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
[email protected]
Artificial Intelligence
Global Health Exhibition Announces Opportunity for Healthcare Startups to secure over 100,000 SAR in Vision NextGen Competition Designed to Fast-Track Health Innovations
Healthcare innovators developing novel medical advancements via their own business invited to compete for a prize fund exceeding 100,000 Saudi Riyal (SAR) to further product development, to be awarded at Global Health Exhibition 2024 in Malham, Riyadh, Saudi Arabia, one of the world’s most highly-attended healthcare eventsShortlisted startup businesses will present live to an expert judging panel including Dr Mohammed Alhamali, Chief Innovation Officer at Seha Virtual Hospital, Saudi Arabia Ministry of HealthEmerging businesses competing at the event will also meet and interact with the world’s leading minds in healthcare transformation including healthcare AI innovatorsThere is still time to apply – startups may complete a short online application by Monday 16 September 2024MALHAM, Saudi Arabia and RIYADH, Saudi Arabia, Sept. 11, 2024 /PRNewswire/ — The organizers of the October 2024 Global Health Exhibition taking place in Malham, Riyadh, today announced a 100,000 Saudi Riyal prize for the winner of the October 2024 event’s Vision NextGen competition.
The competition, which seeks to support the development of novel medical products, systems and treatments across multiple healthcare sectors, is supported by leading young business publication Startups Magazine. It is open to emergent healthcare companies which have been in operation for less than five years and have fewer than 25 employees. The winning business’ prize can be utilised to further advance product development in the interests of patients.
Closely aligned with the Kingdom of Saudi Arabia’s healthcare objectives including crisis response and health security, technological and digital transformation, public health and disease prevention and health innovation, Vision NextGen judges anticipate high demand to join a shortlist of 30 companies from an anticipated longlist of over 150 businesses. Six finalists drawn from the shortlist will present to the competition’s expert judging panel live at the Exhibition on 23 October 2024. The judges include:
Reenita Das, Partner and SVP, Frost & SullivanAhmed Abdulwahab, Founder, CEO and Chief Innovation Officer, Next ArabiaPilar Fernandez Hermida, Founder and MD, i-ExpandKristina Podnar, Digital Policy Consultant, Native Trust ConsultingDr Mohammad Alhamali, Chairman of the National Innovation and Regulatory Sandbox, Chief Innovation Officer at Seha Virtual Hospital, Ministry of Health, Saudi Arabia”Healthcare transformation often starts with small, innovative ideas and the Vision NextGen competition is here to nurture those with the potential to significantly impact patient care,” said Reenita Das, Partner and SVP at Frost & Sullivan and Vision NextGen judge.
“We are looking for trailblazers who are tackling global healthcare challenges through novel therapeutics, digital health, virtual care delivery, or the automation of health services. Participants will not only have the chance to present their innovations to some of the world’s leading health experts but also benefit from the extensive networking and learning opportunities at the Global Health Exhibition.”
To apply, startups which meet the competition’s criteria have a final opportunity before 16 September 2024 to complete a short initial application online at: Vision NextGen – The Start-up Competition (globalhealthsaudi.com). Shortlisted companies will be notified ahead of the Exhibition and will be invited to compete for a finalist place on 21 October.
“Innovation in healthcare goes beyond just technology; it’s about understanding and addressing the deeper, often unspoken, needs of people. At Labayh, we’re committed to breaking down the barriers that prevent access to mental health care, ensuring that every individual feels supported and heard,” said Basim Albeladi, CEO of workplace mental health specialist Labayh. “Through initiatives like the Vision NextGen competition, we seek to empower those who are driving meaningful change in the healthcare landscape.”
Registration information alongside the newly-published event program for Global Health Exhibition 2024 can be found at the following link: Global Health Exhibition (globalhealthsaudi.com)
“Global Health Exhibition offers healthcare innovators and startups incredible opportunities to meet with major international and local investors and leaders in the healthcare sector,” said Rachel Sturgess, Group Director, Tahaluf, the event’s organizer.
“The Vision NextGen competition is seeking true change-makers who are actively addressing the most pressing challenges in global healthcare and bring a passion for transforming the lives of patients across a wide range of medical specialities.”
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Artificial Intelligence
Softeon Named Leader in SPARK MatrixTM for Warehouse Management System Market, Q3, 2024 by Quadrant Knowledge Solutions
Softeon, with its comprehensive technology for its Warehouse Management System, has received strong ratings across the parameters of technology excellence and customer impact.
RESTON, Va., Sept. 11, 2024 /PRNewswire/ — Quadrant Knowledge Solutions announced today that it has named Softeon, the only tier-1 Warehouse Management System (WMS) provider focused on optimizing warehouse and fulfillment performance to increase operational efficiency and throughput, as a Q3, 2024 leader in the SPARK MatrixTM analysis of the global Warehouse Management System (WMS) market and its vendors.
The Quadrant Knowledge Solutions SPARK MatrixTM: Warehouse Management System (WMS) Q3, 2024, includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading Warehouse Management System (WMS) vendors in the form of its SPARK MatrixTM. It provides users with strategic information to evaluate vendor capabilities, competitive differentiation, and market position.
“Softeon has solidified its position as a leading provider of cloud-based Warehouse Management System (WMS) solutions, Warehouse Execution Systems (WES), and Distributed Order Management (DOM) by catering effectively to both B2B and B2C clients,” says Pruthvi Raj, Senior Analyst at Quadrant Knowledge Solutions. “With advanced functionalities such as real-time inventory visibility, resource management, advanced automation capabilities, and seamless integration with other supply chain systems, Softeon empowers large enterprises to achieve operational efficiency and optimize resources.”
Pruthvi Raj adds, “Softeon’s year-on-year revenue growth, strong enterprise segmentation, a compelling vision & roadmap, and industry-specific capabilities, particularly in 3PL, healthcare, and life sciences, positions the company as a leader in the SPARK Matrix™: Warehouse Management System (WMS), Q3, 2024.”
“Unlike our competitors, Softeon is uniquely focused on a comprehensive fulfillment solution suite, designed to drive the most value and quickest ROI to our customers, many of them highly demanding 3PLs,” says Jim Hoefflin, CEO, Softeon. “Our philosophy is rooted in customer centricity and manifests in products, tools, and processes that create the most ideal workflows for warehouse operations. Simply put, we relentlessly micro-tune the application to capture the most operational efficiency.”
Quadrant Knowledge Solutions defines a Warehouse Management System (WMS) as “a software suite that helps businesses to visualize, optimize, and manage end-to-end warehouse operations such as slotting, receiving, put-away, inventory management, picking, packing, and shipping. WMS also offers resource (labor, machine, material, and devices) management capabilities for effective order allocation and task optimization. Additionally, it leverages emerging technologies, such as AI/ML, analytics, digital twin, IoT, voice recognition, robotic process automation, and edge computing, to develop strategies for transforming and automating warehouse and distribution/fulfilment center activities.”
As shown by their position as a leader in the SPARK MatrixTM for the Warehouse Management System market, Q3, 2024, Softeon’s technology empowers businesses to solve the complexities and challenges of today’s warehouses.
To unlock the full potential of your supply chain with Softeon’s innovative solutions, contact them today.
Additional Resources:
Complimentary download – SPARK Matrix: Warehouse Management System (WMS), Q3 2024
For more available research, visit: https://quadrant-solutions.com/market-research/
About Softeon
Softeon is a WMS provider focused exclusively on optimizing warehouse and fullfilment operations. For over two decades now, we have been helping our customers succeed. Investing in R&D enables us to develop software to solve the most complex warehouse challenges. Softeon is laser-focused on customer results, with a 100% track record of deployment success. We believe warehouse leaders shouldn’t have to settle for a one-size-fits-all approach to technology. For more information, please visit www.Softeon.com.
Media Contacts:
Mike CatalinoDirector of Public Relations and Analyst [email protected]
About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients achieve business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
Media Contacts:Shraddha Roy PR & Media Relations Quadrant Knowledge Solutions Regus Business Center 35 Village Road, Suite 100, Middleton Massachusetts 01949 United States Email: [email protected] Source: https://qksgroup.com/resources/newsroom/softeon-named-leader-in-spark-matrix-for-warehouse-management-system-market-q3-2024-by-quadrant-knowledge-solutions?id=765 Connect with us on LinkedIn- https://www.linkedin.com/company/qksgroup/
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Artificial Intelligence
Vantiva Unveils ONYX, its latest Smart Media Device with Advanced AI Capabilities at IBC 2024
This high-end Wi-Fi 6 enabled set-top box opens door for range of AI uses cases including event detection within video and image enhancement
PARIS, Sept. 11, 2024 /PRNewswire/ — Vantiva (Euronext Paris: VANTI), a global technology leader enabling NSPs to connect consumers worldwide, today introduced the ONYX 4K Ultra HD Android TV set-top box, the latest AI-enabled platform to be launched by Vantiva. Equipped with an extremely powerful 40K quad-core processor and featuring a 4 TOPS NPU, the ONYX STB is one of the first to incorporate innovative AI capabilities that open the door to numerous next-generation use cases including identifying and locating specific events in video (event detection within video) and image enhancement features such as sharpening (super resolution) or decreasing grain (advanced denoising). The ONYX will be demonstrated at IBC 2024 in Hall 1, Level 2, Balcony Suite 1.BS21, Rai, Amsterdam, Sept. 13 – 16.
“The expansion of AI technology into video delivery is driving further innovations and is set to completely transform the home entertainment sector,” said Leopold Diouf, Senior Vice President of the Product Division at Vantiva. “As the central hub of the home entertainment ecosystem, intelligent set-top boxes, like ONYX, play a crucial role in this AI revolution, enabling the integration of new added value services, such as predictive maintenance and enhanced security for NSPs and more personalized content for consumers. Furthermore, as ONYX supports HDR10, HDR10+ and Dolby® Vision formats, end-users will be able to enjoy a more immersive video experience.”
With the latest, most efficient and highest-performing dual-band Wi-Fi 6 technology, the ONYX allows for video streaming over Wi-Fi with support for IPTV and Over-the-Top (OTT) services such as Netflix, Hulu and Disney Plus. This allows more flexibility and mobility in the placement of the STB. The ONYX is running on Android TV 14 software and is ready for RDK as the bootloader can support both standards. The device is equipped with a quad-core processor, a powerful NPU, Bluetooth 5.2 LE technology and supports the latest Video Codecs H.266/VVC. This makes it a future-proof platform for enhanced services and data analytics features.
The ONYX will have the option for Far Field Voice (FFV) control with up to four microphones. This enables the end-user to have a true ‘lie-back’ experience where they will only need their voice to search or control the volume without having to find and press a button on the remote control. FFV will effectively incorporate smart assistant features into the STB and complement AI functionality as Large Language Models continue to evolve. Vantiva has designed this platform with flexibility in mind so it can be configured to suit the requirements of operators.
The ONYX casing is designed with recycled plastics and uses a USB-C power connector to maximize the re-use of power supply units. Additionally, the Bluetooth 5.2 LE technology enhances audio quality and manages power consumption more effectively, resulting in longer battery life for Bluetooth devices.
PDF: https://mma.prnewswire.com/media/2502902/Vantiva_EN.pdfLogo: https://mma.prnewswire.com/media/2388773/Vantiva_Logo.jpg
Contacts:
Vantiva Press [email protected]
Thatcher+Co. for Vantiva [email protected]
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