Connect with us

Technology

CleanSpark Reports Third Quarter FY2024 Financial Results

Published

1 month ago

on

FY2024 Third Quarter Revenue of $104.1 million, net loss of ($236.2) million and Adjusted EBITDA of ($12.7) million  

Revenue grows 129% year over year 

Current hashrate surpasses 22 EH/s 

Partners with Coinbase on $50 million line of credit

LAS VEGAS, Aug. 9, 2024 /PRNewswire/ — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner®, today reported financial results for the three months ended June 30, 2024.

“We had a tremendous quarter with a 24% increase in hashrate during the quarter and an 21% increase in efficiency year to date. We are also executing on expansions into two new states, Tennessee and Wyoming,” said Zach Bradford, CEO. “We have made a strategic decision to best position the company to thrive now and into the future, recognizing the need to maximize efficiency of our miners and operations. Specifically, we determined to replace a substantial portion of our fleet before the miners reached the end of their originally expected life cycle. Although that decision has generated a non-cash expense that negatively affects our reported operating results for this quarter. We believe this is the most prudent step for the long-term success of the company. Our team has done an incredible job optimizing the efficiency of our deployed fleet to maximize profitability. We believe, based on information from independent third-party sources, that CleanSpark is currently the most efficient large-scale publicly traded Bitcoin miner.”

“CleanSpark weathered the challenges of the bitcoin halving with one of the most efficient mining portfolios as evidenced by our strong gross margins,” said Gary A. Vecchiarelli, CFO. “During the third quarter, we saw block rewards get cut by 50%, yet we managed to recognize only 7% less revenue by mining 1,583 bitcoin in the period. Additionally, we recognized a net loss primarily due to two non-cash factors: an unfavorable mark-to-market on the fair value of our large bitcoin holdings and an impairment on older, less-efficient miners. The non-cash impairment was directly attributable to a conscious strategic decision to upgrade and maintain one of the world’s largest and most efficient state-of-the-art mining fleets. We continue to have one of the strongest balance sheets in the industry and as a result I am happy to announce that we have also entered into a partnership with Coinbase where we have acquired a $50 million revolving line of credit collateralized by a portion of our bitcoin holdings. This line of credit will help us continue to take advantage of opportunities in the marketplace at a low cost of capital.”

Q3 Financial Highlights

Financial Results for the Three Months Ended June 30, 2024.

The Company increased its quarterly revenues to $104.1 million, an increase of $58.6 million, or 129% from $45.5 million for the same prior year period.Net loss for the three months ended June 30, 2024 was ($236.2) million or ($1.03) basic income loss per share compared to a loss of ($14.1) million or ($0.12) loss per share for the same prior year period.Adjusted EBITDA1 decreased to ($12.7) million, a decrease of ($26.0) million from $13.3 million in the prior year.

Balance Sheet Highlights as of June 30, 2024

Assets

Cash: $129.2 millionBitcoin: $413.0 millionTotal Current assets: $598.8 millionTotal Mining assets (including prepaid deposits & deployed miners): $625.8 millionTotal Assets: $1.48 billion

Liabilities and Stockholders’ Equity

Current Liabilities: $67.0 millionTotal Liabilities: $73.4 millionTotal Stockholders’ Equity: $1.40 billion

The Company had working capital of $531.9 million and $11.0 million of debt as of June 30, 2024.

Investor Conference Call and Webcast

The Company will hold its third quarter FY2024 earnings presentation and business update for investors and analysts today, August 9, 2024, at 1:30 p.m. PT / 4:30 p.m. ET.

Webcast URL: https://investors.cleanspark.com  

The webcast will be accessible for at least 30 days on the Company’s website and a transcript of the call will be available on the Company’s website following the call.

About CleanSpark

CleanSpark (Nasdaq: CLSK) is America’s Bitcoin Miner®. We own and operate multiple data centers that primarily run on low-carbon power. Our infrastructure responsibly supports Bitcoin, the world’s most important digital commodity and an essential tool for financial independence and inclusion. We cultivate trust and transparency among our employees and the communities we operate in. Visit our website at www.cleanspark.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: achieving our future growth plans; using the line of credit and realizing a lower cost of capital; closing on announced expansions; the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and any subsequent filings with the SEC. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

1 See “Non-GAAP Measure” and the related reconciliation below.

Non-GAAP Measure

The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States(“GAAP”). The Company’s non-GAAP “Adjusted EBITDA” excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company’s share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions,  all of which are non-cash items that the Company believes are not reflective of the Company’s general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company’s ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed;  (vii) gains and losses related to discontinued operations that would not be applicable to the Company’s future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from our calculation of adjusted EBITDA, but has determined such items are part of the Company’s normal ongoing operations and will no longer be excluding them from our calculation of adjusted EBITDA.

Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis.  Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate our bitcoin related revenues).  For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

The Company’s adjusted EBITDA measure may not be directly comparable to similar measures  provided by other companies in our industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s Consolidated Financial Statements, which have been prepared in accordance with GAAP.

 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value and share amounts)

June 30,
2024

September 30,
2023

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

126,141

$

29,215

Restricted cash

3,023

—

Receivable from equity offerings

31,158

9,590

Prepaid expense and other current assets

7,656

3,258

Bitcoin (see Note 2 and Note 5)

413,033

56,241

Note receivable from GRIID (see Note 6)

15,000

—

Derivative investment asset

1,692

2,697

Investment in debt security, at fair value

812

726

Current assets held for sale

320

445

Total current assets

$

598,835

$

102,172

Property and equipment, net

$

568,393

$

564,395

Operating lease right of use asset

2,872

688

Intangible assets, net

3,580

4,603

Deposits on miners and mining equipment

284,541

75,959

Other long-term assets

9,311

5,718

Goodwill

8,043

8,043

Total assets

$

1,475,575

$

761,578

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable and accrued liabilities

$

56,488

$

65,577

Current portion of operating lease liability

198

181

Current portion of finance lease liability

23

130

Current portion of long-term loans payable

9,665

6,992

Current liabilities held for sale

611

1,175

Total current liabilities

$

66,985

$

74,055

Long-term liabilities

Operating lease liability, net of current portion

721

519

Finance lease liability, net of current portion

—

9

Loans payable, net of current portion

1,314

8,911

Deferred income taxes, net

4,356

857

Total liabilities

$

73,376

$

84,351

Stockholders’ equity

Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares;
2,000,000 authorized; 1,750,000 and 1,750,000 issued and outstanding, respectively

2

2

Common stock; $0.001 par value; 300,000,000 shares authorized; 235,525,077 and
160,184,921 shares issued and outstanding, respectively

236

160

Additional paid-in capital

1,817,128

1,009,482

Accumulated other comprehensive income

312

226

Accumulated deficit

(415,479)

(332,643)

Total stockholders’ equity

1,402,199

677,227

Total liabilities and stockholders’ equity

$

1,475,575

$

761,578

 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited, in thousands, except per share and share amounts)

For the three months ended

For the nine months ended

June 30,
2024

June 30,
2023

June 30,
2024

June 30,
2023

Revenues, net

Bitcoin mining revenue, net

$

104,108

$

45,427

$

289,693

$

115,661

Other services revenue

—

96

—

227

Total revenues, net

$

104,108

$

45,523

$

289,693

$

115,888

Costs and expenses

Cost of revenues (exclusive of depreciation and amortization
shown below)

45,180

20,681

108,374

63,179

Professional fees

4,368

2,225

8,149

8,806

Payroll expenses

17,150

10,405

49,291

29,957

General and administrative expenses

8,235

5,064

20,058

13,117

(Gain) loss on disposal of assets

(47)

—

2,281

3

Loss (gain) on fair value of bitcoin, net (see Note 2 and Note
5)

48,338

—

(107,406)

—

Impairment expense – bitcoin

—

740

—

1,017

Impairment expense – fixed assets

189,235

—

189,235

—

Impairment expense – other

—

—

396

—

Realized loss (gain) on sale of bitcoin

—

143

—

(762)

Depreciation and amortization

40,727

21,850

102,761

62,525

Total costs and expenses

$

353,186

$

61,108

$

373,139

$

177,842

Loss from operations

(249,078)

(15,585

(83,446)

(61,954)

Other income (expense)

Other income

—

—

—

11

Change in fair value of contingent consideration

—

2,000

—

2,485

Unrealized gain (loss) on derivative security

1,188

105

(1,005)

(1,110)

Interest income

2,638

52

5,909

174

Interest expense

(485)

(689

(1,557)

(2,377)

Total other income (expense)

$

3,341

$

1,468

$

3,347

$

(817)

Loss before income tax expense

(245,737)

(14,117

(80,099)

(62,771)

Income tax (benefit) expense

(9,495)

—

3,499

—

Loss from continuing operations

$

(236,242)

$

(14,117

$

(83,598)

$

(62,771)

Discontinued operations

(Loss) income from discontinued operations

$

—

$

(102

$

—

$

1,061

Income tax expense

—

—

—

—

(Loss) income on discontinued operations

$

—

$

(102

$

—

$

1,061

Net loss

$

(236,242)

$

(14,219

$

(83,598)

$

(61,710)

Preferred stock dividends

—

—

3,421

—

Net loss attributable to common shareholders

$

(236,242)

$

(14,219

$

(87,019)

$

(61,710)

Other comprehensive income

28

28

86

86

Total comprehensive (loss) income attributable to common
shareholders

$

(236,214)

$

(14,191

$

(86,933)

$

(61,624)

 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Continued)

(Unaudited, in thousands, except per share and share amounts)

For the three months ended

For the nine months ended

June 30,
2024

June 30,
2023

June 30,
2024

June 30,
2023

(Loss) income from continuing operations per common share –
basic

$

(1.03)

$

(0.12)

$

(0.42)

$

(0.72)

Weighted average common shares outstanding – basic

228,642,939

114,844,402

205,482,062

87,248,719

(Loss) income from continuing operations per common share –
diluted

$

(1.03)

$

(0.12)

$

(0.42)

$

(0.72)

Weighted average common shares outstanding – diluted

228,642,939

114,844,402

205,482,062

87,638,134

Income on discontinued operations per common share – basic

$

—

$

—

$

—

$

0.01

Weighted average common shares outstanding – basic

228,642,939

114,844,402

205,482,062

87,248,719

Income on discontinued operations per common share – diluted

$

—

$

—

$

—

$

0.01

Weighted average common shares outstanding – diluted

228,642,939

114,844,402

205,482,062

87,638,134

 

CLEANSPARK, INC.

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited, in thousands)

Three Months Ended June 30,

2024

2023

Net income (loss)

$

(236,242)

$

(14,219)

Adjustments:

Loss (income) on discontinued operations

—

102

Impairment expense – other

—

—

Impairment expense – fixed assets

189,235

—

Depreciation and amortization

40,727

21,850

Share-based compensation expense

2,946

5,947

Change in fair value of contingent consideration

—

(2,000)

Unrealized loss (gain) of derivative security

(1,188)

(105)

Interest income

(2,638)

(52)

Interest expense

485

689

  Loss on disposal of assets

(47)

—

  Income tax expense

(9,495)

—

  Fees related to financing & business development transactions

2,862

85

  Litigation & settlement related expenses

686

1,036

Total Adjusted EBITDA

$

(12,669)

$

13,333

Three months ended

March 31, 2024

Revenues, net

Digital currency mining revenue, net

$

111,799

Other services revenue

—

Total revenues, net

$

111,799

Net income

$

126,735

Adjustments:

Depreciation and amortization

32,187

Share-based compensation expense

9,797

  Impairment expense – other

396

  Unrealized loss on derivative security

949

  Interest income

(2,684)

  Interest expense

526

  Loss on disposal of assets

1,652

  Income tax expense

11,595

  Other2

676

Total Adjusted EBITDA

$

181,829

We have not excluded the changes fair value of our bitcoin (loss of $48,338 and gain of $119,702 in the quarters ended June 30, 2024 and March 31, 2024, respectively), which we now record in our statement of operations, as provided for in ASC 350-60 and as discussed elsewhere in our Form 10-Q.

2 Includes fees and expenses related to litigation, settlements, financing & business development transactions.

Investor Relations Contact
Brittany Moore
702-989-7693
ir@cleanspark.com

Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/cleanspark-reports-third-quarter-fy2024-financial-results-302219146.html

SOURCE CleanSpark, Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

CMC Japan Opens Third Office: A Major Step In AI Transformation and Business Expansion

Published

54 mins ago

on

September 23, 2024

By

HANOI, Vietnam, Sept. 23, 2024 /PRNewswire/ — On September 18, CMC Japan – the Japanese subsidiary of CMC Global celebrated the opening of its third office in Tokyo –  a key milestone in its 7-year journey of bringing Vietnamese technology to Japan. This expansion highlights CMC Japan’s leadership in advancing the “AI-X” strategy, further solidifying its position following its membership in the Japan Business Federation (Keidanren). 

Under the theme “Enable Your AI-X,” the inauguration ceremony of CMC Japan‘s third office was held at the Gajoen Tokyo Hotel, Japan, underscoring CMC’s efforts to accelerate the global “AI Transformation” Strategy for the 2024-2028 period. The new office is a pivotal step in executing this ambitious vision. 

Presenting about the AI Transformation Strategy, Mr. Nguyen Chung Chinh Chairman/CEO of CMC Corporation, stated: “Japan has been a cornerstone in CMC’s global expansion strategy for over three decades. Our achievements in Japan have paved the way for further growth in challenging markets like the U.S. and Europe. Opening our third office here marks a significant moment in our journey, reaffirming CMC’S dedication to leading AI transformation and providing cutting-edge solutions that empower clients in their digital transformation and AI-driven optimization.” 

On this occasion, CMC Japan also announced its membership in Keidanren, one of the most influential organizations in Japan’s foreign economic relations and economic policy development. This opens the door to strategic collaboration with leading corporations and reaffirms CMC’s commitment to contributing to Japan’s socio-economic development through advanced AI solutions. 

 

 

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/cmc-japan-opens-third-office-a-major-step-in-ai-transformation-and-business-expansion-302254889.html

SOURCE CMC Global

Continue Reading

Technology

TECNO SPARK 30 Series Launches with TRANSFORMERS Edition, Converting Next-level Fluency and Durability

Published

54 mins ago

on

September 23, 2024

By

HONG KONG, Sept. 22, 2024 /PRNewswire/ — Innovative technology brand TECNO announces the debut of its latest smartphone, the SPARK 30 Series, featuring a dynamic lineup of five models including the exciting SPARK 30 Series TRANSFORMERS Edition. The new series brings revolutionary durability and playability with 5-year guaranteed lag-free performance, more immersive audiovisuals, an incredible main camera and much more.

The SPARK 30 Series features a special TRANSFORMERS Edition, under license by TRANSFORMERS brand from leading toy and game company Hasbro, made up of SPARK 30 Pro Optimus Prime Edition and SPARK 30 Bumblebee Edition. In addition to powerful performance, these special devices feature iconic TRANSFORMERS elements, delivering iconic design, entertainment, and interaction like never before.

“The SPARK 30 Series is poised to revolutionize the smartphone experience, offering a symphony of unparalleled features and a coveted exclusive TRANSFORMERS Edition,” said Jack Guo, General Manager of TECNO. “With continuous enhancements to the SPARK Series, we are ensuring that vibrant, tech-savvy youth to embrace and revel in the power of our innovations to create new possibilities.” 

Creating Seamless Fluency and Durability Assured by a 5-year Lag-free Commitment

The SPARK 30 Series gives users long-lasting value for money. Certified by TÜV Rheinland, SPARK 30 Pro offers incredible 5-year lag-free operation, standing out in its class as a must-have device for a seamless experience.

Making everyday use even smoother, the SPARK 30 Series is equipped with exceptional battery capacity, impressive storage and powerful performance, with battery health at 80%+ enduring after 1,000 charge cycles. The SPARK 30 Pro’s convenient 33W Fast Charge offers 3 intelligent charging modes and can charge the device from 0-100% in approximately 70 minutes. The SPARK 30 Series offers up to 256GB+16GB (8GB Extended RAM) storage with a system slimming feature that frees up ROM space. The SPARK 30 Pro is powered by MediaTek Helio G100 processor, boasting an Antutu score over 420,000, adding to the fluid performance even more.

With super WIFI and ultra-fast 4.5G Lightning Network, consumers can enjoy enhanced online smoothness. The 4.5G Lightning Network on SPARK 30 Pro delivers speeds up to 100% faster than 4G, with download speeds reaching up to 300Mbps, while super WIFI sets internet speeds apart in a crowd, improving ability to access networks by 616% compared to without this feature. Leveraging its exceptional performance, the SPARK 30 Series demonstrates power and durability akin to that of the formidable TRANSFORMERS robots.

Inspiring with a Design Rebirth Full of the Transformers’ Visual Splendor

Complementing its ultimate performance, the TECNO SPARK 30 Series features a trendy, sleek and tech-infused design. The SPARK family’s signature large circular design is now enhanced and refined for a more streamlined appearance. With a 7.4mm ultra-thin body, the SPARK 30 Pro embraces the emerging minimalist technology trend, bringing an unprecedented grip experience in-hand. With evolved Magic Skin 3.0, it provides a blend of soft plush and premium leather with an ultra-refined texture.

Taking inspiration from the unstoppable TRANSFORMERS robots, Optimus Prime and Bumblebee, the SPARK 30 Series TRANSFORMERS Edition infuses technology with a Cybertronian-inspired design texture.  The integrated DECO design crafted with a metallic sheen and precision color coordination, adding a vibrant look while paying homage to the resilience of the iconic characters. Additionally, the edition debuts a customized interface adorned with TRANSFORMERS motifs, bringing the iconic world to life and providing a dynamic platform for users of all ages to express their love for the franchise.

Captivating with an Exceptional Audiovisual Entertainment Experience

The SPARK 30 Series creates an immersive entertainment space for users through vibrant audiovisual experiences. The SPARK 30 Pro, which features 120Hz AMOLED Eye-care Screen recognized by TÜV Low Blue Light Eye certification, delivers vivid images while providing an eye-friendly experience. The 100% full-link DCI-P3 cinema-level color gamut and 10bit color depth bring a broader color range and more accurate color expression for entertainment and enjoyment.

On the audio front, the SPARK 30 Series provides symmetrical stereo sound. With Volume Plus 2.0 algorithms and a Dual Speaker, the SPARK 30 Pro delivers up to 300% full-scene louder volume for an immersive and balanced sound. The addition of Dolby Atmos and Hi-Res certified speakers significantly enhances entertainment quality.

Furthermore, the SPARK 30 Series is also equipped with the Infrared Remote Control for 15 household devices, allowing intelligent control of home life, enabling a personalized space at will.

On the camera front, the SPARK 30 Pro boasts a 108MP main camera, complemented by 3x lossless zoom and 10x digital zoom, delivering finely tuned images no matter the distance. The SPARK 30’s SONY IMX682 Main Camera with 64MP, offers larger pixels, greater detail, and increased cropping flexibility. Equipped with TECNO AI, the SPARK 30 Series offers an array of advanced AI-driven features, including AIGC portrait, AI Eraser and AI Artboard, enhancing your productivity and creativity.

Lead by the masterful SPARK 30 and SPARK 30 Pro, the new SPARK 30 Series also features the exceptional SPARK 30C, SPARK 30 5G and SPARK 30C 5G. As well as a groundbreaking special edition device, the TRANSFORMERS collaboration adds a further layer of excitement for energetic youth, with exclusive branded merchandise and gift sets also available.

About TECNO

As a global innovative technology brand with operations in over 70 markets, TECNO has been committed to revolutionizing the digital experience in global emerging markets, relentlessly pushing for the perfect integration of contemporary, aesthetic design with the latest technologies. TECNO offers a wide range of smartphones, smart wearables, laptops and tablets, HiOS operating systems and smart home products. Guided by its brand essence of “Stop At Nothing”, TECNO is committed to unlocking the best and newest technologies for forward-looking individuals, inspiring them to never stop pursuing their best selves and their best futures. For more information, please visit TECNO’s official site: www.tecno-mobile.com.

ABOUT HASBRO 

Hasbro is a leading toy and game company whose mission is to entertain and connect generations of fans through the wonder of storytelling and exhilaration of play. Hasbro delivers play experiences for fans of all ages around the world, through toys, games, licensed consumer products, digital games and services, location-based entertainment, film, TV, and more. With a portfolio of over 1,800 iconic brands including MAGIC: THE GATHERING, DUNGEONS & DRAGONS, Hasbro Gaming, NERF, TRANSFORMERS, PLAY-DOH and PEPPA PIG, as well as premier partner brands, Hasbro brings fans together wherever they are, from tabletop to screen. 

Hasbro is guided by our Purpose to create joy and community for all people around the world, one game, one toy, one story at a time. For more than a decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media, one of the World’s Most Ethical Companies by Ethisphere Institute and one of the 50 Most Community-Minded Companies in the U.S. by the Civic 50. For more information, visit https://corporate.hasbro.com or @Hasbro on LinkedIn. 

ABOUT TRANSFORMERS 

The TRANSFORMERS brand is a global powerhouse franchise with millions of fans around the world. Since 1984, the battle between the Autobots and Decepticons has come to life in movies, TV shows, comic books, innovative toys, and digital media, bringing incredible “MORE THAN MEETS THE EYE” experiences to fans of all ages. The brand’s enduring connection is made possible by its rich storytelling and characters: the heroic Autobots who seek to protect all life.

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/tecno-spark-30-series-launches-with-transformers-edition-converting-next-level-fluency-and-durability-302254900.html

SOURCE TECNO

Continue Reading

Technology

DeepL unveils industry-first Glossary Generator to solve business communication and brand consistency challenges

Published

2 hours ago

on

September 23, 2024

By

Enhanced DeepL glossary functionality – including new glossary generator, expanded language support and more – will boost global business translations, saving time, effort, and costs

COLOGNE, Germany, Sept. 23, 2024 /PRNewswire/ — DeepL, a leading global Language AI company, today announced several updates to its glossary feature, which is a powerful tool that enhances translation consistency and accuracy by enabling professionals and companies to personalize translations for specific terms. The tool now offers the industry’s first smart glossary generator, which helps simplify and speed up the process of creating glossaries for translations. Glossary is also available in several new languages and within DeepL’s browser extensions and integrations, fitting seamlessly into existing workflows to offer an even more accessible and smooth user experience across the web and applications like Google Workspace and Microsoft 365.

“AI-powered translations are essential for businesses looking to overcome language barriers in today’s increasingly connected world, and DeepL’s powerful glossary tool takes this a step further by ensuring translations are personalized to a company’s unique phrases and needs,” said Christopher Osborne, VP of Product, DeepL. “We’re always looking for ways to improve the DeepL experience and drive even more value and ROI for 100,000+ customers worldwide, and these new capabilities make our glossary even more efficient, accessible and user-friendly – empowering teams to achieve the customization and consistency they are looking for, while minimising time spent on costly alternatives like manual translations or find-and-replace tools.”

For global businesses aiming to drive revenue growth, investing in brand consistency across all communications and languages is essential to ensure that every message—whether technical terminology, product names, or branded terms—resonates clearly with teams, customers, and markets worldwide. Consistent branding has been proven to increase revenue by 20% or more[1] and enhance visibility by 3 to 4 times[2] – however, maintaining this consistency can be expensive and complex. DeepL’s glossary tool simplifies this process, helping businesses and professionals easily create and scale high-quality, consistent multilingual communications across teams. With glossary, companies can create and manage custom translation glossaries to ensure that specific words or phrases are translated consistently according to their unique terminology.

DeepL’s glossary now offers the following expanded capabilities:

The industry’s first smart, AI-powered glossary generator: DeepL’s new glossary generator is a first-of-its-kind tool enabling teams to create custom translation glossaries with a simple file upload. Previously translated files can be leveraged to generate entries for personalized DeepL glossaries, reducing the need for manual work and significantly enhancing efficiency, enabling teams to facilitate more consistent communication at scale.Expanded glossary language functionality: Glossary now supports Korean, Danish, Swedish, Norwegian, and Romanian translations, bringing the total number of languages to 16. This allows for more precise and nuanced translations across a wider range of linguistic contexts, helping businesses reach a broader audience.More convenient access across DeepL platforms: Users are now able to access and apply the glossary directly within the DeepL browser extensions for Chrome and Edge, enabling consistent translations across the web, including Google Workspace applications. Furthermore, the glossary can now also be applied directly within DeepL for Microsoft 365 integrations, including Word, Outlook, and PowerPoint. Additionally, the glossary can be accessed through DeepL’s web browser, desktop apps, and API.

Unlike other find-and-replace tools, DeepL’s glossary excels with its advanced contextual understanding and ability to process complex grammatical elements—such as case, gender, and tense—to deliver nuanced, natural-sounding translations. This results in substantial productivity gains, largely due to the time saved in post-editing. Blind tests with language experts show that DeepL reduces post-editing time by 30% compared to Google Translate and 20% compared to Chat GPT-4. Furthermore, DeepL requires significantly fewer edits, with Google Translate and Chat GPT-4 needing two to three times as many feedback rounds.

Glossary with DeepL Pro also offers enhanced data security, including proprietary data centers, the highest level of certification and compliance standards (ISO 27001 certification, GDPR/SOC 2 type 2 compliance), data encryption, and a commitment to never using Pro customer data to train models.

DeepL’s glossary generator is now available to Pro Advanced and Ultimate subscribers with support for TMX/DOCX/PDF files. It is initially available for glossaries in German, Spanish, Japanese, Italian, French, and Russian (to and from English), with more languages coming soon.

Learn more about DeepL Pro and try out glossary yourself here.

About DeepL

DeepL is on a mission to break down language barriers for businesses everywhere. Over 100,000 businesses and governments and millions of individuals in 228 global markets trust DeepL’s Language AI platform for human-like translation and better writing. Designed with enterprise security in mind, companies around the world leverage DeepL’s AI solutions that are specifically tuned for language to transform business communications, expand markets, and improve productivity. Founded in 2017 by CEO Jaroslaw (Jarek) Kutylowski, DeepL today has over 900 passionate employees and is supported by world-renowned investors including Benchmark, IVP, and Index Ventures.

[1] Marq, “2021 Brand Consistency Report”
[2] Demand Metric x Lucid Press, “Impact of Brand Consistency” Report, 2016

View original content:https://www.prnewswire.com/apac/news-releases/deepl-unveils-industry-first-glossary-generator-to-solve-business-communication-and-brand-consistency-challenges-302254939.html

SOURCE DeepL

Continue Reading

Trending