Technology

Iridium Announces 2023 Results; Company Issues 2024 Outlook

Published

11 months ago

February 15, 2024

Extends estimate of useful life of satellites by five years

MCLEAN, Va., Feb. 15, 2024 /PRNewswire/ — Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”) today reported financial results for the fourth quarter and full-year 2023 and issued its full-year 2024 guidance. Net income was $38.0 million, or $0.30 per diluted share, for the fourth quarter of 2023, as compared to net loss of $0.8 million, or $0.01 per diluted share, for the fourth quarter of 2022. Operational EBITDA (“OEBITDA”)(1) for the fourth quarter was $114.1 million, as compared to $107.0 million for the prior-year period, representing a year-over-year increase of 7%. Net income benefitted from a year-over-year decrease in depreciation expense resulting from a change in the estimated useful lives of the Company’s satellites, an increase in tax benefit and continued growth in total commercial services revenue.

Iridium reported fourth-quarter total revenue of $194.7 million, which consisted of $148.0 million of service revenue and $46.7 million of revenue related to equipment sales and engineering and support projects. Total revenue was in line with last year’s comparable period and included an 8% increase in service revenue. Service revenue, which represents primarily recurring revenue from Iridium’s growing subscriber base, was 76% of total revenue for the fourth quarter of 2023.

The Company ended the quarter with 2,279,000 total billable subscribers, which compares to 1,999,000 for the year-ago period and is up from 2,236,000 for the quarter ended September 30, 2023. Total billable subscribers grew 14% year-over-year, driven by growth in commercial IoT.

Full-Year 2023 Iridium Business Highlights

For the full year, Iridium reported net income of $15.4 million, or $0.12 per diluted share, as compared to net income of $8.7 million, or $0.07 per diluted share, for 2022. The change primarily resulted from an increase in income tax benefit offset in part by an increase in interest expense related to the fees paid for the refinancing of our Term Loan and the increase in the Secured Overnight Financing Rate (SOFR), which is the benchmark interest rate of the Term Loan. The Company reported record total revenue in 2023 of $790.7 million, which was up 10% from the year-ago period. Total revenue included $584.5 million of service revenue and $206.2 million of revenue related to equipment sales and engineering and support services. OEBITDA for 2023 was $463.1 million, a 9% increase from $424.0 million in the prior year. Capital expenditures were $73.5 million for the full-year 2023.

“Iridium executed well in 2023, delivering another solid year of commercial services growth. Strength was broad based with subscriber growth across all commercial service lines,” said Matt Desch, CEO, Iridium. Desch added, “Our strong cash flow supported ongoing return of more than $310 million of capital to shareholders, including dividend payments of about $65 million in 2023.”

In the fourth quarter of 2023, Iridium conducted its annual evaluation of asset useful lives. The analysis considered the health of Iridium’s constellation, satellite performance and the successful launch of five in-orbit spares in 2023. As a result of this assessment, the satellites’ estimated useful lives have been extended by five years from 12.5 years to 17.5 years. The change will affect the timing of certain revenue and expense items.

Commenting on the change in estimated useful life of Iridium’s satellites, Desch said, “This action is a validation of our expectations for Iridium’s extended capex holiday.”

Fourth-Quarter Iridium Business Highlights

Service – Commercial

Commercial service remained the largest part of Iridium’s business, representing 62% of the Company’s total revenue during the fourth quarter. The Company’s commercial customer base is diverse and includes markets such as maritime, aviation, oil and gas, mining, recreation, forestry, construction, transportation and emergency services. These customers rely on Iridium’s products and services as critical to their daily operations and integral to their communications and business infrastructure.

Commercial service revenue was $121.5 million, up 10% from last year’s comparable period due to broad-based growth across all revenue lines.Commercial voice and data: Revenue was $55.6 million, up 12% from the year-ago period. Subscribers grew 3% from the year-ago period to 408,000. Average revenue per user (“ARPU”) was $45 during the fourth quarter, compared to $41 in last year’s comparable period, with the increase due primarily to higher access fees.Commercial IoT data: Revenue was $36.1 million, up 12% from the year-ago period. Subscribers grew 18% from the year-ago period to 1,709,000 customers, driven by continued growth in consumer personal communications devices. ARPU was $7.12 in the fourth quarter, compared to $7.50 in last year’s comparable period. The decrease in ARPU resulted primarily from customer mix, including the effect of the growing proportion of personal communications subscribers, who typically utilize lower ARPU plans.Commercial broadband: Revenue was $14.6 million, up 5% from $13.9 million in the year-ago period. ARPU was $294 during the fourth quarter, compared to $313 in last year’s comparable period, reflecting the increased prevalence of Iridium’s use as a companion service rather than primary.Hosted payload and other data service: Revenue was $15.2 million, up 3% from $14.7 million in the year-ago period. There was a year-over-year decrease in hosted payload revenue related to the change in the estimated useful lives of Iridium’s satellites described above that went into effect in the fourth quarter of 2023. This decrease was more than offset by higher precision location service revenues of which $2 million was non-recurring and resulted from an updated estimate on a customer contract.Iridium’s commercial business ended the quarter with 2,134,000 billable subscribers, which compares to 1,860,000 for the prior-year quarter and is up from 2,094,000 for the quarter ended September 30, 2023. IoT data subscribers represented 80% of billable commercial subscribers at the end of the quarter, an increase from 78% at the end of the prior-year period.

Service – U.S. Government

Iridium’s voice and data solutions improve situational awareness for military personnel and track critical assets in tough environments around the globe, providing a unique value proposition that is not easily duplicated.

Under Iridium’s Enhanced Mobile Satellite Services contract (the “EMSS Contract”), a seven-year, $738.5 million fixed-price airtime contract with the U.S. Space Force signed in September 2019, Iridium provides specified satellite airtime services, including unlimited global standard and secure voice, paging, fax, Short Burst Data®, Iridium Burst®, RUDICS and Distributed Tactical Communications System services for an unlimited number of Department of Defense and other federal government subscribers. Iridium also provides maintenance and support work for the U.S. government’s dedicated Iridium gateway under two other contracts with the U.S. Space Force. Iridium Certus® airtime services are not included under these contracts and may be procured separately for an additional fee.

Government service revenue remained flat at $26.5 million in the fourth quarter reflecting the contractual rate in the EMSS Contract.Iridium’s U.S. government business ended the quarter with 145,000 subscribers, which compares to 139,000 for the prior-year quarter and 142,000 for the quarter ended September 30, 2023. Government voice and data subscribers increased 3% from the year-ago period to 62,000 as of December 31, 2023. Government IoT data subscribers increased 5% year-over-year and represented 57% of government subscribers at year-end.

Equipment

Equipment revenue was $15.7 million in the fourth quarter compared to $39.3 million in the prior-year quarter.Equipment revenue totaled $105.1 million in 2023, compared to $134.7 million in 2022. In 2024, the Company expects equipment sales to be lower than 2023 and be more in line with periods prior to 2022 which experienced supply chain disruptions due to the pandemic.

Engineering & Support

Engineering and support revenue was $31.1 million during the fourth quarter, compared to $17.8 million in the prior-year quarter, primarily due to a rise in activity with the U.S. government.Engineering and Support revenue totaled $101.1 million in 2023, compared to $51.6 million in 2022. In 2024, the Company expects Engineering and Support revenue to increase from 2023 with ongoing work on the Space Development Agency contract.

Capital expenditures were $16.2 million for the fourth quarter, including $1.2 million in capitalized interest. The Company ended the fourth quarter with gross debt of $1.5 billion and a cash and cash equivalents balance of $71.9 million, for a net debt balance of $1.4 billion.

Iridium paid its fourth quarter dividend of $0.13 per common share on December 29, 2023. Total dividends paid to stockholders during 2023 totaled $64.8 million. The Board of Directors plans to increase the quarterly dividend to $0.14 per share starting with the second quarter 2024 dividend, which would result in a full-year dividend increase of 5.8%.

During the quarter ended December 31, 2023, the Company repurchased approximately 1.3 million shares of its common stock under its previously announced share repurchase program at a total purchase price of $51.6 million. As of December 31, 2023, $334.0 million remained available and authorized for repurchase under this program.

2024 and Longer-Term Outlook

The Company issued its full-year 2024 outlook and updated long-term guidance on cash taxes:

Total service revenue growth between 4% and 6% for full-year 2024. Total service revenue for 2023 was $584.5 million.Full-year 2024 OEBITDA between $460 million and $470 million. OEBITDA for 2023 was $463.1 million.Cash taxes of less than $10 million per year from 2024 through 2026. We now expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.Net leverage below 2.5 times OEBITDA between 2026 and 2029 and falling below 2.0 times OEBITDA by the end of the decade, assuming the completion of the Company’s share repurchase authorization and the payment of quarterly dividends. Net leverage was 3.1 times OEBITDA at December 31, 2023.

(1) Non-GAAP Financial Measures & Definitions

In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company provides Operational EBITDA, which is a non-GAAP financial measure, as a supplemental measure to help investors evaluate the Company’s fundamental operational performance. Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, income (loss) on equity method investments, net, and share-based compensation expenses. The Company considers the loss on early extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from Operational EBITDA. Such charges are incidental to, but not reflective of, the Company’s day-to-day operating performance. Operational EBITDA does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss. In addition, there is no standardized measurement of Operational EBITDA, and the Company’s calculations thereof may not be comparable to similarly titled measures reported by other companies. The Company believes Operational EBITDA is a useful measure across time in evaluating its fundamental core operating performance. Management also uses Operational EBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans. The Company believes that Operational EBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Operational EBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the Company’s definite-lived intangible assets, or depreciation expense on the Company’s capital assets, which are necessary elements of the Company’s operations. Since Operational EBITDA does not account for these and other expenses, its utility as a measure of the Company’s operating performance has material limitations. Due to these limitations, the Company’s management does not view Operational EBITDA in isolation, but also uses other measurements, such as net income (loss), revenues and operating profit, to measure operating performance. Please refer to the schedule below for a reconciliation of consolidated GAAP net income (loss) to Operational EBITDA and Iridium’s Investor Relations webpage at www.iridium.com for a discussion and reconciliation of this and other non-GAAP financial measures. We do not provide a forward-looking reconciliation of expected full-year 2024 Operational EBITDA guidance as the amount and significance of special items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.

Iridium Communications Inc.

Supplemental Reconciliation of GAAP Net Income (Loss) to Operational EBITDA

(In thousands)

Three Months Ended December 31,

Year Ended December 31,

2023

2022

2023

2022

GAAP net income (loss)

$ 38,023

$ (808)

$ 15,415

$ 8,722

Interest expense, net

19,114

18,100

90,387

65,089

Income tax (benefit) expense

(9,578)

(721)

(26,251)

292

Depreciation and amortization

52,787

75,745

320,000

303,484

Share-based compensation

11,955

12,102

57,455

43,729

Loss on extinguishment of debt

—

1,187

—

1,187

Loss on equity method investments

1,768

1,402

6,089

1,496

Operational EBITDA

$ 114,069

$ 107,007

$ 463,095

$ 423,999

Conference Call Information

As previously announced, the Company will host a conference call to discuss its results at 8:30 a.m. Eastern Time on Thursday, February 15, 2024. Callers should dial 1-412-902-6740 to access the call. The conference call will also be simultaneously webcast on Iridium’s Investor Relations webpage at www.iridium.com. An archive of the webcast will be available following the live conference call.

About Iridium Communications Inc.

Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2019, the company completed a generational upgrade of its satellite network and launched its specialty broadband service, Iridium Certus. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.

Forward-Looking Statements

Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Iridium’s expectations with respect to total service revenue growth, OEBITDA and cash taxes for 2024; net leverage and cash taxes over the longer-term; anticipated equipment sales and engineering and support service revenue for 2024; amount and timing of share repurchases and the payment of dividends, and expected revenues from its EMSS contract with the U.S. government. Forward-looking statements can be identified by the words “anticipates,” “may,” “can,” “believes,” “expects,” “projects,” “intends,” “likely,” “will,” “to be” and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding customer demand for Iridium’s products and services, including demand from the U.S. government; Iridium’s ability to maintain the health, capacity and content of its satellite constellation, and the development of and market for Iridium’s products and services, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium’s underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium’s forward-looking statements are based on information available to it as of the date of this press release and speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.

Iridium Communications Inc.

Condensed Consolidated Statements of Operations

(In thousands)

Three Months Ended December 31,

2023

2022

Revenue

Service revenue

Commercial

$ 121,513

$ 110,274

Government

26,500

Total service revenue

148,013

136,774

Subscriber equipment

15,662

39,252

Engineering and support service

31,065

17,810

Total revenue

194,740

193,836

Operating expenses

Cost of services (exclusive of depreciation and amortization)

45,279

31,341

Cost of subscriber equipment sales

10,335

25,630

Research and development

5,728

5,748

Selling, general and administrative

34,315

36,599

Depreciation and amortization

52,787

75,745

Total operating expenses

148,444

175,063

Operating income

46,296

18,773

Other expense, net

Interest expense, net

(19,114)

(18,100)

Loss on extinguishment of debt

—

(1,187)

Other income, net

3,031

387

Total other expense, net

(16,083)

(18,900)

Income (loss) before income taxes

30,213

(127)

Income tax benefit

9,578

721

Loss on equity method investments

(1,768)

(1,402)

Net income (loss)

$ 38,023

$ (808)

Operational EBITDA

$ 114,069

$ 107,007

Iridium Communications Inc.

Condensed Consolidated Statements of Operations

(In thousands)

Year Ended December 31,

2023

2022

Revenue

Service revenue

Commercial

$ 478,454

$ 428,721

Government

106,000

Total service revenue

584,454

534,721

Subscriber equipment

105,136

134,714

Engineering and support service

101,133

51,599

Total revenue

790,723

721,034

Operating expenses

Cost of services (exclusive of depreciation and amortization)

158,710

115,137

Cost of subscriber equipment sales

66,410

86,012

Research and development

20,269

16,218

Selling, general and administrative

143,706

123,504

Depreciation and amortization

320,000

303,484

Total operating expenses

709,095

644,355

Operating income

81,628

76,679

Other expense, net

Interest expense, net

(90,387)

(65,089)

Loss on extinguishment of debt

—

(1,187)

Other income, net

4,012

107

Total other expense, net

(86,375)

(66,169)

Income (loss) before income taxes

(4,747)

10,510

Income tax benefit (expense)

26,251

(292)

Loss on equity method investments

(6,089)

(1,496)

Net income

$ 15,415

$ 8,722

Operational EBITDA

$ 463,095

$ 423,999

Iridium Communications Inc.

Summary Revenue and OEBITDA Highlights

(In thousands)

Three Months Ended December 31,

Year Ended December 31,

2023

2022

% Change

2023

2022

% Change

Revenue

Service revenue(1)

Commercial service revenue

Voice and data

$ 55,649

$ 49,491

12 %

$ 219,242

$ 193,112

14 %

IoT data(2)

36,065

32,158

12 %

141,036

125,015

13 %

Broadband(3)

14,620

13,942

5 %

57,878

51,143

13 %

Hosted payload and other data service(4)

15,179

14,683

3 %

60,298

59,451

1 %

Total commercial service revenue

121,513

110,274

10 %

478,454

428,721

12 %

Government service revenue(5)

26,500

0 %

106,000

0 %

Total service revenue

148,013

136,774

8 %

584,454

534,721

9 %

Subscriber equipment

15,662

39,252

-60 %

105,136

134,714

-22 %

Engineering and support(6)

Commercial

1,746

3,553

-51 %

11,050

7,833

41 %

Government

29,319

14,257

106 %

90,083

43,766

106 %

Total engineering and support

31,065

17,810

74 %

101,133

51,599

96 %

Total revenue

$ 194,740

$ 193,836

0 %

$ 790,723

$ 721,034

10 %

Operational EBITDA

$ 114,069

$ 107,007

7 %

$ 463,095

$ 423,999

9 %

Other

Capital expenditures(7)

$ 16,202

$ 26,511

$ 73,487

$ 71,267

Net debt(8)

$ 1,428,130

$ 1,335,855

Cash and cash equivalents

$ 71,870

$ 168,770

Term Loan

$ 1,500,000

$ 1,504,625

Deferred financing costs

(17,510)

(17,440)

Term Loan, net

$ 1,482,490

$ 1,487,185

(1)

Service revenue consists of primarily subscription-based services which often generate a long-term recurring revenue stream from subscribers.

(2)

IoT data service provides a two-way short burst data transmission between Iridium Communications Inc.’s network and a telemetry unit, which may be located, for example, on a container in transit or a buoy monitoring oceanographic conditions.

(3)

Broadband is comprised of Iridium OpenPort® and Iridium Certus.

(4)

Hosted payload and other services consist primarily of services that do not have traditional billable subscribers. Hosted payload services consist of hosting and data services to our payload customers, Aireon and Harris. Other services include primarily Iridium Communications Inc.’s one-way satellite timing, location, and authentication services (STL) which provides position, navigation and timing technology.

(5)

Government service revenue consists of voice and IoT data subscription-based services provided to agencies of the U.S. government through prime contracts.

(6)

Engineering and support includes maintenance services to the U.S. government’s dedicated gateway and engineering services to assist customers in developing new technologies for use on Iridium Communications Inc.’s satellite system.

(7)

Capital expenditures based on cash spent in the respective period.

(8)

Net debt is calculated by taking the sum of the gross Term Loan B and gross drawn Revolving Facility, less cash and cash equivalents.

Iridium Communications Inc.

Subscriber Highlights

(In thousands, except ARPU)

As of December 31,

2023

2022

% Change

Billable Subscribers (1) (2)

Commercial

Voice and data, IoT data and Broadband service

Voice and data

408

397

3 %

IoT data

1,709

1,448

18 %

Broadband (4)

16.7

15.0

11 %

Total commercial voice and data, IoT data
and Broadband service

2,134

1,860

15 %

Government

Voice and data and IoT data service

Voice and data

3 %

IoT data

5 %

Total government voice and data and IoT
data service

145

139

4 %

Total billable subscribers

2,279

1,999

14 %

Three Months Ended December 31,

Year Ended December 31,

2023

2022

% Change

2023

2022

% Change

Net Billable Subscriber Additions

Commercial

Voice and data. IoT data and Broadband service

Voice and data

(2)

(4)

50 %

-59 %

IoT data

17 %

261

255

2 %

Broadband

0.2

0.3

-33 %

1.7

1.8

-6 %

Total commercial voice and data, IoT data
and Broadband service

24 %

274

284

-4 %

Government

Voice and data and IoT data service

Voice and data

(2)

150 %

(5)

140 %

IoT data

(4)

150 %

(3)

233 %

Total government voice and data and IoT
data service

(6)

150 %

(8)

175 %

Total net billable subscriber additions

64 %

280

276

2 %

Three Months Ended December 31,

Year Ended December 31,

2023

2022

% Change

2023

2022

% Change

ARPU (2) (3)

Commercial

Voice and data

$ 45

$ 41

10 %

$ 45

$ 42

7 %

IoT data

$ 7.12

$ 7.50

(5) %

$ 7.45

$ 7.89

(6) %

Broadband

$ 294

$ 313

(6) %

$ 305

$ 302

1 %

(1)

Subscribers as of the end of the respective period.

(2)

Billable subscriber and ARPU data is not applicable for Hosted payload and other data service revenue items and is excluded from presentation above.

(3)

Average monthly revenue per unit, or ARPU, is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period.

(4)

Broadband is comprised of Iridium OpenPort® and Iridium Certus.

Investor Contact:

Press Contact:

Kenneth Levy

Jordan Hassin

Iridium Communications Inc.

+1 (703) 287-7570

+1 (703) 287-7421

ken.levy@iridium.com

jordan.hassin@iridium.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/iridium-announces-2023-results-company-issues-2024-outlook-302061072.html

SOURCE Iridium Communications Inc.

Technology

FranklinWH Announces General Availability of Whole Home Energy Management System Featuring 15 kWh aPower 2 Battery and 15-Year Warranty

Published

8 minutes ago

January 2, 2025

SAN JOSE, Calif., Jan. 2, 2025 /PRNewswire/ — FranklinWH Energy Storage Inc. (FranklinWH), a leader in whole-home energy management, today announced the general availability of its next-generation whole home energy management solutions, including the aPower 2, a lithium iron phosphate (LFP) home battery featuring an impressive 15 kWh capacity and 10 kW continuous output power, as well as its enhanced aGate, an intelligent management device that supports home loads by integrating energy sources and FranklinWH batteries, and the user-friendly FranklinWH App.

“We are proud to begin delivering our next-generation whole-home energy management system to homeowners at such a critical time,” said Gary Lam, Co-Founder and CEO of FranklinWH. “In addition to a seamless connection with PV inverters, these upgrades demonstrate our commitment to constant improvement and providing consumers with peace of mind amid rapidly growing energy demand and extreme weather events.”

FranklinWH’s whole home system is available via its growing installer network, composed of more than 2,000 installation companies located across the U.S., including Puerto Rico. Domestic Content compliant versions of the aPower 2 are expected to be available to customers in Q2, 2025.

New enhancements to the FranklinWH whole home solution were made to further meet homeowner needs. Along with an increased warranty of 15 years or 60 MWh throughput, FranklinWH’s upgraded system provides even greater reliability and return on investment for homeowners. Whole home backup can be achieved, in most cases, with a single aPower 2 due to its robust 15 kWh capacity, 10 kW discharge rate, 8 kW charge rate, and support for up to 5-ton AC units. For larger applications, the aPower 2 can be stacked up to 225 kWh or 15 aPowers per aGate. Enhanced black start capabilities and a more efficient low-power mode make the system the ideal solution in backup power situations – ensuring power is available when a homeowner needs it most.

FranklinWH’s solutions can endure almost any climate and, by using fan-less convection with whisper-quiet operation, it is significantly quieter than industry-standard fan cooled batteries. The FranklinWH App has been enhanced with revamped visuals, a smart voice assistant for hands-free commands, enhanced energy data analysis, and more customized scheduling options so homeowners can take further control over their energy usage.

To learn more about how FranklinWH is empowering consumers to take control of their energy management solutions and gain whole home energy freedom, visit www.franklinwh.com.

About FranklinWH

FranklinWH Energy Storage is the manufacturer of the FranklinWH system. FranklinWH is a research-driven company focused on next-generation residential energy management and storage solutions. Headquartered in the San Francisco Bay Area, FranklinWH’s team has decades of experience in energy systems, from design, through manufacturing, to sales and installation. FranklinWH is AVL-listed with multiple financial institutions. Learn more about how homeowners can achieve energy freedom at franklinwh.com.

FranklinWH Media Contacts:
PAN Communications for FranklinWH
Franklinwh@pancomm.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/franklinwh-announces-general-availability-of-whole-home-energy-management-system-featuring-15-kwh-apower-2-battery-and-15-year-warranty-302341043.html

SOURCE FranklinWH Energy Storage Inc.

Technology

XAgent Sets Sights on Revolutionizing Intelligent Bidding

Published

8 minutes ago

January 2, 2025

XAgent has a clear vision and mission – to emerge as the world’s foremost provider of intelligent bidding solutions, spearheading innovation in AI agents to automate and optimize the bidding process within both international public and corporate procurement sectors.

SAN JOSE, Calif., Jan. 2, 2025 /PRNewswire-PRWeb/ — XAgent: Sets Sights on Revolutionizing Intelligent Bidding

Helen Huang CEO: The international public procurement market, which stood at $12 – 13 trillion in 2022. Meanwhile, the international corporate procurement market, valued at $30 trillion in 2022, is expected to hit $40 trillion by 2027.

In a bid to transform the international bidding arena, XAgent AI Inc., a Delaware-registered and Silicon Valley-headquartered company, is making waves with its innovative intelligent bidding solutions. The company was founded by Helen Huang and backed financially by Frank Zheng, both Canadians.

The market opportunity is vast. The international public procurement market, which stood at $12 – 13 trillion in 2022, is forecasted to balloon to $16 – 19 trillion by 2027, driven by infrastructure development, public service expansion, and technological advancements. Meanwhile, the international corporate procurement market, valued at $30 trillion in 2022, is expected to hit $40 trillion by 2027, propelled by globalization, supply chain complexity, and business expansion.

However, businesses currently grapple with multiple challenges in the bidding space, including a lack of international bidding expertise, data fragmentation, inconsistent strategies, and limited historical insights. These issues lead to inefficiencies and missed opportunities in a market worth trillions.

XAgent’s solution is an automated intelligent bidding platform based on AI Agent, LLM and big data technologies. It features a Vertical LLM in Procurement, which utilizes language models fine-tuned for procurement to enhance the understanding and generation of bidding-related content. The Multi-Agent System in Bidding simulates multiple agents to manage different aspects of the process, improving coordination and decision-making. Additionally, the Big Data In Procurement aggregates and analyzes extensive data to offer actionable insights for bid preparation and strategy formulation.

One of the key product advantages of XAgent lies in its high level of customization. The platform can be tailored to meet the specific needs and requirements of different businesses, regardless of their size or industry. This allows companies to have a bidding solution that fits their unique operational models and procurement strategies, maximizing the effectiveness of their bidding efforts.

The system also offers real-time analytics and reporting capabilities. Users can access up-to-date information on market trends, competitor analysis, and bid performance, enabling them to make informed decisions promptly. This real-time data empowers businesses to adjust their bidding strategies on the fly, increasing their chances of success in a highly competitive market.

Moreover, XAgent’s platform is designed with user-friendliness in mind. Its intuitive interface makes it accessible even to those with limited technical knowledge. This ease of use ensures that businesses can quickly adopt and integrate the solution into their existing workflows, minimizing disruption and maximizing productivity.

The company has already achieved significant milestones. It has successfully developed and implemented the Multi-Agent System in Bidding, boosting bid efficiency and accuracy. It has also established a comprehensive Big Data In Procurement infrastructure, collecting and processing daily tender information.

Now, XAgent is looking to raise $10 million. The funds will be used to bolster its Procurement Big Data capabilities by expanding data, refining algorithms, and enhancing scalability. The investment will also enable the employment of refined language models for better bidding content understanding and generation, strengthening its position in the Vertical LLM for Procurement.

XAgent holds several competitive edges. It is certified by esteemed international organizations such as UNGM, World AI Organization, World Blockchain Organization, and World Federation of Free Trade Zones, guaranteeing compliance and credibility. It operates the Largest Procurement Big Data System, with 55,000 daily entries, providing a fertile ground for data analysis and strategy formulation. The company also has exclusive rights to the Vertical LLM in Procurement, offering unique semantic understanding and generation for bidding. Moreover, it pioneered the First Multi-Agent System in Bidding, setting industry benchmarks and showcasing its technological leadership.

Looking ahead, with the injection of capital and continuous innovation, XAgent anticipates rapid market penetration, a surge in customer acquisition, and substantial revenue growth. The company aims to ultimately reshape the global intelligent bidding landscape and emerge as a dominant force in the industry.

Media Contact

Frank Zheng, XAgent AI Inc., 1 7789028620, frank.zheng@xagent.biz, https://www.xagent.biz

View original content to download multimedia:https://www.prweb.com/releases/xagent-sets-sights-on-revolutionizing-intelligent-bidding-302340679.html

SOURCE XAgent AI Inc.

Technology

Incheon Shines Bright at CES 2025: 13 Innovation Awards won by Incheon Startups

Published

8 minutes ago

January 2, 2025

INCHEON, South Korea, Jan. 2, 2025 /PRNewswire/ — Incheon Free Economic Zone (IFEZ) proudly announced that 12 innovative startups based in Incheon have been honored with a total of 13 CES 2025 Innovation Awards.

This impressive accomplishment marks a significant milestone for IFEZ, highlighting the creative and entrepreneurial spirit thriving within Incheon but also solidifies its position as a burgeoning hub of global tech innovation.

The CES Innovation Awards® program is an annual competition that recognizes outstanding design and engineering in consumer technology products. It recognizes honorees in various product categories. The 2025 awards program received a record-breaking number of submissions, over 3400.

Twelve companies supported by the IFEZ have received Innovation Awards. Incheon-based startups were named across eight categories: artificial intelligence (AI), digital health, and smart cities. Notably, Viva Innovation, which developed an AI-powered polyp detection solution, received recognition in both the AI and Human Security categories.

2025 Honorees include:
Verses – A music-tech startup that develops user-driven music experience services.

ILias AI – A digital sniffer dog drug detection scanner utilizing olfactory AI technology.

emCT Co., Ltd.- Operates a firefighting remote-control service called BDApp, which immediately notifies users on their smartphones of the location and details of facilities affected by a fire.

Nuvilab – A South Korean startup specializing in AI-driven nutrition care solutions for food services.

NExT.AI – SaaS services that optimize costs, time, and manpower in the logistics, manufacturing, and construction industries.

UNIUNI – An accessible restroom solution that provides tailored AI safety, efficiency, and quality.

VIVA INNOVATION – Creates personalized, data-driven healthcare technology that guides the medical check-up journey.

10kM.ai – Korea’s first generative AI company selected for the Deep-Tech TIPS program, which has developed an enterprise video solution that transforms corporate video creation and distribution.

Gbrain – Is the first domestic invasive electrode manufacturer to create flexible, non-invasive thin-film electrodes for high-resolution brainwave acquisition.

Curinginnos lnc.- A tennis partner robot system integrating information and communication technologies such as A.I. and computer vision to move and compete as a real tennis player.

Tesollo Inc.’s – Their DG-3F05 is an advanced robotic hand designed to emulate human dexterity closely by leveraging sophisticated grasping algorithms.

IPIN Labs – BPIN is an AI-powered Smart Factory Asset Management platform designed to significantly enhance operational efficiency and on-site safety by providing real-time tracking of assets, including equipment and personnel.

To learn about our CES Innovation Honorees, go to:
https://www.ces2025-ifez.com/innovationawards

We are currently scheduling interviews with the 2025 CES Honorees. Please don’t hesitate to contact us to schedule a one-on-one meeting.

About INCHEON-IFEZ
Incheon has become a global business hub boasting an ideal international business environment. It includes Incheon International Airport, the rapidly growing Incheon Port, world-class foreign universities located in the Songdo Global Campus, and an international business and bio-hub. The INCHEON-IFEZ is where everything from bio to logistics, medical care, education, and high-tech industries can be enjoyed.

https://www.ces2025-ifez.com

Questions?
Don Southerton, CES 2025 Incheon-IFEZ
Dsoutherton@bridgingculture.com
+1 310-866-3777

Click here for more details about our booth at: https://ces25.mapyourshow.com/8_0/exhibitor/exhibitor-details.cfm?exhid=0014V00003lfctdQAA

View original content:https://www.prnewswire.com/news-releases/incheon-shines-bright-at-ces-2025-13-innovation-awards-won-by-incheon-startups-302341081.html

SOURCE Incheon Free Economic Zone Authority (IFEZ)