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Allot Announces Fourth Quarter & Full Year 2023 Financial Results

Published

11 months ago

on

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

allot@ekgir.com

 

 

Public Relations Contact:

Seth Greenberg, Allot Ltd.

+972 54 922 2294

sgreenberg@allot.com

 

 

   

 

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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SOURCE Allot Ltd.

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LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — On Jan 7-10, Shenzhen EngineAI Robotics, an innovator in humanoid robots, debuted at the prestigious CES 2025, showcasing its humanoid robots: the SE01, SA01, and PM01. These robots offer a versatile foundation for developers to enhance their interaction with the physical environment. The SA01 and PM01, in particular, serve as open-source platforms for further development, providing a basis for advancements in embodied intelligence.

Zhao Tongyang, the founder and CEO of EngineAI, highlighted the company’s vision to develop world-leading general-purpose humanoid robots while continuously accelerating innovation in the embodied intelligence revolution. He emphasized that EngineAI is committed to launching scalable products at competitive prices, aiming to achieve the production and sales of over a thousand units by 2025.

Zhao is a seasoned entrepreneur in the robotics industry, with a track record of pioneering advancements. His extensive experience has equipped him with substantial expertise and resources. In 2016, he founded Dogotix, pioneering humanoid robot research in China. By 2020, he launched a quadruped robot that quickly dominated the global market. After co-founding XPENG Robotics, Zhao formed a new team in early 2023 and created the humanoid robot PX5, which later gained significant attention at NVIDIA’s GTC 2024. Following the success of PX5, Zhao left XPENG Robotics to establish EngineAI, soon securing nearly 100 million yuan (approx. USD 13.64 million) in angel funding and unveiling the next-gen humanoid robot SE01 on October 24, 2024.

The SE01 has garnered significant attention at CES 2025. As EngineAI’s first full-size general-purpose humanoid robot, it marks EngineAI’s commitment to the embodied intelligence sector. Designed for industrial labor scenarios, SE01 features high load capacity and can handle tasks such as heavy lifting and precision assembly in complex factory environments. It incorporates advanced harmonic force control joint modules, deep reinforcement learning, and imitation learning algorithms, along with an end-to-end neural network model. This robot has overcome the challenge of natural gait, eliminated the awkward movements of previous robots, and significantly enhanced work efficiency and precision. Standing at 170cm and weighing 55kg, SE01 can perform human-like actions such as squatting, push-ups, and running, with athletic performance comparable to international athletes.

Another highlight is the SA01, a pioneering robot designed for research and educational settings. It features an open-source platform, offering a highly customizable bipedal robot for research institutions and educational organizations. Weighing approximately 40kg, SA01 can perform actions such as running and jumping. It utilizes a reinforcement learning algorithm architecture and an efficient power module solution, with a walking power consumption of less than 200W. Constructed with high-quality, high-strength aluminum alloy, the SA01 boasts strong system rigidity and impact resistance, making it a durable choice for the research market. Priced at USD 5,400, it offers exceptional value, with orders quickly surpassing expectations. Now EngineAI has established a stable production capacity to meet the increasing market demand.

The PM01, EngineAI’s latest release, is a lightweight, high-dynamic, fully open embodied intelligent robot. Standing at 138cm and weighing around 40kg, it offers both mechanical and humanoid natural gait walking modes. PM01 is the most flexible robot in EngineAI’s lineup so far, with human-like movement and performance rivaling the flagship SE01. It features an interactive core screen for seamless interaction and enhanced dynamic performance with additional degrees of freedom in the neck and waist. The PM01 supports extensive hardware and software capabilities, enabling cross-platform algorithm deployment and validation, making it ideal for diverse research applications. The PM01 is now available in both commercial and educational editions. From now until March 31, 2025, both editions are offered at a price of USD 13,700. During this specific period, customers who purchase the commercial edition will automatically receive an upgrade to the educational edition.

With its debut at CES, EngineAI is poised to continue its innovation-driven approach, refining its product lineup while focusing on embodied intelligence development. The company aims to advance artificial intelligence solutions, linking and building ecosystems to serve and train professional models, ultimately contributing to the emergence of the AGI era.

About EngineAI

Founded in October 2023 and in Shenzhen Bay, EngineAI specializes in general-purpose intelligent robots and industry-specific solutions, including the development and production of humanoid robots and other related products. The team comprises pioneers from China’s first cohort of legged robot research and industrialization, as well as experts from top universities and firms.

EngineAI is committed to full-stack independent development, from core components to embodied intelligence and operational algorithms. EngineAI’s products cater to various scenarios, including scientific research and education, industrial manufacturing, commercial services, and home use. The company is dedicated to advancing the commercialization of humanoid robot technology globally.

For more information, please connect with EngineAI at:
YouTube: https://www.youtube.com/@Engineairobot
LinkedIn: https://www.linkedin.com/company/engineai-robot
Instagram: https://www.instagram.com/engineairobot/
Facebook: https://www.facebook.com/profile.php?id=61562251514664
X: https://x.com/engineairobot
WhatsAPP: 18025463787
Email: support@engineai.com.cn

 

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SOURCE ENGINEAI ROBOTICS TECHNOLOGY

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Crisil unveils a new brand identity

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January 10, 2025

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New logo reflects ability to power mission-critical decisions with confidence

MUMBAI, India, Jan. 10, 2025 /PRNewswire/ — Crisil Limited, a provider of ratings, data, research, analytics and solutions, today unveils its new brand logo.

The new brand identity, ‘Crisil’ (earlier written as CRISIL), reinforces the company’s position as a global, insights-driven analytics firm, building on a distinguished legacy of close to four decades.

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Says Amish Mehta, Managing Director & CEO, Crisil, “Our reimagined brand expresses a more progressive vision of our future. It celebrates a pioneering and illustrious past and showcases our commitment to deliver actionable insights to clients. Our people’s analytical rigour and domain expertise will continue to set standards and empower clients to make mission-critical decisions with confidence. The new brand identity guides us in shaping how we present ourselves to the world, influencing every interaction internally and externally to help us deliver exceptional client value.”

The strategic brand transformation positions Crisil’s businesses — Crisil Ratings, Crisil Intelligence (formerly MI&A), Crisil Coalition Greenwich, and Crisil Integral IQ (formerly GR&RS) — under a cohesive identity that offers a consistent and more connected experience for clients around the world.

Crisil Ratings: Offers independent credit ratings in India that empower informed decisions and objective benchmarking by lenders, investors and issuers.

Crisil Intelligence: Offers insights, consulting, technology-driven risk solutions and advanced data analytics, serving clients across government, private and public enterprises, empowering them to make informed decisions.

Crisil Coalition Greenwich: Offers strategic benchmarking, analytics and insights to the financial services industry and specialises in providing unique, high-value and actionable information to help clients measure and drive their business performance.

Crisil Integral IQ: Offers solutions and actionable intelligence to financial institutions around the globe to deliver strategic transformation, optimise risk and drive operational excellence.

The main logo in bold black is simple yet strong, symbolising excellence and the certainty that we deliver. Complementing this, our business logos now feature a distinct teal colour that conveys the confidence and trust rooted in rigour and domain expertise.

About Crisil Limited

Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Headquartered in India, Crisil is majority owned by S&P Global.

Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.

Our globally diverse workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.

For more information, visit www.Crisil.com

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This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil. However, Crisil alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.

Crisil has taken due care and caution in preparing this press release. Information has been obtained by Crisil from sources which it considers reliable. However, Crisil does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. Crisil especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.

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Jointly Charging the Road Ahead | Huawei Releases Top 10 Trends of Charging Network Industry 2025

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January 10, 2025

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SHENZHEN, China, Jan. 10, 2025 /PRNewswire/ — Huawei released the Top 10 Trends of Charging Network Industry 2025 with the theme of “Jointly Charging the Road Ahead.” Wang Zhiwu, President of Huawei Smart Charging Network Domain, comprehensively interprets the top 10 trends of the charging network industry for 2025 from the perspectives of industry development directions and technology development path.

He states that electric vehicles (EVs) have developed better than expectations again. It is estimated that the number of global EVs will reach 480 million within 10 years globally. We are already in the era of comprehensive electrification. In the future, Huawei will work with partners and customers to accelerate ultra-fast charging coverage in all scenarios. In the tide of vehicle electrification, we are dedicated to achieving the vision of jointly charging the road ahead.

Trend 1: High-Quality Development

High-quality development of charging networks has become an industry trend. The entire industry will undergo profound changes centering on high-quality development. Technologies will be iterated rapidly, and core charger enterprises will encounter a sharp decrease.

Trend 2: Comprehensive Ultra-fast Charging

“Ultra-fast charging” is a buzzword of 2024 for the industry. Multiple cities in China have started to deploy ultra-fast charging facilities, boosting the explosive growth of the number of EV models that support ultra-fast charging. It is estimated that all typical EV models will support ultra-fast charging in all scenarios by 2028.

Trend 3: Optimal Experience

Mature technologies of intelligent head units, intelligent driving, and intelligent chargers promote the charging experience to be digital, intelligent, and automatic, driving the advent of the era of digitalized charging experience.

Trend 4: Electrified Logistics

To achieve the goal of replacing oil with electricity for heavy goods vehicles, charging is the core obstacle. Ultra-fast charging technologies will completely overcome industry hurdles. Ultra-fast charging has advantages such as low construction capital expenditure (CAPEX), high charging compatibility, easy device maintenance, and small station footprint, promoting to achieve electrified logistics for the industry.

Trend 5: Grid Friendliness

In the future, power grid interaction will transit from passive to active response, and from one-way to multiple-way interaction to ensure power grid safety.

Trend 6: Multi-level Power Pooling

With increasing compatible EV models and wider power ranges, commercial EVs will even support megawatt-level charging. Facing ever-changing requirements, the power pooling technology will evolve from split-type charger application to multi-level power pooling, and extend to power grids and EVs. This evolution reduces electricity dependency on power grids, supports evolution with EV models, and meets EV requirements to the maximum extent.

Trend 7: Fully Liquid-Cooled Charging

Charging scenarios are increasingly diverse, especially including more extreme environments. Therefore, the industry is accelerating the deployment of high-power liquid-cooled charging equipment. Liquid-cooled power unit + liquid-cooled charging dispenser will become the best combination.

Trend 8: PV+ESS+Charger Integration

The traditional solution of “stacking PV, ESS, and charging cabinets” will gradually evolve to the solution of “intelligent integration” that will improve the benefits throughout the lifecycle, be friendly to power grids, and ensure safety of the charging station.

Trend 9: Low-Power DC Charging

Campus will be the core scenario for future V2G development. As low-power DC charging is becoming popular, it has more digital functions such as bonus point calculation, centralized deployment, easy management and control, and V2G evolution.

Trend 10: Electrical Safety

As charging scenarios are expanding to densely populated environments, electrical safety requirements will shift from single-point control to unified control for people, EVs, chargers, and ESSs. 

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SOURCE Huawei Digital Power

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