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Aterian Reports Second Quarter 2023 Results

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NEW YORK, Aug. 08, 2023 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”) today announced results for the second quarter ended June 30, 2023. 

Second Quarter Highlights

  • Second quarter 2023 net revenue declined 39.5% to $35.3 million, compared to $58.3 million in the second quarter of 2022.
  • Second quarter 2023 gross margin declined to 42.2%, compared to 53.8% in the second quarter of 2022, primarily reflecting the impact of our strategy of liquidating high-cost inventory.
  • Second quarter 2023 contribution margin declined to (3.6)% from 9.7% in the second quarter of 2022, primarily reflecting consumer softness and higher competitive pricing pressure in cooling and air quality product categories and an increased inventory obsolescence reserve.
  • Second quarter 2023 operating loss of ($36.4) million increased compared to a loss of ($10.1) million in the second quarter of 2022. Second quarter 2023 operating loss includes ($3.2) million of non-cash stock compensation, a non-cash loss on impairment of intangibles of ($22.8) million, and restructuring costs of $(1.2) million, while second quarter 2022 operating loss included a gain of $1.7 million from the change in fair value of earn-out liabilities and ($6.0) million of non-cash stock compensation.
  • Second quarter 2023 net loss of ($34.8) million increased from ($6.3) million loss in the second quarter of 2022. Second quarter 2023 net loss includes ($3.2) million of non-cash stock compensation, a non-cash loss on impairment of intangibles of ($22.8) million, restructuring costs of ($1.2) million, and a gain on fair value of warrant liability of $2.2 million, while second quarter 2022 net loss included ($6.0) million in net charges from the changes in fair value of warrants, ($6.0) million of non-cash stock compensation and a gain of $1.7 million from the net change in fair value of earn-out liabilities.
  • Second quarter 2023 adjusted EBITDA loss of ($8.0) million increased from ($3.7) million in the second quarter of 2022.
  • Total cash balance at June 30, 2023 was $28.9 million.

Third Quarter 2023 Outlook

For the third quarter, taking into account the current global environment and inflation, we believe that net revenue will be between $32.5 million and $37.5 million and expect an adjusted EBITDA loss of between ($4.5) million to ($5.5) million.

The Company’s third quarter 2023 guidance is based on a number of assumptions that are subject to change, many of which are outside the Company’s control. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.

Non-GAAP Financial Measures

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For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Non-GAAP Financial Measures” section below. The most directly comparable GAAP financial measure for EBITDA and adjusted EBITDA is net loss and we expect to report a net loss for the three months ending September 30, 2023, due primarily to our operating losses, which includes stock-based compensation expense, and interest expense. We are unable to reconcile the forward-looking statements of EBITDA and adjusted EBITDA in this press release to their nearest GAAP measures because the nearest GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.

Webcast and Conference Call Information

Aterian will host a live conference call to discuss financial results today, August 8, 2023, at 5:00 p.m. Eastern Time, which will be accessible by telephone and the internet. To access the call, participants from within the U.S. should dial (833) 636-1351 and participants from outside the U.S. should dial (412) 902-4267 and ask to be joined into the Aterian, Inc. call. Participants may also access the call through a live webcast at https://ir.aterian.io. The archived online replay will be available for a limited time after the call in the Investors Relations section of the Aterian website.

About Aterian, Inc.

Aterian, Inc. (Nasdaq: ATER) is a leading technology-enabled consumer product company that builds, acquires, and partners with leading e-commerce brands by harnessing proprietary software and an agile supply chain to create top selling consumer products. The Company’s cloud-based platform, Artificial Intelligence Marketplace Ecommerce Engine (AIMEE™), leverages machine learning, natural language processing and data analytics to streamline the management of products at scale across the world’s largest online marketplaces with a focus on Amazon, Shopify and Walmart. Aterian owns and operates a number of brands and sells its products in multiple categories, including home and kitchen appliances, health and wellness, beauty and consumer electronics.

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Forward Looking Statements

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements regarding our projected third quarter revenue and adjusted EBITDA, the current global environment and inflation. These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to our ability to continue as a going concern, our ability to meet financial covenants with our lenders, our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to consumer demand, our cash flows, financial condition, forecasting and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to maintain and to grow market share in existing and new product categories; our ability to continue to profitably sell the SKUs we operate; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and our ability to integrate such companies and technologies with our business; our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 
 
ATERIAN, INC.
Consolidated Balance Sheets
(in thousands, except share and per share data)
 
    December 31,
2022
  June 30,
2023
ASSETS        
Current assets:        
Cash   $ 43,574     $ 28,867  
Accounts receivable, net     4,515       4,782  
Inventory     43,666       36,683  
Prepaid and other current assets     8,261       5,326  
Total current assets     100,016       75,658  
Property and equipment, net     853       839  
Other intangibles, net     54,757       12,429  
Other non-current assets     813       543  
Total assets   $ 156,439     $ 89,469  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current Liabilities:        
Credit facility   $ 21,053     $ 15,748  
Accounts payable     16,035       11,821  
Seller notes     1,693       1,206  
Accrued and other current liabilities     14,254       11,978  
Total current liabilities     53,035       40,753  
Other liabilities     1,452       1,556  
Total liabilities     54,487       42,309  
Commitments and contingencies (Note 9)        
Stockholders’ equity:        
Common stock, $0.0001 par value, 500,000,000 shares authorized and 80,752,290 and 88,014,844 shares outstanding at December 31, 2022 and June 30, 2023, respectively     8       9  
Additional paid-in capital     728,339       733,878  
Accumulated deficit     (625,251 )     (685,838 )
Accumulated other comprehensive loss     (1,144 )     (889 )
Total stockholders’ equity     101,952       47,160  
Total liabilities and stockholders’ equity   $ 156,439     $ 89,469  
 
ATERIAN, INC.
Consolidated Statements of Operations
(in thousands, except share and per share data)
 
    Three Months Ended June 30,   Six Months Ended June 30,
      2022       2023       2022       2023  
Net revenue   $ 58,268     $ 35,264     $ 99,941     $ 70,143  
Cost of good sold     26,917       20,368       44,982       36,151  
Gross profit     31,351       14,896       54,959       33,992  
Operating expenses:                
Sales and distribution     31,866       20,557       54,840       40,783  
Research and development     1,730       1,709       2,877       2,956  
General and administrative     9,571       6,281       19,112       12,240  
Impairment loss on goodwill                 29,020        
Impairment loss on intangibles           22,785             39,445  
Change in fair value of contingent earn-out liabilities     (1,691 )           (4,466 )      
Total operating expenses     41,476       51,332       101,383       95,424  
Operating loss     (10,125 )     (36,436 )     (46,424 )     (61,432 )
Interest expense, net     338       346       1,138       717  
Gain on extinguishment of seller note                 (2,012 )      
Loss on initial issuance of equity                 5,835        
Change in fair value of warrant liability     6,014       (2,197 )     7,893       (1,843 )
Other (income) expense, net           176       (25 )     229  
Loss before income taxes     (16,477 )     (34,761 )     (59,253 )     (60,535 )
Provision (benefit) for income taxes     (168 )     26       (168 )     52  
Net loss   $ (16,309 )   $ (34,787 )   $ (59,085 )   $ (60,587 )
Net loss per share, basic and diluted   $ (0.26 )   $ (0.45 )   $ (0.94 )   $ (0.78 )
Weighted-average number of shares outstanding, basic and diluted     63,947,069       77,625,304       62,749,520       77,181,388  
 
ATERIAN, INC.
Consolidated Statements of Cash Flows
(in thousands)
 
    Six Months Ended June 30,
      2022       2023  
OPERATING ACTIVITIES:        
Net loss   $ (59,085 )   $ (60,587 )
Adjustments to reconcile net loss to net cash used by operating activities:        
Depreciation and amortization     3,894       2,964  
Provision for sales returns     226       (170 )
Amortization of deferred financing cost and debt discounts     213       213  
Stock-based compensation     8,913       5,539  
Gain from decrease of contingent earn-out liability fair value     (4,466 )      
Change in inventory provisions           262  
Loss in connection with the change in warrant fair value     7,893       (1,843 )
Gain in connection with settlement of note payable     (2,012 )      
Loss on initial issuance of equity     5,835        
Impairment loss on goodwill     29,020        
Impairment loss on intangibles           39,445  
Allowance for doubtful accounts and other     127        
Changes in assets and liabilities:        
Accounts receivable     3,304       (267 )
Inventory     (13,071 )     6,721  
Prepaid and other current assets     2,108       2,469  
Accounts payable, accrued and other liabilities     (5,010 )     (3,603 )
Cash used in operating activities     (22,111 )     (8,857 )
INVESTING ACTIVITIES:        
Purchase of fixed assets     (16 )     (66 )
Purchase of Step and Go assets           (125 )
Cash used in investing activities     (16 )     (191 )
FINANCING ACTIVITIES:        
Proceeds from equity offering, net of issuance costs     27,007        
Repayments on note payable to Smash     (1,778 )     (501 )
Payment of Squatty Potty earn-out     (3,983 )      
Borrowings from MidCap credit facilities     71,914       38,060  
Repayments for MidCap credit facilities     (70,972 )     (43,572 )
Insurance obligation payments     (719 )     (534 )
Cash provided (used) by financing activities     21,469       (6,547 )
Foreign currency effect on cash, cash equivalents, and restricted cash     (602 )     255  
Net change in cash and restricted cash for the year     (1,260 )     (15,340 )
Cash and restricted cash at beginning of year     38,315       46,629  
Cash and restricted cash at end of year   $ 37,055     $ 31,289  
RECONCILIATION OF CASH AND RESTRICTED CASH:        
Cash     34,781       28,867  
Restricted Cash—Prepaid and other current assets     2,145       2,293  
Restricted cash—Other non-current assets     129       129  
TOTAL CASH AND RESTRICTED CASH   $ 37,055     $ 31,289  
         
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION        
Cash paid for interest   $ 828     $ 1,038  
Cash paid for taxes   $ 58     $ 80  
NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Non-cash consideration paid to contractors   $ 1,137     $ 321  
Fair value of warrants issued in connection with equity offering   $ 18,982     $  
Issuance of common stock related to exercise of warrants   $ 767     $  
Exercise of prefunded warrants   $ 15,039     $  
                 

Non-GAAP Financial Measures

We believe that our financial statements and the other financial data included in this Quarterly Report have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the U.S. (“GAAP”). However, for the reasons discussed below, we have presented certain non-GAAP measures herein.

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We have presented the following non-GAAP measures to assist investors in understanding our core net operating results on an on-going basis: (i) Contribution Margin; (ii) Contribution margin as a percentage of net revenue; (iii) EBITDA (iv) Adjusted EBITDA; and (v) Adjusted EBITDA as a percentage of net revenue. These non-GAAP financial measures may also assist investors in making comparisons of our core operating results with those of other companies.

As used herein, Contribution margin represents gross profit less e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). As used herein, Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and provision for income taxes. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of earn-outs, profit and loss impacts from the issuance of common stock and/or warrants, changes in fair-market value of warrant liability, litigation settlements, impairment on goodwill and intangibles, gain from extinguishment of debt, restructuring expenses and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. Contribution margin, EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to loss from operations or net loss, as determined under GAAP.

We present Contribution margin and Contribution margin as a percentage of net revenue, as we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to gross profit, provides useful supplemental information for investors. Specifically, Contribution margin and Contribution margin as a Non-GAAP Financial Measure percentage of net revenue are two of our key metrics in running our business. All product decisions made by us, from the approval of launching a new product and to the liquidation of a product at the end of its life cycle, are measured primarily from Contribution margin and/or Contribution margin as a percentage of net revenue. Further, we believe these measures provide improved transparency to our stockholders to determine the performance of our products prior to fixed costs as opposed to referencing gross profit alone.

In the reconciliation to calculate contribution margin, we add e-commerce platform commissions, online advertising, selling and logistics expenses (“sales and distribution variable expense”) to gross profit to inform users of our financial statements of what our product profitability is at each period prior to fixed costs (such as sales and distribution expenses such as salaries as well as research and development expenses and general administrative expenses). By excluding these fixed costs, we believe this allows users of our financial statements to understand our products performance and allows them to measure our products performance over time.

We present EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provide useful supplemental information for investors. We use these measures with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue are useful to investors in assessing the operating performance of our business without the effect of non-cash items.

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Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue may not be comparable to similar titled measures in other organizations because other organizations may not calculate Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue in the same manner as we do. Our presentation of Contribution margin and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.

We recognize that EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects:

• our capital expenditures or future requirements for capital expenditures or mergers and acquisitions;

• the interest expense or the cash requirements necessary to service interest expense or principal payments, associated with indebtedness;

• depreciation and amortization, which are non-cash charges, although the assets being depreciated and amortized will likely have to be replaced in the future, or any cash requirements for the replacement of assets;

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• changes in cash requirements for our working capital needs; or

• changes in fair value of contingent earn-out liabilities, warrant liabilities, and amortization of inventory step-up from acquisitions (included in cost of goods sold).

Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is and is expected to remain a key element of our overall long-term incentive compensation package.

We also recognize that Contribution margin and Contribution margin as a percentage of net revenue have limitations as analytical financial measures. For example, Contribution margin does not reflect:

• general and administrative expense necessary to operate our business; •research and development expenses necessary for the development, operation and support of our software platform;

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• the fixed costs portion of our sales and distribution expenses including stock-based compensation expense; or

• changes in fair value of contingent earn-out liabilities, warrant liabilities, and amortization of inventory step-up from acquisitions (included in cost of goods sold).

Contribution Margin

The following table provides a reconciliation of Contribution margin to gross profit and Contribution margin as a percentage of net revenue to gross profit as a percentage of net revenue, which are the most directly comparable financial measures presented in accordance with GAAP:

  Three Months Ended June 30,   Six Months Ended June 30,  
    2022       2023       2022       2023    
  (in thousands, except percentages)  
Gross Profit $ 31,351     $ 14,896     $ 54,959     $ 33,992    
Less:                
E-commerce platform commissions, online advertising, selling and logistics expenses   (25,703 )     (16,164 )     (45,479 )     (33,193 )  
Contribution margin $ 5,648     $ (1,268 )   $ 9,480     $ 799    
Gross Profit as a percentage of net revenue   53.8 %     42.2 %     55.0 %     48.5 %  
Contribution margin as a percentage of net revenue   9.7 %     (3.6 )%     9.5 %     1.1 %  
                                 

Adjusted EBITDA

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The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable financial measure presented in accordance with GAAP:

  Three Months Ended June 30,   Six Months Ended June 30,  
    2022       2023       2022       2023    
  (in thousands, except percentages)  
Net loss $ (16,309 )   $ (34,787 )   $ (59,085 )   $ (60,587 )  
Add:                
Provision (benefit) for income taxes   (168 )     26       (168 )     52    
Interest expense, net   338       346       1,138       717    
Depreciation and amortization   2,048       1,202       3,894       2,964    
EBITDA   (14,091 )     (33,213 )     (54,221 )     (56,854 )  
Other (income) expense, net         176       (25 )     229    
Change in fair value of contingent earn-out liabilities   (1,691 )           (4,466 )        
Impairment loss on goodwill               29,020          
Impairment loss on intangibles         22,785             39,445    
Gain on extinguishment of seller note               (2,012 )        
Change in fair market value of warrant liability   6,014       (2,197 )     7,893       (1,843 )  
Loss on original issuance of equity               5,835          
Litigation reserve               800          
Restructuring expense         1,216             1,216    
Stock-based compensation expense   6,048       3,223       8,913       5,539    
Adjusted EBITDA $ (3,720 )   $ (8,010 )   $ (8,263 )   $ (12,268 )  
Net loss as a percentage of net revenue   (28.0 )%     (98.6 )%     (59.1 )%     (86.4 )%  
Adjusted EBITDA as a percentage of net revenue   (6.4 )%     (22.7 )%     (8.3 )%     (17.5 )%  
                                 

Each of our products typically goes through the Launch phase and depending on its level of success is moved to one of the other phases as further described below:

i.    Launch phase: During this phase, we leverage our technology to target opportunities identified using AIMEE (Artificial Intelligence Marketplace e-Commerce Engine) and other sources. This phase also includes revenue from new product variations and relaunches. During this period of time, due to the combination of discounts and investment in marketing, our net margin for a product could be as low as approximately negative 35%. Net margin is calculated by taking net revenue less the cost of goods sold, less fulfillment, online advertising and selling expenses. These primarily reflect the estimated variable costs related to the sale of a product.

ii.   Sustain phase: Our goal is for every product we launch to enter the sustain phase and become profitable, with a target of positive 15% net margin for most products, within approximately three months of launch on average. Net margin primarily reflects a combination of manual and automated adjustments in price and marketing spend.

iii.  Liquidate phase: If a product does not enter the sustain phase or if the customer satisfaction of the product (i.e., ratings) is not satisfactory, then it will go to the liquidate phase and we will sell through the remaining inventory. Products can also be liquidated as part of inventory normalization especially when steep discounts are required.

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The following tables break out our second quarter of 2022 and 2023 results of operations by our product phases (in thousands):

      Three months ended June 30, 2022
    Sustain   Launch   Liquidation/
Other
  Fixed Costs   Stock Based
Compensation
  Total
Net revenue   $ 54,080   $ 1,342   $ 2,846   $     $   $ 58,268  
Cost of goods sold     24,259     742     1,916               26,917  
Gross profit     29,821     600     930               31,351  
Operating expenses:                        
Sales and distribution expenses     22,635     632     2,435     3,281       2,883     31,866  
Research and development                 1,097       633     1,730  
General and administrative                 7,038       2,533     9,571  
Change in earn-out liability                 (1,691 )         (1,691 )
                         
      Three months ended June 30, 2023    
    Sustain   Launch   Liquidation/
Other
  Fixed Costs   Stock Based
Compensation
  Total
Net revenue   $ 30,985   $ 42   $ 4,237   $     $   $ 35,264  
Cost of goods sold     16,505     20     3,843               20,368  
Gross profit     14,480     22     394               14,896  
Operating expenses:                        
Sales and distribution expenses     13,841     33     2,290     3,302       1,091     20,557  
Research and development                 1,286       423     1,709  
General and administrative                 4,572       1,709     6,281  
Impairment loss on intangibles                 22,785           22,785  
                                         
      Six months ended June 30, 2022    
    Sustain   Launch   Liquidation/
Other
  Fixed Costs   Stock Based
Compensation
  Total
Net revenue   $ 92,044   $ 2,179   $ 5,718   $     $   $ 99,941  
Cost of goods sold     40,008     1,153     3,821               44,982  
Gross profit     52,036     1,026     1,897               54,959  
Operating expenses:                        
Sales and distribution expenses     40,114     1,167     4,197     6,133       3,229     54,840  
Research and development                 1,970       907     2,877  
General and administrative                 14,335       4,777     19,112  
Impairment loss on goodwill                 29,020           29,020  
Change in earn-out liability                 (4,466 )         (4,466 )
                         
      Six months ended June 30, 2023
    Sustain   Launch   Liquidation/
Other
  Fixed Costs   Stock Based
Compensation
  Total
Net revenue   $ 59,616   $ 200   $ 10,327   $     $   $ 70,143  
Cost of goods sold     28,183     111     7,857               36,151  
Gross profit     31,433     89     2,470               33,992  
Operating expenses:                        
Sales and distribution expenses     27,194     152     5,847     5,829       1,761     40,783  
Research and development                 2,099       857     2,956  
General and administrative                 9,319       2,921     12,240  
Impairment loss on intangibles                 39,445           39,445  

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Artificial Intelligence

Fleet Management Market Advances with AI-Driven Route Optimization and Maintenance Solutions, Finds Maximize Market Research

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PUNE, India, July 19, 2024 /PRNewswire/ — Fleet Management Market size was valued at US$ 12.69 Bn. in 2023 and the total revenue is expected to grow at 20.07% through 2024 to 2030, Fleet Management Market is reaching nearly US$ 45.66 Bn. by 2030.

Reports on competitive analyses encompass company overviews, financial performances, product portfolios, and strategies of key players in the Fleet Management Market. To assess strengths and weaknesses, a comprehensive SWOT analysis was conducted, while a PESTLE analysis was carried out to understand the impact of macroeconomic factors on the market. Also, the report includes detailed analyses of investments made by market players to enhance their global presence.
The research methodology utilized in analysing the Fleet Management market encompasses a thorough approach that combines primary data which is often collected through surveys, interviews, and focus groups with industry experts and stakeholders such as fleet operators and managers, fleet management service providers, vehicle manufacturers, telematics providers and insurance companies. This allows for firsthand insights into market trends, consumer behaviour, and regulatory challenges and secondary research utilizing reports from government sources, industry publications, and financial statements. Market sizing and forecasting techniques are employed alongside competitive analysis to provide valuable insights into the market landscape. It also includes trade balance, market entry strategies, costs in different region, technology adoption, regulatory framework, compliance requirements and customer demographics which makes it an investor’s guide. The report encompasses component, deployment type, fleet type segments and their analysis, which elucidates their influence on the market. The estimation methodology often adopts a bottom-up approach to accurately determine market sizes. 
Get your Sample PDF: https://www.maximizemarketresearch.com/request-sample/29184/ 
Global Fleet Management Market 2023-2030: Key Highlights
Market Size in 2023:
USD 12.69 Bn
Market Size in 2030:
USD 45.66 Bn
CAGR:
20.07 %
Forecast Period:
2024-2030
Base Year:
2023
Number of Pages:
229
No. of Tables:
138
No. of Charts and Figures:
193
Regional Scope: 
North America, Europe, Asia Pacific, and Africa, South America
Report Coverage: 
Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
Historic Market Size 2017-2023CAGR of the market during 2024-2030Detailed information on factors that will assist Fleet Management market growth during the next seven yearsAn estimation of the Fleet Management market size and the impact of the country’s GDP on Fleet Management marketForecasts on upcoming trends and changes in consumer behaviorThe growth of the Fleet Management marketAnalysis of the competitive landscape and detailed information on companiesComprehensive details of factors that will impede the growth of Fleet Management companies.Competitive Landscape
The Fleet Management Market includes the presence of several global as well as regional key players. A few prominent players that offer Fleet Management in the market are Donlen Corporation. Geotab, Inseego Corp, Automotive Rentals Inc., Omnitracs, TeletracNavman, Trimble Verizon Connect, Wheels, Inc., Mix Telematics and others.
What’s New: Recent Additions and Updates
Expansion into Southeast Asia, South America, and Africa.Localization efforts for new markets.Technological AdvancementsNew Streaming Partnerships and PlatformsInnovative Marketing StrategiesFinancial Performance and InvestmentConsumer Behaviour and TrendsRegulatory Changes and ChallengesFor more details on the information, Request a sample reporthttps://www.maximizemarketresearch.com/request-sample/29184/ 
Market Overview
In the modern business landscape, every industry strives to maximize output while minimizing costs. For companies with large fleets, fleet management costs make up a significant portion of their operating costs. Fleet systems play a critical role in optimizing routes, ensuring vehicle safety, improving driver safety, and increasing profitability by improving vehicle performance and life. These programs will provide fleet owners with valuable insight into fleet performance, enabling them to identify areas for improvement, such as specific drivers or cost-reduction units. Effective fleet management helps in right-sizing fleet cars, maintaining vehicles, reducing overhead expenses, lowering fuel costs, minimizing distance traveled, and modifying driver behavior, all of which contribute to increased operational efficiency.
Urbanization has increased the use of ridesharing and car-sharing systems, facilitating the transition to carpooling. MaaS focuses on providing tailored solutions for logistics solutions tailored to individual needs, significantly affecting the shipping industry. As the number of privately owned vehicles is expected to decline, fleet management service providers will need to change their operations, offer new and improved services, and possibly prune obsolete ones. This shift to shared transport presents new revenue opportunities for the fleet management market.
The implementation of hyper-pooling in fleet management has transformative potential. This new option allows up to 14 passengers to share a car, significantly increasing ridership and reducing the cost per passenger. Through resource efficiency, over-assembly increases operational efficiency and cost savings for fleet operators. This approach also supports sustainability goals by reducing the number of vehicles on the road, thereby reducing traffic congestion and carbon emissions. The potential for over-integration is noteworthy, as it benefits passengers even at higher demand levels, showing its potential in urban areas. This approach not only improves the financial efficiency of service providers but also contributes to environmental goals, making it an important development in the future of fleet management.
In 2024, fleet management is set to undergo transformative changes driven by advancements in technology and evolving industry needs. The integration of OEM and aftermarket telematics allows fleets to aggregate data from multiple sources for a unified view of vehicle performance. These changes are accompanied by a focus on increasing driver safety and satisfaction through AI, Advanced Driver Assistance Systems (ADAS), and video telematics that prioritize well-being over aggressive surveillance. In addition, the increasing adoption of electric vehicles (EVs) is being supported by fleet management systems designed to optimize battery health and battery management. AI is revolutionizing day-to-day operations by streamlining route planning and maintenance, providing significant benefits for fleets that embrace these innovations.
In conclusion, the demand for fleet management is constantly increasing worldwide, driven by the need for efficient vehicle tracking, maintenance, and optimization. Businesses with fleets of vehicles, such as logistics and transportation companies, are adopting fleet management solutions to reduce operating costs, improve driver safety, and enhance customer service. This comprehensive perspective provides stakeholders with valuable information to navigate opportunities and challenges and ensures strategic decisions for sustainable growth in the global Fleet Management market.
For a detailed analysis of regions and their contributions Request For Free Sample Report: https://www.maximizemarketresearch.com/request-sample/29184/ 
Segment Overview
MMR has segmented the market based on
By Component
SolutionServiceBy Deployment Type
On-premisesCloudBy Fleet type
Commercial fleetsPassenger carsBased on Fleet type, the market is sub-segmented into Commercial fleets and Passenger cars. The demand for passenger cars is likely to be larger. Vehicles with a seating capacity of up to six people, excluding the driver, are referred to as passenger automobiles. Passenger automobiles are further divided into the following divisions based on agreed-upon sub-categories: micro cars, compact cars, midsize cars, executive cars, premium cars, and luxury cars. It’s easier and more cost-effective than ever to lease a small fleet of cars, minivans, or pickup trucks. For keeping the cars well maintained, the linked services include supply chain management, maintenance, licensing and compliance, fuel management, and accident claims. The Fleet Management Solution aids in the organization, management, and coordination of fleets.
Detailed segmentation values for each segment and explanations for growth are provided in the final report. https://www.maximizemarketresearch.com/market-report/global-fleet-management-market/29184/ 
Geography Overview
In Fleet Management North America region leading the market. The US government is actively evaluating telematics’ ability to minimize accident costs, which is pushing the demand for fleet management services. Ford, GM, and Fiat Chrysler dominate the fleet market in the United States. To generate profits, OEMs are shifting fleet sales to auctions. If the cost benefits of fleet maintenance and leasing are widely recognized, many new customers may be attracted. Also, dwindling government reserves and fears of a second recession could restrain market expansion.
According to the Environmental Protection Agency, the burning of fossil fuels such as diesel and gasoline for transportation and passengers is the second largest contributor to carbon dioxide emissions and nearly all greenhouse gases and it is the U.S. 31% of carbon dioxide emissions and more than a quarter United States. Excretion of substances from the body. After several initiatives, the US. The Department of Homeland Security has routinely used fleet management solutions to provide data-driven insights for its fleet managers to monitor fleet operations. WEX Inc. has awarded a telematics contract to the Department of Homeland Security (DHS) to provide equipment and services for vehicle telecommunications.
In the final report, past and future numbers and explanations are incorporated seamlessly to provide a comprehensive understanding of the Global Fleet Management market.
Related Reports:
Container Fleet Market size was valued at USD 12.40 Billion in 2023 and the total Container Fleet Revenue is expected to grow at a CAGR of 5.8% from 2024 to 2030, reaching nearly USD 18.40 Billion by 2030.
IoT Fleet Management Market is anticipated to reach US$ 29.42 Bn by 2030 from US$ 7.97 Bn in 2023 at a CAGR of 20.5 % during a forecast period.
Fleet Telematics Market size is expected to reach US$ 70.24 Bn. by 2030, at a CAGR of 13.35% during the forecast period.
Automotive Vehicle Fleet Leasing Market is expected to reach US$ 50.80 Bn by 2030, at a CAGR of 5.88% during the forecast period.
Connected and Autonomous Mobility Vehicles Market size was valued at USD 149.43 Billion in 2023 and is expected to grow at a CAGR of 40.1 % from 2024 to 2030, reaching nearly USD 1583.08 Billion.
Container Fleet Market size was valued at USD 12.40 Billion in 2023 and the total Container Fleet Revenue is expected to grow at a CAGR of 5.8% from 2024 to 2030, reaching nearly USD 18.40 Billion by 2030.
Smart Fleet Management Market size was valued at USD 487.23 Billion in 2023 and the total Smart Fleet Management Market revenue is expected to grow at a CAGR of 8.36% from 2024 to 2030, reaching nearly USD 854.65 Billion.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
Contact Maximize Market Research:3rd Floor, Navale IT Park, Phase 2Pune Banglore Highway, Narhe,Pune, Maharashtra 411041, [email protected] +91 96071 95908, +91 9607365656.Follow Up: Facebook | Twitter | LinkedIn | Instagram
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Intelligent Transportation System Market worth $70.7 billion in 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, July 19, 2024 /PRNewswire/ — The global intelligent transportation system market is expected to reach USD 70.7 billion in 2029 from USD 50.7 billion in 2024, at a CAGR of 6.9% during the forecast period according to a new report by MarketsandMarkets™. The market’s growth is propelled by growing demand from emerging economies, growing public-private partnerships, and growing demand for mobility services. However, the high upfront costs of implementation restrain the market’s growth.

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Browse in-depth TOC on “Intelligent Transportation System Market” 150 – Tables60 – Figures210 – Pages
Intelligent Transportation System Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 50.7 billion
Estimated Value by 2029
$ 70.7 billion
Growth Rate
Poised to grow at a CAGR of 6.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Offering, Mode, System and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Complexity of data management and privacy
Key Market Opportunities
Growing demand from emerging economies
Key Market Drivers
Rapid urbanization to fuel the demand for intelligent transportation system
The Roadways segment is expected to dominate in the forecast period.
The roadways are expected to continue holding major shares of passenger and freight transportation. This huge number of vehicles demands advanced management systems to enable the smooth flow of traffic and decongest it. Various governments are investing in smart city initiatives and roadway infrastructure. These investments focus on the roadways as it has a high impact on daily commuting and economic activities.
The commercial vehicle operation segment is anticipated to grow fastest during the forecast period.
The commercial vehicle operation segment is expected to grow fastest in the forecast period, boosted by several factors. Government regulations and mandates of safety, emissions, and operational standards are being deployed and hence drive the adoption of ITS in commercial vehicle operations. The technologies, such as electronic logging devices, fleet management systems, and telematics, ensure compliance with such regulations.
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US in the North America region to dominate the intelligent transportation system industry during the forecast period.
The US transport infrastructure is very well developed, with long road networks, highways, and urban transit systems that can support the deployment of advanced ITS technologies. It is home to major technology companies and research institutions developing and implementing advanced ITS solutions. These companies have adopted artificial intelligence, machine learning, IoT, and big data analytics, which are crucial for the success of ITS.
Key players
The intelligent transportation system companies includes significant Tier I and II players like Siemens (Germany), Hitachi Ltd. (Japan), Cubic Corporation (US), Conduent Incorporated (US), Kapsch TrafficCom AG (Austria), Denso Corporation (Japan), Teledyne Technologies Incorporated (US), Indra SIstemas S.A. (Spain), Garmin Ltd. (US), and Tomtom International BV (Netherlands) are some of the key players in the intelligent transportation system market.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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Australia Intelligent Transport System (ITS) Market by Application, System (ATMS, ATIS, ITS- Enabled Transportation Pricing System, APTS and CVO), and Territory (New South Wales, Victoria, Queensland, Western Australia, Rest of Australia) – Forecast to 2020
Traffic Sensor Market Size, Share, Statistics and Industry Growth Analysis Report by Type (Inductive Loop, Piezoelectric Sensor, Bending Plate, Image Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor, Acoustic Sensor, Thermal Sensor), Technology, Application, and Region – Global Forecast to 2026
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Rohan SalgarkarMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/intelligent-transport-systems-its-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/intelligent-transport-systems-its.asp
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Infinix Introduces Groundbreaking 720° SphereTech NFC Technology

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Revolutionizing Smartphone NFC Usage for a Smarter, More Convenient Life
SHANGHAI, July 19, 2024 /PRNewswire/ — Infinix, a trendy tech brand crafted for young consumers, introduces its revolutionary 720-degree (720°) SphereTech Near Field Communication (NFC) technology. This groundbreaking advancement aims to transform user experiences by significantly enhancing the versatility and reliability of NFC applications on mobile devices. With its expanded signal coverage and unmatched stability, this innovative technology ensures smooth, seamless performance from any angle, setting a new standard for NFC functionality. 

While current NFC technology enables mobile payments and transit access, it often results in transaction failures and user frustration, particularly in crowded or fast-paced environments where precise alignment is necessary for successful interactions, which can be cumbersome and unreliable.
Infinix’s Industry-Leading 720° SphereTech NFC technology is designed to tackle these limitations by offering a revolutionary improvement, eliminating the need for precise alignment. “Our commitment to innovation and understanding user needs has driven us to create a solution that not only enhances functionality but also provides unparalleled security and convenience for our users. The 720° SphereTech NFC significantly improves the mobile experience in NFC applications, offering seamless, reliable, and secure interactions from multiple angles[1]”, said Li Cao, Senior Manager, NFC Department of Infinix.
This technology comes with three major breakthroughs in spatial layout, signal compatibility, and material type configuration. The enhanced design ensures superior integration, while the improved signal range and strength guarantee optimal performance. Similarly, the use of optimized materials further boosts reliability and efficiency. This proprietary, self-developed patent has increased the card reading area by 200%[2] and doubled the signal range.
Furthermore, Infinix’s 720° SphereTech NFC technology is the first to support reading and tapping cards from three sides of the mobile device, such as the front, top, and back, achieving a 100%[3] signal range improvement compared to the existing 360° NFC technology, which only reads cards from the back. This innovation also allows users to read and tap at different angles, providing unparalleled convenience and functionality.
User Convenience and Security
The Infinix’s 720° SphereTech NFC technology offers transformative benefits with its comprehensive coverage, doubling the range of conventional NFC to ensure stability from any direction and significantly reducing transaction failures. This technology excels in busy public spaces by overcoming angle limitations for smoother and more reliable interactions. Its advanced security features set a new standard with the capability to remotely disable NFC functions on lost or stolen devices. This feature offers users peace of mind, knowing that their personal data and financial information remain protected, even if the physical device is compromised.
A New Standard for NFC Technology
Infinix is set to revolutionize NFC technology by addressing its key limitations and unlocking its full potential. This innovation will create a new generation of mobile services that are more intuitive and effortless for users. Infinix’s 720° SphereTech NFC technology demonstrates the company’s commitment to delivering meaningful innovation and enhancing user experiences.
Stay tuned for more updates as this groundbreaking technology will be available on Infinix’s upcoming devices.
[1] Refers to the technology’s capability to read and tap cards at various angles on the device in normal handheld positions, except from the bottom side.[2] The testing data is derived from controlled laboratory tests and compared against selected models available in the market.[3] Testing data is based on laboratory tests, and actual use may vary.
Media Contacts:
Infinix Global PR – [email protected]
About Infinix:
Founded in 2013, Infinix is a trendy tech brand crafted for young consumers. With a presence in over 70 countries, Infinix delivers cutting-edge technology, stylish design, and outstanding performance. Our product lineup includes smartphones, TWS earbuds, smartwatches, laptops, and smart TVs. In 2023, Infinix was recognized in Kantar and Google’s top 50 Chinese Global Brand Builders Report and ranked sixth in Fast Company’s World’s Most Innovative Companies of 2024 in the Asia-Pacific sector. For more information, please visit: http://www.infinixmobility.com/.
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