Technology
Allot Announces Fourth Quarter & Full Year 2023 Financial Results
Published
7 months agoon
By
HOD HASHARON, Israel, Feb. 15, 2024 /PRNewswire/ — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited fourth quarter and full-year 2023 financial results.
Financial Highlights
Fourth quarter revenues were $24.3 million and full-year 2023 revenues were $93.2 million;SECaaS revenues were $3.2 million for Q4 and $10.6 million for FY 2023, up 41.5% and 48.4% year-over-year respectively.December 2023 SECaaS ARR* was $12.7 million;Q4 GAAP net loss was $18.3 million and non-GAAP net loss was $16.4 million, including a credit loss provision for 2 specific customers of approximately $9 million; the full year 2023 GAAP net loss was $62.8 million and non-GAAP net loss was $53.3 million, including a credit loss provision of approximately $23 million;
Financial Outlook
Looking ahead to 2024, management expectations are as follows:
Full-year 2024 non-GAAP operating profit and free cash flow breakevenContinued double-digit growth of SECaaS revenues and ARR
Management Comment
Erez Antebi, President & CEO of Allot, commented, “2023 represented a year with significant challenges on multiple fronts. While the macro economic environment and service provider spending remain challenging, we are controlling what we can control. As we announced in prior quarters, we have taken aggressive actions to align our expense footprint with the expected revenue level going ahead. Our goal is to bring the business back to profitability while investing in our long-term growth engine, Security as a Service (SECaaS).”
The Company also announces that Mr. Manuel Echanove is stepping down from the Board to focus on other opportunities.
Q4 2023 Financial Results Summary
Total revenues for the fourth quarter of 2023 were $24.3 million, a decrease of 26.3% compared to $33.0 million in the fourth quarter of 2022.
Gross profit on a GAAP basis for the fourth quarter of 2023 was $11.4 million (gross margin of 46.8%), a 47.9% decline compared with $21.9 million (gross margin of 66.3%) in the fourth quarter of 2022.
Gross profit on a non-GAAP basis for the fourth quarter of 2023 was $12.6 million (gross margin of 51.7%), a 43.7% decline compared with $22.4 million (gross margin of 67.7%) in the fourth quarter of 2022. The fourth quarter gross margin level was negatively impacted by a one-time write-off.
Net loss on a GAAP basis for the fourth quarter of 2023 was $18.3 million, or $0.48 per basic share, compared with a net loss of $6.7 million, or $0.18 per basic share, in the fourth quarter of 2022.
Net loss on a non-GAAP for the fourth quarter of 2023 was $16.4 million, or $0.43 per basic share compared with a non-GAAP net loss of $4.9 million, or $0.13 per basic share, in the fourth quarter of 2022. A credit loss provision for 2 specific customers of approximately $9 million increased the fourth quarter expenses.
Full Year 2023 Financial Results Summary
Total revenues for 2023 were $93.2 million, a 24.1% decrease compared to $122.7 million in 2022.
Gross profit on a GAAP basis for 2023 was $52.7 million (gross margin of 56.6%), a 36.5% decline compared with $82.9 million (gross margin of 67.5%) in 2022.
Gross profit on a non-GAAP basis for 2023 was $55.5 million (gross margin of 59.6%), a 34.4% decline compared with $84.7 million (gross margin of 69%) in 2022.
Net loss on a GAAP basis for 2023 was $62.8 million, or $1.66 per basic share, compared with a net loss of $32.0 million, or $0.87 per basic share, in 2022.
Net loss on a non-GAAP basis for 2023 was $53.3 million, or $1.41 per basic share, compared with a net loss of $23.2 million, or $0.63 per basic share, in 2022. A credit loss provision of approximately $23 million increased the 2023 expenses.
Cash, short-term bank deposits, and investments as of December 31, 2023, totaled $54.9 million, compared to $86.4 million as of December 31, 2022.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss its fourth quarter and full year 2023 earnings results today, February 15, 2024, at 8:30 am ET, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:
US: 1-888-642-5032, UK: 0-800-917-5108, Israel: +972-3-918-0610
A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: http://investors.allot.com/index.cfm
About Allot
Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot’s multi-service platforms are deployed by over 500 mobile, fixed, and cloud service providers and over 1,000 enterprises. Our industry-leading network-based security as a service solution is already used by many millions of subscribers globally. Allot. See. Control. Secure.
For more information, visit www.allot.com
Performance Metrics
* Total ARR – Support & Maintenance ARR (measures the current annual run rate of support & maintenance revenues, which is calculated based on the expected revenues for the fourth quarter of 2023, excluding one-time items, and multiplied by 4) and SECaaS ARR (measures the current annual run rate of SECaaS revenues, which is calculated based on estimated revenues for the month of Dec. 2023 and multiplied by 12).
GAAP to Non-GAAP Reconciliation:
The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, deferred tax asset adjustment and changes in taxes-related items.
These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company’s core business and management uses the non-GAAP measures internally to evaluate the Company’s ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company’s operating performance.
Safe Harbor Statement
This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our accounts receivables, including our ability to collect outstanding accounts and assess their collectability on a quarterly basis; our ability to meet expectations with respect to our financial guidance and outlook; our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors; government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
EK Global Investor Relations
Ehud Helft
+1 212 378 8040
Public Relations Contact:
Seth Greenberg, Allot Ltd.
+972 54 922 2294
TABLE – 1
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(Audited)
Revenues
$ 24,342
$ 33,029
$ 93,150
$ 122,737
Cost of revenues
12,941
11,134
40,464
39,831
Gross profit
11,401
21,895
52,686
82,906
Operating expenses:
Research and development costs, net
7,942
12,371
39,115
49,800
Sales and marketing
12,057
12,881
43,850
49,393
General and administrative
10,316
3,703
34,656
15,982
Total operating expenses
30,315
28,955
117,621
115,175
Operating loss
(18,914)
(7,060)
(64,935)
(32,269)
Financial and other income, net
661
796
3,215
2,134
Loss before income tax expenses
(18,253)
(6,264)
(61,720)
(30,135)
Tax expenses
96
474
1,084
1,895
Net Loss
(18,349)
(6,738)
(62,804)
(32,030)
Basic net loss per share
$ (0.48)
$ (0.18)
$ (1.66)
$ (0.87)
Diluted net loss per share
$ (0.48)
$ (0.18)
$ (1.66)
$ (0.87)
Weighted average number of shares used in
computing basic net loss per share
38,293,808
37,325,971
37,911,214
36,975,424
Weighted average number of shares used in
computing diluted net loss per share
38,293,808
37,325,971
37,911,214
36,975,424
TABLE – 2
ALLOT LTD.
AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
GAAP cost of revenues
$ 12,941
$ 11,134
$ 40,464
$ 39,831
Share-based compensation (1)
(162)
(323)
(1,219)
(1,133)
Amortization of intangible assets (2)**
(1,024)
(157)
(1,606)
(613)
Non-GAAP cost of revenues
$ 11,755
$ 10,654
$ 37,639
$ 38,085
GAAP gross profit
$ 11,401
$ 21,895
$ 52,686
$ 82,906
Gross profit adjustments
1,186
480
2,825
1,746
Non-GAAP gross profit
$ 12,587
$ 22,375
$ 55,511
$ 84,652
GAAP operating expenses
$ 30,315
$ 28,955
$ 117,621
$ 115,175
Share-based compensation (1)
(1,449)
(1,966)
(7,626)
(8,032)
Amortization of intangible assets (2)**
–
–
–
–
Income related to M&A activities (3)
699
274
699
274
Changes in taxes and headcount related items (4)
–
325
–
325
Non-GAAP operating expenses
$ 29,565
$ 27,588
$ 110,694
$ 107,742
GAAP financial and other income
$ 661
$ 796
$ 3,215
$ 2,134
Exchange rate differences*
(50)
(85)
(378)
(442)
Expenses related to M&A activities (3)
–
4
43
4
Non-GAAP Financial and other income
$ 611
$ 715
$ 2,880
$ 1,696
GAAP taxes on income
$ 96
$ 474
$ 1,084
$ 1,895
Changes in tax related items
(25)
(25)
(100)
(100)
Non-GAAP taxes on income
$ 71
$ 449
$ 984
$ 1,795
GAAP Net Loss
$ (18,349)
$ (6,738)
$ (62,804)
$ (32,030)
Share-based compensation (1)
1,611
2,289
8,845
9,165
Amortization of intangible assets (2)**
1,024
157
1,606
613
Income related to M&A activities (3)
(699)
(270)
(656)
(270)
Changes in taxes and headcount related items (4)
–
(325)
–
(325)
Exchange rate differences*
(50)
(85)
(378)
(442)
Changes in tax related items
25
25
100
100
Non-GAAP Net income (loss)
$ (16,438)
$ (4,947)
$ (53,287)
$ (23,189)
GAAP Loss per share (diluted)
$ (0.48)
$ (0.18)
$ (1.66)
$ (0.87)
Share-based compensation
0.04
0.06
0.23
0.25
Amortization of intangible assets**
0.03
0.01
0.05
0.02
Income related to M&A activities
(0.02)
(0.01)
(0.02)
(0.01)
Changes in taxes and headcount related items
–
(0.01)
–
(0.01)
Exchange rate differences*
(0.00)
(0.00)
(0.01)
(0.01)
Non-GAAP Net income (loss) per share (diluted)
$ (0.43)
$ (0.13)
$ (1.41)
$ (0.63)
Weighted average number of shares used in
computing GAAP diluted net loss per share
38,293,808
37,325,971
37,911,214
36,975,424
Weighted average number of shares used in
computing non-GAAP diluted net loss per share
38,293,808
37,325,971
37,911,214
36,975,424
* Financial income or expenses related to exchange rate differences in connection with revaluation of assets and
liabilities in non-dollar denominated currencies.
** While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired
companies is reflected in the measures and the acquired assets contribute to revenue generation.
TABLE – 2 cont.
ALLOT LTD.
AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(1) Share-based compensation:
Cost of revenues
$ 162
$ 323
$ 1,219
$ 1,133
Research and development costs, net
597
775
3,010
3,168
Sales and marketing
473
684
2,651
2,943
General and administrative
379
507
1,965
1,921
$ 1,611
$ 2,289
$ 8,845
$ 9,165
(2) Amortization of intangible assets
Cost of revenues
$ 1,024
$ 157
$ 1,606
$ 613
$ 1,024
$ 157
$ 1,606
$ 613
(3) Expenses (Income) related to M&A activities
General and administrative
$ (699)
$ –
$ (699)
$ –
Research and development costs, net
–
(274)
–
(274)
Finanacial expensees (income)
–
4
43
4
$ (699)
$ (270)
$ (656)
$ (270)
(4) Changes in taxes and headcount related items
Sales and marketing
$ –
$ (325)
$ –
$ (325)
$ –
$ (325)
$ –
$ (325)
TABLE – 3
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
December 31,
December 31,
2023
2022
(Unaudited)
(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 14,192
$ 12,295
Short-term bank deposits
10,000
68,765
Restricted deposits
1,728
1,050
Available-for-sale marketable securities
28,853
4,293
Trade receivables, net (net of allowance for credit losses of
$25,253 and $2,908 on December 31, 2023 and December
31, 2022, respectively)
14,828
44,167
Other receivables and prepaid expenses
8,422
7,985
Inventories
11,874
13,262
Total current assets
89,897
151,817
LONG-TERM ASSETS:
Restricted deposit
158
–
Severance pay fund
395
371
Operating lease right-of-use assets
3,057
5,387
Trade receivables, net
–
4,934
Other assets
562
864
Total long-term assets
4,172
11,556
PROPERTY AND EQUIPMENT, NET
11,189
14,236
GOODWILL AND INTANGIBLE ASSETS, NET
32,748
35,344
Total assets
$ 138,006
$ 212,953
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables
$ 969
$ 11,661
Deferred revenues
14,892
20,825
Short-term operating lease liabilities
1,453
2,542
Other payables and accrued expenses
21,937
25,573
Total current liabilities
39,251
60,601
LONG-TERM LIABILITIES:
Deferred revenues
7,437
7,285
Long-term operating lease liabilities
702
2,579
Accrued severance pay
1,080
940
Convertible debt
39,773
39,575
Total long-term liabilities
48,992
50,379
SHAREHOLDERS’ EQUITY
49,763
101,973
Total liabilities and shareholders’ equity
$ 138,006
$ 212,953
TABLE – 4
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(Audited)
Cash flows from operating activities:
Net Loss
$ (18,349)
$ (6,738)
$ (62,804)
$ (32,030)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation
1,638
2,287
5,536
6,406
Stock-based compensation
1,611
2,288
8,845
9,165
Amortization of intangible assets
1,766
241
2,596
946
Increase in accrued severance pay, net
37
57
116
92
Decrease in other assets
636
196
302
775
Decrease (Increase) in accrued interest and amortization of premium on marketable securities
(305)
(13)
(712)
71
Changes in operating leases, net
(164)
979
(636)
(5)
Decrease (Increase) in trade receivables
9,784
(7,189)
34,273
(11,629)
Decrease (Increase) in other receivables and prepaid expenses
(698)
(338)
476
(55)
Decrease (Increase) in inventories
2,165
(586)
1,388
(2,170)
Increase (Decrease) in trade payables
(2,857)
5,608
(10,692)
7,721
Increase (Decrease) in employees and payroll accruals
1,115
1,873
(4,130)
(385)
Decrease in deferred revenues
(2,806)
(6,815)
(5,781)
(9,970)
Increase (Decrease) in other payables, accrued expenses and other long term liabilities
1,200
(1,586)
1,289
(1,668)
Amortization of issuance costs of Convertible debt
50
50
198
171
Net cash used in operating activities
(5,177)
(9,686)
(29,736)
(32,565)
Cash flows from investing activities:
Decrease (Increase) in restricted deposit
(804)
50
(836)
430
Redemption of (Investment in) short-term deposits
3,600
15,350
58,765
(7,830)
Purchase of property and equipment
(621)
(1,507)
(2,489)
(5,642)
Acquisitions, net of Cash acquired, and other
–
(500)
–
(500)
Investment in available-for sale marketable securities
(12,064)
–
(46,742)
–
Proceeds from redemption or sale of available-for sale marketable securities
7,750
–
22,935
7,030
Net cash provided by (used in) investing activities
(2,139)
13,393
31,633
(6,512)
Cash flows from financing activities:
Proceeds from exercise of stock options
(1)
1
–
251
Issuance of convertible debt
–
–
–
39,404
Net cash provided by (used in) financing activities
(1)
1
–
39,655
Increase (Decrease) in cash and cash equivalents
(7,317)
3,708
1,897
578
Cash and cash equivalents at the beginning of the period
21,509
8,587
12,295
11,717
Cash and cash equivalents at the end of the period
$ 14,192
$ 12,295
$ 14,192
$ 12,295
Other financial metrics (Unaudited)
U.S. dollars in millions, except number of full time employees, % of top-10 end-
customers out of revenues and number of shares
Q4-2023
FY 2023
FY 2022
Revenues geographic breakdown
Americas
3.8
16 %
16.6
18 %
21.8
18 %
EMEA
14.4
59 %
56.1
60 %
71.2
58 %
Asia Pacific
6.1
25 %
20.5
22 %
29.7
24 %
24.3
100 %
93.2
100 %
122.7
100 %
Revenue breakdown by type
Products
10.7
44 %
37.6
40 %
61.1
50 %
Professional Services
1.1
5 %
6.1
7 %
11.6
9 %
SECaaS (Security as a Service)
3.2
13 %
10.6
11 %
7.2
6 %
Support & Maintenance
9.3
38 %
38.9
42 %
42.8
35 %
24.3
100 %
93.2
100 %
122.7
100 %
Revenues per customer type
CSP
19.7
81 %
75.1
81 %
98.3
80 %
Enterprise
4.6
19 %
18.1
19 %
24.4
20 %
24.3
100 %
93.2
100 %
122.7
100 %
Security revenues
21.7
28.5
Backlog (end of period)
58.8
87.7
% of top-10 end-customers out of revenues
63 %
47 %
44 %
Total number of full time employees
559
559
749
(end of period)
Non-GAAP Weighted average number of basic shares (in
millions)
38.3
37.9
37.0
Non-GAAP weighted average number of fully diluted
shares (in millions)
40.5
40.3
39.5
SECaaS (Security as a Service) revenues– U.S. dollars in millions (Unaudited)
Q4-2023:
3.2
Q3-2023:
2.8
Q2-2023:
2.4
Q1-2023:
2.3
Q4-2022:
2.2
SECaaS ARR* (annualized recurring revenues)- U.S. dollars in millions (Unaudited)
Dec. 2023:
12.7
Dec. 2022:
9.2
Dec. 2021:
5.2
Dec. 2020:
2.7
*ARR: annualized recurring SECaaS revenues, calculated based on the monthly revenues multiplied by 12
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NEW YORK, Sept. 21, 2024 /CNW/ — The longing for peace transcends time, geography and religion. Based on justice, human rights and universal values outlined in the UN Charter, a culture of peace brings us all together in our common agenda for humanity. We can only co-exist by aligning ourselves with such a world order.
On today’s International Day of Peace, we call on world leaders to end conflict and embrace a culture of peace as enshrined in the UN Charter and related international law.
As the UN General Assembly outlined in the Declaration and Programme of Action on a Culture of Peace a quarter of a century ago, this must include: “Respect for life, human rights and fundamental freedoms; the promotion of non-violence through education, dialogue and cooperation; commitment to peaceful settlement of conflicts; and adherence to freedom, justice, democracy, tolerance, solidarity, cooperation, pluralism, cultural diversity, dialogue and understanding at all levels of society and among nations.”
Educating for peace starts at home and continues in school through years of education. This takes place during the most formative years of a child learning about their identity, ethics, values, conscience, courage and compassion. Wherever there has been a failure in imparting on children the imperative for peace, the world is turned upside down. This is a global failure with no geographical boundaries.
Today, we live in a world of unprecedented violence, armed conflict and chaos. All the genuine and heartfelt commitments made in 1945 in the UN Charter seem to be fading away. Children and adolescents are the most vulnerable, the least protected, and the most impacted. They bear the brunt.
Global conflicts killed three times as many children in 2023 than in the previous year, according to the United Nations. The number of forcibly displaced people reached an unprecedented 120 million in May 2024.
“In 2023, the United Nations verified a record 32,990 grave violations against 22,557 children in 26 conflict zones, a 35% increase from the previous year,” according to recent analysis by the UN.
We can end these violations and invest in a constructive co-existence globally. We can use our resources for education, rather than for wars. In classrooms around the world, girls and boys who have withstood the wrath of war can rebuild their hopes and their lives. Cultivating a culture of peace is possible. The financial resources exist. The choice as to how we use them is ours.
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SOURCE Education Cannot Wait
Technology
Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”
Published
7 hours agoon
September 21, 2024By
BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.
Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces
The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.
Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.
The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.
Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem
Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.
Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.
At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.
The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.
In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.
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SOURCE Niutech
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