonics transceivers, flash and ultimately DRAM memories. This capability is also important for high volume, high mix devices requiring extremely high reliability and 100% burn-in such as automotive microcontrollers and sensors. We have received positive feedback on our new Aligner from multiple current and prospective customers across several markets and believe it will be an important addition to our product portfolio going forward.
“The market forecast for wafer level burn-in products is significant. William Blair estimates that the total available market for wafer level burn-in products for silicon carbide alone will be over $400 million by 2027. We believe Aehr has the potential to capture a significant portion of that market based on the level of silicon carbide engagements we have with customers across the globe.
“We start fiscal 2024 with an effective backlog of almost $40 million and a strong forecast from our current and prospective customers. Our engagements with numerous potential customers give us confidence in our growth expectations over the next several years, including record revenue and profit projections for this current fiscal year that ends next May, particularly as the positive momentum in demand for silicon carbide in electric vehicles continues to accelerate.”
Fiscal 2024 Financial Guidance:
For the fiscal year ending May 31, 2024, Aehr expects total revenue to be at least $100 million, representing growth of over 50% year over year, and GAAP net income of at least $28 million, representing earnings growth of greater than 90% year over year.
Management Conference Call and Webcast
Aehr Test Systems will host a conference call and webcast today at 5:00 p.m. Eastern (2:00 p.m. PT) to discuss its fiscal 2023 fourth quarter and full year operating results. To access the live call, dial +1 844-735-3765 (US and Canada) or +1 412-317-5712 (International) and ask to join the Aehr Test Systems earnings call.
In addition, a live and archived webcast of the conference call will be available over the Internet at www.aehr.com in the Investor Relations section and may also be accessed by clicking here. A replay of the conference call will also be available via telephone beginning approximately two hours after conclusion of the call and will remain available for one week. To access the call replay, dial +1 877-344-7529 (US and Canada) or +1 412-317-0088 (International) and enter replay passcode 7898611.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, data and telecommunications infrastructure, and solid-state memory and storage, are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products and solutions. Aehr has developed and introduced several innovative products including the FOX-P™ families of test and burn-in systems and FOX WaferPak™ Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. For more information, please visit Aehr Test Systems’ website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “sees,” or “continue,” or the negative of these words or other similar terms or expressions that concern Aehr’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, Aehr’s ability to generate bookings and revenue increases in the future; future requirements and orders of Aehr’s new and existing customers; bookings forecasted for proprietary WaferPak™ and DiePak consumables across multiple market segments; the temporary nature of customer pushouts; shipping timelines for products and follow-on capacity orders; the growth of Aehr’s systems and consumables, including as a percentage of total sales; financial guidance for fiscal 2024, including related to revenue and profitability, and expectations regarding fiscal 2024; Aehr’s ability to expand its number of customers using its FOX-P™ solutions; the ability to secure potential customer engagements; and expectations related to long-term demand for Aehr’s productions and the attractiveness of key markets. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr’s recent 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
– Financial Tables to Follow –
| AEHR TEST SYSTEMS AND SUBSIDIARIES | ||||||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| May 31, | Feb 28, | May 31, | May 31, | May 31, | ||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| Net sales | $ | 22,269 | $ | 17,206 | $ | 20,289 | $ | 64,961 | $ | 50,829 | ||||||||||
| Cost of sales | 10,790 | 8,331 | 9,821 | 32,215 | 27,164 | |||||||||||||||
| Gross profit | 11,479 | 8,875 | 10,468 | 32,746 | 23,665 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Selling, general and administrative | 3,587 | 3,250 | 2,993 | 12,237 | 10,047 | |||||||||||||||
| Research and development | 2,253 | 1,832 | 1,655 | 7,134 | 5,818 | |||||||||||||||
| Total operating expenses | 5,840 | 5,082 | 4,648 | 19,371 | 15,865 | |||||||||||||||
| Income from operations | 5,639 | 3,793 | 5,820 | 13,375 | 7,800 | |||||||||||||||
| Interest income, net | 487 | 374 | 22 | 1,245 | 13 | |||||||||||||||
| Gain from forgiveness of PPP loan | – | – | – | – | 1,698 | |||||||||||||||
| Other (expense) income, net | (4 | ) | (18 | ) | (38 | ) | (3 | ) | 30 | |||||||||||
| Income before income tax expense | 6,122 | 4,149 | 5,804 | 14,617 | 9,541 | |||||||||||||||
| Income tax expense | (11 | ) | (17 | ) | (10 | ) | (60 | ) | (91 | ) | ||||||||||
| Net income | $ | 6,111 | $ | 4,132 | $ | 5,794 | $ | 14,557 | $ | 9,450 | ||||||||||
| Earnings per share | ||||||||||||||||||||
| Basic | $ | 0.21 | $ | 0.15 | $ | 0.21 | $ | 0.52 | $ | 0.36 | ||||||||||
| Diluted | $ | 0.21 | $ | 0.14 | $ | 0.20 | $ | 0.50 | $ | 0.34 | ||||||||||
| Shares used in per share calculations: | ||||||||||||||||||||
| Basic | 28,425 | 27,893 | 27,003 | 27,785 | 26,014 | |||||||||||||||
| Diluted | 29,572 | 29,373 | 28,568 | 29,215 | 27,774 | |||||||||||||||
| AEHR TEST SYSTEMS AND SUBSIDIARIES | ||||||||||||||||||||
| Reconciliation of GAAP and Non-GAAP Results | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| May 31, | Feb 28, | May 31, | May 31, | May 31, | ||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| GAAP net income | $ | 6,111 | $ | 4,132 | $ | 5,794 | $ | 14,557 | $ | 9,450 | ||||||||||
| Stock-based compensation expense | 654 | 592 | 737 | 2,749 | 2,923 | |||||||||||||||
| Gain from forgiveness of PPP loan | – | – | – | – | (1,698 | ) | ||||||||||||||
| Non-GAAP net income | $ | 6,765 | $ | 4,724 | $ | 6,531 | $ | 17,306 | $ | 10,675 | ||||||||||
| GAAP earnings per diluted share | $ | 0.21 | $ | 0.14 | $ | 0.20 | $ | 0.50 | $ | 0.34 | ||||||||||
| Non-GAAP earnings per diluted share | $ | 0.23 | $ | 0.16 | $ | 0.23 | $ | 0.59 | $ | 0.38 | ||||||||||
| Shares used in GAAP diluted shares calculation | 29,572 | 29,373 | 28,568 | 29,215 | 27,774 | |||||||||||||||
| Shares used in non-GAAP diluted shares calculation | 29,572 | 29,373 | 28,568 | 29,215 | 27,774 | |||||||||||||||
| Non-GAAP net income is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net income is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The limitation of this measure is that it excludes items that impact the Company’s current period net income. This limitation is best addressed by using this measure in combination with net income (the most directly comparable GAAP financial measure). These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies.
We believe these measures enhance investors’ ability to review the company’s business from the same perspective as the Company’s management and facilitate comparisons of this period’s results with prior periods. |
||||||||||||||||||||
| AEHR TEST SYSTEMS AND SUBSIDIARIES | ||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||
| (in thousands, except per share data) | ||||||||||||
| (unaudited) | ||||||||||||
| May 31, | February 28, | May 31, | ||||||||||
| 2023 | 2023 | 2022 | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 30,054 | $ | 17,188 | $ | 31,484 | ||||||
| Short-term investments | 17,853 | 25,577 | – | |||||||||
| Trade and other accounts receivable, net | 16,594 | 11,389 | 12,859 | |||||||||
| Inventories | 23,908 | 21,619 | 15,051 | |||||||||
| Prepaid expenses and other | 621 | 808 | 613 | |||||||||
| Total current assets | 89,030 | 76,581 | 60,007 | |||||||||
| Property and equipment, net | 2,759 | 1,281 | 1,203 | |||||||||
| Operating lease right-of-use assets | 6,123 | 6,293 | 917 | |||||||||
| Other assets | 231 | 241 | 201 | |||||||||
| Total assets | $ | 98,143 | $ | 84,396 | $ | 62,328 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 9,206 | $ | 4,988 | $ | 4,195 | ||||||
| Accrued expenses | 4,143 | 3,489 | 3,610 | |||||||||
| Operating lease liabilities, short-term | 137 | 68 | 794 | |||||||||
| Customer deposits and deferred revenue, short-term | 2,822 | 843 | 2,415 | |||||||||
| Total current liabilities | 16,308 | 9,388 | 11,014 | |||||||||
| Operating lease liabilities, long-term | 6,163 | 6,324 | 212 | |||||||||
| Deferred revenue, long-term | 31 | 8 | 69 | |||||||||
| Other liabilities | 41 | 42 | 44 | |||||||||
| Total liabilities | 22,543 | 15,762 | 11,339 | |||||||||
| Total shareholders’ equity | 75,600 | 68,634 | 50,989 | |||||||||
| Total liabilities and shareholders’ equity | $ | 98,143 | $ | 84,396 | $ | 62,328 | ||||||
| Contacts:
Aehr Test Systems |
MKR Investor Relations Inc. Todd Kehrli or Jim Byers Analyst/Investor Contact (323) 468-2300 [email protected] |
Artificial Intelligence
BeeHero Reveals Groundbreaking Data-Backed Insights from the Latest Almond Pollination Seasons
On World Bee Day, BeeHero shares findings from the 2022-2024 almond pollination seasons that showcase its ability to optimize and boost pollination efficacy while decreasing operational costs, by empowering both beekeepers and growers with innovative, data-driven solutions
FRESNO, Calif., May 20, 2024 /PRNewswire/ — BeeHero, the pioneer of precision pollination, today unveiled groundbreaking data-driven bee activity insights from the 2022-2024 almond pollination seasons. The company has revealed bee flight hour and bee frame insights via its cutting-edge sensor technology and AI-powered analysis that contribute to improved pollination practices. In recent months, BeeHero cemented its position as the world’s leading provider of precision pollination as it surpassed the threshold of 300K hives under management, from which the company records more than 25 million hive samples daily. The new data is being released on World Bee Day, the date designated by the UN to raise awareness of the importance of these vital pollinators, the numerous threats they face, and how they contribute to sustainable agriculture and development.
Analysis of the previous almond seasons revealed that BeeHero-managed hives demonstrated a higher degree of effectiveness, with an average of nearly 50% more bee-frames per hive compared to the industry standard. This superior performance translates into stronger colonies and enables BeeHero to optimize hive placement and reduce the number of hives required per acre in almond orchards, resulting in enhanced pollination at a lower input-to-output ratio for growers.
BeeHero also discovered a significant difference in the average daily bee flight hours (BFH) measured by its sensors as compared to the traditional bee flight hour calculations. While conventional bee flight hour methods (based on industry standard hives) recorded a total of 2.7 daily BFH over the 2022 and 2023 almond pollination seasons, BeeHero was able to more accurately measure almost double this amount, at 5.9 daily BFH, demonstrating that bees will indeed fly in suboptimal conditions. This revelation underscores the higher accuracy of BeeHero’s methodology over traditional calculations, which underestimate the actual flying time of bees due to a reliance on and proximity to local national weather stations, affecting industry crop yield predictions. Both this finding and BeeHero’s ability to provide stronger hives have widespread implications for not only almonds, but other seed, row, and specialty crops as well.
“We are excited to be consistently achieving new, pivotal milestones on our mission to transform pollination efficiency through transparency and data-driven precision,” explained Omer Davidi, CEO and Co-Founder of BeeHero. “Our findings showcase the critical nature of robust data in optimizing pollination activities, and our unique ability to provide previously unknowable insights – and as a result, stronger hives and more accurate yield predictions – to industry stakeholders. We look forward to continuing to reshape industry paradigms, empowering growers and beekeepers to better foster bee welfare and bolstering productivity for greater profitability.”
During the 2024 almond pollination season, BeeHero utilized various proprietary tools to extract its unparalleled dataset on bee behavior and pollination efficacy. The company introduced a Deployment Planning Tool, enabling beekeepers to visualize their almond orchards and strategically plan daily tasks for maximum efficiency. Additionally, its Hive Tracker offered growers real-time insights into hive shipment and placement, while BeeHero’s new mobile growers platform provided growers with seamless access to hives’ frame counts and other critical information and updates.
Following the culmination of the pollination season, BeeHero is providing personalized precision pollination reports for growers with insights into bee flight hours, bee frames, and how BeeHero’s data and technology have directly impacted their season. In alignment with this mission, a recent study conducted by BeeHero and the USDA explored how bee colony strength and hive entrance orientation affected honey bee foraging behavior, offering actionable insights to improve pollination efficacy. The research underscores the pivotal role of BeeHero’s proprietary technology in gathering data to drive operational efficiency, reduce costs, increase yields, enhance bee welfare, and promote sustainable agriculture.
“The findings from these past pollination seasons – both in our research and in the field – highlight the profound potential of our innovative technology to revolutionize pollination practices, fostering a sustainable ecosystem that benefits both beekeepers and growers,” said Yuval Regev, CTO and Co-Founder of BeeHero. “By illuminating intricate bee behavior patterns and ecosystem dynamics, we are pioneering a new frontier in pollination science and technology.”
Earlier this month, BeeHero was recognized as an Honorable Mention by Fast Company’s 2024 World Changing Ideas Awards in the agriculture category. The award honors products and companies designed to make the world safer, cleaner, more sustainable, and more equitable. This is the latest in a slew of prestigious awards and recognitions for BeeHero, which include Cleantech Group’s 2024 Global Cleantech 100 list, the 2024 Founder’s Games for social impact, CNBC’s 2023 Disruptor 50 list, and The New York Times’ 2022 Good Tech Awards.
About BeeHero
BeeHero is a data-driven technology company redefining pollination in commercial agriculture. Using advanced data analytics, artificial intelligence, and low-cost IoT sensors, BeeHero brings transparency and efficiency to the complex logistics of commercial crop pollination. Its Precision Pollination as a Service (PPaaS) results in better crop yields and increased profits for commercial crop growers and agribusiness stakeholders. Its precision pollination solution is rapidly evolving into the backbone of the data-driven approach needed to build a resilient and future-proof sustainable agriculture ecosystem. The company is headquartered in Fresno, California, with offices in Palo Alto, California and R&D in Tel Aviv, Israel.
Media Contact
Allison GreyHeadline [email protected] US: +1 323 283 8176UK: +44 203 807 4482IL: +972 53 820 2606
View original content:https://www.prnewswire.co.uk/news-releases/beehero-reveals-groundbreaking-data-backed-insights-from-the-latest-almond-pollination-seasons-302150117.html
Artificial Intelligence
Dubai World Trade Centre Drives Impact as Economic Output Surges to US$4.98 Billion in 2023, up 40% YoY
DUBAI, UAE, May 20, 2024 /PRNewswire/ — Dubai World Trade Centre (DWTC), a global leader in the events and exhibitions industry, has once again demonstrated its significant impact on Dubai’s economy in 2023, welcoming 2.47 million participants and hosting 301 events, 76 of which, were large-scale events that attracted 1.54 million attendees, with 46% from overseas.
DWTC’s 2023 Economic Impact Assessment (EIA) Report, based on its 76 large-scale events (2000 or more attendees) revealed an impressive surge in the total economic output, reaching US$4.98 billion, marking an incredible 40% YoY increase, with high returns for adjacent industries such as Travel, Accommodation and Retail, connected to the Meetings Incentives Conferences and Exhibitions (MICE) ecosystem.
DWTC’s large-scale events generated a substantial US$2.87 billion Gross Value Added (GVA) to Dubai’s GDP, retaining an impressive 58% of the total economic output locally. International participation soared by 53%, with overseas visitors driving 6.2 times more contribution than domestic counterparts.
Events hosted at DWTC supported 69,281 jobs, generating US$915 million in disposable household income for the city’s residents. The substantial economic impact of these events extends beyond direct revenue generation, fostering socio-economic development and contributing to Dubai’s status as a leading global business hub.
His Excellency Helal Saeed Almarri, Director General of DWTC Authority, said: “Aligned with Dubai’s Economic Agenda D33, we continue to spearhead efforts in sector diversification, reinforcing the city’s stature as a leading global business hub. The remarkable accomplishments of 2023, presented in the ‘DWTC Economic Impact Assessment Report’ demonstrate that Dubai’s MICE sector, driven by DWTC, remains a vital pillar of financial resilience and growth underscoring our accelerated strides towards sustainable socio-economic development. The increase in international participation, along with the significant economic impact generated across diverse sectors such as travel, accommodation and retail, highlights the city’s steadfast commitment to propelling business tourism.”
The venue’s formidable events portfolio strategically aligned with Dubai’s economic priorities, showcasing Healthcare, Medical, and Scientific; Information Technology (IT); and Food, Hotel, and Catering as the top contributors. These leading sectors collectively accounted for 59% (US$1.71 billion) of the GVA to Dubai’s economy, and 49% (747,468) of the total large-scale event visitation.
Adjacent sectors, including hotels, air travel, and local transportation experienced a significant boost in economic activity. The direct revenue generated through expenditure was nearly US$2.94 billion.
Photo – https://mma.prnewswire.com/media/2416961/Dubai_World_Trade_Centre_2023_Infographic.jpg
View original content:https://www.prnewswire.co.uk/news-releases/dubai-world-trade-centre-drives-impact-as-economic-output-surges-to-us4-98-billion-in-2023–up-40-yoy-302150038.html
Artificial Intelligence
Aramco signs agreement with Pasqal to deploy first quantum computer in the Kingdom of Saudi Arabia
DHAHRAN, Saudi Arabia, May 20, 2024 /PRNewswire/ — Aramco, one of the world’s leading integrated energy and chemicals companies, has signed an agreement with Pasqal, a global leader in neutral atom quantum computing, to install the first quantum computer in the Kingdom of Saudi Arabia.
The agreement will see Pasqal install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025.
Ahmad Al-Khowaiter, Aramco EVP of Technology & Innovation, said: “Aramco is delighted to partner with Pasqal to bring cutting-edge, high-performance quantum computing capabilities to the Kingdom. In a rapidly evolving digital landscape, we believe it is crucial to seize opportunities presented by new, impactful technologies and we aim to pioneer the use of quantum computing in the energy sector. Our agreement with Pasqal allows us to harness the expertise of a leading player in this field, as we continue to build state-of-the-art solutions into our business. It is also further evidence of our contribution to the growth of the digital economy in Saudi Arabia.”
Georges-Olivier Reymond, Pasqal CEO & Co-founder, said: “The era of quantum computing is here. No longer confined to theory, it’s transitioning to real-world applications, empowering organisations to solve previously intractable problems at scale. Since launching Pasqal in 2019, we have directed our efforts towards concrete quantum computing algorithms immediately applicable to customer use cases. Through this agreement, we’ll be at the forefront of accelerating commercial adoption of this transformative technology in Saudi Arabia. This isn’t just any quantum computer; it will be the most powerful tool deployed for industrial usages, unlocking a new era of innovation for businesses and society.”
The quantum computer will initially use an approach called “analog mode.” Within the following year, the system will be upgraded to a more advanced hybrid “analog-digital mode,” which is more powerful and able to solve even more complex problems.
Pasqal and Aramco intend to leverage the quantum computer to identify new use cases, and have an ambitious vision to establish a powerhouse for quantum research within Saudi Arabia. This would involve leading academic institutions with the aim of fostering breakthroughs in quantum algorithm development — a crucial step for unlocking the true potential of quantum computing.
The agreement also accelerates Pasqal’s activity in Saudi Arabia, having established an office in the Kingdom in 2023, and follows the signing of a Memorandum of Understanding between the companies in 2022 to collaborate on quantum computing capabilities and applications in the energy sector. In 2023, Aramco’s Wa’ed Ventures also participated in Pasqal’s Series B fundraising round.
About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com
About PASQAL
Pasqal is a leading Quantum Computing company that builds quantum processors from ordered neutral atoms in 2D and 3D arrays to bring a practical quantum advantage to its customers and address real-world problems. Pasqal was founded in 2019, out of the Institut d’Optique, by Georges-Olivier Reymond, Christophe Jurczak, Professor Dr. Alain Aspect – Nobel Prize Laureate Physics, 2022, Dr. Antoine Browaeys and Dr. Thierry Lahaye. Pasqal has secured more than €140 million in financing to date. To learn more about Pasqal, visit www.pasqal.com.
Disclaimer
The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Stock Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Stock Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.
Aramco Contact Information:
@aramco
View original content:https://www.prnewswire.co.uk/news-releases/aramco-signs-agreement-with-pasqal-to-deploy-first-quantum-computer-in-the-kingdom-of-saudi-arabia-302150019.html
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