Artificial Intelligence
Duos Technologies Group Reports Second Quarter 2023 Results
JACKSONVILLE, Fla., Aug. 14, 2023 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the second quarter (“Q2 2023”) ended June 30, 2023.
Second Quarter 2023 and Recent Operational Highlights
- Announced an add-on award of $1.9 million for the enhancement of a planned Railcar Inspection Portal (“rip®” or “RIP®”) system in the passenger transportation sector, pushing the total contract value to more than $13.7 million. This latest addition is part of a long-term installation of the Company’s most advanced RIP system, which will capture high-speed images of railcars at up to 125 miles per hour.
- Implemented first subscription services agreement with a passenger transit operator. In connection with the agreement, Duos will offer access to its RIP and optional artificial intelligence detection models for key inspection points. The agreement, renewable annually, is initially valued at $300,000 and encompasses customer training, installation, and railcar data services across up to three existing, active portals.
- Performed over 2.1 million comprehensive railcar scans in the second quarter across 13 portals. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico.
- Released new AI detection model covering end-of-car cushion inspection, detecting a condition which could potentially lead to derailments, for use with the Company’s RIP solution. The new model was developed in response to a specific customer request and deployed during mid Q2. The Company currently has over 40 models deployed and operational for freight and transit customers with plans to deploy more than 50 different models by the end of 2023.
- Upgraded the Company’s centraco® and truevue360™ systems to enable near “real-time” reporting and facilitate immediate alerts to on-board personnel of any issue that is deemed critical.
- Appointed rail industry veteran Frank Lonegro to the Board of Directors. Mr. Lonegro enjoyed a long and distinguished career at CSX Corporation and currently serves as the Chief Financial Officer for Beacon Roofing Supply, a Fortune 500 company. His addition brings the Company’s board composition back to five total directors, four of whom are independent.
- As of the end of the second quarter, the Company had $7.8 million of revenue in backlog and expects $3.0 million to 5.0 million to be recognized during the remainder of 2023.
- Strengthened industry collaborations with Dell Technologies and NVIDIA to support AI development and achieve significant increases in performance at near “real-time” reporting.
Second Quarter 2023 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Inc. and TrueVue360, Inc.
Total revenue for Q2 2023 decreased 51% to $1.77 million compared to $3.62 million in the second quarter of 2022 (“Q2 2022”). Total revenue for Q2 2023 represents an aggregate of approximately $870,000 of technology systems revenue and approximately $900,000 in recurring services and consulting revenue. The decrease in total revenue was driven by the delays in production and manufacturing of two high-speed Rail Inspection Portals for a passenger transit client, which are recorded in technology systems. Growth of the services portion of revenues was driven by the successful completion and implementation of artificial intelligence detections and represents services and support for those detections.
Cost of revenues for Q2 2023 decreased 35% to $1.53 million compared to $2.33 million for Q2 2022. The decline in cost of revenues was mainly attributable to the Company bearing the costs of procuring and allocating material for two high-speed RIPs for a transit customer in Q2 2022 without a related spend in Q2 2023. The marginal increase in cost of revenues on services and consulting was attributable to higher labor costs as well as costs associated with new portals coming online during early 2023, as opposed to the corresponding period in 2022.
Gross margin for Q2 2023 decreased 81% to $241,000 compared to $1.28 million for Q2 2022. The decrease in gross margin was driven by the timing of business activity in Q2 2023 related to the manufacturing and delivery of two high-speed, transit-focused RIPs for one customer.
Operating expenses for Q2 2023 increased 27% to $3.39 million compared to $2.68 million for Q2 2022. Sales and marketing costs saw only marginal decreases, while research and development expenses increased slightly. The largest increase was observed in general and administration costs, which can be primarily attributed to the timing of the Company’s awarding of discretionary performance compensation that took effect in April 2023 compared to similar charges occurring during the third quarter of 2022. Overall, the Company continues to focus on maintaining operating expenses while meeting the increased needs of its customers.
Net operating loss for Q2 2023 totaled $3.15 million compared to net operating loss of $1.39 million for Q2 2022. The increase in loss from operations was primarily the result of lower revenues recorded in the second quarter as a consequence of the delays previously noted, offset by continued increases in services and consulting revenue.
Net loss for Q2 2023 totaled $2.99 million compared to net loss of $1.34 million for Q2 2022. The increase in net loss was mostly attributable to the decrease in revenues as previously noted above along with timing to operating expenses year-over-year, partially offset by the sale of a legacy business recognized in Other Income.
Cash and cash equivalents at June 30, 2023 totaled $2.45 million compared to $1.12 million at December 31, 2022. As of quarter end, the Company had an additional $287,000 in receivables. Duos also held $1.54 million in inventory as of June 30, 2023, consisting primarily of long-lead items for future RIP installations.
Subsequent to the quarter end, the Company raised gross proceeds of $5 million from the sale of Series F Convertible Preferred Stock in August 2023 via a private transaction with the Company’s largest shareholder at the market price equivalent of $6.20. As a result of this transaction, the Company currently has approximately $6.0 million in cash and cash equivalents.
Six Month 2023 Financial Results
Total revenue decreased 13% to $4.41 million from $5.06 million in the same period last year. Total revenue for the first six months of 2023 represents an aggregate of approximately $2.70 million of technology systems revenue and approximately $1.72 million in recurring services and consulting revenue. An increase in recurring revenues by 15% was offset by the decrease in technology systems revenue. Total revenue was impacted by delays in the delivery of two high-speed RIPs for a passenger transit client. Growth of the services portion of revenues was driven by the successful completion and implementation of artificial intelligence detections and represents services and support for those detections.
Cost of revenues increased 2% to $3.64 million from $3.55 million in the same period last year. The increase in cost of revenues was a result of timing of project work ongoing for the Company.
Gross margin decreased 48% to $779,000 from $1.50 million in the same period last year. The decrease in gross margin was driven by the timing of business activity in Q2 2023 related to the manufacturing of two high-speed, transit-focused RIPs for one customer.
Operating expenses increased 10% to $6.07 million from $5.54 million in the same period last year. The Company maintained its costs for sales, marketing, and research and development at a consistent level, while observing a slight rise in general and administrative costs. This increase in G&A costs can be primarily attributed to the timing of performance-based compensation awarded in the second quarter of 2023 compared to the same period in 2022.
Net operating loss totaled $5.30 million compared to net operating loss of $4.04 million in the same period last year. The increase in loss from operations was primarily the result of lower revenues recorded in the second quarter as a consequence of the delays previously noted, offset by continued increases in services and consulting revenue.
Net loss totaled $5.13 million compared to a net loss of $3.99 million in the same period last year. The increase in net loss was mostly attributable to the decrease in revenues as previously noted above along with growing expenses, partially offset by the sale of a legacy business recognized in Other Income.
Financial Outlook
At the end of the second quarter, the Company’s contracts in backlog represented approximately $7.8 million in revenue, of which approximately $3.0 million to 5.0 million is expected to be recognized during the remainder of 2023. The balance of contract backlog is comprised of multi-year service and software agreements as well as project revenues spanning into fiscal 2024.
Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2023 as well as the planned expansion of the Company’s subscription business model and other contributing factors, Duos is reiterating its previously stated revenue expectations for the fiscal year ending December 31, 2023. The Company expects total revenue for 2023 to range between $20.0 million and $21.0 million, representing an increase of 33% to 40% compared to 2022.
Duos expects its improvement in operating results to be reflected over the course of the full year in 2023. As a result of timing and other factors, the Company expects revenues in the third quarter of 2023 to moderately increase compared to the second quarter of 2023 before ramping up more significantly in the fourth quarter and into 2024.
Management Commentary
“During the second quarter, we continued to drive incremental progress as we make the ongoing transition from a predominantly project-based, CAPEX-only model to a hybrid, subscription-first business,” said Duos Chief Executive Officer Chuck Ferry. “Over the last twelve months, we’ve generated approximately $14.4 million in revenue with the recurring component continuing to reliably increase over that time. Our ability to generate improved revenue during this span supports our longer-term outlook while the steady, recurring revenue performance validates our decision to invest in dual income streams. Additionally, as a result of recent transactions and continued, diligent cost management, we have ample liquidity to execute on our near-term goals.
“On the technology side, we are continuing to make major improvements in our AI capabilities. As of today, we have expanded the number of AI use cases in our catalogue to 40 in total with several recent and upcoming releases focused specifically on the passenger rail segment in response to customer demand. Through our strategic partnerships with Dell Technologies and NVIDIA, we’ve been able to operate at ever-greater computing density, enabling us to deliver near-real-time responses to mission critical areas and yet maintain a smaller server footprint.
“While we continue to navigate temporary project-related delays, interest in our solutions from the rail industry has never been greater. Between pending government legislation, skyrocketing interest in all kinds of AI applications, and the commercial demand we’re seeing as a result, we believe we are entering a unique inflection point with the right technology at the right time. Duos remains in its strongest-ever position, and we look forward to capitalizing on the opportunities ahead.”
Conference Call
The Company’s management will host a conference call today, August 14, 2023, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Date: Monday, August 14, 2023
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in: 877-407-3088
International dial-in: 201-389-0927
Confirmation: 13740403
Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.
If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company’s website here.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., designs, develops, deploys and operates intelligent vision based technology solutions supporting rail, logistics, intermodal and government customers that streamline operations, improve safety and reduce costs. The Company provides cutting edge solutions that automate the mechanical and security inspection of fast-moving trains, trucks and automobiles through a broad range of proprietary hardware, software, information technology and artificial intelligence. For more information, visit www.duostech.com.
Forward- Looking Statements
This news release includes forward-looking statements regarding the Company’s financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company’s organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as “believe,” “expect,” “anticipate,” “should,” “plan,” “aim,” “will,” “may,” “should,” “could,” “intend,” “estimate,” “project,” “forecast,” “target,” “potential” and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s ability to continue as a going concern, the Company’s ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company’s most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| For the Three Months Ended | For the Three Months Ended | For the Six Months Ended | For the Six Months Ended | ||||||||||||||
| June 30 | June 30 | June 30 | June 30 | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||
| REVENUES: | |||||||||||||||||
| Technology systems | $ | 870,494 | $ | 2,780,045 | $ | 2,698,258 | $ | 3,563,314 | |||||||||
| Services and consulting | 899,565 | 837,097 | 1,716,089 | 1,493,144 | |||||||||||||
| Total Revenues | 1,770,059 | 3,617,142 | 4,414,347 | 5,056,458 | |||||||||||||
| COST OF REVENUES: | |||||||||||||||||
| Technology systems | 1,072,106 | 1,974,302 | 2,839,315 | 2,839,790 | |||||||||||||
| Services and consulting | 456,616 | 360,226 | 796,523 | 711,988 | |||||||||||||
| Total Cost of Revenues | 1,528,722 | 2,334,528 | 3,635,838 | 3,551,778 | |||||||||||||
| GROSS MARGIN | 241,337 | 1,282,614 | 778,509 | 1,504,680 | |||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||
| Sales and marketing | 301,077 | 375,986 | 608,654 | 659,880 | |||||||||||||
| Research and development | 537,801 | 530,339 | 942,686 | 967,056 | |||||||||||||
| General and administration | 2,550,709 | 1,770,764 | 4,522,217 | 3,913,837 | |||||||||||||
| Total Operating Expenses | 3,389,587 | 2,677,089 | 6,073,557 | 5,540,773 | |||||||||||||
| LOSS FROM OPERATIONS | (3,148,250 | ) | (1,394,475 | ) | (5,295,048 | ) | (4,036,093 | ) | |||||||||
| OTHER INCOME (EXPENSES): | |||||||||||||||||
| Interest expense | (3,230 | ) | (2,706 | ) | (4,410 | ) | (5,886 | ) | |||||||||
| Other income, net | 162,080 | 54,509 | 166,375 | 54,691 | |||||||||||||
| Total Other Income (Expenses) | 158,850 | 51,803 | 161,965 | 48,805 | |||||||||||||
| NET LOSS | $ | (2,989,400 | ) | $ | (1,342,672 | ) | $ | (5,133,083 | ) | $ | (3,987,288 | ) | |||||
| Basic and Diluted Net Loss Per Share | $ | (0.42 | ) | $ | (0.22 | ) | $ | (0.72 | ) | $ | (0.70 | ) | |||||
| Weighted Average Shares-Basic and Diluted | 7,169,340 | 6,096,541 | 7,163,142 | 5,727,133 | |||||||||||||
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30 | December 31 | |||||||
| 2023 | 2022 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash | $ | 2,452,248 | $ | 1,121,092 | ||||
| Accounts receivable, net | 286,871 | 3,418,263 | ||||||
| Contract assets | 1,006,791 | 425,722 | ||||||
| Inventory | 1,544,755 | 1,428,360 | ||||||
| Prepaid expenses and other current assets | 496,545 | 441,320 | ||||||
| Total Current Assets | 5,787,210 | 6,834,757 | ||||||
| Property and equipment, net | 609,941 | 629,490 | ||||||
| Operating lease right of use asset | 4,534,593 | 4,689,931 | ||||||
| Security deposit | 550,000 | 600,000 | ||||||
| Convertible note receivable, net | 150,625 | – | ||||||
| Patents and trademarks, net | 92,603 | 69,733 | ||||||
| Software development costs, net | 579,655 | 265,208 | ||||||
| TOTAL ASSETS | $ | 12,304,627 | $ | 13,089,119 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 760,029 | $ | 2,290,390 | ||||
| Notes payable – financing agreements | 259,062 | 74,575 | ||||||
| Accrued expenses | 302,108 | 453,023 | ||||||
| Equipment financing payable-current portion | – | 22,851 | ||||||
| Operating lease obligations-current portion | 769,563 | 696,869 | ||||||
| Contract liabilities | 2,439,640 | 957,997 | ||||||
| Total Current Liabilities | 4,530,402 | 4,495,705 | ||||||
| Operating lease obligations, less current portion | 4,389,690 | 4,542,943 | ||||||
| Total Liabilities | 8,920,092 | 9,038,648 | ||||||
| Commitments and Contingencies (Note 4) | ||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Preferred stock: $0.001 par value, 10,000,000 authorized, 9,446,000 shares available to be | ||||||||
| designated | ||||||||
| Series A redeemable convertible preferred stock, $10 stated value per share, 500,000 shares | ||||||||
| designated; 0 and 0 issued and outstanding at June 30, 2023 and December 31, 2022, | ||||||||
| respectively, convertible into common stock at $6.30 per share | – | – | ||||||
| Series B convertible preferred stock, $1,000 stated value per share, 15,000 shares | ||||||||
| designated; 0 and 0 issued and outstanding at June 30, 2023 and December 31, 2022, | ||||||||
| respectively, convertible into common stock at $7 per share | – | – | ||||||
| Series C convertible preferred stock, $1,000 stated value per share, 5,000 shares designated; | ||||||||
| 0 and 0 issued and outstanding at June 30, 2023 and December 31, 2022, respectively, | ||||||||
| convertible into common stock at $5.50 per share | – | – | ||||||
| Series D convertible preferred stock, $1,000 stated value per share, 4,000 shares designated; | ||||||||
| 1,299 and 1,299 issued and outstanding at June 30, 2023 and December 31, 2022, | ||||||||
| respectively, convertible into common stock at $3 per share | 1 | 1 | ||||||
| Series E convertible preferred stock, $1,000 stated value per share, 30,000 shares | ||||||||
| designated; 4,000 and 0 issued and outstanding at June 30, 2023 and December 31, 2022, | ||||||||
| respectively, convertible into common stock at $3 per share | 4 | – | ||||||
| Common stock: $0.001 par value; 500,000,000 shares authorized, 7,240,545 and 7,156,876 | ||||||||
| shares issued, 7,239,221 and 7,155,552 shares outstanding at June 30, 2023 and | ||||||||
| December 31, 2022, respectively | 7,240 | 7,156 | ||||||
| Additional paid-in-capital | 61,029,659 | 56,562,600 | ||||||
| Accumulated deficit | (57,494,917 | ) | (52,361,834 | ) | ||||
| Sub-total | 3,541,987 | 4,207,923 | ||||||
| Less: Treasury stock (1,324 shares of common stock at June 30, 2023 and December 31, | ||||||||
| 2022) | (157,452 | ) | (157,452 | ) | ||||
| Total Stockholders’ Equity | 3,384,535 | 4,050,471 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 12,304,627 | $ | 13,089,119 | ||||
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited) | |||||||
| For the Six Months Ended | |||||||
| June 30 | |||||||
| 2023 | 2022 | ||||||
| Cash from operating activities: | |||||||
| Net loss | $ | (5,133,083 | ) | $ | (3,987,288 | ) | |
| Depreciation and amortization | 230,592 | 145,627 | |||||
| Stock based compensation | 302,743 | 438,809 | |||||
| Stock issued for services | 65,000 | 80,000 | |||||
| Amortization of operating lease right of use asset | 155,338 | 158,547 | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | 3,131,392 | 1,458,592 | |||||
| Note receivable | (150,625 | ) | – | ||||
| Contract assets | (581,069 | ) | (698,923 | ) | |||
| Inventory | (116,393 | ) | (481,880 | ) | |||
| Security deposit | 50,000 | – | |||||
| Prepaid expenses and other current assets | 403,225 | (218,198 | ) | ||||
| Accounts payable | (1,530,361 | ) | 268,425 | ||||
| Accrued expenses | (150,914 | ) | (108,550 | ) | |||
| Operating lease obligation | (80,559 | ) | 46,485 | ||||
| Contract liabilities | 1,481,643 | 3,186,138 | |||||
| Net cash (used in) provided by operating activities | (1,923,071 | ) | 287,784 | ||||
| Cash flows from investing activities: | |||||||
| Purchase of patents/trademarks | (28,720 | ) | (13,660 | ) | |||
| Purchase of software development | (360,437 | ) | (15,000 | ) | |||
| Purchase of fixed assets | (159,203 | ) | (140,549 | ) | |||
| Net cash used in investing activities | (548,360 | ) | (169,209 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayments of insurance and equipment financing | (273,965 | ) | (213,404 | ) | |||
| Repayment of finance lease | (22,851 | ) | (48,812 | ) | |||
| Proceeds from common stock issued | – | 6,095,000 | |||||
| Issuance cost | (17,645 | ) | (576,650 | ) | |||
| Proceeds from shares issued under Employee Stock Purchase Plan | 117,048 | – | |||||
| Proceeds from preferred stock issued | 4,000,000 | – | |||||
| Net cash provided by financing activities | 3,802,587 | 5,256,134 | |||||
| Net increase (decrease) in cash | 1,331,156 | 5,374,709 | |||||
| Cash, beginning of period | 1,121,092 | 893,720 | |||||
| Cash, end of period | $ | 2,452,248 | $ | 6,268,429 | |||
| Supplemental Disclosure of Cash Flow Information: | |||||||
| Interest paid | $ | 4,410 | $ | 5,984 | |||
| Taxes paid | $ | – | $ | – | |||
| Supplemental Non-Cash Investing and Financing Activities: | |||||||
| Notes issued for financing of insurance premiums | $ | 458,452 | $ | 327,586 | |||
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c330ebb5-11d3-4e14-a8af-01aa754273b0
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.
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Lithium South Development Corporation advertising and digital media from the company directly. There may be 3rd parties who may have shares of Lithium South Development Corporation, and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Lithium South Development Corporation which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Lithium South Development Corporation at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. The contents of this advertisement were reviewed by Mr. William Feyerabend, a Consulting Geologist and Qualified Person as defined under National Instrument 43-101. Mr. Feyerabend approves of the scientific and technical disclosure pertaining to Lithium South contained within this advertisement. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
View original content:https://www.prnewswire.co.uk/news-releases/lithium-miners-strategize-for-long-term-gains-as-market-recovers-302135776.html
Artificial Intelligence
ROLLER and Amusement Connect Announce Integration to Streamline Cashless Card Operations
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.
View original content:https://www.prnewswire.co.uk/news-releases/roller-and-amusement-connect-announce-integration-to-streamline-cashless-card-operations-302135415.html
Artificial Intelligence
Computer Vision in Healthcare Market Worth $11.5 billion | MarketsandMarkets™
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.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=231790940
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.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=231790940
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
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Website: https://www.marketsandmarkets.com/
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/computer-vision-in-healthcare-market-worth-11-5-billion–marketsandmarkets-302135478.html
-
Artificial Intelligence5 days agoSUNRATE partners with YeePay to empower Chinese companies to navigate global expansion
-
Uncategorized5 days agoIntel unveils AI-Platform Innovation for Paris 2024
-
Artificial Intelligence4 days agoAppdome Unveils World’s First Agentless Mobile EDR & MTD
-
Artificial Intelligence2 days agoCleverTap launches Clever.AI, the AI-Driven Edge for Customer Engagement & Retention
-
Uncategorized2 days ago
Improving the Developer Journey in Crafting Artificial Intelligence Applications
-
Artificial Intelligence6 days ago
Supmea Unveils Instrument Cloud at Hannover Messe, Highlighting Digitalization and Efficiency in Industrial Solutions
-
Uncategorized2 days ago
Unveiling the Complex Psychological Implications of Artificial Intelligence
-
Artificial Intelligence2 days ago5G Enterprise Market Projected to Reach $115.81 billion by 2030 – Exclusive Report by 360iResearch
