Technology
AudioCodes Reports Second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
Published
5 months agoon
By
OR YEHUDA, Israel, July 30, 2024 /PRNewswire/ —
Second Quarter Highlights
Quarterly revenues increased by 0.5% year-over-year to $60.3 million;Quarterly service revenues increased by 12.3% year-over-year to $32 million;GAAP results:
– Quarterly GAAP gross margin was 65.5%;
– Quarterly GAAP operating margin was 8.2%;
– Quarterly GAAP EBITDA was $6.2 million;
– Quarterly GAAP net income was $3.8 million, or $0.12 per diluted share.Non-GAAP results:
– Quarterly Non-GAAP gross margin was 65.8%;
– Quarterly Non-GAAP operating margin was 11.9%;
– Quarterly Non-GAAP EBITDA was $8.3 million;
– Quarterly Non-GAAP net income was $5.5 million, or $0.18 per diluted share.Net cash used by operating activities was $2.9 million for the quarter.AudioCodes repurchased 116,453 of its ordinary shares during the quarter at an aggregate cost of $1.2 million.
Details
AudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced its financial results for the second quarter ended June 30, 2024.
Revenues for the second quarter of 2024 were $60.3 million compared to $60.0 million for the second quarter of 2023.
EBITDA for the second quarter of 2024 was $6.2 million compared to $2.9 million for the second quarter of 2023.
On a Non-GAAP basis, EBITDA for the second quarter of 2024 was $8.3 million compared to $6.2 million for the second quarter of 2023.
Net income was $3.8 million, or $0.12 per diluted share, for the second quarter of 2024 compared to net income of $1.1 million, or $0.03 per diluted share, for the second quarter of 2023.
On a Non-GAAP basis, net income was $5.5 million, or $0.18 per diluted share, for the second quarter of 2024 compared to $5.1 million, or $0.16 per diluted share, for the second quarter of 2023.
Non-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) expenses related to deferred payments in connection with the acquisition of Callverso Ltd; (iv) financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies; (v) tax impact which relates to our Non-GAAP adjustments; and (vi) in Q1 2024 non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company’s new headquarters. A reconciliation of net income on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.
Net cash used by operating activities was $2.9 million for the second quarter of 2024. Cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long financial investments were $93.7 million as of June 30, 2024 compared to $106.7 million as of December 31, 2023. The decrease in cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long financial investments was the result of the use of cash for the continued repurchasing of the Company’s ordinary shares pursuant to its share repurchase program and the payment of a cash dividend during the first quarter of 2024 and purchase of property and equipment related to leasehold improvements of our new corporate headquarter in Israel, offset, in part, by cash from operating activities.
“I am pleased to report solid second quarter 2024 results, marked by the second consecutive quarter of positive top-line growth and ongoing momentum in our Microsoft and conversational AI businesses with sequential uptick in our legacy gateway business,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.
In terms of our strategic business lines, Microsoft Teams business in the second quarter grew 3.3% year-over-year, with steady increase in the Live managed services, which grew about 35% year-over-year and reached ARR of $56 million exiting second quarter 2024. Second quarter Live business growth puts us on track to land within our full year 2024 ARR target range of $64–$70 million, representing an average approximate annual growth rate of 40% compared to 2023.
In the CX business, our healthy pipeline continues to support a positive outlook for second half and full year 2024. Conversational AI business grew over 50% year-over-year, benefiting from customers’ inexorable demand to drive innovation and deliver productivity improvements on projects in both the UC and CX space. We have witnessed progress made in several new Conversational AI activities. These include among others, Voca CIC, our AI first CX solution for Microsoft Teams, SaaS Recording solutions such as Meeting Insights and interaction recording, and in the MS Teams meeting room space.
Underlying business momentum remains strong, as we had several notable wins with marquee accounts in the quarter, from a combination of new customer additions as well as cross-sell of products and services to existing ones. Key to such cross sales success is our Live Platform for UCaaS and CCaaS, which encompasses a comprehensive stack of voice related services to the Microsoft Teams ecosystem.
Overall, we delivered on our business priorities in the quarter, fostering momentum in strategic areas of our business and successfully executing on the cost rationalization initiatives. We believe this lays the foundation to drive healthy top-line growth long-term while driving significant margin expansion in 2024 and beyond,” concluded Mr. Adlersberg.
Share Buy Back Program
During the quarter ended June 30, 2024, the Company acquired 116,453 of its ordinary shares under its share repurchase program for a total consideration of $1.2 million.
In July 2024, the Company received court approval in Israel to purchase up to an aggregate amount of $20 million of additional ordinary shares. The court approval also permits AudioCodes to declare a dividend out of any part of this amount. The approval is valid through January 1, 2025.
Cash Dividend
AudioCodes also announced today that the Company’s Board of Directors has declared a cash dividend in the amount of 18 cents per share. The aggregate amount of the dividend is approximately $5.5 million. The dividend is payable on August 29, 2024, to all of the Company’s shareholders of record at the close of trading on the NASDAQ Global Select Market on August 15, 2024.
In accordance with Israeli tax law, the dividend is subject to withholding tax at source at the rate of 25% of the dividend amount payable to each shareholder of record, subject to applicable exemptions. If the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company’s share capital, the withholding rate is 30%.
The dividend will be paid in U.S. dollars on the ordinary shares of AudioCodes Ltd. that are traded on the Nasdaq Global Select Market or the Tel-Aviv Stock Exchange. The amount and timing of any other dividends will be determined by the Board.
Conference Call & Web Cast Information
AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the Company’s second quarter of 2024 operating performance, financial results and outlook. Interested parties may participate in the conference call by dialing one the following numbers:
United States Participants: 888-506-0062
International Participants: +1 (973) 528-0011
The conference call will also be simultaneously webcast. Investors are invited to listen to the call live via webcast at the AudioCodes investor website at http://www.audiocodes.com/investors-lobby.
Follow AudioCodes’ social media channels:
AudioCodes invites you to join our online community and follow us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and YouTube.
About AudioCodes
AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a leading vendor of advanced communications software, products and productivity solutions for the digital workplace. AudioCodes enables enterprises and service providers to build and operate all-IP voice networks for unified communications, contact centers, and hosted business services. AudioCodes offers a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.
For more information on AudioCodes, visit http://www.audiocodes.com.
Statements concerning AudioCodes’ business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements” as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes’ industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes’ and its customers’ products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company’s loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes’ business; possible adverse impact of the COVID-19 pandemic on our business and results of operations; the effects of the current terrorist attacks by Hamas in Israel, and the war and hostilities between Israel and Hamas, and Israel and Hezbollah as well as the possibility that this could develop into a broader regional conflict involving Israel with other parties, may affect our operations and may limit our ability to produce and sell our solutions; any disruption in our operations by the obligations of our personnel to perform military service as a result of current or future military actions involving Israel; and other factors detailed in AudioCodes’ filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.
©2024 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What’s Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice, AudioCodes Meeting Insights, AudioCodes Room Experience are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.
Summary financial data follows
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
June 30,
December 31,
2024
2023
(Unaudited)
(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 20,849
$ 30,546
Short-term and restricted bank deposits
206
212
Short-term marketable securities
21,113
7,438
Trade receivables, net
55,010
51,125
Other receivables and prepaid expenses
9,146
9,381
Inventories
37,893
43,959
Total current assets
144,217
142,661
LONG-TERM ASSETS:
Long-term Trade receivables
$ 16,680
$ 16,798
Long-term marketable securities
48,944
65,732
Long-term financial investments
2,557
2,730
Deferred tax assets
5,966
6,208
Operating lease right-of-use assets
34,263
36,712
Severance pay funds
16,975
17,202
Total long-term assets
125,385
145,382
PROPERTY AND EQUIPMENT, NET
21,846
10,893
GOODWILL, INTANGIBLE ASSETS AND OTHER, NET
38,315
38,581
Total assets
$ 329,763
$ 337,517
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables
5,102
7,556
Other payables and accrued expenses
26,369
29,943
Deferred revenues
39,988
38,820
Short-term operating lease liabilities
5,931
7,878
Total current liabilities
77,390
84,197
LONG-TERM LIABILITIES:
Accrued severance pay
$ 15,956
$ 16,662
Deferred revenues and other liabilities
17,277
17,142
Long-term operating lease liabilities
31,024
31,404
Total long-term liabilities
64,257
65,208
Total shareholders’ equity
188,116
188,112
Total liabilities and shareholders’ equity
$ 329,763
$ 337,517
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except per share data
Six months ended
Three months ended
June 30,
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Revenues:
Products
$ 56,897
$ 60,260
$ 28,347
$ 31,567
Services
63,482
58,973
31,956
28,453
Total Revenues
120,379
119,233
60,303
60,020
Cost of revenues:
Products
22,743
25,221
10,918
12,177
Services
19,494
18,992
9,910
9,366
Total Cost of revenues
42,237
44,213
20,828
21,543
Gross profit
78,142
75,020
39,475
38,477
Operating expenses:
Research and development, net
27,114
29,403
13,181
14,394
Selling and marketing
34,820
35,526
17,453
17,679
General and administrative
7,991
8,680
3,905
4,149
Total operating expenses
69,925
73,609
34,539
36,222
Operating income
8,217
1,411
4,936
2,255
Financial income (expenses), net
419
1,196
396
247
Income before taxes on income
8,636
2,607
5,332
2,502
Taxes on income, net
(2,779)
(1,734)
(1,558)
(1,447)
Net income
$ 5,857
$ 873
$ 3,774
$ 1,055
Basic net earnings per share
$ 0.19
$ 0.03
$ 0.12
$ 0.03
Diluted net earnings per share
$ 0.19
$ 0.03
$ 0.12
$ 0.03
Weighted average number of shares used in
computing basic net earnings per share (in
thousands)
30,337
32,024
30,341
31,900
Weighted average number of shares used in
computing diluted net earnings per share (in
thousands)
30,764
33,017
30,735
32,977
AUDIOCODES LTD. AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
U.S. dollars in thousands, except per share data
Six months ended
Three months ended
June 30,
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
GAAP net income
$ 5,857
$ 873
$ 3,774
$ 1,055
GAAP net earnings per share
$ 0.19
$ 0.03
$ 0.12
$ 0.03
Cost of revenues:
Share-based compensation (1)
175
210
96
103
Amortization expenses (2)
244
257
122
122
Lease expenses (6)
304
–
–
–
723
467
218
225
Research and development, net:
Share-based compensation (1)
1,171
1,441
579
698
Deferred payments expenses (3)
–
250
–
125
Lease expenses (6)
342
–
–
–
1,513
1,691
579
823
Selling and marketing:
Share-based compensation (1)
1,472
2,330
749
1,093
Amortization expenses (2)
22
22
11
11
Deferred payments expenses (3)
–
250
–
125
Lease expenses (6)
38
–
–
–
1,532
2,602
760
1,229
General and administrative:
Share-based compensation (1)
1,434
2,428
692
1,169
Lease expenses (6)
76
–
–
–
1,510
2,428
692
1,169
Financial expenses (income):
Exchange rate differences (4)
(809)
(470)
(445)
71
Income taxes:
Taxes on income, net (5)
422
224
(49)
562
Non-GAAP net income
$ 10,748
$ 7,815
$ 5,529
$ 5,134
Non-GAAP diluted net earnings per share
$ 0.34
$ 0.24
$ 0.18
$ 0.16
Weighted average number of shares used in computing
Non-GAAP diluted net earnings per share (in thousands)
31,561
32,977
31,552
33,017
(1) Share-based compensation expenses related to options and restricted share units granted to employees and others.
(2) Amortization expenses related to intangible assets.
(3) Expenses related to deferred payments in connection with the acquisition of Callverso Ltd.
(4) Financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.
(5) Tax impact which relates to our non-GAAP adjustments.
(6) In Q1 2024, non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company’s new headquarters.
Note: Non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. The Company believes that non-GAAP information is useful because it can enhance the understanding of its ongoing economic performance and therefore uses internally this non-GAAP information to evaluate and manage its operations. The Company has chosen to provide this information to investors to enable them to perform comparisons of operating results in a manner similar to how the Company analyzes its operating results and because many comparable companies report this type of information.
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
U.S. dollars in thousands
Six months ended
Three months ended
June 30,
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net income
$ 5,857
$ 873
$ 3,774
$ 1,055
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,784
1,320
1,261
669
Amortization of marketable securities premiums and accretion of discounts, net
615
712
301
340
Decrease in accrued severance pay, net
(479)
(272)
(369)
(288)
Share-based compensation expenses
4,252
6,409
2,116
3,063
Decrease in deferred tax assets, net
64
168
850
534
Cash financial loss (income), net
154
(332)
69
58
Decrease in operating lease right-of-use assets
3,557
4,282
1,168
2,132
Decrease in operating lease liabilities
(3,435)
(4,355)
(1,324)
(818)
Decrease (increase) in trade receivables, net
(3,767)
6,939
(6,083)
428
Decrease (increase) in other receivables and prepaid expenses
235
1,911
(305)
1,727
Decrease (increase) in inventories
5,947
(9,512)
2,689
(3,746)
Decrease in trade payables
(2,454)
(4,218)
(2,220)
(3,462)
Increase (decrease) in other payables and accrued expenses
(1,605)
(4,934)
127
(869)
Increase (decrease) in deferred revenues
1,365
6,443
(4,945)
1,383
Net cash provided by operating activities
12,090
5,434
(2,891)
2,206
Cash flows from investing activities:
Proceeds from short-term deposits
6
5,006
2
2
Proceeds from financial investment
47
–
26
–
Proceeds from redemption of marketable securities
3,450
2,000
2,950
1,000
Proceeds from redemption of financial investments
–
11,043
–
8,294
Purchase of property and equipment
(15,263)
(3,263)
(8,478)
(1,947)
Net cash provided by (used in) investing activities
(11,760)
14,786
(5,500)
7,349
AUDIOCODES LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
U.S. dollars in thousands
Six months ended
Three months ended
June 30,
June 30,
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Cash flows from financing activities:
Purchase of treasury shares
(4,754)
(2,926)
(1,170)
(2,926)
Cash dividends paid to shareholders
(5,453)
(5,718)
–
–
Proceeds from issuance of shares upon exercise of options
180
114
–
18
Net cash used in financing activities
(10,027)
(8,530)
(1,170)
(2,908)
Net increase (decrease) in cash, cash equivalents, and restricted cash
(9,697)
11,690
(9,561)
6,647
Cash, cash equivalents and restricted cash at beginning of period
30,546
24,535
30,410
29,578
Cash, cash equivalents and restricted cash at end of period
$ 20,849
$ 36,225
$ 20,849
$ 36,225
Company Contacts
Niran Baruch,
Chief Financial Officer
AudioCodes
Tel: +972-3-976-4000
niran.baruch@audiocodes.com
Roger L. Chuchen,
VP, Investor Relations
AudioCodes
Tel: 732-764-2552
roger.chuchen@audiocodes.com
Logo: https://mma.prnewswire.com/media/2391462/audiocodes_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/audiocodes-reports-second-quarter-2024-results-and-declares-semi-annual-dividend-of-18-cents-per-share-302209458.html
SOURCE AudioCodes
You may like
Technology
Spectral Capital Announces Transformation into a Deep Quantum Technology Platform
Published
41 minutes agoon
December 24, 2024By
SEATTLE, Dec. 24, 2024 /PRNewswire/ — Spectral Capital Corporation (OTCQB: FCCN), a pioneer in quantum innovation, proudly announces its transformation into a Deep Quantum Technology Platform. This strategic evolution positions Spectral at the forefront of the quantum era, uniting proprietary technologies in quantum cloud computing, distributed quantum ledger databases, and plasmonic quantum chips. With the addition of renowned quantum physicist Dr. Moshik Cohen as Chief Technology Officer and the groundbreaking Verdant Quantum initiative, Spectral Capital is pioneering scalable, sustainable, and practical quantum computing solutions.
From Incubator to Operator: Spectral’s New Vision
Spectral Capital has redefined its role in quantum technology by moving beyond incubation to develop, own, and operate its proprietary quantum systems.
“This is not just a rebranding—it is a bold leap into the future of quantum computing,” said Jenifer Osterwalder, CEO. “Spectral Capital will now deliver a fully integrated platform with technologies like the Vogon Decentralized Edge and Hybrid Cloud, its embedded Distributed Quantum Ledger Database (DQLDB), plasmonic System-On-a-Chip (SOC) architecture, and energy-efficient quantum algorithms. These innovations bridge the gap between classical and quantum systems, offering the scalability and environmental responsibility required for the quantum era.”
Introducing Room Temperature Quantum Transfer and Compute
To drive its ambitious vision, Spectral announced earlier this month the addition of Dr. Moshik Cohen, an expert in quantum state dynamics and plasmonic computing as CTO. The Company is fusing the revolutionary initiative from Verdant Quantum to eliminate the need for cryogenic cooling by leveraging room-temperature plasmonic chips.
This solution bridges classical and quantum computing with CMOS-compatible plasmonic processors allowing these chips to harness energy waves controlled by light, called plasmons, to deliver near-light-speed data processing with unmatched precision and efficiency—all while dramatically reducing energy consumption and costs.
Transformative Innovations Powering Spectral’s Platform
The world’s first plasmonic-ready distributed quantum ledger database, Vogon, provides secure, scalable, and semantically enriched data management. Its key features include:
Deterministic Concurrency for low-latency performance.Post-Quantum Cryptography with SPHINCS+ for unparalleled security.Consensus Algorithms to ensure robust and scalable decentralized operations.
The Vogon DQLDB seamlessly connects legacy systems to quantum ecosystems, enabling industries such as finance, logistics, and healthcare to harness quantum efficiencies today.
Plasmonic System-On-a-Chip (SOC)
Spectral’s miniaturized plasmonic SOC technology will redefine the potential of its Vogon Cloud data centers, enabling near-light-speed processing at room temperature. These chips will power Spectral’s edge and hybrid compute data centers across 16 global regions, which will also serve as test beds for sustainable quantum computing.
“This innovation addresses the global call for environmentally friendly quantum solutions, reducing infrastructure costs while increasing processing power,” Brehm emphasized.
Quantum Algorithms and Collective Intelligence
Spectral’s proprietary quantum algorithms leverage cooperative distributed inferencing and analytic tomography to unlock real-time insights. By integrating these algorithms with Vogon DQLDB, Spectral enables industries to optimize operations, from autonomous vehicles to investment portfolio management.
Why Spectral Capital?
The quantum computing market is projected to grow from $885.4 million in 2023 to $12.62 billion by 2032, with a CAGR of up to 34.8%. Spectral’s technologies are positioned to participate in this growth while addressing urgent industry demands for scalable, cost-effective, and sustainable quantum solutions.
“Over the next decade, quantum computing will redefine the global economy,” said Brehm. “Spectral Capital is at the epicenter of this transformation. With Dr. Moshik Cohen, and our ecosystem partners, we are building not just for the future—we are building the future.”
About Spectral Capital
Spectral Capital Corporation (OTCQB: FCCN) is a Deep Quantum Technology Platform company delivering practical, scalable, and sustainable quantum solutions. Through its proprietary Vogon DQLDB, QuantumVM, and plasmonic SOCs, Spectral Capital is revolutionizing industries and paving the way for a more connected, efficient, and sustainable world.
For more information, visit www.spectralcapital.com or contact our Investor Relations team at Rubenstein and Associates.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and FCCN’s growth and business strategy. Words such as “expects,” “will,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations on such words and similar expressions are intended to identify forward-looking statements. Although FCCN believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of FCCN. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in FCCN’s business; competitive factors in the market(s) in which FCCN operates; risks associated with operations outside the United States; and other factors listed from time to time in FCCN’s filings with the Securities and Exchange Commission. FCCN expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in FCCN’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
View original content to download multimedia:https://www.prnewswire.com/news-releases/spectral-capital-announces-transformation-into-a-deep-quantum-technology-platform-302338759.html
SOURCE Spectral Capital Corporation
Technology
AGM Group Holdings Inc. Highlights Strategic Growth and Future Initiatives in AI and Cryptocurrency
Published
41 minutes agoon
December 24, 2024By
BEIJING, Dec. 24, 2024 /PRNewswire/ — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, released a statement of its CEO Dr. Bo Zhu today, discussing the Company’s growth strategies and future initiatives in the cryptocurrency industry.
Dr. Zhu, an experienced entrepreneur in the computer software sector, currently serves as CEO of AGM Holdings. He joined the Company in May 2021 as Chief Strategy Officer (CSO) and was appointed CEO and director in October 2023. Dr. Zhu earned his PhD in Computer Science and Technology from Zhejiang University in 2013 and has published over 20 research papers, 19 of which are indexed in SCI/EI (science and engineering). Below are key insights from the interview:
AGM Holdings’ Key Milestones
Strategic Partnerships: In 2021, AGM Holdings collaborated with Shenzhen Highsharp (Shenzhen Gaorui) Electronic Ltd. (“HighSharp”) to enhance ASIC chip R&D and mining equipment offerings.
Major Orders: AGM Holdings secured contracts in 2021, including:
i. 30,000 ASIC miners for Nowlit Solutions Corp (“Nowlit”).
ii. 25,000 MinerVa MV7 ASICs for MinerVa Semiconductor Corp.
iii. 1,500 Bitcoin miners for Meten Holding Group Ltd.
These collaborations evidenced by contractual agreements demonstrate the Company’s commitment to growth in the digital currency industry.
Strategic Positioning and Sustainable Growth
Recent highlights of AGM Holding’s strategic positioning include:
Joint Venture: In December 2024, AGM Holdings partnered with Nowlit to develop a 375MW data center in Canada for Bitcoin mining and AI computing.
Canaan Creative Global Pte Ltd. Partnership: In December 2024, AGM Holdings purchased 2,000 A15 series water-cooled mining machines.
Looking Into the Future
As the technology revolution deepens and cryptocurrency gains broader public acceptance, the demand for high-performance computing environments and data centers is surging, forming the backbone of these industries. Technology development, deployment, and applications will very likely depend on robust hardware and software ecosystems — an area where the Company possesses significant technical expertise and resource advantages. Similarly, computationally intensive processes like cryptocurrency mining and blockchain operations rely heavily on computing power and cost-effective energy, presenting opportunities to showcase the Company’s strengths and competencies. AGM Holdings is dedicated to become one of the key participants and contributors in the global technology hardware supply chain and blockchain ecosystem. This strategic positioning strives to drive long-term value for the company, partners, and shareholders.
About AGM Group Holdings Inc.
AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
AGM Group Holdings Inc.
Email: ir@agmprime.com
Website: http://www.agmprime.com
Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
View original content:https://www.prnewswire.com/news-releases/agm-group-holdings-inc-highlights-strategic-growth-and-future-initiatives-in-ai-and-cryptocurrency-302338793.html
SOURCE AGM Group Holdings Inc.
Technology
Virtusa Positioned as a Leader in NelsonHall’s 2024 Quality Engineering NEAT Report for Multiple Market Segments
Published
41 minutes agoon
December 24, 2024By
SOUTHBOROUGH, Mass., Dec. 24, 2024 /PRNewswire/ — Virtusa Corporation, a global leader in digital business strategy, digital engineering, and IT services, has been positioned as a ‘Leader’ in the newly released NelsonHall 2024 NEAT (NelsonHall Vendor Evaluation and Assessment Tool) report for Quality Engineering. This recognition spans four critical segments: Overall Quality Engineering, AI-based Analytics & Automation, Application Migration to Cloud Testing, and GenAI Use Cases. Virtusa has also been designated a ‘Major Player’ in the RPA-based Automation market segment.
NelsonHall’s NEAT evaluation reflects Virtusa’s commitment to delivering high-impact, transformative solutions in Quality Engineering, combining leading-edge AI-based analytics, automation, and migration testing services that enable organizations to elevate quality, reduce risk, and accelerate innovation. Through deep technical expertise and industry alignment, Virtusa’s quality engineering team provides services to support robust digital transformation initiatives, enabling enterprises to stay resilient in an evolving market landscape.
“The demand for highly specialized quality engineering solutions has never been greater,” said Ram Meenakshisundaram, Chief Technology Officer at Virtusa. “Our focus on AI-based analytics, automation, and cloud testing solutions positions us to support our clients’ strategic quality engineering initiatives. Being recognized as a Leader in four segments by NelsonHall further underscores Virtusa’s ability to deliver resilient and future-ready solutions for our clients.”
Virtusa’s portfolio includes advanced offerings in AI-based analytics, cloud migration, and GenAI use cases. It is supported by an Engineering First approach that prioritizes practical, high-impact applications of automation and quality assurance technologies. This framework enables clients to achieve measurable business outcomes and confidently pursue digital transformation goals.
Dominique Raviart, NelsonHall’s IT Services Practice Manager, said, “Virtusa is focused on increasing the level of automation in QE, investing in GenAI and increasing the depth of current GenAI use cases such as test case optimization and defect triaging. The company is already investing in testing LLMs, addressing a new level of complexity across data, prompts, and model efficiency.”
For more information on Virtusa’s digital Engineering services, visit https://www.virtusa.com/services/engineer-automate.
About Virtusa
Virtusa Corporation provides digital engineering and technology services and solutions for Forbes Global 2000 companies across industries, including financial services, healthcare, telecommunications, media, manufacturing, and technology. With a foundation in digital engineering, Virtusa empowers enterprises to navigate digital transformation, driving operational efficiency and measurable outcomes. Leveraging its Engineering First approach, Virtusa partners with organizations to tackle complex challenges, delivering solutions that ensure resilience and competitive advantage.
Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.
About NelsonHall
NelsonHall is the leading global analyst firm dedicated to helping organizations understand the ‘art of the possible’ in digital operations transformation. With analysts in the U.S., U.K., Continental Europe, and India, NelsonHall provides buy-side organizations with detailed, critical information on markets and vendors (including NEAT assessments) that helps them make fast and highly informed sourcing decisions. And for vendors, NelsonHall provides deep knowledge of market dynamics and user requirements to help them hone their go-to-market strategies. NelsonHall’s analysis is based on rigorous, primary research, and is widely respected for the quality and depth of its insight.
Media Contact:
Paul Lesinski
Edelman
(971) 226-5299
View original content to download multimedia:https://www.prnewswire.com/news-releases/virtusa-positioned-as-a-leader-in-nelsonhalls-2024-quality-engineering-neat-report-for-multiple-market-segments-302336364.html
SOURCE Virtusa Corporation
Spectral Capital Announces Transformation into a Deep Quantum Technology Platform
AGM Group Holdings Inc. Highlights Strategic Growth and Future Initiatives in AI and Cryptocurrency
Virtusa Positioned as a Leader in NelsonHall’s 2024 Quality Engineering NEAT Report for Multiple Market Segments
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days ago
FLACK GLOBAL METALS EXECUTES FIRST BUSHELING FUTURES CONTRACT
-
Coin Market5 days ago
German watchdog orders Worldcoin to delete data collected illegally
-
Coin Market4 days ago
Tornado Cash dev wants charges dropped after court said OFAC ‘overstepped’
-
Coin Market5 days ago
Bitcoin trader sees 'larger' BTC price dip next month as $100K holds
-
Technology5 days ago
Octane Partners with CFMOTO to Provide Financing to Prime Customers
-
Technology5 days ago
CasinoTopsOnline.com launches TopsRank, a new transparent rating system for online casinos
-
Coin Market5 days ago
Chainalysis acquires Web3 security firm Hexagate
-
Coin Market5 days ago
Ripple Labs’ RLUSD stablecoin: Everything you need to know