Artificial Intelligence

Nogin Reports Second Quarter 2023 Financial and Operational Results

Published

9 months ago

August 14, 2023

New Services Business Customers Expected to Drive Revenue Growth and Adjusted EBITDA

Management Implementing Business Portfolio Optimization and Margin Enhancement Initiatives

TUSTIN, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) — Nogin, Inc. (Nasdaq: NOGN, NOGNW) (“Nogin” or the “Company”), a leading provider of innovative Commerce-as-a-Service (“CaaS”), today reported its financial and operational results for the second quarter ended June 30, 2023.

Management Commentary
“Our second quarter 2023 results reflect actions taken by our executive management team to build a stronger and more profitable business,” stated Nogin President and CEO Jonathan Huberman. “Upon assuming the CEO position, I saw an excellent franchise and exciting opportunities within both B2C and B2B e-commerce at Nogin. We have built a solid team that has worked with urgency to implement change to enhance our financial model. Lower sales and higher Adjusted EBITDA in our second quarter reflect eliminations and changes to certain business lines and relationships that we had identified as chronic underperformers. We are currently on pace to exceed our original cost reduction targets for this year and beyond, and we anticipate an inflection to Adjusted EBITDA profitability by the end of this year.

“As we look ahead, we are encouraged by our progress both in our corporate development and financial footprint. Since the beginning of the year, we have booked new business with over a dozen new customers, which we project will generate in excess of $27 million in revenue in aggregate during the first year of each of those new customers coming online. While certain of these customers have started to come online in the second half of 2023, we anticipate the remaining impact of this new business will be reflected in our 2024 results. This new business compares favorably to the less than $3M in revenue that we expect to recognize in 2023 from the new business we generated with new customers in the full year of 2022. We have opened an exciting new channel to market with RSM, a leading global mid-market consulting firm, working with them as a close partner in driving digital commerce solutions within the mid-market. We believe this partnership has the potential to accelerate top-line growth at Nogin for many years to come.

“Early signs indicate that our actions to enhance the value of this business franchise are either meeting or exceeding management’s expectations, and we continue to pursue multiple ways to optimize the business model from top to bottom. We have a strong new business pipeline both from our internal leads and from partners, we are diversifying the customer mix and industry mix, and management is making decisions that we expect will strengthen our business and enable us to sustainably generate cash and profits for our shareholders,” concluded Mr. Huberman.

Second Quarter 2023 Financial Results
Results compare the three months ended June 30, 2023 to the three months ended June 30, 2022.

Net revenue decreased 37.4% to $12.7 million in the second quarter of 2023 compared to $20.4 million in the second quarter of 2022. The decrease in net revenue was primarily due to planned changes to the business that were implemented to enable the company to realize higher margins by eliminating certain low or negative-margin relationships.
Operating loss increased to $10.4 million in the second quarter of 2023 compared to an operating loss of $5.8 million in the second quarter of 2022. The increase in operating loss was driven by decreased revenue of $7.6 million and a non-recurring $2.2 million legal expense incurred in the second quarter and included in general and administrative expenses.
Net loss increased 7.3% to $11.8 million from $11.0 million in the second quarter of 2022. The increase in net loss was primarily due to a year-over-year decline of $7.6 million, offset by the improvement in operating expenses of $3.0 million and changes in fair value of $4.0 million.
Adjusted EBITDA loss improved by $1.8 million to a loss of $7.5 million in the second quarter of 2023 compared to an Adjusted EBITDA loss of $9.3 million in the second quarter of 2022. The improvement in Adjusted EBITDA was driven in part by our cost optimization initiatives and commercial decisions previously mentioned. During the quarter, we recorded legal expenses in the amount of $2.2 million, against which we incurred cash expense of $200 thousand during the second quarter. We do not intend to make any cash payments in this respect for the remainder of 2023 related to this accrual, and the remainder of the payments are to be made over the majority of 2024.

First Half 2023 Corporate Highlights

Booked new business with over a dozen new customers, which we project will generate in excess of $27 million in revenue in aggregate during the first year of each of those new customers coming online. We believe this new business will have a superior margin profile as compared to our current overall business given its concentration on our technology and services offerings, and a smaller component of fulfillment revenue as compared to those aforementioned elements.
Reduced customer concentration and increased diversification to new end markets (including food, consumer electronics and sporting goods, among others).
Experienced a win rate of 80% on new proposals for CaaS service business.
Deployed state-of-the art technology that enables increased precision in understanding consumer segments for targeting and retention purposes, as well as tools that will help our clients improve their inventory management efforts to drive higher in-stock rates where demand is proven.

2023 and 2024 Financial Outlook
The Company is providing the following financial outlook for full year 2023 and 2024:

2023 net revenue between $50 and $55 million due to the decision to exit low margin relationships.
2023 general and administrative expense reductions in the range of $20-$25 million.
2024 net revenue expected to increase 40% compared to 2023 net revenue.
2024 Adjusted EBITDA margin expected to be in the 10%-15% range.

We believe the impact of the Company’s cost and performance improvement program for the full year 2023 will be greater than the initial range provided on May 15, 2023, which was between $15 million and $20 million in savings. Since the initiation of our program, we have continued to identify technology driven savings opportunities, including some that will be a function of recently implemented and in-process A.I. (Artificial Intelligence) technology deployment and development.

Conference Call
Nogin’s management team will hold a conference call today, August 14, 2023, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss these results.

Nogin management will host the call, followed by a question-and-answer period.

Registration Link: Click here to register.

Please register online at least 10 minutes prior to the start time. If you have any difficulty with registration or connecting to the conference call, please contact CoreIR at 516-222-2560.

The conference call will be broadcast live and available for replay via the Investor Relations section of Nogin’s website or by clicking here.

About Nogin
Nogin (Nasdaq: NOGN, NOGNW), the Intelligent Commerce company, provides leading enterprise-class ecommerce technology and services for brand leaders that need to deliver superior growth with predictable costs and an exceptional online experience. The Nogin Intelligent Commerce technology is a cloud-based ecommerce environment purpose-built for brands selling direct-to-consumer (D2C) and through online channel partners. Nogin frees its customers to focus on their brands while running as much or as little of the infrastructure as they choose. Founded in 2010, Nogin optimizes the entire ecommerce lifecycle for D2C brands, such as bebe, Brookstone, Hurley, and Kenneth Cole, often achieving growth and improvements in profitability in the first year. To learn more, visit www.nogin.com or follow us on LinkedIn and on Twitter at @Nogincommerce.

Non-GAAP Financial Measures
We prepare and present our consolidated financial statements in accordance with U.S. GAAP. However, management believes that Adjusted EBITDA and Adjusted EBITDA margin, non-GAAP financial measures, provide investors with additional useful information in evaluating our performance, as these measures are regularly used by security analysts, institutional investors and other interested parties in analyzing operating performance and prospects. These non-GAAP measures are not intended to be a substitute for any U.S. GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

We calculate and define Adjusted EBITDA as net loss, adjusted to exclude: (1) interest expense, (2) income tax expense, (3) depreciation and amortization, (4) severance pay, (5) stock-based compensation, (6) facility consolidation expenses, and (7) restructuring cost.

We calculate and define Adjusted EBITDA margin as Adjusted EBITDA divided by Net Revenue.

Adjusted EBITDA and Adjusted EBITDA margin are financial measures that are not required by or presented in accordance with U.S. GAAP. We believe that Adjusted EBITDA and Adjusted EBITDA margin, when taken together with our financial results presented in accordance with U.S. GAAP, provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations, or outlook. In particular, we believe that the use of Adjusted EBITDA and Adjusted EBITDA margin is helpful to our investors as they are measures used by management in assessing the health of our business and evaluating our operating performance, as well as for internal planning and forecasting purposes.

Adjusted EBITDA and Adjusted EBITDA margin are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Some of the limitations of Adjusted EBITDA include that (1) it does not reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures, (3) it does not reflect tax payments that may represent a reduction in cash available to us and (4) it does not include certain non-recurring cash expenses that we do not believe are representative of our business on a steady-state basis. Some of the limitations of Adjusted EBITDA margin include that there may exist differences between cash and non-cash operating performance measures and views of business performance. Adjusted EBITDA and Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA or Adjusted EBITDA margin in the same manner, limiting their usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial measures, including our net loss and other results stated in accordance with U.S. GAAP.

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not reconciled the forward-looking Adjusted EBITDA or Adjusted EBITDA margin guidance included above to the most directly comparable GAAP measures because the comparable GAAP measures are not accessible on a forward-looking basis and the Company is unable to provide such reconciliations, without unreasonable effort, due to the inherent difficulty in predicting, with reasonable certainty, the future impact of items that are outside the control of the Company or otherwise non-indicative of its ongoing operating performance. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. For the same reasons, the Company is unable to address the probable significance of the unavailable information.

Cautionary Statements Concerning Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the development and adoption of the Company’s platform, revenue anticipated to be generated from new business and cost-reduction and performance improvement measures. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “would,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking information includes, but is not limited to, statements regarding: the Company’s platforms and offerings on such platforms, performance, and operations, and the related benefits to stockholders, and the Company’s strategy. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the Company’s ability to implement business plans and cost reduction measures, the Company’s ability to realize the anticipated revenue and other benefits associated with new business and changes and developments in the industry in which the Company competes. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 23, 2023 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. The Company does not give any assurance that it will achieve its expectations.

Contacts:

Nogin Investor and Media Relations Contact:
Peter Seltzberg
CoreIR
516-222-2560
[email protected]

Consolidated Balance Sheets
(in thousands, except share and per share data)
(Unaudited)

	June 30,			December 31,
	2023			2022
ASSETS
Current assets:
Cash	$	3,143		$	15,385
Accounts receivable, net		1,908			1,578
Inventory		13,146			15,726
Prepaid expenses and other current assets		1,977			2,539
Total current assets		20,174			35,228
Property and equipment, net		1,895			1,595
Right-of-use asset, net (Note 19)		16,272			17,391
Goodwill		6,748			6,748
Intangible assets, net		5,384			5,493
Investment in unconsolidated affiliates		6,466			7,404
Other non-current asset		972			1,074
Total assets	$	57,911		$	74,933
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	13,936		$	19,605
Due to clients		3,609			10,891
Related party payables		869			1,033
Loans (Note 7)		3,155			—
Accrued expenses and other liabilities (Note 6)		16,281			17,826
Lease liabilities, current portion (Note 19)		4,512			4,367
Total current liabilities		42,362			53,722
Long-term note payable, net		329			—
Convertible notes (Note 7)		59,134			60,852
Deferred tax liabilities		407			394
Lease liabilities, net of current portion (Note 19)		13,637			15,223
Other long-term liabilities (Note 6)		23,472			17,766
Total liabilities		139,341			147,957


STOCKHOLDERS’ DEFICIT
Common stock, $0.0001 par value, 500,000,000 shares authorized; 11,092,559 and 3,334,714 shares issued and outstanding as of June 30, 2023 and December 31, 2022		1			—
Additional paid-in capital		22,596			9,270
Accumulated deficit		(104,027	)		(82,294	)
Total stockholders’ deficit		(81,430	)		(73,024	)
Total liabilities and stockholders’ deficit	$	57,911		$	74,933

Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net service revenue	$	7,543		$	9,254		$	16,461		$	17,787
Net product revenue		4,739			7,834			11,284			20,756
Net revenue from related parties		460			3,262			1,674			7,005
Total net revenue		12,742			20,350			29,419			45,548
Operating costs and expenses:
Cost of services ⁽¹⁾		3,277			5,757			8,807			11,192
Cost of product revenue ⁽¹⁾		1,972			5,156			5,913			15,407
Sales and marketing		715			620			1,417			1,186
Research and development		1,163			1,250			2,126			2,827
General and administrative		15,814			13,140			33,139			30,362
Depreciation and amortization		235			219			437			420
Total operating costs and expenses		23,176			26,142			51,839			61,394
Operating loss		(10,434	)		(5,792	)		(22,420	)		(15,846	)
Interest expense		(2,777	)		(1,464	)		(4,791	)		(2,117	)
Change in fair value of promissory notes		(259	)		(2,566	)		(418	)		(2,566	)
Change in fair value of derivative instruments		3,462			—			4,309			—
Change in fair value of unconsolidated affiliates		(293	)		(949	)		(938	)		(1,982	)
Change in fair value of convertible notes		(1,296	)		—			3,295			—
Other (loss) income, net		(259	)		(292	)		(818	)		1,661
Loss before income taxes		(11,793	)		(11,063	)		(21,718	)		(20,850	)
(Benefit) Provision for income taxes		39			(93	)		13			65
Net loss	$	(11,832	)	$	(10,970	)	$	(21,732	)	$	(20,915	)

Net loss per common share – basic and diluted	$	(1.13	)	$	(5.54	)	$	(3.13	)	$	(10.56	)
Weighted average shares outstanding – basic and diluted		10,506,521			1,981,097			6,940,429			1,981,097

⁽¹⁾ _{Exclusive of depreciation and amortization shown separately.}

Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

	Six Months Ended June 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(21,732	)	$	(20,915	)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization		437			420
Amortization of debt issuance costs and discounts		722			802
Debt issuance costs expensed under fair value option		554			—
Stock-based compensation		370			83
Deferred income taxes		13			65
Change in fair value of unconsolidated affiliates		938			1,982
Change in fair value of warrant liability		(3,739	)		509
Change in fair value of promissory notes		878			2,566
Change in fair value of convertible notes		(3,295	)		—
Change in fair value of derivatives		(847	)		—
Settlement of deferred revenue		—			(1,611	)
Gain on extinguishment of accounts payable liabilities		(63	)		—
(Gain) loss on disposal of asset		(1	)		82
Changes in operating assets and liabilities:
Accounts receivable		(331	)		(546	)
Related party receivables		—			(880	)
Inventory		2,580			6,392
Prepaid expenses and other current assets		2,469			(2,306	)
Other non-current assets		85			—
Accounts payable		(3,673	)		(12	)
Due to clients		(7,280	)		(555	)
Related party payables		(164	)		1,870
Lease assets and liabilities		(323	)		—
Accrued expenses and other liabilities		2,187			(1,139	)
Net cash used in operating activities		(30,215	)		(13,193	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(613	)		(226	)
Proceeds from sale of property and equipment		4			—
Net cash used in investing activities		(609	)		(226	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of April 2023 Offering		22,000			—
Payment of issuance costs for April 2023 Offering		(1,291	)		—
Proceeds from short-term loan		3,275			—
Payment of short-term loan		(1,743	)		—
Proceeds from promissory notes		—			5,000
Proceeds from promissory notes – related parties		—			1,975
Payment of promissory notes		(3,478	)		—
Payment of promissory notes – related parties		(106	)		—
Payment of debt issuance costs		(75	)		(70	)
Proceeds from line of credit		—			86,905
Repayments of line of credit		—			(82,255	)
Net cash provided by financing activities		18,582			11,555
NET DECREASE IN CASH AND RESTRICTED CASH		(12,242	)		(1,864	)
Beginning of period		15,385			4,571
End of period	$	3,143		$	2,707

Reconciliation of Net Loss to Adjusted EBITDA
(in thousands)
(Unaudited)

	For the Six Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net Loss	$	(11,832	)	$	(10,970	)	$	(21,732	)	$	(20,915	)
Interest expense	2,777			1,464			4,791			2,117
(Benefit) Provision for income taxes	39			(93		)	13			65
Depreciation and amortization	235			219			437			420
Severance pay	108			105			1,548			117
Stock based compensation	117			25			370			83
Facility consolidation expenses	864			—			864			—
Restructuring cost	163			—			163			—
Adjusted EBITDA	$	(7,529	)	$	(9,250	)	$	(13,546	)	$	(18,113	)

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Artificial Intelligence

Lithium Miners Strategize for Long-Term Gains as Market Recovers

Published

1 day ago

May 3, 2024

CISION (PR Newswire)

USA News Group Commentary
Issued on behalf of Lithium South Development Corporation
VANCOUVER, BC, May 3, 2024 /PRNewswire/ — USA News Group – Despite what appears to be a supply glut currently in the global lithium market, already there are signs of a lithium rebound on the horizon. According to Statista, global lithium demand is projected to grow through next year, while Fastmarkets predicts lithium supply will increase 30% in 2024. Fastmarkets also expects that by 2030, US lithium demand alone will grow by nearly 500%. Looking ahead, lithium miners continue to move their chess pieces onto the board with anticipation of long-term rewards, including the work of Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF), Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), Piedmont Lithium Inc. (NASDAQ:PLL), Lithium Americas Corp. (NYSE:LAC) (TSX:LAC), and Rio Tinto Group (NYSE:RIO).

Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF) recently filed a new Preliminary Economic Assessment (PEA), which provides support for the company to proceed with development plans for a 15,600 tonnes per year lithium carbonate plant. As per the PEA, the project’s financial model shows a Net Present Value (NPV) after tax of US$938 million, and an after-tax Internal Rate of Return (IRR) of 31.6%, with a 2.5-year payback.
“We are very pleased to have achieved this important milestone for the HMN Li Project,” said Adrian F.C. Hobkirk, Founder, President and CEO of Lithium South. “The robust economics and room for expansion indicate a promising future for Lithium South.”
The HMN Li project is planned to use an extraction and recovery process based on conventional solar evaporation of the well brine. Magnesium and other contaminants will be removed using industry standard proven methods including liming. The concentrated lithium solution will then be processed into lithium carbonate technical grade.
The PEA announcement came just weeks after the company announced the expansion of its ongoing production well drill program. A 400 meter deep pumping well has been completed at the Alba Sabrina claim block, which at 2,089 hectares is the project’s largest. Recent efforts at the well successfully cleared out sediments, leading to the flow of clear brine with strong artesian characteristics, suggesting potential for enhanced brine extraction rates. To maximize these benefits, Lithium South has contracted a significantly larger 80-kilowatt pump, and is now completing a long term pump test. Based on results, further wells are planned for Alba Sabrina and the southern claim blocks at Viamonte and Norma Edith.
“These developments on the Alba Sabrina claim block could potentially enhance our operational capacity,” said Hobkirk. “The completion of this pumping test, anticipated by the end of May, will provide critical technical insight into the capacity potential of this area of the salar.”
Earlier in the year, Lithium South together with the Korean conglomerate POSCO, entered into a cooperative development agreement on the HMN Li Project, representing a crucial step forward in advancing towards lithium production. Previously, towards the end of 2023, Lithium South also released an updated NI 43-101 technical report for its premier HMN Li asset, which demonstrated a significant 175% boost in its lithium resource, amounting to over 1.58 million tonnes of lithium carbonate equivalent (LCE).
According to Chile’s Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), there will be steady lithium prices in the coming months, despite the supply glut. In particular, SQM is optimistic for the second half of the year, which the company predicts will entail higher sales volumes.
“As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials,” said Ricardo Ramos, CEO of SQM. “However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance.”
This optimism was shared by Keith Phillips, CEO of Piedmont Lithium Inc. (NASDAQ:PLL) in an interview with Yahoo! Finance Live.
“[When it comes to mining] low prices are the cure for low prices,” said Phillips, adding that “it’s a matter of time” that prices will rebound. How fast that rebound occurs is still to be determined, however, Piedmont isn’t slowing its march.
Just recently, Piedmont received its state mining permit from the state of North Carolina, where the company owns 3,600 acres, from which it plans to mine spodumene from at least half of the area. Piedmont will then convert the material to lithium hydroxide, which is key to the manufacturing of EV batteries.
“We look forward to continued engagement with the local community and the Gaston County Board of Commissioners,” said Phillips. “We have had extensive and ongoing dialogue with possible funding sources for Carolina Lithium.”
Domestically sourced lithium is projected to become even more desirable, especially with US government incentives underway. Lithium Americas Corp. (NYSE:LAC) (TSX:LAC) recently secured a record $2.26 billion loan from the US Department of Energy to build its Thacker Pass lithium project in Nevada.
Construction began at the site located just south of the Nevada-Oregon border in March 2023, following a lengthy and intricate legal victory over conservationists, ranchers, and Indigenous groups. Lithium Americas anticipates finalizing securing a loan later this year, pending the completion of final environmental assessments. Once the financing is in place, the company aims to commence substantial construction activities, a project slated to last three years. The initial phase of the mine is projected to yield 40,000 metric tons of battery-grade lithium carbonate annually, sufficient to supply up to 800,000 electric vehicles.
“Our team has been focused on refining the development plan and de-risking construction execution of Phase 1 for Thacker Pass,” said Jonathan Evans, President and CEO of Lithium Americas. “We have de-risked execution by advancing detailed engineering and project planning. To date, we have completed all the early-works and infrastructure required for major construction, including excavating the processing plant areas.”
Looking at multiple international lithium projects, mining giant Rio Tinto Group (NYSE:RIO) has already expressed the company remains bullish on lithium despite not currently seeking any big acquisitions. Back in March, Rio Tinto committed to spending $350 million on its Rincon lithium project in Argentina, set to commence production by the end of the year.
This comes just months after the President of Serbia expressed interest to hold further talks with Rio Tinto regarding its Jadar lithium project, after the country revoked licenses on the $2.4 billion asset in 2022. If brought to completion, the project could supply 90% of Europe’s current lithium needs, and make Rio Tinto a leading lithium producer. As well, Rio Tinto held talks with the country of Rwanda back in January for the exploration and mining of lithium in the East African nation.
“[Rio Tinto is] “excited to be partnering with the government of Rwanda, applying our global experience to accelerate the search for primary lithium deposits in Rwanda’s Western Province,” said Lawrence Dechambenoit, global head of external affairs at Rio Tinto. The move could further unlock the potential of another country’s mining sector, if successful.
Source: https://usanewsgroup.com/2023/10/18/the-lithium-race-to-power/
CONTACT:USA NEWS [email protected] (604) 265-2873
Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101 participated in the production of this advertisement, and approves of the technical and scientific disclosure contained herein pertaining to Lithium South.
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Artificial Intelligence

ROLLER and Amusement Connect Announce Integration to Streamline Cashless Card Operations

Published

1 day ago

May 3, 2024

CISION (PR Newswire)

New partnership enhances guest experiences and operational efficiency across attraction venues
AUSTIN, Texas, May 3, 2024 /PRNewswire/ — In an effort to improve the guest experience and streamline operations for attractions venues, ROLLER, a global leader in leisure and attractions technology, has joined forces with Amusement Connect, a recognized leader in cashless card operations. This strategic partnership delivers an integration that aims to streamline the arcade experience for operators and guests alike, providing a more efficient way for entertainment venues to operate.

Through this integration, ROLLER and Amusement Connect enable the sale, top-up, and balance checks of cashless cards directly from ROLLER’s point-of-sale devices, simplifying the management of pay-to-play attractions. This move is expected to enhance operational efficiency and improve guest satisfaction by making sales smoother and more convenient. The integration also simplifies reporting by automatically recording every purchase of a cashless card, saving venue operators time and ensuring accurate tracking of purchases.
Both companies leverage cloud-based technology to ensure that venues can operate without the need for expensive servers, with the promise of continuous updates to keep the systems equipped with the latest features and improvements. This integration also introduces the option for guests to purchase game cards online through ROLLER’s online checkout, a feature designed to make the check-in process more efficient and increase average transaction values.
“Amusement Connect and ROLLER have a shared commitment to helping attractions businesses deliver exceptional guest experiences. So, we’re thrilled to partner with Amusement Connect on this integration – a trailblazing company known for great customer support and providing innovative tech. This isn’t just about upgrading our technology—it’s delivering on our promise to make every guest experience smoother and every operator’s day a bit easier,” explained Luke Finn, CEO and Founder of ROLLER.
“As we continue to innovate and collaborate with industry leaders like ROLLER, we’re thrilled to see the tangible benefits our integration brings to our customers. Together, we’re not just transforming transactions; we’re elevating experiences and driving profitability with every interaction,” commented Frank Licausi, Co-Owner of Amusement Connect.
This partnership between ROLLER and Amusement Connect represents a significant step towards more streamlined operations in the amusement industry. It offers a blend of efficiency and convenience aimed at improving the way entertainment venues operate and enhancing the overall guest experience. For more information on this integration and how it can benefit your venue, contact ROLLER or Amusement Connect directly.
About ROLLER
ROLLER is the cloud-based venue management platform for the modern attraction, purpose-built to remove friction from the guest experience at every touchpoint. Their all-in-one platform simplifies its customers’ business processes, improving efficiency and maximizing revenue. ROLLER’s comprehensive solution includes: Online Checkout & Ticketing, Point-of-Sale, Integrated Payments, Memberships, Gift Cards, Waivers, Self-Serve Kiosks, Cashless Wallets, the Guest Experience Score®, and more. To learn more, visit roller.software.
About Amusement Connect
Founded by Frank Licausi and John Tarpley in 2017, our comprehensive game card system, accompanied by a variety of products, provides a complete overview on games and attractions in settings like bars, arcades, FEC’s, and multi-location entertainment centers. As operators and industry experts, we bring innovation, value, and the best possible experiences to entertainment venues with our award-winning game card system. Bringing you more at amusementconnect.com.

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Artificial Intelligence

Computer Vision in Healthcare Market Worth $11.5 billion | MarketsandMarkets™

Published

1 day ago

May 3, 2024

CISION (PR Newswire)

CHICAGO, May 3, 2024 /PRNewswire/ — Computer Vision in Healthcare Market in terms of revenue was estimated to be worth $3.9 billion in 2024 and is poised to reach $11.5 billion by 2029, growing at a CAGR of 24.0% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The market’s expansion is fueled by the exponential growth of medical imaging data which necessitates efficient analysis methods, where computer vision techniques excel in automating and enhancing diagnostic processes. Further, the demand for improved patient care and outcomes fuels the adoption of AI-driven solutions, empowering healthcare providers with precise tools for diagnosis, treatment planning, and monitoring. Nevertheless, ensuring the accuracy and reliability of computer vision algorithms remains a significant challenge, especially in complex medical imaging tasks where errors can have critical consequences. Additionally, the regulatory landscape surrounding AI-based medical devices is evolving, requiring stringent validation and approval processes, which can impede the timely deployment of innovative solutions. Thus, restraining the market.
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Browse in-depth TOC on “Computer Vision in Healthcare Market”
505 – Tables55 – Figures379 – Pages
Computer Vision in Healthcare Market Scope:
Report Coverage
Details
Market Revenue in 2024
$3.9 billion
Estimated Value by 2029
$11.5 billion
Growth Rate
Poised to grow at a CAGR of 24.0%
Market Size Available for
2022–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product & Service, Type, Applications, End User
Geographies Covered
North America, Europe, Asia Pacific, Latin America and Middle East and Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Computer vision solutions for healthcare that are hosted in the cloud
Key Market Drivers
The healthcare sector is experiencing a growing need for computer vision systems
“The largest share in the computer vision in healthcare market, based on type, was attributed to the PC-based computer vision systems segment in 2023.”
The PC-based computer vision systems segment holds the largest market share in the computer vision in healthcare market in 2023. The growth of this segment is propelled by factors such as PCs offering robust computational power, enabling real-time processing of complex algorithms required for tasks like medical image analysis. Also, PCs provide flexibility and scalability, allowing users to customize hardware configurations and software solutions according to specific requirements. This versatility makes them adaptable to various healthcare settings, from small clinics to large hospitals.
“In 2023, the patient activity monitoring/fall prevention segment demonstrated the most significant growth in the computer vision in healthcare market based on hospital management by type.”
The patient activity monitoring/fall prevention segment is expected to experience the highest growth in the computer vision in healthcare market. The key drivers for this growth include the aging population worldwide that has led to an increased focus on elderly care and fall prevention initiatives. Computer vision systems offer non-intrusive and continuous monitoring of patients’ movements, enabling early detection of potential fall risks and timely intervention to prevent accidents. Also, the growing adoption of wearable devices and smart sensors integrated with computer vision technology allows for seamless monitoring of patients’ activities both inside healthcare facilities and at home. This remote monitoring capability enhances patient safety and independence while reducing the burden on caregivers and healthcare resources.
“North America accounted for the largest share of the healthcare simulation market in 2023.”
In 2023, North America held the largest share in the computer vision in healthcare market, with Europe and Asia Pacific following. The significant presence of North America in the global market can be attributed to factors such as region’s strong focus on improving patient outcomes and reducing healthcare costs which incentivizes the integration of computer vision solutions to streamline processes, enhance diagnostics, and optimize treatment pathways.
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Computer Vision in Healthcare Market Dynamics:
Drivers:
The healthcare sector is experiencing a growing need for computer vision systemsRestraints:
The resistance of medical practitioners towards adopting AI-based technologiesOpportunities:
Computer vision solutions for healthcare that are hosted in the cloudChallenge:
Lack of curated dataKey Market Players of Computer Vision in Healthcare Industry:
The key players functioning in the computer vision in healthcare market include NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US), Basler AG (Germany), AiCure (US), iCAD, Inc. (US), Thermo Fisher Scientific Inc. (US), SenseTime (China), KEYENCE CORPORATION (Japan), Assert AI (India), Artisight (US), LookDeep Inc. (US), care.ai (US), CareView Communications (US), VirtuSense (US), Teton (Denmark), viso.ai (Switzerland), NANO-X IMAGING LTD. (Israel), Comofi Medtech Pvt. Ltd. (India), Avidtechvision (India), Roboflow, Inc. (US), Optotune (US) and CureMetrix, Inc. (US).
The break-down of primary participants is as mentioned below:
By Company Type – Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%By Designation – C-level: 42%, Director-level: 31%, and Others: 27%By Region – North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=231790940
Recent Developments of Computer Vision in Healthcare Industry:
In April 2024, iCAD partnered with RAD-AID to enhance breast cancer detection utilizing the AI technology in underserved regions and low- and middle-income countries (LMICs).In March 2024, Microsoft and NVIDIA have broadened their longstanding collaboration with robust new integrations that harness cutting-edge NVIDIA generative AI and Omniverse technologies across Microsoft Azure, Azure AI services, Microsoft Fabric, and Microsoft 365.In February 2022, Advanced Micro Devices acquired Xilinx. This acquisition established the forefront leader in high-performance and adaptive computing, with a significantly expanded scale and the most formidable portfolio of leadership computing, graphics, and adaptive SoC products in the industry.Computer Vision in Healthcare Market – Key Benefits of Buying the Report:
This report will enrich established firms and new entrants/smaller firms to gauge the market’s pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
Analysis of key drivers: (Increasing demand for computer vision systems in the healthcare industry, government initiatives to increase the adoption of AI-based technologies), restraints (Reluctance of medical practitioners to adopt AI-based technologies), opportunities (Cloud-based healthcare computer vision solutions), and challenges (Rising security concerns related to cloud-based image processing and analytics) influencing the growth of the computer vision in healthcare market.Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the computer vision in healthcare market.Market Development: Comprehensive information on the lucrative emerging markets, products & services, applications, end-users, and regions.Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the computer vision in healthcare market.Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the computer vision in healthcare market like NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US).Related Reports:
Medical Robots Market – Global Forecasts to 2029
Minimally Invasive Surgery Market – Global Forecasts to 2029
Spinal Implants Market – Global Forecasts to 2028
Medical Waste Management Market – Global Forecasts to 2028
Operating Room Integration Market – Global Forecasts to 2028
Get access to the latest updates on Computer Vision in Healthcare Companies and Computer Vision in Healthcare Market Size
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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.
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