Technology
Life360 reports CY 2023 results
Published
9 months agoon
By
SAN FRANCISCO, Feb. 29, 2024 /PRNewswire/ — San Francisco area-based Life360, Inc. (Life360 or the Company) (ASX: 360) today reported audited financial results for the quarter and year ended December 31, 2023. Life360 Co-founder and Chief Executive Officer Chris Hulls said: “We are incredibly proud that more than 61 million monthly active users (MAU) globally enjoy the peace of mind that comes with the location sharing and safety features of Life360. In CY23 we made significant strides in our member experience, showing our users what their family members are up to, whether they’re driving, walking or biking. We put pets and other valuables on the map with Tile, all in the service of our mission to keep people close to the ones they love.
“At the same time we made meaningful progress on our path to profitability as we significantly reduced our net loss, and achieved a major milestone by delivering our first full year of positive Adjusted EBITDA1 and Operating Cash Flow. We are excited to continue building on our leading global position in location sharing, and see exciting opportunities in CY24 and beyond to broaden our reach and deepen engagement with our members. We look forward to bringing the benefits of our subscriptions to more markets globally, and creating new revenue streams that utilize the scale and quality of our member base.
“In 2023, we delivered on our commitment to balance fiscal responsibility and prudent investment to position the business for long-term success. We delivered YoY revenue growth of 33% while GAAP operating expenses increased only 4% YoY. We met or exceeded all of the guidance metrics we provided to the market for CY23.”
Looking forward to CY24, we are excited to announce the creation of a new advertising revenue stream that offers partners unparalleled reach to Life360’s enormous free user base, and more than 20 million daily active users (DAU) connecting with their families and friends. We have consistently spoken of the potential that our investment in the core user experience, and the scaling of our MAU base, would provide for the future. We are encouraged by the success of early testing and see the opportunity to deliver an attractive platform to advertisers, while continuing to provide a great user experience.
CY23 Financial Highlights
Revenue of $305 million, a YoY increase of 33%, in line with guidance of $300 million – $310 million;Core Life360 subscription revenue2 of $200 million, up 52% YoY, ahead of guidance for more than a 50% YoY increase;Net loss of $28.2 million, a $63.5 million improvement from CY22;Positive Adjusted EBITDA of $20.6 million ahead of guidance of $12 million – $16 million, with consistent Positive Adjusted EBITDA delivered in each quarter of CY23;Positive Operating Cash Flow (OCF) of $7.5 million, a $64.6 million improvement versus CY22;Year-end cash, cash equivalents and restricted cash of $70.7 million up from $63.7 million at the end of Q3’23
CY23 Operating Highlights and CY24 Outlook
Significant CY23 operating leverage with revenue growth of $76.2 million on an operating expense increase of $9.6 million, yielding increasing Adjusted EBITDA margins and positive Adjusted EBITDA in each quarter.Global Monthly Active Users (MAU) grew nearly 13 million or 26% to 61.4 million, driven by ongoing investment in our core location sharing experience.International MAU grew 7 million, or 40% YoY to 24.6 million as we increased the speed and responsiveness of the app, and achieved international feature parity with the U.S.Global Paying Circles grew to 1.8 million, up 21% YoY, despite significant price increases implemented in Q3/Q4’22 and Q2’23, underscoring the value our subscribers perceive in the Life360 services. Q4’23 net subscriber additions were 54 thousand.U.S. Average Revenue Per Paying Circle (ARPPC) increased 32% YoY, driven by price increases.International Paying Circles increased 43% YoY to 474 thousand, benefiting from strong growth in both the UK and Australia.Triple Tier Membership launched in the UK in October, with an Australian launch planned for Q2’24.Looking forward to CY24, we are pursuing new value-added revenue streams including advertising, utilizing Life360’s enormous free user base. We expect some set-up costs in the first half of CY24, and a modest revenue contribution in the second half of the year.CY24 guidance: Consolidated revenue of $365–$375 million; Adjusted EBITDA2 of $30 million – $35 million; EBITDA loss of $(8) million – $(13) million; year-end cash balance of $80 million – $90 million.
1
Adjusted EBITDA is a Non-GAAP measure. For the definition of Adjusted EBITDA and the use of this Non-GAAP measure, as well as a reconciliation of Net Loss to Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.
2
Core Life360 subscription revenue is defined as subscription revenue derived from the Life360 mobile application, excluding certain revenue adjustments related to bundled Life360 subscription and hardware offerings, for the reported period.
Key Performance Indicators
(in millions, except ARPPC, ARPPS, and ASP)
Q4
2023
Q4
2022
% YoY
CY
2023
CY
2022
% YoY
Life360 Core3
Monthly Active Users (MAU) – Global
61.4
48.6
26 %
61.4
48.6
26 %
U.S.
36.8
30.9
19 %
36.8
30.9
19 %
International
24.6
17.6
40 %
24.6
17.6
40 %
Australia
1.9
1.4
36 %
1.9
1.4
36 %
Paying Circles – Total
1.8
1.5
21 %
1.8
1.5
21 %
U.S.
1.3
1.2
14 %
1.3
1.2
14 %
International
0.5
0.3
43 %
0.5
0.3
43 %
Average Revenue per Paying Circle (ARPPC)
$ 124.17
$ 105.79
17 %
$ 121.09
$ 96.95
25 %
Life360 Consolidated
Subscriptions
2.4
2.1
17 %
2.4
2.1
17 %
Average Revenue per Paying Subscription (ARPPS)
$ 102.17
$ 87.54
17 %
$ 99.53
$ 80.63
23 %
Net hardware units shipped (standalone)4
1.7
1.7
1 %
4.0
3.6
12 %
Average Sale Price (ASP)
$ 11.50
$ 11.48
— %
$ 13.48
$ 13.47
— %
Annualized Monthly Revenue (AMR)5
$ 274.1
$ 224.4
22 %
$ 274.1
$ 224.4
22 %
3
Life360 Core metrics relate solely to the Life360 mobile application.
4
Net hardware units shipped (standalone) represents the number of tracking devices sold during the period, excluding hardware units related to bundled Life360 subscription and hardware offerings, net of returns by our retail partners and directly to consumers.
5
We use Annualized Monthly Revenue (“AMR”) to identify the annualized monthly value of active customer agreements at the end of a reporting period. AMR includes the annualized monthly value of subscription, data and partnership agreements. All components of these agreements that are not expected to recur are excluded.
Global MAU increased 26% YoY to 61.4 million, with Q4’23 net additions of 3.0 million. U.S. MAU increased 19% YoY, with Q4’23 net adds of 1.4 million. International MAU were 40% higher YoY, with Q4’23 net adds of 1.6 million. Australian MAU increased 36% YoY to 1.9 million.Q4’23 Paying Circle net additions of 54 thousand reflected usual quarterly seasonality and natural churn following Q3’23’s record-breaking growth. U.S. Paying Circles increased 14% YoY despite the effect of price increases implemented from August 2022. Our U.S. Membership plan subscribers comprise Silver 15%, Gold 81% and Platinum 4% of total.International Paying Circles maintained strong momentum, up 43% YoY. The UK delivered a 47% YoY increase in Paying Circles and Australia achieved a 51% YoY increase. Triple Tier Membership launched in the UK in October with plans on track for a Triple Tier launch in Australia in Q2’24.Q4’23 global ARPPC increased 17% YoY and 4% QoQ. The benefit from U.S. price increases implemented from August 2022 saw Q4’23 U.S. ARPPC increase 24% YoY.
Operating Results
Revenue
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions)
(unaudited)
Subscription revenue
$ 59.8
$ 45.4
$ 220.8
$ 153.3
Hardware revenue
21.1
19.6
58.2
47.9
Other revenue
6.1
6.3
25.5
27.1
Total revenue
$ 87.0
$ 71.3
$ 304.5
$ 228.3
Annualized Monthly Revenue – December
$ 274.1
$ 224.4
$ 274.1
$ 224.4
Q4’23 Consolidated subscription revenue increased 32% YoY (including hardware subscriptions) to $59.8 million. Life360 core subscription revenue increased 40% YoY supported by the 21% YoY increase in Paying Circles, and 17% higher ARPPC, as a result of the price increases described above. CY23 Consolidated subscription revenue growth of 44% was underpinned by Core Life360 subscription revenue which increased 52% YoY, ahead of guidance of 50%.Q4’23 Hardware revenue delivered a seasonal uplift versus Q3, increasing 8% YoY to $21.1 million driven by lower returns and channel marketing versus Q4’23. CY23 Non-GAAP hardware revenue6 growth of 14% was in line with guidance, with GAAP hardware revenue growth of 21% benefiting from the contribution from bundling.Q4’23 Other revenue of $6.1 million was in line with the prior period reflecting the terms associated with the single data partnership. CY23 revenue of $25.5 million was in line with guidance of approximately $26 million.December AMR increased 22% YoY, cycling a very strong December 2022 base which included the impact of the U.S. price increases.
Gross Profit
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions, except percentages)
(unaudited)
Gross Profit
$ 60.1
$ 45.0
$ 222.6
$ 148.6
Gross Margin
69 %
63 %
73 %
65 %
Gross Margin (Subscription Only)
86 %
83 %
86 %
80 %
Q4’23 gross profit margin increased to 69% from 63% in the prior year period, reflecting the improvement in subscription only margins to 86% due to higher pricing. CY23 gross margins increased from 65% to 73% due to higher prices as well as the significant YoY improvement in Hardware gross margins which benefited from successful initiatives and a favorable return adjustment recorded in Q2’23.
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions)
(unaudited)
Research and development
$ 26.0
$ 25.2
$ 101.0
$ 102.5
Sales and marketing
25.7
22.0
99.1
92.4
Paid acquisition & TV
7.5
5.2
28.9
26.5
Other sales and marketing
7.0
8.1
27.5
34.5
Commissions
11.1
8.7
42.7
31.4
General and administrative
12.8
10.5
52.6
48.1
Total operating expenses
$ 64.5
$ 57.7
$ 252.6
$ 243.0
6
Life360 Non-GAAP Hardware Revenue is calculated using Hardware Revenue, GAAP. For a reconciliation between Hardware Revenue, GAAP and Non-GAAP Hardware Revenue, refer to the Revenue (GAAP to Non-GAAP reconciliation) section below.
Q4’23 operating expenses increased 12% YoY, largely due to higher general and administrative costs primarily arising from increased accounting costs related to Sarbanes-Oxley compliance, and higher legal expenses. Commissions were higher YoY in line with the growth in subscription revenue. CY23 operating expenses increased 4% for the year, benefiting from a 1% reduction in R&D expenses which reflected cost reduction measures undertaken in Q1’23.
EBITDA and Adjusted EBITDA7
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions)
(unaudited)
Net Loss
$ (3.1)
$ (12.3)
$ (28.2)
$ (91.6)
EBITDA
(2.0)
(10.3)
(20.8)
(85.2)
Non-GAAP Adjustments
10.9
12.0
41.4
45.1
Adjusted EBITDA
$ 8.9
$ 1.6
$ 20.6
$ (40.1)
Q4’23 delivered a positive Adjusted EBITDA contribution of $8.9 million versus $1.6 million in the prior corresponding period as a result of continued strong subscription revenue growth, higher hardware revenue, improved margins and continuing cost efficiencies. These same drivers supported the $60.7 million improvement in Adjusted EBITDA in CY23.
7
EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA, a description of these non-GAAP measures’ use, and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.
Balance Sheet and Cash Flow
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
($ millions)
(unaudited)
Net cash provided by (used in) operating activities
$ 9.0
$ (2.2)
$ 7.5
$ (57.1)
Net cash provided by (used in) investing activities
(1.0)
2.5
(2.2)
(111.6)
Net cash provided by (used in) financing activities
(0.9)
31.2
(25.0)
27.7
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
7.1
31.5
(19.7)
(141.0)
Cash, Cash Equivalents, and Restricted Cash at the End of the Period
$ 70.7
$ 90.4
$ 70.7
$ 90.4
Life360 ended Q4’23 with cash, cash equivalents and restricted cash of $70.7 million, with unrestricted cash increasing by $7.1 million from Q3’23. Q4’23 operating cash flow of $9.0 million was offset by $1.0 million used in investing activities related to payments for internally developed software, and $0.9 million used in financing activities related to taxes paid for the net settlement of equity awards, offset by proceeds from the exercise of options.Q4’23 net cash provided by operating activities of $9.0 million was largely in line with Adjusted EBITDA of $8.9 million.In CY23, cash and cash equivalents decreased by $19.7 million from CY22. CY23 operating cash flow of $7.5 million was offset by $2.2 million used in investing activities and $25.0 million used in financing activities.CY23 cash provided by operating activities of $7.5 million saw a differential to Adjusted EBITDA of $20.6 million due to timing of receipts, manufacturing payments, and Q1 restructuring costs.
Earnings Guidance8
For CY24 Life360 expects to deliver the following metrics which include both the early revenue, and set-up costs, for the new advertising business:
Consolidated revenue of $365 million – $375 million, with core Life360 subscription revenue growth of at least 20% YoY;Positive Adjusted EBITDA9 of $30 million – $35 million;EBITDA7 loss of $(8) million to $(13) million;Positive Operating Cash Flow for each quarter of CY24, with the usual seasonal low point in Q1;Year-end cash, cash equivalents and restricted cash of $80 million – $90 million.
The company expects to continue to be Adjusted EBITDA positive on a quarterly basis going forward, and to achieve positive EBITDA in the first half of CY25.
8
With respect to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items, which are fluid and unpredictable in nature. In addition, the Company believes such a reconciliation would imply a degree of precision that may be confusing or misleading to investors. These items include, but are not limited to, litigation costs, convertible notes and derivative liability fair value adjustments, and gains/losses on revaluation of contingent consideration. These items may be material to our results calculated in accordance with GAAP.
9
EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA, a description of these non-GAAP measures’ use, and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.
Investor Conference Call
A conference call will be held today at 9.30am AEDT, Friday 1 March 2024 (Thursday 29 February U.S. PT at 2.30pm). The call will be held as a Zoom audio webinar.
Participants wishing to ask a question should register and join via their browser here. Participants joining via telephone will be in listen only mode.
Dial in details
Australia: +61 2 8015 6011
U.S.: +1 669 444 9171
Other countries: details
Meeting ID: 951 2669 6840
A replay will be available after the call at https://investors.life360.com
Authorization
Chris Hulls, Director, Co-Founder and Chief Executive Officer of Life360 authorized this announcement being given to ASX.
About Life360
Life360 delivers peace of mind for families of all types. The company’s category leading mobile app and Tile tracking devices help members protect the people, pets and things they care about most, with a range of services including location sharing, safe driver reports, and crash detection with emergency dispatch. Life360 is based in San Mateo and has approximately 61 million monthly active users (MAU) located in more than 150 countries. For more information, please visit life360.com and Tile.com.
Life360’s CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are ‘restricted securities’ under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.
Forward-looking statements
This announcement and the accompanying conference call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Life360 intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements regarding Life360’s intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Life360’s expectations with respect to the financial and operating performance of its business, including subscription revenue, hardware revenue, advertising revenue, other revenue, consolidated revenue and ability to create new revenue streams, such as advertising; Adjusted EBITDA, and operating cash flow; its capital position; future growth; the impact of past price increases on future results of operations and subscriber churn; scaling its MAU base; its ability to continue building on its leading global position and the strategic value and opportunities for global expansion; operating cost savings, including through reduced commissions; as well as Life360’s expectations of any changes to the information disclosed herein. The words “anticipate”, “believe”, “expect”, “project”, “predict”, “will”, “forecast”, “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Investors and prospective investors are cautioned not to place undue reliance on these forward-looking statements as they involve inherent risk and uncertainty (both general and specific) and should note that they are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. There is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Subject to any continuing obligations under applicable law, Life360 does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement, to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based.
Although Life360 believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, Life360 can give no assurance that such expectations and assumptions will prove to be correct and, actual results may vary in a materially positive or negative manner. Forward-looking statements are subject to known and unknown risks, uncertainty, assumptions and contingencies, many of which are outside Life360’s control, and are based on estimates and assumptions that are subject to change and may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include risks related to the preliminary nature of financial results, risks related to Life360’s business, market risks, Life360’s need for additional capital, and the risk that Life360’s products and services may not perform as expected, as described in greater detail under the heading “Risk Factors” in Life360’s ASX and SEC filings, including its Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2024 and other reports filed with the SEC. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. This announcement should not be relied upon as a recommendation or forecast by Life360. Past performance information given in this document is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or any underlying assumptions. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Life360.
Consolidated Statements of Operations and Comprehensive Loss
(Dollars in U.S. $, in thousands, except share and per share data)
Year Ended December 31,
2023
2022
2021
Subscription revenue
$ 220,794
$ 153,287
$ 86,551
Hardware revenue
58,178
47,884
952
Other revenue
25,546
27,134
25,140
Total revenue
304,518
228,305
112,643
Cost of subscription revenue
30,975
30,659
17,807
Cost of hardware revenue
47,384
45,441
1,340
Cost of other revenue
3,522
3,607
3,621
Total cost of revenue
81,881
79,707
22,768
Gross profit
222,637
148,598
89,875
Operating expenses:
Research and development
100,965
102,480
50,994
Sales and marketing
99,072
92,419
47,473
General and administrative
52,583
48,110
23,670
Total operating expenses
252,620
243,009
122,137
Loss from operations
(29,983)
(94,411)
(32,262)
Other income (expense):
Convertible notes fair value adjustment
(684)
1,786
(511)
Derivative liability fair value adjustment
(116)
1,295
(733)
Other income (expense), net
3,228
13
(178)
Total other income (expense), net
2,428
3,094
(1,422)
Loss before income taxes
(27,555)
(91,317)
(33,684)
Provision for (benefit from) income taxes
616
312
(127)
Net loss
(28,171)
(91,629)
(33,557)
Net loss per share, basic
$ (0.42)
$ (1.47)
$ (0.65)
Net loss per share, diluted
$ (0.42)
$ (1.50)
$ (0.65)
Weighted-average shares used in computing net loss per share, basic
66,748,542
62,209,545
51,656,195
Weighted-average shares used in computing net loss per share, diluted
66,748,542
62,839,593
51,656,195
Comprehensive loss
Net loss
(28,171)
(91,629)
(33,557)
Change in foreign currency translation adjustment
15
(6)
—
Total comprehensive loss
$ (28,156)
$ (91,635)
$ (33,557)
Consolidated Balance Sheets
(Dollars in U.S. $, in thousands)
December 31,
2023
December 31,
2022
Assets
Current Assets:
Cash and cash equivalents
$ 68,964
$ 75,444
Restricted cash, current
—
13,274
Accounts receivable, net
42,180
33,125
Inventory
4,099
10,826
Costs capitalized to obtain contracts, net
1,010
1,438
Prepaid expenses and other current assets
15,174
8,548
Total current assets
131,427
142,655
Restricted cash, noncurrent
1,749
1,647
Property and equipment, net
730
393
Costs capitalized to obtain contracts, noncurrent
834
626
Prepaid expenses and other assets, noncurrent
6,848
7,134
Operating lease right-of-use asset
1,014
802
Intangible assets, net
45,441
52,699
Goodwill
133,674
133,674
Total Assets
$ 321,717
$ 339,630
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable
5,896
$ 13,791
Accrued expenses and other current liabilities
27,538
27,015
Escrow liability
—
13,274
Convertible notes, current
3,449
3,513
Deferred revenue, current
33,932
30,056
Total current liabilities
70,815
87,649
Convertible notes, noncurrent
1,056
4,060
Derivative liability, noncurrent
217
101
Deferred revenue, noncurrent
1,842
2,706
Other liabilities, noncurrent
723
576
Total Liabilities
$ 74,653
$ 95,092
Commitments and Contingencies
Stockholders’ Equity
Common Stock
70
67
Additional paid-in capital
532,128
501,763
Notes due from affiliates
—
(314)
Accumulated deficit
(285,143)
(256,972)
Accumulated other comprehensive income (loss)
9
(6)
Total stockholders’ equity
247,064
244,538
Total Liabilities and Stockholders’ Equity
$ 321,717
$ 339,630
Consolidated Statements of Cash Flows
(Dollars in U.S. $, in thousands)
Year Ended December 31,
2023
2022
2021
Cash Flows from Operating Activities:
Net loss
$ (28,171)
$ (91,629)
$ (33,557)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
9,141
9,199
876
Amortization of costs capitalized to obtain contracts
2,125
2,928
4,014
Amortization of operating lease right-of-use asset
842
—
—
Stock-based compensation expense
38,512
34,680
11,754
Compensation expense in connection with revesting notes
73
(87)
184
Non-cash interest expense, net
462
474
166
Convertible notes fair value adjustment
684
(1,786)
511
Derivative liability fair value adjustment
116
(1,295)
733
(Gain)/loss on revaluation of contingent consideration
—
(5,279)
3,600
Non-cash revenue from investment
(1,608)
(1,504)
—
Inventory write-off
916
—
—
Adjustment in connection with membership benefit
(2,172)
—
—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net
(9,055)
6,474
(2,689)
Prepaid expenses and other assets
(6,667)
10,629
(943)
Inventory
5,811
(497)
(859)
Costs capitalized to obtain contracts, net
(1,905)
(3,343)
(1,713)
Accounts payable
(7,895)
(12,654)
559
Accrued expenses and other current liabilities
2,193
(7,722)
4,720
Deferred revenue
4,620
4,660
1,671
Other liabilities, noncurrent
(498)
(303)
(1,180)
Net cash provided by (used in) operating activities
7,524
(57,055)
(12,153)
Cash Flows from Investing Activities:
Cash paid for acquisitions, net of cash acquired
—
(110,933)
(2,983)
Internal use software
(1,715)
(701)
—
Purchase of property and equipment
(506)
—
(81)
Cash advance on convertible note receivable
—
—
(4,000)
Net cash used in investing activities
(2,221)
(111,634)
(7,064)
Cash Flows from Financing Activities:
Indemnity escrow payment in connection with an acquisition
(13,128)
—
—
Proceeds from the exercise of options
5,811
2,394
3,543
Taxes paid related to net settlement of equity awards
(14,033)
(4,077)
(4,725)
Proceeds from repayment of notes due from affiliates
314
648
—
Payments on borrowings
—
—
(41)
Repayment of convertible notes
(3,919)
(3,471)
—
Proceeds from capital raise, net of transaction costs
—
32,215
193,064
Cash received in advance of the issuance of convertible notes
—
—
2,110
Net cash provided by (used in) financing activities
(24,955)
27,709
193,951
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
(19,652)
(140,980)
174,734
Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period
90,365
231,345
56,611
Cash, Cash Equivalents, and Restricted Cash at the End of the Period
$ 70,713
$ 90,365
$ 231,345
Year Ended December 31,
2023
2022
2021
Supplemental disclosure:
Cash paid during the period for taxes
$ 697
$ —
$ 33
Cash paid during the period for interest
640
514
24
Non-cash investing and financing activities:
Fair value of stock issued in connection with an acquisition
—
15,409
13,821
Fair value of convertible debt issued in connection with an acquisition
—
—
11,597
Fair value of contingent consideration issued in connection with an acquisition
—
—
5,900
Fair value of vested options assumed in connection with an acquisition
—
—
533
Forgiveness of convertible debt receivable in connection with an acquisition
—
—
4,023
Relative fair value of warrants issue with convertible debt
—
—
844
Beneficial conversion feature related to convertible debt
—
—
603
Fair value of bifurcated derivative related to convertible debt
—
—
663
Fair value of warrants held as investment
—
5,474
—
Fair value of stock issued in settlement of contingent consideration
—
4,221
—
Right of use asset recognized in connection with lease modification
1,054
—
—
Operating lease liability recognized in connection with lease modification
1,054
—
—
Total non-cash investing and financing activities
$ 2,108
$ 25,104
$ 37,984
Non-GAAP Financial Measures
We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance.
EBITDA and Adjusted EBITDA
In addition to total revenue, net loss and other results under GAAP, we utilize non-GAAP calculations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). EBITDA is defined as net loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision for income taxes, (iii) depreciation and amortization and (iv) other income, net. Adjusted EBITDA is defined as net loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) other expense, net, (v) stock-based compensation, (vi) Form 10 transaction costs, (vii) acquisition and integration costs, (viii) workplace restructuring costs, (ix) inventory write-offs, (x) adjustment in connection with membership benefit, (xi) warehouse relocation costs and (xii) gain on revaluation of contingent consideration.
The above items are excluded from EBITDA and Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We believe EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing useful measures for period-to-period comparisons of our business performance. Moreover, we have included EBITDA and Adjusted EBITDA in this media release because they are key measurements used by our management team internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, these non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. As such, you should consider these non-GAAP financial measures in addition to other financial performance measures presented in accordance with GAAP, including various cash flow metrics, net loss and our other GAAP results.
The following table presents a reconciliation of net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
(in thousands)
Net loss
$ (3,146)
$ (12,303)
$ (28,171)
$ (91,629)
Add (deduct):
Convertible notes fair value adjustment
(114)
89
684
(1,786)
Derivative liability fair value adjustment10
(62)
(112)
116
(1,295)
Provision for income taxes
411
228
616
312
Depreciation and amortization11
2,297
2,368
9,141
9,199
Other expense, net
(1,431)
(614)
(3,228)
(13)
EBITDA
$ (2,045)
$ (10,344)
$ (20,842)
$ (85,212)
Stock-based compensation
10,834
10,193
38,512
34,680
Form 10 transaction costs
—
923
—
3,766
Acquisition and integration costs
—
852
—
11,949
Workplace restructuring costs12
54
—
4,024
—
Write-off of obsolete inventory13
—
—
916
—
Adjustment in connection with membership benefit14
—
—
(2,172)
—
Warehouse relocation costs15
44
—
121
—
Gain on revaluation of contingent consideration
—
—
—
(5,279)
Adjusted EBITDA
$ 8,887
$ 1,624
$ 20,559
$ (40,096)
10
To reflect the change in value of the derivative liability associated with the July 2021 Convertible Notes.
11
Includes depreciation on fixed assets and amortization of acquired intangible assets.
12
Relates to non-recurring personnel and severance related expenses in connection with the workplace restructure announced on January 12, 2023.
13
Relates to the write-off of raw materials that have no alternative use to the Company following the decision to halt development.
14
Relates to an adjustment recorded to reduce product costs recorded to cost of revenue in connection with the discontinuation of certain battery related membership benefits.
15
Relates to non-recurring warehouse relocation costs in relation to the Company’s transition to a new logistics partner.
Key Financial Metrics:
Three Months Ended
December 31,
Year Ended December 31,
2023
2022
2023
2022
(in millions)
(unaudited)
Revenue
U.S. subscription revenue (Non-GAAP)
$ 54.5
$ 40.6
$ 199.4
$ 136.1
International subscription revenue (Non-GAAP)
6.5
4.8
24.5
17.2
Subscription revenue (Non-GAAP)16
61.0
45.2
223.9
153.3
Hardware revenue (Non-GAAP)16
19.8
19.7
54.5
47.8
Other revenue (GAAP)
6.1
6.4
25.5
27.2
Total revenue (Non-GAAP)
87.0
71.3
303.9
228.3
Add: Non-GAAP adjustments related to bundled offerings
—
—
0.6
—
Total revenue (GAAP)
87.0
71.3
304.5
228.3
Non-GAAP Gross Profit17
62.0
46.4
226.8
153.5
Non-GAAP Gross Margin %17
71 %
65 %
75 %
67 %
Non-GAAP Subscription Gross Margin %
85 %
84 %
84 %
81 %
Research and Development (Non-GAAP)
19.6
18.8
76.1
82.5
Sales and Marketing (Non-GAAP)
User acquisition and TV costs
7.5
5.2
28.9
26.4
Other Sales and Marketing
5.1
6.2
19.4
26.0
Commissions
11.1
8.7
42.7
31.4
General & Administrative (Non-GAAP)
9.8
5.9
39.7
28.5
Non-GAAP Operating Expenses18
53.1
44.8
206.8
194.8
Net loss (GAAP)
(3.1)
(12.3)
(28.2)
(91.6)
Adjusted EBITDA (Non-GAAP)
8.9
1.6
20.6
(40.1)
Non-GAAP Adjusted EBITDA Margin %
10 %
2 %
7 %
(18) %
Stock-based Compensation (GAAP)
(10.8)
(10.2)
(38.5)
(34.7)
Other Non-GAAP Adjustments
(0.1)
(1.9)
(2.9)
(10.5)
EBITDA (Non-GAAP)
$ (2.0)
$ (10.4)
$ (20.8)
$ (85.2)
16
Life360 Non-GAAP Revenue is calculated using GAAP Revenue. For a reconciliation between GAAP Revenue and Non-GAAP Revenue, refer to the Revenue (GAAP to Non-GAAP reconciliation) section in this table.
17
Non-GAAP Gross Profit is calculated using Revenue, Non-GAAP and Cost of revenue, Non-GAAP. Non-GAAP Gross Margin is calculated by dividing Non-GAAP Gross Profit by Total Revenue (Non-GAAP). For a reconciliation between Total Revenue, GAAP and Total Revenue, Non-GAAP and Total Cost of revenue, GAAP and Total Cost of revenue, Non-GAAP, refer to the Revenue and Cost of Revenue (GAAP to Non-GAAP reconciliation) sections below.
18
Non-GAAP operating expenses are calculated using Research and Development, Non-GAAP, Sales and Marketing, Non-GAAP and General & Administrative, Non-GAAP expenses. For a reconciliation between Total operating expenses, GAAP and Total operating expenses, Non-GAAP, refer to the Operating expenses (GAAP to Non-GAAP reconciliation) section below.
Revenue (GAAP to Non-GAAP reconciliation):
Q1 2023
Q2 2023
Q3 2023
Q4 2023
(in millions)
Subscription revenue, GAAP included in Adjusted EBITDA
$ 51.7
$ 52.7
$ 56.6
$ 59.8
Bundled offerings19
—
0.7
1.2
1.2
Total Subscription revenue, Non-GAAP
$ 51.7
$ 53.4
$ 57.8
$ 61.0
Hardware revenue, GAAP included in Adjusted EBITDA
$ 10.0
$ 11.6
$ 15.5
$ 21.1
Bundled offerings19
—
(1.1)
(1.4)
(1.2)
Total Hardware revenue, Non-GAAP
$ 10.0
$ 10.5
$ 14.2
$ 19.8
19
The net difference of the bundled offerings represents the GAAP revenue recognition of subscription revenue allocated to hardware revenue which is recognized at a point-in-time rather than ratably over the subscription period. Bundled offerings only represent bundled Life360 subscription and hardware offerings.
Cost of Revenue (GAAP to Non-GAAP reconciliation):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in millions)
Cost of subscription revenue, GAAP
$ 8.3
$ 7.9
$ 31.0
$ 30.7
Less: Depreciation and amortization
(0.3)
(0.3)
(1.2)
(0.9)
Less: Stock-based compensation
(0.2)
(0.1)
(0.7)
(0.6)
Less: Severance and other
—
—
(0.1)
—
Less: Adjustment in connection with membership benefit
—
—
1.8
—
Non-GAAP Cost of subscription revenue included in Adjusted EBITDA
$ 7.7
$ 7.5
$ 30.8
$ 28.9
Less: Hardware bundling adjustment
1.5
—
4.0
—
Total Cost of subscription revenue, Non-GAAP
$ 9.2
$ 7.5
$ 34.8
$ 28.9
Cost of hardware revenue, GAAP
$ 17.7
$ 17.5
$ 47.4
$ 45.4
Less: Depreciation and amortization
(0.9)
(0.9)
(3.6)
(3.6)
Less: Stock-based compensation
(0.4)
(0.1)
(1.1)
(0.4)
Less: Severance and other
—
—
(0.2)
(0.1)
Less: Adjustment in connection with membership benefit
—
—
0.4
—
Non-GAAP Cost of hardware revenue included in Adjusted EBITDA
$ 16.3
$ 16.5
$ 42.9
$ 41.3
Less: Alignment of accounting policies20
—
—
—
1.0
Less: Hardware bundling adjustment
(1.5)
—
(4.0)
—
Total Cost of hardware revenue, Non-GAAP
$ 14.8
$ 16.5
$ 38.9
$ 42.3
Cost of other revenue, GAAP
$ 0.9
$ 0.9
$ 3.5
$ 3.6
Less: Stock-based compensation
—
(0.1)
—
(0.3)
Total Cost of other revenue, Non-GAAP
$ 0.9
$ 0.9
$ 3.5
$ 3.5
Cost of revenue, GAAP
$ 26.8
$ 26.3
$ 81.9
$ 79.7
Less: Depreciation and amortization
(1.2)
(1.2)
(4.8)
(4.5)
Less: Stock-based compensation
(0.6)
(0.3)
(1.8)
(1.3)
Less: Severance and other
—
—
(0.3)
(0.1)
Less: Adjustment in connection with membership benefit
—
—
2.2
—
Non-GAAP Cost of revenue included in Adjusted EBITDA
$ 24.9
$ 24.8
$ 77.2
$ 73.8
Less: Alignment of accounting policies20
—
—
—
1.0
Total Cost of revenue, Non-GAAP
$ 24.9
$ 24.9
$ 77.2
$ 74.8
20
Includes non-recurring costs reflecting the alignment of accounting policies attributable to the integration with Tile. As these adjustments are not deemed to be non-routine or one time in nature, they have not been added back to EBITDA or Adjusted EBITDA.
Operating expenses (GAAP to Non-GAAP reconciliation):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in millions)
Research and development expense, GAAP
$ 26.0
$ 25.1
$ 101.0
$ 102.4
Less: Depreciation and amortization
—
—
(0.1)
—
Less: Stock-based compensation
(6.5)
(6.3)
(22.0)
(19.4)
Less: Severance and other
0.1
—
(2.7)
(0.5)
Total Research and development, Non-GAAP
$ 19.6
$ 18.8
$ 76.1
$ 82.5
Sales and marketing expense, GAAP
$ 25.7
$ 22.1
$ 99.1
$ 92.4
Less: Depreciation and amortization
(1.1)
(1.1)
(4.2)
(4.3)
Less: Stock-based compensation
(0.8)
(0.7)
(3.1)
(3.7)
Less: Severance and other
—
(0.1)
(0.9)
(0.6)
Total Sales and marketing expense, Non-GAAP
$ 23.7
$ 20.2
$ 90.9
$ 83.8
General and administrative expense, GAAP
$ 12.8
$ 10.5
$ 52.6
$ 48.1
Less: Depreciation and amortization
—
(0.1)
—
(0.4)
Less: Stock-based compensation
(2.9)
(2.9)
(11.6)
(10.1)
Less: Severance and other
(0.1)
(1.6)
(1.2)
(9.1)
Total General and administrative expense, Non-GAAP
$ 9.8
$ 5.9
$ 39.7
$ 28.5
Total Operating expenses, GAAP
$ 64.5
$ 57.7
$ 252.6
$ 243.0
Less: Depreciation and amortization
(1.1)
(1.2)
(4.3)
(4.7)
Less: Stock-based compensation
(10.2)
(9.9)
(36.7)
(33.2)
Less: Severance and other
(0.1)
(1.7)
(4.8)
(10.2)
Total Operating expenses, Non-GAAP
$ 53.1
$ 44.9
$ 206.8
$ 194.8
Note: The financial information in this announcement may not add or recalculate due to rounding. All references to $ are to U.S. dollar.
View original content to download multimedia:https://www.prnewswire.com/news-releases/life360-reports-cy-2023-results-302076508.html
SOURCE Life360
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Keynode Launches BTC Staking Service as Bitcoin Approaches $100K Milestone
Published
2 hours agoon
November 16, 2024By
Keynode introduces a new BTC staking service, offering users an opportunity to earn rewards as Bitcoin nears the $100K milestone.
NEW YORK , Nov. 16, 2024 /PRNewswire-PRWeb/ — Keynode, a recognized leader in the crypto staking platform, is excited to introduce its latest BTC staking option, providing a unique opportunity for investors to participate in Bitcoin‘s growth journey. This new staking service aims to enable users to benefit from Bitcoin‘s market potential while contributing to broader adoption as Bitcoin targets the highly anticipated $100K threshold.
As one of the first platforms to offer Bitcoin staking in a straightforward, user-friendly manner, Keynode positions itself as a valuable tool for investors seeking to earn passive income through cryptocurrency. By offering a BTC staking option, Keynode combines the power of Bitcoin‘s market strength with the stability and growth potential of a staking-based approach. This program allows investors to stake their Bitcoin holdings and generate a steady yield, without needing to trade or sell assets.
Accessible Staking with Competitive Rewards
The BTC staking service on Keynode is designed to attract both new and experienced investors interested in diversifying their crypto portfolios. Keynode’s platform features an accessible structure with competitive staking rewards, making it appealing for a wide range of users. With staking periods and potential yield options crafted to meet different financial goals, Keynode ensures that users can tailor their participation according to their preferred level of commitment and growth expectation.
Driving Market Participation with Innovative Solutions
As Bitcoin continues to garner attention from both retail and institutional investors, reaching record highs has become a topic of market speculation. Keynode’s BTC staking program contributes to this momentum by offering secure and user-centric ways to support the Bitcoin ecosystem. As more individuals choose to stake BTC, the overall scarcity and demand for Bitcoin may be influenced, helping support a long-term vision of reaching new price heights.
“BTC staking represents a forward-looking approach in cryptocurrency investments,” said a Keynode spokesperson. “With this service, we are making it simpler for investors to stay invested in Bitcoin while also enjoying staking rewards, which aligns with Bitcoin‘s journey toward greater market adoption and potentially even the much-anticipated $100K mark.”
About Keynode
Keynode is a leader in crypto staking solutions, dedicated to offering accessible and reliable staking options for users across the globe. With a commitment to security and user-friendly features, Keynode continues to innovate in the crypto space, providing services that support investors in reaching their financial goals.
For more information on Keynode’s BTC staking service, visit Keynode.net or contact Keynode at (+1) 678-310-6834 or info@keynode.net.
Media Contact
Kiven Scott, Keynode, (+1) 678-310-6834, info@keynode.net, https://keynode.net/
View original content to download multimedia:https://www.prweb.com/releases/keynode-launches-btc-staking-service-as-bitcoin-approaches-100k-milestone-302307613.html
SOURCE Keynode
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Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
Published
4 hours agoon
November 16, 2024By
Revenue grew by 23.8% compared to previous yearGross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html
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Carbon Mapper Achieves First Tanager-1 Methane Mitigation Success
Published
4 hours agoon
November 16, 2024By
BAKU, Azerbaijan, Nov. 16, 2024 /PRNewswire/ — Carbon Mapper released over 300 methane and CO2 plume detections today— its first tranche of emissions data based on observations from the Tanager-1 satellite which was launched in August. Tanager-1 is built and operated by Planet Labs PBC and made possible by the Carbon Mapper Coalition, a philanthropically backed public-private partnership including Planet Labs and NASA’s Jet Propulsion Laboratory among others. This data offers granularity on sources of super-emitters around the world, driving direct actions to cut methane and carbon dioxide as proven by an early mitigation success story.
On Oct. 9, Tanager-1 detected a large plume of methane which Carbon Mapper determined was stemming from a gathering pipeline in the Texas Permian Basin. The team reported the leak to a state agency and the U.S. government, who subsequently notified the facility operator. The operator quickly responded and voluntarily conducted repairs, leading to meaningful emissions reduction. Follow up observations from Tanager-1 detected no plume, confirming the leak was successfully fixed.
Carbon Mapper’s preliminary emissions estimate of this leak is approximately 7,000 kilograms of methane per hour. Each hour it was emitting equaled the same CO2 emissions as driving 47 gas-powered cars for a year.
This first verified methane mitigation action adds to existing evidence that when decision makers are empowered with data on the exact sources of emissions, they can effectively prioritize actions that cut waste and eliminate methane. This mitigation is consistent with pilot airborne surveys Carbon Mapper has conducted in several U.S. states including California and Colorado. Through these pilots, Carbon Mapper has found that nearly half of super-emitting events flagged for state agencies and operators were previously unknown, and once identified, were voluntarily mitigated.
“Tackling methane quickly is a crucial global priority. This early mitigation success story shows that remote sensing technologies with unique capabilities like Tanager-1 can be a gamechanger in driving down emissions in the near-term,” said Carbon Mapper CEO Riley Duren.
To scale these local mitigation successes globally, Carbon Mapper is making new data from Tanager-1 publicly available on its data portal. These include detections of methane and CO2 in 34 countries across the oil and gas, waste, and agriculture sectors. This work is supported by the High Tide Foundation, Grantham Foundation for the Protection of the Environment, Bloomberg Philanthropies, Children’s Investment Fund Foundation, AKO Foundation, and Zegar Family Foundation, among others.
In the coming months, Carbon Mapper will continue to scale up observations and make methane and CO2 data routinely accessible to help decision makers fill gaps in their understanding of the exact sources of emissions and empower mitigation action at the source. These routine detections will be made publicly available for non-commercial use 30 days after collection. Together, with complementary satellite programs, like the Environmental Defense Fund’s MethaneSAT, Carbon Mapper will provide transparent data at different levels of granularity and ensure that the information gets into the right hands to catalyze faster and more effective emissions reductions.
Special Note to Reporters:
More information, including plume images and key data from Tanager-1, can be found in our press package here.
About Carbon Mapper
Carbon Mapper is a nonprofit organization based in Pasadena, CA, with the mission to drive greenhouse gas emissions reductions by making methane and carbon dioxide data accessible and actionable. It focuses on filling gaps in the emerging ecosystem of methane and CO2 monitoring systems by delivering data at facility scale that is precise, timely, and accessible to empower decision making and direct mitigation action. The organization leads a public-private coalition that is developing and deploying a constellation of satellites capable of detecting, quantifying, and verifying methane emissions worldwide. Data from these satellites will offer the next major step in scaling up the organization’s robust data portal featuring thousands of direct observations of global methane and CO2 super-emitters. Learn more at carbonmapper.org, view data at data.carbonmapper.org, and follow us on X @carbonmapper.
View original content to download multimedia:https://www.prnewswire.com/news-releases/carbon-mapper-achieves-first-tanager-1-methane-mitigation-success-302307601.html
SOURCE Carbon Mapper Inc.
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