Technology
AudioEye Reports Record Second Quarter 2024 Results
Published
2 months agoon
By
Thirty-Fourth Consecutive Period of Record Revenue
TUCSON, Ariz., July 25, 2024 /PRNewswire/ — AudioEye, Inc. (Nasdaq: AEYE) (“AudioEye” or the “Company”), the industry-leading digital accessibility company, reported financial results for the second quarter ended June 30, 2024.
“For the second quarter, sequential revenues grew at an annualized growth rate of 19%, and adjusted EBITDA margin was 17%. Business momentum is strong, and we are increasing revenue, adjusted EBITDA, and adjusted EPS guidance for the full year. Our operating leverage is clear, and we expect margins to improve further,” said AudioEye CEO David Moradi. “We were close to the ‘Rule of 40’ in the second quarter and expect to achieve the ‘Rule of 40’ in the third quarter.”
Second Quarter 2024 Financial Results
Total revenue increased 8% to a record $8.5M from $7.8M in the same prior year period.Gross profit increased to $6.7M (79% of total revenue) from $6.0M (77% of total revenue) in the same prior year period. The increase was due to revenue growth compared to the same prior year period.Total operating expenses decreased 11% to $7.2M from $8.1M in the same prior year period. The decrease in operating expenses was due primarily to increased efficiency in sales and marketing and the completion of significant initiatives in R&D, partially offset by higher non-recurring G&A expenses.Net loss available to common stockholders improved 63% to $0.7M, or $(0.06) per share, from a net loss of $2.0M, or $(0.17) per share, in the same prior year period. The improvement in net loss was primarily due to revenue increases and efficiencies in sales and marketing and R&D.Adjusted EBITDA in the second quarter of 2024 was $1.5M, or adjusted EPS of $0.12, compared to a negative adjusted EBITDA of $(0.2M), or adjusted EPS of $(0.02), in the same prior year period. For the second quarter of 2024, adjusted EBITDA and adjusted EPS reflect adjustments primarily for stock-based compensation expense, depreciation and amortization, interest expense, and litigation expense.Annual Recurring Revenue (“ARR”) as of June 30, 2024, increased $1.3M sequentially to $33.3M from $32.0M as of March 31, 2024.As of June 30, 2024, the Company had $5.1M in cash, compared to $7.0M as of March 31, 2024. The decrease in cash for the quarter was primarily driven by the final earn-out payment related to the acquisition of BOIA. Adjusted free cash flow (defined as Adjusted EBITDA less software capitalization) was approximately $1.0M in the second quarter of 2024.
Other Updates
In April 2024, the Department of Justice issued an approved rule for updated regulations under Title II of the ADA. These regulations mandate that state and local government entities ensure their websites and mobile apps are accessible to people with disabilities, following WCAG 2.1, Level AA technical standards beginning April 24, 2026, or April 26, 2027, depending upon the entity size.In May 2024, the Department of Health and Human Services (HHS) Office for Civil Rights (OCR) issued a final rule bolstering protection for individuals with disabilities under Section 504 of the Rehabilitation Act. The rule ensures that web content and mobile applications provided by organizations that receive funding from HHS, including hospitals and most doctor’s offices, social service providers, nursing homes, etc. are compliant with WCAG 2.1, Level AA technical standards. Beginning May 11, 2026, organizations with 15 or more employees must ensure web content and mobile application compliance. Organizations with less than 15 employees will have until May 10, 2027.The Company announced an expanded partnership with Finalsite, the leading K-12 school community relationship management platform serving 7,000 clients in 115 countries worldwide, to significantly enhance digital accessibility for K-12 schools.In July 2024, AudioEye announced the launch of AudioEyeQ, a best-in-class accessibility learning platform offering free, on-demand accessibility education courses for anyone looking to expand their accessibility knowledge.Customer count increased 16% to approximately 121,000 customers as of June 30, 2024, compared to about 104,000 as of June 30, 2023. Both the Enterprise and the Partner and Marketplace channels contributed to the increase in customer count.
Financial Outlook
In the third quarter of 2024, the Company expects to generate revenue between $8.85M and $8.95M. It also expects adjusted EBITDA between $1.85M and $1.95M and adjusted EPS between $0.15 and $0.16 per share.
Based on strong results achieved year-to-date and a revised growth projection for the remainder of 2024, AudioEye management is updating its full-year financial outlook. The Company is increasing its full-year 2024 revenue guidance to between $34.5M and $34.8M and has revised its expected full-year 2024 adjusted EBITDA to between $6.0M and $6.3M, with expected adjusted EPS of between $0.48 and $0.51 per share.
Conference Call Information
AudioEye management will hold a conference call today, July 25, 2024 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results, followed by a question-and-answer period.
Date: Thursday, July 25, 2024
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
U.S. dial-in number: 877-407-8289
International number: 201-689-8341
Webcast: Q224 Webcast Link
Please call the conference telephone number 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.
The conference call will also be webcast live and available for replay via the investor relations section of the Company’s website. The audio recording will remain available via the investor relations section of the Company’s website for 90 days.
A telephonic replay of the conference call will also be available after 7:30 p.m. Eastern Time on the same day through August 8, 2024 via the following numbers:
Toll-free replay number: 877-660-6853
International replay number: 201-612-7415
Replay passcode: 13747156
About AudioEye
AudioEye exists to ensure the digital future we build is inclusive. By combining the latest AI automation technology with guidance from certified experts and direct input from the disability community, AudioEye helps ensure businesses of all sizes — including over 121,000 customers like Samsung, Calvin Klein, and Samsonite — are accessible and usable. Holding 23 US patents, AudioEye helps companies solve every aspect of digital accessibility with flexible approaches that best meet their needs. The comprehensive solution includes 24/7 accessibility monitoring, automated accessibility fixes, expert testing, developer tools, and industry-leading legal protection.
Forward-Looking Statements
Any statements in this press release about AudioEye’s expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are “forward-looking statements” as that term is defined under the federal securities laws. Forward-looking statements are often, but not always, made through the use of words or phrases such as “believe”, “anticipate”, “should”, “confident”, “intend”, “plan”, “will”, “expects”, “estimates”, “projects”, “positioned”, “strategy”, “outlook” and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements contained herein include, but are not limited to, statements regarding future cash flows of the Company, anticipated contributions from new sales channels, long-term growth prospects, opportunities in the digital accessibility industry, our revenue and ARR guidance, and our expectation of investments in marketing and sales. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements, including the variability of AudioEye’s revenue and financial performance; risks associated with our new platform, sales channels and offerings; product development and technological changes; the acceptance of AudioEye’s products in the marketplace; the effectiveness of our integration efforts; competition; inherent uncertainties and costs associated with litigation; and general economic conditions. These and other risks are described more fully in AudioEye’s filings with the Securities and Exchange Commission. There may be events in the future that AudioEye is not able to predict accurately or over which AudioEye has no control. Forward-looking statements reflect management’s view as of the date of this press release, and AudioEye urges you not to place undue reliance on these forward-looking statements. AudioEye does not undertake any obligation to update such forward-looking statements to reflect events or uncertainties after the date hereof. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
About Key Operating Metrics
We consider annual recurring revenue (“ARR”) as a key operating metric and a key indicator of our overall business. We also use ARR as one of the primary methods for planning and forecasting overall expectations and for evaluating, on at least a quarterly and annual basis, actual results against such expectations.
We manage customers through two primary channels, Enterprise and Partner and Marketplace. Enterprise channel consists of our larger customers and organizations, including those with non-platform custom websites, who generally engage directly with AudioEye sales personnel for custom pricing and solutions. This channel also includes federal, state and local government agencies. The Partner and Marketplace channel consists of our CMS partners, platform & agency partners, authorized resellers and our marketplace. This channel serves small and medium sized businesses who are on a partner or reseller’s web-hosting platform or who purchase an AudioEye solution from our marketplace.
We define ARR as the sum of (i) for our Enterprise channel, the total of the annualized recurring fee at the date of determination under each active contract, plus (ii) for our Partner and Marketplace channel, the annual or monthly recurring fee for all active customers at the date of determination, in each case, assuming no changes to the subscription, multiplied by 12 if applicable. Recurring fees are defined as revenues expected to be generated from services typically offered as a subscription service such as our automation and platform, periodic auditing, human-assisted technological remediations, legal support and professional service offerings and other services that reoccur on a multi-year contract. This determination includes both annual and monthly contracts for recurring products. Some of our contracts are terminable prior to the expected term, which may impact future ARR. ARR excludes non-recurring fees, which are defined as revenue expected to be generated from services typically not offered as a subscription service such as our PDF remediation services business, one-time mobile application reports, and other miscellaneous services that are offered as non-subscription services or are expected to be one-time in nature.
Use of Non-GAAP Financial Measures
From time to time, we review adjusted financial measures that assist us in comparing our operating performance consistently over time, as such measures remove the impact of certain items, as applicable, such as our capital structure (primarily interest charges), items outside the control of the management team (taxes), and expenses that do not relate to our core operations, including significant transaction and litigation-related expenses and other costs that are expected to be non-recurring. In order to provide investors with greater insight and allow for a more comprehensive understanding of the information used in our financial and operational decision-making, the Company has supplemented the consolidated financial statements presented on a GAAP basis in this press release with the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share.
These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of Company results as reported under GAAP. The Company compensates for such limitations by relying primarily on our GAAP results and using non-GAAP financial measures only as supplemental data. We also provide a reconciliation of non-GAAP to GAAP measures used. Investors are encouraged to carefully review this reconciliation. In addition, because these non-GAAP measures are not measures of financial performance under GAAP and are susceptible to varying calculations, these measures, as defined by us, may differ from and may not be comparable to similarly titled measures used by other companies.
Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings (Loss) per Diluted Share
We define: (i) Adjusted EBITDA as net income (loss), plus (less) interest expense (income), plus depreciation and amortization expense, plus stock-based compensation expense, plus non-cash valuation adjustment to contingent consideration, plus certain litigation expense, and plus loss on disposal or impairment of long-lived assets; (ii) Adjusted EBITDA margin as Adjusted EBITDA as a percentage of GAAP revenue; and (iii) Adjusted earnings (loss) per diluted share as net income (loss) per diluted common share, plus (less) interest expense (income), plus depreciation and amortization expense, plus stock-based compensation expense, plus non-cash valuation adjustment to contingent consideration, plus certain litigation expense, and plus loss on disposal or impairment of long-lived assets, each on a per share basis. Adjusted earnings per diluted share would include incremental shares in the share count that are considered anti-dilutive in a GAAP net loss position. However, no incremental shares apply when there is an Adjusted loss per diluted share, as is the case for some of the periods presented in this press release.
Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share are used to facilitate a comparison of our operating performance on a consistent basis from period to period and provide for a more complete understanding of factors and trends affecting our business than GAAP measures alone. All of the items adjusted in the Adjusted EBITDA to net loss and the Adjusted earnings (loss) per share calculations are either recurring non-cash items, or items that management does not consider in assessing our on-going operating performance. In the case of the non-cash items, such as stock-based compensation expense and valuation adjustments to assets and liabilities, management believes that investors may find it useful to assess our comparative operating performance because the measures without such items are expected to be less susceptible to variances in actual performance resulting from expenses that do not relate to our core operations and are more reflective of other factors that affect operating performance. In the case of items that do not relate to our core operations, management believes that investors may find it useful to assess our operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.
Adjusted EBITDA is not a measure of liquidity under GAAP, or otherwise, and is not an alternative to cash flow from continuing operating activities, despite the advantages regarding the use and analysis of these measures as mentioned above. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share, as disclosed in this press release, have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP; nor are these measures intended to be measures of liquidity or free cash flow.
To properly and prudently evaluate our business, we encourage readers to review the consolidated GAAP financial statements included in this press release, and not rely on any single financial measure to evaluate our business. The following table sets forth reconciliations of Adjusted EBITDA to net loss, the most directly comparable GAAP-based measure, as well as Adjusted earnings (loss) per diluted share to net loss per diluted share, the most directly comparable GAAP-based measure. We strongly urge readers to review these reconciliations, along with the financial statements included in this press release.
Investor Contact:
Tom Colton
Gateway Group, Inc.
AEYE@gateway-grp.com
949-574-3860
AUDIOEYE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended
June 30,
Six months ended
June 30,
(in thousands, except per share data)
2024
2023
2024
2023
Revenue
$
8,470
$
7,836
$
16,553
$
15,608
Cost of revenue
1,764
1,787
3,525
3,489
Gross profit
6,706
6,049
13,028
12,119
Operating expenses:
Selling and marketing
2,971
3,253
5,974
6,496
Research and development
1,221
2,033
2,543
3,779
General and administrative
3,011
2,791
5,639
5,926
Total operating expenses
7,203
8,077
14,156
16,201
Operating loss
(497)
(2,028)
(1,128)
(4,082)
Interest income (expense), net
(238)
55
(436)
98
Net loss
$
(735)
$
(1,973)
$
(1,564)
$
(3,984)
Net loss per common share-basic and diluted
$
(0.06)
$
(0.17)
$
(0.13)
$
(0.34)
Weighted average common shares outstanding-basic
and diluted
11,703
11,738
11,706
11,688
AUDIOEYE, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30,
December 31,
(in thousands, except per share data)
2024
2023
ASSETS
Current assets:
Cash
$
5,086
$
9,236
Accounts receivable, net
5,420
4,828
Prepaid expenses and other current assets
1,050
712
Total current assets
11,556
14,776
Property and equipment, net
222
218
Right of use assets
474
611
Intangible assets, net
5,628
5,783
Goodwill
4,001
4,001
Other
123
106
Total assets
$
22,004
$
25,495
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
2,688
$
2,339
Operating lease liabilities
211
312
Finance lease liabilities
—
7
Deferred revenue
7,050
6,472
Contingent consideration
—
2,399
Total current liabilities
9,949
11,529
Long term liabilities:
Term loan, net
6,773
6,727
Operating lease liabilities
319
417
Deferred revenue
1
10
Other
105
105
Total liabilities
17,147
18,788
Stockholders’ equity:
Preferred stock, $0.00001 par value, 10,000 shares authorized
Common stock, $0.00001 par value, 50,000 shares authorized, 11,808 and 11,711
shares issued and outstanding as of June 30, 2024 and December 31, 2023,
respectively
1
1
Additional paid-in capital
97,912
96,182
Accumulated deficit
(93,056)
(89,476)
Total stockholders’ equity
4,857
6,707
Total liabilities and stockholders’ equity
$
22,004
$
25,495
AUDIOEYE, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)
Three months ended
June 30,
Six months ended
June 30,
(in thousands, except per share data)
2024
2023
2024
2023
Adjusted EBITDA Reconciliation
Net loss (GAAP)
$
(735)
$
(1,973)
$
(1,564)
$
(3,984)
Non-cash valuation adjustment to contingent
consideration
—
159
(12)
214
Interest (income) expense, net
238
(55)
436
(98)
Stock-based compensation expense
975
1,031
1,858
2,149
Litigation expense (1)
394
39
499
194
Depreciation and amortization
596
577
1,168
1,103
Loss on disposal or impairment of long-lived assets
4
—
4
147
Adjusted EBITDA
$
1,472
$
(222)
$
2,389
$
(275)
Adjusted EBITDA margin (2)
17
%
(3)
%
14
%
(2)
%
Adjusted Earnings (Loss) per Diluted Share
Reconciliation
Net loss per common share (GAAP) — diluted
$
(0.06)
$
(0.17)
$
(0.13)
$
(0.34)
Non-cash valuation adjustment to contingent
consideration
—
0.01
—
0.02
Interest (income) expense, net
0.02
—
0.04
(0.01)
Stock-based compensation expense
0.08
0.09
0.15
0.18
Litigation expense (1)
0.03
—
0.04
0.02
Depreciation and amortization
0.05
0.05
0.10
0.09
Loss on disposal or impairment of long-lived
assets
—
—
—
0.01
Adjusted earnings (loss) per diluted share (3)
$
0.12
$
(0.02)
$
0.20
$
(0.02)
Diluted weighted average shares (GAAP)
11,703
11,738
11,706
11,688
Includable incremental shares (Non-GAAP) (3)
568
—
472
—
Adjusted diluted shares (Non-GAAP) (4)
12,271
11,738
12,178
11,688
(1)
Represents legal expenses related primarily to non-recurring litigation.
(2)
Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of GAAP revenue.
(3)
Adjusted earnings per adjusted diluted share for our common stock is computed using the treasury stock method.
(4)
The number of diluted weighted average shares used for this calculation is the same as the weighted average common shares outstanding share count when the Company reports a GAAP net loss and a negative Adjusted EBITDA.
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SOURCE AudioEye, Inc.
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In April 2022, President Xi proposed the GSI to promote universal security while delivering a keynote speech via video link at the opening ceremony of the Boao Forum for Asia Annual Conference 2022. The initiative is a global public good offered by China, as well as a vivid illustration of the vision of a community with a shared future for mankind in the security field.
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At the just concluded 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), the China-Africa Joint Statement on Deepening Cooperation within the Framework of the Global Development Initiative was released.
“Since the launch of the GDI, China and Africa have joined forces and mutually supported each other in exploring paths toward modernization, further implementing the China-Africa Cooperation Vision 2035, advancing the nine programs to a high standard, as well as completing 175 ‘small and beautiful’ livelihood cooperation projects,” read the statement.
More than 30 African members of the FOCAC have joined the Group of Friends of the GDI and the Global Development Promotion Center Network to put in place an efficient working mechanism and platform for alignment in development policies, coordination of development resources, and facilitation of joint actions.
Shakeel Ahmad Ramay, CEO of the Asian Institute of Eco-civilization Research and Development in Pakistan, told the Global Times that he believes that the GDI, which advocates that development “holds the master key” to solving problems and ensuring sustainable peace, is what the world is desperately seeking now. He noted that apart from Africa, other Global South countries are benefiting from the GDI and China’s development dividends.
“Without sharing the dividends of development, we cannot preach ethics, and the dream of peace will remain a dream. Without cooperation, concrete programs, and the allocation of financial resources, we cannot achieve these goals. China is cognizant of this reality and has launched numerous programs and provided financial support such as $4 billion to the Global Development and South-South Cooperation Fund,” he said.
Musa noted to the Global Times that “China initiated the concept of the ‘right to development.’ The GDI also offers action-based policies and result-based projects.”
According to China’s Foreign Ministry, over the last three years, the GDI has made remarkable achievements. Over 100 countries and some international organizations have given support to or taken part in the initiative. More than 80 countries have joined the Group of Friends of the GDI. China has set up a Global Development and South-South Cooperation Fund, which has financed over 150 programs. The Global Development Promotion Center Network is bringing more members on board.
“The GDI was put forward by China, but its opportunities and benefits are shared by the world. On the path toward development and prosperity, no country or individual should be left behind. This is the vision of the GDI, as well as the goal advocated by the UN,” Mao Ning said at a regular media briefing on September 20, 2024.
Respect for diverse civilizations
In March 2023, Xi proposed the GCI for the first time at the CPC in Dialogue with World Political Parties High-Level Meeting, advocating for the respect of the diversity of world civilizations, the promotion of common values for all humanity, the emphasis on the inheritance and innovation of civilizations, and the strengthening of international cultural exchange and cooperation.
The initiative is another major public product offered to the world by China after the GDI and the GSI. It sends a sincere call to the world to deepen the dialogue of civilization exchanges and promote the progress of human civilization through inclusiveness and mutual learning, contributing Chinese wisdom and solutions to promote a higher level of international cooperation, experts said.
Shahbaz Khan, director of the UNESCO Regional Office, told the Global Times that the GCI aligns with UNESCO’s mission to foster respect for cultures worldwide, particularly those that possess outstanding universal value.
China now boasts 59 World Heritage sites, including the Beijing Central Axis, a “remarkable example” of urban heritage that showcases advancements from the Yuan Dynasty (1279-1368) to the present day, Khan said.
In recent years, China has enhanced communication and coordination with UNESCO, working with all parties to promote the implementation of the United Nations’ Global Agenda for Dialogue among Civilizations, strengthening dialogue and exchange among civilizations, and increasing the sharing of values, concepts, and experiences behind the policies of various countries, jointly exploring solutions to global challenges and issues.
Ramay noted that the GCI, together with GDI and GSI, “negates the idea of superiority and present the vision of equality and equity built on respect for diversity and cultures. The vision categorically highlighted the need for a fair and just system where everyone (country or human) can pursue the dream of development and peace.”
“These initiatives promote the idea of resolving conflicts or disputes through dialogue and development to strengthen peaceful and cooperative co-existence. Thus, the world welcomed the initiative, especially the Global South,” he said.
https://www.globaltimes.cn/page/202409/1320506.shtml
View original content:https://www.prnewswire.com/news-releases/global-times-chinas-gdi-gsi-and-gci-foster-global-cooperation-address-urgent-challenges-302261752.html
SOURCE Global Times
Technology
The pioneered intelligent airborne detection technology by State Grid Zaozhuang Power Supply Company
Published
5 hours agoon
September 29, 2024By
ZAOZHUANG, China, Sept. 29, 2024 /PRNewswire/ — The traditional manual detection is likely to be made towards the phase A in the lower layer; while the intelligent airborne detection is actually made towards the phase A in the upper layer. This represents the comparison result for the discharge hidden danger of the No. 23 tower insulator of the 10 kV cement plant line in the 110 kV Tendong Substation outgoing line by different detection methods, yet the accurate judgment brought by the innovative application of unmanned aerial vehicle airborne ultrasonic partial discharge detection technology.
By the end of August 12, the application of the self-developed UAV airborne ultrasonic partial discharge detection technology by State Grid Zaozhuang Power Supply Company has reached a year, during which, a total of 450 unmanned aerial vehicles were detected, 63 hidden hazards of partial discharge were identified, leading to a reduction of 37 equipment failures, the reduction of the power distribution network fault outage rate by 68%, and improving the power supply reliability rate to 99.982%.
According to Zhang Jianhua, Director of the Operation and Maintenance Department of Zaozhuang Power Supply Company, this technology is initiated in China, rewriting the tradition and passivity of power distribution network partial discharge fault investigation by hearing voice manually over a long time, and leaping into the era of intelligent imaging diagnosis. As the capillaries of the large power grid connecting thousands of households, the current average height of the distribution network tower is 15 to 18 meters, and both the insulators and cable heads on the top of these towers are important detection parts, the improvement in traditional manual detection methods is badly needed. To this end, they, by boldly integrating UAV with local imaging inspection technology, used the advantages of UAV multi-angle close-range inspection to carry out partial discharge inspection, innovated and broadened the technical dimension of aerial patrol, took the lead in enabling accurate collection of voiceprint local release data, and completed demonstration of putting the technology into practical application.
Innovation is not as simple as one plus one, the technology research took a year. Since June 2022, by means of hardware structure transformation and multi-algorithm fusion optimization, they have successively overcome a range of problems such as the inability of traditionally partial discharge inspection to lock the discharge part, the partial discharge detection of UAV propeller noise interference, and the geographical conditions of inspection, and enabled the high-quality and efficient partial discharge imaging detection of the power distribution network. In July 2023, the technology was put into trial use, and later in December of the same year, it was inspected and accepted by the State Grid Shandong Electric Power Company.
During the trial use, the Zao Zhuang Power Supply Company, by giving full play to its advantages as being directly managed and operated by State Grid Corporation of China, coordinated 162 power distribution network lines, and allocated 35 UAVs for the seven power supply centers affiliated to it in a unified manner, and trained 26 drone pilots. Beyond that, it repeatedly carried out technical verification and optimization in the trial use, reducing the time to inspect the base tower 1 from 25 minutes to 15 minutes, indicating an efficiency improvement by 1.8 times compared to the traditional manual inspection, making the accuracy reach 100%.
Instead of revolving around the tower, staring at the equipment for a long time, and being anxious but unable to do anything, Li Yanlin, the specialist staff from Operation and Maintenance Department of Zaozhuang Power Supply Company expressed the pleasure that thanks to the intelligent airborne detection technology, the partial discharge failures found in the power distribution network could be eliminated as soon as they are identified, leading to the great transformation of the operation and maintenance of distribution network from “eliminating present problems” to “preventing them before they are present”, and the formation of a sound situation of intelligent operation and maintenance.
View original content:https://www.prnewswire.com/apac/news-releases/the-pioneered-intelligent-airborne-detection-technology-by-state-grid-zaozhuang-power-supply-company-302261739.html
SOURCE State Grid Zaozhuang Power Supply Company
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