Artificial Intelligence
Sarcos Technology and Robotics Corporation Announces Second Quarter 2023 Financial Results
SALT LAKE CITY, Aug. 09, 2023 (GLOBE NEWSWIRE) — Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the design, development, and manufacture of advanced robotic systems, solutions and software that redefine human possibilities, today announced financial results for the quarter ended June 30, 2023.
Second Quarter and Recent Highlights
- Optimized ongoing operations, taking steps to improve efficiency and reduce cash spend
- Formed new Advanced Technologies software business division to drive emerging artificial intelligence (AI) SaaS revenue opportunities; bolstered by an expanded contract from the Air Force Research Laboratory (AFRL) for continued development of AI driven technologies
- Announced an agreement with Blattner Company to develop an autonomous robotic solar construction system
“As we announced on July 12, 2023, we are realigning the business and focusing our operations to capitalize on our most promising revenue opportunities, including Guardian® Sea Class, aviation and solar solutions, and our newly announced Advanced Technologies division,” said Laura Peterson, Interim President and Chief Executive Officer at Sarcos. “Additionally, we made the difficult, but strategic decision to reduce our workforce by approximately 25% and optimize our manufacturing facilities by consolidating our Pittsburgh manufacturing into our Salt Lake City location.
“I am confident these strategic decisions are right for Sarcos at this point in its growth as evidenced by recent milestones including our agreement with Blattner Company to develop an autonomous robotic solar construction system, our extended agreement with the Air Force Research Laboratory to continue to develop AI and software and services, and our agreement with VideoRay to develop underwater robotic systems.
“In addition, we have taken steps to significantly reduce our future cash usage and ended the quarter with $75 million in cash. We believe we have sufficient liquidity to operate into 2025 without additional financing.”
Financial results
Second quarter 2023 total revenue was $1.3 million, compared to $3.0 million during the second quarter of 2022.
Total operating expenses for the second quarter of 2023 were $31.2 million, compared to operating expenses of $32.0 million during the second quarter of 2022. In connection with the July 12, 2023, announced restructuring, the Company incurred charges of $5.1 million in the second quarter of 2023, including $4.4 million due to the write-down of inventory and $0.7 million related to the impairment of certain fixed assets. Cost of revenue decreased to $0.9 million in Q2 2023 as compared to $3.1 million in Q2 2022, mainly due to decreased labor and material expenses charged to product development contracts. Second quarter 2023 gross margin was 26%, compared to negative 4% in the second quarter of 2022.
Research and development expenses increased to $11.7 million as compared to $7.6 million in the second quarter of 2022, due to increased labor and overhead expense as a result of increased headcount (due in part to the RE2 acquisition) and increased direct materials charges. General and administrative expenses decreased to $8.3 million in Q2 2023 as compared to $18.1 million in Q2 2022, primarily due to decreased stock-based compensation.
Second quarter 2023 net loss was $28.7 million or $1.12 per share, compared to a net loss of $23.1 million or $0.95 per share in the second quarter of the prior year.
Second quarter 2023 non-GAAP net loss was $21.9 million or $0.86 per diluted share. Reconciliation of net loss to non-GAAP net loss is included at the end of this release.
Please note, on July 5, 2023, Sarcos effected a 1-for-6 reverse stock of the Company’s outstanding shares of common stock. All share and per share amounts have been retroactively adjusted for all periods presented to reflect the reverse stock split.
Sarcos ended the quarter with $75.1 million in unrestricted cash, cash equivalents, and marketable securities.
Financial guidance
Sarcos believes that its third quarter 2023 total revenue will range between $1.1 and $1.4 million. The Company anticipates incurring additional restructuring expense related to the reduction of headcount of approximately $6.0 million, net, during the third quarter of 2023, which includes approximately $1.5 million in cash severance and benefit payments. The restructuring is expected to reduce personnel related cash usage by approximately $14.6 million annually beginning in 2024.
The Company estimates cash used in operating activities to average approximately $5.5 million per month during the third quarter of 2023. Sarcos intends to manage its average monthly cash usage to approximately $3.0 million in 2024.
Conference call and webcast
A conference call and audio webcast with analysts and investors will be held today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss the results and answer questions.
- To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details.
- Live and archived webcast will be available on Sarcos investor relations website at investor.sarcos.com.
About Sarcos Technology and Robotics Corporation
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) designs, develops, and manufactures a broad range of advanced mobile robotic systems, solutions, and software that redefine human possibilities and are designed to enable the safest most productive workforce in the world. Sarcos robotic solutions address the challenging, unstructured, industrial environments for markets that require a high degree of accuracy, efficiency and can benefit from task autonomy. For more information, please visit www.sarcos.com and connect with us on LinkedIn at www.linkedin.com/company/sarcos.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Sarcos’ product development, products to be commercialized, financial results and performance and cash use, market and revenue opportunities and customer demand. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible, intended, or assumed future actions, business strategies, events, business conditions or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “aim,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Sarcos’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Sarcos is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Sarcos has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Sarcos and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Sarcos with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share data)
| As of | ||||||||
| June 30, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 25,566 | $ | 35,159 | ||||
| Marketable securities | 49,579 | 79,337 | ||||||
| Accounts receivable | 1,280 | 1,866 | ||||||
| Unbilled receivables | 1,527 | 4,160 | ||||||
| Inventories, net | 3,723 | 3,562 | ||||||
| Prepaid expenses and other current assets | 3,594 | 5,015 | ||||||
| Total current assets | 85,269 | 129,099 | ||||||
| Property and equipment, net | 6,763 | 7,640 | ||||||
| Intangible assets, net | 17,479 | 19,116 | ||||||
| Operating lease assets | 10,692 | 11,283 | ||||||
| Other non-current assets | 463 | 487 | ||||||
| Total assets | $ | 120,666 | $ | 167,625 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,597 | $ | 3,620 | ||||
| Accrued liabilities | 4,049 | 6,025 | ||||||
| Current operating lease liabilities | 1,040 | 887 | ||||||
| Total current liabilities | 9,686 | 10,532 | ||||||
| Operating lease liabilities | 11,736 | 12,387 | ||||||
| Other non-current liabilities | 195 | 256 | ||||||
| Total liabilities | 21,617 | 23,175 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, $0.0001 par value, 165,000,000 shares authorized as of June 30, 2023, and December 31, 2022; 25,841,889 and 25,708,519 shares issued and outstanding as of June 30, 2023, and December 31, 2022, respectively | 3 | 3 | ||||||
| Additional paid-in capital | 451,815 | 447,085 | ||||||
| Accumulated other comprehensive loss | (12 | ) | (17 | ) | ||||
| Accumulated deficit | (352,757 | ) | (302,621 | ) | ||||
| Total stockholders’ equity | 99,049 | 144,450 | ||||||
| Total liabilities and stockholders’ equity | $ | 120,666 | $ | 167,625 | ||||
See Sarcos 10-Q filing dated August 9, 2023, for accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share data)
| Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| | | 2023 | 2022 | | 2023 | 2022 | ||||||||||
| Revenue, net | | $ | 1,277 | $ | 3,038 | | $ | 3,573 | $ | 3,781 | ||||||
| Operating expenses: | | | ||||||||||||||
| Cost of revenue (exclusive of items shown separately below) | 943 | 3,146 | 2,729 | 3,634 | ||||||||||||
| Research and development | | 11,706 | 7,569 | | 21,109 | 13,450 | ||||||||||
| General and administrative | | 8,252 | 18,146 | | 17,987 | 35,938 | ||||||||||
| Sales and marketing | | 4,410 | 2,586 | | 8,151 | 4,797 | ||||||||||
| Intangible amortization expense | 819 | 574 | 1,638 | 574 | ||||||||||||
| Asset write-down and restructuring | 5,106 | — | 5,106 | — | ||||||||||||
| Total operating expenses | | 31,236 | 32,021 | | 56,720 | 58,393 | ||||||||||
| Loss from operations | (29,959 | ) | (28,983 | ) | (53,147 | ) | (54,612 | ) | ||||||||
| Interest income, net | 874 | 148 | 1,973 | 159 | ||||||||||||
| Gain on warrant liability | 439 | 4,113 | 3 | 10,527 | ||||||||||||
| Other (loss) income, net | (11 | ) | (2 | ) | 1,038 | — | ||||||||||
| Loss before income tax (expense) benefit | (28,657 | ) | (24,724 | ) | (50,133 | ) | (43,926 | ) | ||||||||
| Income tax (expense) benefit | (3 | ) | 1,606 | (3 | ) | 1,606 | ||||||||||
| Net loss | $ | (28,660 | ) | $ | (23,118 | ) | $ | (50,136 | ) | $ | (42,320 | ) | ||||
| Net loss per share | | | ||||||||||||||
| Basic and diluted | | $ | (1.12 | ) | $ | (0.95 | ) | | $ | (1.97 | ) | $ | (1.79 | ) | ||
| Weighted-average shares used in computing net loss per share | | | ||||||||||||||
| Basic and diluted | | 25,512,057 | 24,379,549 | | 25,491,654 | 23,685,766 | ||||||||||
See Sarcos 10-Q filing dated August 9, 2023, for accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands)
| Six Months Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (50,136 | ) | $ | (42,320 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 4,734 | 21,120 | ||||||
| Depreciation of property and equipment | 843 | 594 | ||||||
| Amortization of intangible assets | 1,638 | 574 | ||||||
| Change in fair value of warrant liability | (3 | ) | (10,527 | ) | ||||
| Amortization of investment discount | (1,365 | ) | — | |||||
| Asset write-down and restructuring | 5,106 | — | ||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | 586 | 463 | ||||||
| Unbilled receivable | 2,634 | (635 | ) | |||||
| Inventories | (4,588 | ) | (424 | ) | ||||
| Prepaid expenses and other current assets | 1,420 | 3,941 | ||||||
| Other non-current assets | 615 | 356 | ||||||
| Accounts payable | 1,005 | (401 | ) | |||||
| Accrued liabilities | (1,823 | ) | 1,242 | |||||
| Other non-current liabilities | (651 | ) | (1,907 | ) | ||||
| Net cash used in operating activities | (39,985 | ) | (27,924 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (673 | ) | (690 | ) | ||||
| Acquisition of a business, net of cash acquired | — | (29,687 | ) | |||||
| Purchases of marketable securities | (48,872 | ) | (79,507 | ) | ||||
| Maturities of marketable securities | 80,000 | — | ||||||
| Net cash provided by (used in) investing activities | 30,455 | (109,884 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from exercise of stock options | — | 551 | ||||||
| Shares repurchased for payment of tax withholdings | (61 | ) | (6,596 | ) | ||||
| Payment of obligations under capital leases | (2 | ) | (2 | ) | ||||
| Net cash used in financing activities | (63 | ) | (6,047 | ) | ||||
| Net decrease in cash, cash equivalents | (9,593 | ) | (143,855 | ) | ||||
| Cash, cash equivalents at beginning of period | 35,159 | 217,114 | ||||||
| Cash, cash equivalents at end of period | $ | 25,566 | $ | 73,259 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for income taxes | $ | 3 | $ | — | ||||
| Supplemental disclosure of non-cash activities: | ||||||||
| Common stock and assumed equity awards in connection with a business acquisition | $ | — | $ | 59,556 | ||||
| Purchases of property and equipment included in accounts payable at period-end | $ | 12 | $ | — | ||||
See Sarcos 10-Q filing dated August 9, 2023, for accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
REVENUE BY TYPE
(Unaudited)
(in thousands)
| Three Months Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Product Development Contract Revenue | $ | 1,274 | $ | 2,982 | ||||
| Product Revenue | 3 | 56 | ||||||
| Revenue, net | $ | 1,277 | $ | 3,038 | ||||
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we have presented in this release non-GAAP net loss and non-GAAP net loss per share, each of which are non-GAAP financial measures. Non-GAAP net loss and non-GAAP net loss per share are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.
We define non-GAAP net loss as our GAAP measured net loss excluding the impacts of stock-based compensation expense, gain on forgiveness of notes payable, gain or loss on change in fair value of derivative instruments and warrant liabilities, expenses related to a business combination, asset write-down and restructuring, goodwill impairment and other non-recurring non-operating expenses. We define non-GAAP net loss per share as non-GAAP net loss divided by weighted average outstanding shares.
The most directly comparable GAAP measure to non-GAAP net loss is net loss. The most directly comparable GAAP measure to non-GAAP net loss per share is net loss per share. We believe excluding the impact of the previously listed items in calculating non-GAAP net loss and non-GAAP net loss per share can provide a useful measure for period-to-period comparisons of our core operating performance. We monitor, and have presented in this release, non-GAAP net loss and non-GAAP net loss per share because they are each a key measure used by our management and board of directors to understand and evaluate our operating performance and to establish budgets. We believe non-GAAP net loss and non-GAAP net loss per share help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we include in net loss but not in non-GAAP net loss. Accordingly, we believe non-GAAP net loss and non-GAAP net loss per share provide useful information to investors, analysts and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance.
Non-GAAP net loss and non-GAAP net loss per share are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of non-GAAP net loss and non-GAAP net loss per share rather than net loss and net loss per share, which is for each the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, the expenses and other items that we exclude in our calculations of non-GAAP net loss and non-GAAP net loss per share may differ from the expenses and other items, if any, that other companies may exclude from non-GAAP net loss and non-GAAP net loss per share when they report their operating results, limiting the usefulness of non-GAAP net loss and non-GAAP net loss per share for comparative purposes.
In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of non-GAAP net loss and non-GAAP net loss per share as tools for comparison.
The following table reconciles non-GAAP net loss to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands, except share and per share data):
| Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| | | 2023 | 2022 | | 2023 | 2022 | ||||||||||
| Net loss | $ | (28,660 | ) | $ | (23,118 | ) | $ | (50,136 | ) | $ | (42,320 | ) | ||||
| Non-GAAP adjustments: | ||||||||||||||||
| Stock-based compensation expense | 2,070 | 10,270 | 4,734 | 21,120 | ||||||||||||
| Gain on warrant liability | (439 | ) | (4,113 | ) | (3 | ) | (10,527 | ) | ||||||||
| Asset write-down and restructuring (1) | 5,106 | — | 5,106 | — | ||||||||||||
| Employee Retention Credit | — | — | (1,019 | ) | — | |||||||||||
| Expenses related to business combinations (2) | — | 1,053 | — | 2,526 | ||||||||||||
| Income tax benefit related to business combinations | — | (1,606 | ) | — | (1,606 | ) | ||||||||||
| Non-GAAP net loss | $ | (21,923 | ) | $ | (17,514 | ) | $ | (41,318 | ) | $ | (30,807 | ) | ||||
| Net loss per share | ||||||||||||||||
| Basic and diluted | $ | (1.12 | ) | $ | (0.95 | ) | $ | (1.97 | ) | $ | (1.79 | ) | ||||
| Non-GAAP net loss per share | ||||||||||||||||
| Basic and diluted | $ | (0.86 | ) | $ | (0.72 | ) | $ | (1.62 | ) | $ | (1.30 | ) | ||||
| Weighted-average shares used in computing net loss per share | ||||||||||||||||
| Basic and diluted | 25,512,057 | 24,379,549 | 25,491,654 | 23,685,766 | ||||||||||||
- Expenses related to our asset write-down and restructuring activities included $4.4 million due to the write-down of inventory and $0.7 million related to the impairment of certain fixed assets.
- Expenses related to our business combination with RE2, Inc., which are included within general and administrative expenses within the condensed consolidated statements of operations.
Investor Contact:
Moriah Shilton
310.622.8251
[email protected]
Press Contact
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SHANGHAI, Sept. 20, 2024 /PRNewswire/ — During HUAWEI CONNECT 2024, Huawei Cloud hosted a Summit themed “One Step to Intelligence, One Leap to Excellence”, gathering global industry leaders to explore the intelligent transformation trend, share pioneering cases, and assist customers in their journey to cloud-based operational excellence. At the summit, Huawei Cloud and global customers, unveiled the Data Center-to-Cloud solution and the PRIME Framework white paper.
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At the end of the summit, Huawei Cloud and global customers jointly released the Enterprise Excellence PRIME Model White Paper. This white paper offers a reference framework for enterprises to leap to excellence with digital and intelligent technologies.
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Artificial Intelligence
Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM with around 500K AMRs shipment by 2030 – LogisticsIQ
NEW DELHI, Sept. 20, 2024 /PRNewswire/ — The global Autonomous Mobile Robots (AMRs) market is poised for significant growth, driven by increasing demand for automation across various sectors, including logistics, manufacturing, and healthcare. According to the latest market research by LogisticsIQ (5th Edition), Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM by 2030 with a CAGR of ~30% between 2024 and 2030. We expect the installed base of AMRs to reach 2 million units in 2030.
Download a Free Sample of our report on Autonomous Mobile Robots Market
Key Market Drivers
Increased Efficiency: Businesses are rapidly adopting AMRs to enhance operational efficiency, reduce labour costs, and streamline workflows.Labor Shortages: The ongoing labour shortages in various industries have accelerated the need for automated solutions, making AMRs a crucial investment for companies.Technological Advancements: Innovations in artificial intelligence (AI), machine learning, and sensor technology are making AMRs more capable and reliable.Growing E-Commerce: The rise of e-commerce has created a demand for efficient warehouse management solutions, further boosting the AMR market.Regional Insights
North America leads the AMR market, accounting for the largest share due to the early adoption of automation technologies. Meanwhile, the Asia-Pacific region, especially China is expected to witness the fastest growth, fuelled by rapid industrialization and increasing investments in smart factories. US and China are going to contribute ~40% of this market by 2030.
Industry Applications
Autonomous mobile robots are being utilized in various applications, including:
Warehouse Automation: AMRs enhance inventory management and order fulfillment processes. This industry is expected to lead with more than 75% share by 2030.Manufacturing: Robots facilitate material handling and assembly line operations. Traditionally, it has been dominated by AGVs but are getting replaced by AMRs due to more flexibility and scalability features.Healthcare: AMRs assist in transporting medical supplies, improving patient care and operational efficiency. It is a niche market but high growing area to focus further.Purchase the full report on the Autonomous Mobile Robots Market – Growth, Trends, and Forecast
Top Factors & Challenges in the Autonomous Mobile Robots Market
Top Factors Driving Growth
Increased Demand for Automation: Businesses across industries are increasingly seeking automation to enhance efficiency and reduce operational costs.Technological Advancements: Innovations in AI, machine learning, and sensor technologies improve the capabilities and reliability of AMRs, making them more attractive to businesses.Labor Shortages: Ongoing labour shortages, especially in sectors like logistics and manufacturing, are pushing companies to adopt AMRs to maintain productivity.Growth of E-Commerce: The surge in online shopping requires efficient warehouse and logistics solutions, driving the adoption of AMRs for inventory management and order fulfillment.Improved Safety Standards: AMRs can reduce workplace accidents by taking over hazardous tasks, leading to safer working environments.Customization and Scalability: Many AMR solutions offer customizable features that allow businesses to scale operations according to their specific needs.Top Challenges
High Initial Costs: The upfront investment for AMRs can be substantial, which may deter smaller businesses from adoption.Integration with Existing Systems: Integrating AMRs into current operational workflows and legacy systems can be complex and resource-intensive.Regulatory Compliance: Navigating regulatory requirements and safety standards can pose challenges, especially in highly regulated industries.Limited Awareness and Understanding: Some businesses may lack knowledge about AMR technology and its potential benefits, hindering adoption.Technical Limitations: While technology is advancing, AMRs may still struggle with navigating complex environments or handling unexpected obstacles.Cybersecurity Concerns: As AMRs become more connected, they may be vulnerable to cybersecurity threats, requiring robust security measures.Know more about Autonomous Mobile Robots Market – Top Players, Cost Analysis, Competition, and Customer Expectation
What will you get in this report?
500 Pages and 160+ Exhibits Market ReportRevenue and Shipment data segmented:By form factor (Deck-load, Tugger/Pull, Forklift)By Navigation (Tape/Wire/Magnet, Reflector, QR Codes, LiDAR, Camera, Sensor, Fusion)By Function (Goods to person (G2P), Person to Goods (P2G), Conveying, Piece picking, Towing, Pallet Handling)By Application (Manufacturing, Logistics and Warehousing, Shipping, Delivery, Cleaning, Security, Hospital, Retail)Detailed excel file with 150+ market tables (Revenue and Shipment) including forecast till 2030A bottom-up analysis of Autonomous Mobile Robots Market for 19 countries (United States, Canada, Germany, UK, France, Italy, Spain, Nordics, China, Japan, South Korea, Australia, India, Taiwan, Thailand, Malaysia, Singapore, Indonesia, Phillippines) in 5 regionsIn-depth analysis of 700 companies in the ecosystem with more than 160 company profiles.Focus Group Discussion with 100+ key industry stakeholders across the value chain to collect the first-hand information to validate our analysis. Stakeholders include components and technology providers, system integrators, robot manufacturers (OEM/ODM), robotic software & service providers, and end-user industry verticals. Apart this, study also focuses on different components and integral parts of Autonomous Mobile Robots like Motion Control, Batteries & Chargers, Cameras / Vision Sensor, LiDAR, Sensor Fusion, QR Code and Wireless Communication.2 Analyst Sessions to brainstorm furtherInvestment details excel file with 175+ M&A and ~1000 funding dealsLogisticsIQ™ Exclusive Market Map (700+ Players across more than 15 categories)About LogisticsIQ
LogisticsIQ is a dedicated market research and advisory firm in Logistics & Supply Chain sector, empowering decision makers from top fortune 1000 companies, financial and research institutions, private equity and high potential start-ups with market insights to make better decisions. We enable this by analysing the right mix of the best data, the best research methodologies, and the best industry panel to deliver value to our clients.
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SHANGHAI, Sept. 20, 2024 /PRNewswire/ — At HUAWEI CONNECT 2024, Executive Director of the Board of Huawei and CEO of Huawei Cloud Zhang Ping’an delivered a keynote speech “Thrive with the Cloud: Reshaping Industries with AI”. Zhang states that enterprises must seize opportunities in the intelligent era and use AI to build competitive advantages. The key is to adopt an AI-native mindset now.
First, enterprises should actively embrace AI, open up industry scenarios, and develop enterprise AI platforms. This will enable AI to serve their core business. Today, Huawei Cloud Pangu Models have been applied in more than 30 industries and 400 scenarios.
Second, AI computing power is critical. Enterprises need to build AI-native cloud infrastructure that matches their requirements. Zhang officially released CloudMatrix to interconnect and pool all resources including CPUs, NPUs, DPUs and memory. It marks an evolution from monolithic to matrix compute. CloudMatrix comprises an AI-native cloud infrastructure in which everything can be pooled, peer-to-peer, and composed, providing enterprises with abundant AI computing power.
Third, data quality determines the effectiveness of AI models. We need to build knowledge-centric data foundations to enable data to serve AI better. Huawei Cloud has fully upgraded DataArts to provide customers with AI-oriented and knowledge-centric data foundations. The updated features include AI+data convergence engines, data development and governance, knowledge services, and AI+data application enablement services.
Fourth, build suitable AI models based on business applications. We must abandon the misconception that larger models are better. It is not feasible to address all needs with just one foundation model. Pangu Models 5.0 are available in different sizes, with parameters in the billions, tens of billions, hundreds of billions, and trillions. The complete series of Pangu models meet practically all business application needs.
In addition, Huawei Cloud’s Pangu 5.0 models enhance spatiotemporal controllable generation (STCG) in the field of multimodal generation. For autonomous driving，the Pangu model can generate driving scenarios that accurately mirror the physical world. It can generate videos that reflect normal driving scenarios, random road conditions and accidental and aggressive driving, allowing automotive enterprises to train autonomous driving more efficiently.
Huawei Cloud officially released the Mainframe-to-Cloud Solution, designed to help customers develop new core systems on the cloud with high availability, easy O&M, and better agility, helping customers achieve 99.999% financial-grade high availability. Currently, most banks in China have chosen Huawei to build their new core systems on the cloud.
Tao Jingwen, Huawei’s Director of the Board and President of the Quality, Business Process & IT Mgmt Dept, recounted Huawei’s digital transformation journey. Huawei has developed a methodology, which can be broken down into three layers, five phases, and eight steps. The three layers are redefining intelligent business, AI model development and delivery, and ongoing optimization of intelligent applications. The five phases are identifying suitable scenarios, reshaping processes, transforming organizations, optimizing corporate data, and adopting AI applications.
Bruno Zhang, CTO of Huawei Cloud, presented insights on how Huawei Cloud is leveraging AI to reshape data centers, infrastructure, and cloud services. He also addressed the construction of an AI-native cloud designed to accelerate intelligence in industries. The “1+N” Pangu assistant system, unveiled by Mr. Zhang, signifies a new era in cloud service interaction. The system includes Pangu Doer, and the myriad use cases in product R&D, data analytics, security, and office collaboration, where Pangu models are trained using the scenario-specific data, know-how, and practices to enhance cloud services and boost efficiency with tailored AI.
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