Technology
Vapotherm Reports Second Quarter 2024 Financial Results
Published
1 month agoon
By
EXETER, N.H., Aug. 12, 2024 /PRNewswire/ — Vapotherm, Inc. (OTCQX: VAPO), (“Vapotherm” or the “Company”), today announced second quarter 2024 financial results and related highlights.
Second Quarter 2024 Financial Results and Related Highlights
Net revenue for the second quarter of 2024 was $16.9 million, an increase of 5.3% as compared to the second quarter of 2023Disposables revenue increased by 13.9% as compared to the second quarter of 2023U.S. disposables revenue increased by 25.9% as compared to the second quarter of 2023Gross margin in the second quarter of 2024 was 49.1% as compared to 42.8% in the second quarter of 2023For the second quarter of 2024, GAAP operating expenses were $17.6 million and non-GAAP cash operating expenses, as defined below, were $12.1 millionGAAP operating expenses increased by $0.5 million from the second quarter of 2023Non-GAAP cash operating expenses decreased by $2.1 million from the second quarter of 2023Adjusted EBITDA loss in the second quarter of 2024 was $2.9 million as compared to an Adjusted EBITDA loss of $6.4 million in the second quarter of 2023The Company’s unrestricted cash and cash equivalents were $2.9 million at the end of the second quarter of 2024
“I’m pleased our U.S. disposables revenue grew by nearly 26% over the second quarter of 2023 and our worldwide disposables revenue grew by nearly 14% over the same period,” said Joseph Army, President and CEO. “We are seeing increased adoption of our technology on COPD patients since the results of the HYPERACT study were presented at the 2024 Critical Care Congress.”
Results for the Three Months Ended June 30, 2024
The following table reflects the Company’s net revenue for the three months ended June 30, 2024 and 2023:
Three Months Ended June 30,
2024
2023
Change
(in thousands, except percentages)
Amount
% of Revenue
Amount
% of Revenue
$
%
Revenue
Capital (product & lease revenue)
$
3,061
18.1
%
$
3,646
22.7
%
$
(585)
(16.0)
%
Disposables
12,442
73.7
%
10,927
68.1
%
1,515
13.9
%
Service and other
1,381
8.2
%
1,464
9.2
%
(83)
(5.7)
%
Total net revenue
$
16,884
100.0
%
$
16,037
100.0
%
$
847
5.3
%
Net revenue for the second quarter of 2024 was $16.9 million and increased 5.3% over the second quarter of 2023 primarily due to U.S. disposables revenue growth of 25.9% over the second quarter of 2023, which was driven by increased unit volume and adoption of the Company’s HVT 2.0 platform.
Revenue information by geography is summarized as follows:
Three Months Ended June 30,
2024
2023
Change
(in thousands, except percentages)
Amount
% of Revenue
Amount
% of Revenue
$
%
United States
$
13,323
78.9
%
$
11,847
73.9
%
$
1,476
12.5
%
International
3,561
21.1
%
4,190
26.1
%
(629)
(15.0)
%
Total net revenue
$
16,884
100.0
%
$
16,037
100.0
%
$
847
5.3
%
Net revenue in the United States for the second quarter of 2024 was $13.3 million and increased 12.5% over the second quarter of 2023 primarily due to U.S. disposables revenue growth. Net revenue in International markets for the second quarter of 2024 was $3.6 million and decreased 15.0% over the second quarter of 2023 due to a decrease in disposables revenue in distributor markets.
Gross profit and gross margin for the second quarter of 2024 was $8.3 million and 49.1%, respectively, as compared to gross profit of $6.9 million and gross margin of 42.8% for the second quarter of 2023. The increases in gross profit and gross margin were primarily due to the improved efficiency of our Mexico operation.
Total operating expenses were $17.6 million in the second quarter of 2024, an increase of $0.5 million as compared to the second quarter of 2023. Non-GAAP cash operating expenses, which exclude merger-related costs, gain on disposal of property and equipment, depreciation and amortization, stock-based compensation expense, and gain from deconsolidation were $12.1 million in the second quarter of 2024 compared to $14.2 million in the second quarter of 2023. The increase in operating expenses was primarily due to merger-related costs, partially offset by the Company’s Path to Profitability initiatives. The decrease in non-GAAP cash operating expenses was primarily due to the Company’s Path to Profitability initiatives.
Net loss for the second quarter of 2024 was $14.3 million, or $2.22 per share, compared to $14.8 million, or $2.34 per share, in the second quarter of 2023. Net loss per share was based on 6,442,763 and 6,328,222 weighted average shares outstanding for the second quarter of 2024 and 2023, respectively.
Adjusted EBITDA was negative $2.9 million for the second quarter of 2024 as compared to negative $6.4 million for the second quarter of 2023. The reduction in Adjusted EBITDA loss was primarily due to the Company’s Path to Profitability initiatives.
Cash Position
Unrestricted cash and cash equivalents were $2.9 million as of June 30, 2024 compared to $9.7 million as of December 31, 2023.
Website Information
Vapotherm routinely posts important information for investors on the Investor Relations section of its website, http:// investors.vapotherm.com/. Vapotherm intends to use this website as a means of disclosing material, non-public information and for complying with Vapotherm’s disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Vapotherm’s website, in addition to following Vapotherm’s press releases, Securities and Exchange Commission (“SEC”) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, Vapotherm’s website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including EBITDA, Adjusted EBITDA, non-GAAP operating expenses and non-GAAP cash operating expenses. EBITDA and Adjusted EBITDA differ from net income as calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) and non-GAAP operating expenses and non-GAAP cash operating expenses differ from operating expenses as calculated in accordance with GAAP. EBITDA represents net loss less interest expense, net, income tax provision or benefit, and depreciation and amortization, and Adjusted EBITDA represents EBITDA as further adjusted for the merger-related costs, impact of foreign currency (loss) gain, stock-based compensation expense, gain from deconsolidation and gain on disposal of property and equipment. Non-GAAP operating expenses is calculated by excluding from GAAP operating expenses merger-related costs, gain on disposal of property and equipment, and non-GAAP cash operating expenses is calculated by further excluding additional items, including stock-based compensation expense, depreciation and amortization, and gain from deconsolidation. The Company has reconciled all historical non-GAAP financial measures with the most directly comparable GAAP financial measures in tables accompanying this release.
These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these non-GAAP financial measures, as measures of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating budget and financial projections. The Company believes these measures are useful to investors as supplemental information because they are frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company believes Adjusted EBITDA is useful to its management and investors as a measure of comparative operating performance from period to period.
These non-GAAP financial measures should not be considered alternatives to, or superior to, net income or loss as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP. They should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our capital expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Adjusted EBITDA presentation. The Company’s presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using Adjusted EBITDA and other non-GAAP financial measures on a supplemental basis. The Company’s definitions of Adjusted EBITDA, non-GAAP operating expenses and non-GAAP cash operating expenses are not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.
About Vapotherm
Vapotherm, Inc. (OTCQX: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology based in Exeter, New Hampshire, USA. The Company develops innovative, comfortable, non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders. Over 4.5 million patients have been treated with the use of Vapotherm high velocity therapy® systems. For more information, visit www.vapotherm.com.
Vapotherm high velocity therapy is mask-free non-invasive respiratory support and is a front-line tool for relieving respiratory distress—including hypercapnia, hypoxemia, and dyspnea. It allows for the fast, safe treatment of undifferentiated respiratory distress with one tool. The HVT 2.0 and Precision Flow systems’ mask-free interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask therapies. While being treated, patients can talk, eat, drink and take oral medication.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including the statement about the Company’s belief regarding an increased willingness to use the Company’s technology on COPD patients. In some cases, you can identify forward-looking statements by terms such as “believe,” “expect,” “continue,” “plan,” “intend,” “will,” “outlook,” or “typically,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words, and the use of future dates. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include, but are not limited to the following: Vapotherm’s proposed merger with Veronica Merger Sub, Inc. and Vapotherm’s ability to satisfy the conditions to closing or otherwise complete the merger on a timely basis or at all and the impact the pending merger may have on Vapotherm’s current plans and operations, including potentially diverting management’s attention from our business; the effects of the merger (or the announcement or pendency thereof) on Vapotherm’s future business and financial and operating results, its ability to retain key personnel and maintain relationships with customers, manufacturers, suppliers, employees (including the risks relating to the ability to retain or hire key personnel), other business partners or governmental entities, and the risk and outcome of legal proceedings related to the merger; Vapotherm’s ability to raise additional capital to fund its existing operations and debt service obligations; Vapotherm’s ability to comply with its financial covenants, execute on its path to profitability initiative, convert excess inventory into cash and fund its business and otherwise continue as a going concern through 2024; Vapotherm has incurred losses in the past and may be unable to achieve or sustain profitability in the future; risks associated with its manufacturing operations in Mexico; Vapotherm’s dependence on sales generated from its High Velocity Therapy systems, competition from multi-national corporations who have significantly greater resources than Vapotherm and are more established in the respiratory market; the ability for High Velocity Therapy systems to gain increased market acceptance; Vapotherm’s inexperience directly marketing and selling its products; the potential loss of one or more suppliers and dependence on its new third party manufacturer; Vapotherm’s susceptibility to seasonal fluctuations; Vapotherm’s failure to comply with applicable United States and foreign regulatory requirements; the failure to obtain U.S. Food and Drug Administration or other regulatory authorization to market and sell future products or its inability to secure, maintain or enforce patent or other intellectual property protection for its products; the impact of COVID on its business, including its supply chain; risks in holding Vapotherm stock in light of trading on the OTCQX tier of the OTC Markets; and the other risks and uncertainties included under the heading “Risk Factors” in Vapotherm’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 22, 2024, and subsequent SEC reports. The forward-looking statements contained in this press release reflect Vapotherm’s views as of the date hereof, and Vapotherm does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
VAPOTHERM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
June 30, 2024
December 31, 2023
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
2,904
$
9,725
Accounts receivable, net of expected credit losses
of $240 and $160, respectively
8,563
10,672
Inventories, net
23,295
22,968
Prepaid expenses and other current assets
2,259
3,058
Total current assets
37,021
46,423
Property and equipment, net
23,592
23,703
Operating lease right-of-use assets
2,911
3,372
Restricted cash
1,109
1,109
Goodwill
561
565
Deferred income tax assets
56
57
Other long-term assets
2,677
2,388
Total assets
$
67,927
$
77,617
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable
$
4,381
$
5,053
Contract liabilities
1,258
1,237
Accrued expenses and other current liabilities
22,913
12,805
Current portion of loans payable, net
118,406
–
Total current liabilities
146,958
19,095
Long-term loans payable, net
–
107,059
Other long-term liabilities
2,288
6,797
Total liabilities
149,246
132,951
Commitments and contingencies
Stockholders’ deficit
Preferred stock ($0.001 par value) 25,000,000 shares authorized; no shares
issued and outstanding as of June 30, 2024 and December 31, 2023
–
–
Common stock ($0.001 par value) 21,875,000 shares authorized as of
June 30, 2024 and December 31, 2023, 6,241,958 and 6,165,806
shares issued and outstanding as of June 30, 2024 and
December 31, 2023, respectively
6
6
Additional paid-in capital
496,083
492,764
Accumulated other comprehensive (loss) income
(106)
91
Accumulated deficit
(577,302)
(548,195)
Total stockholders’ deficit
(81,319)
(55,334)
Total liabilities and stockholders’ deficit
$
67,927
$
77,617
VAPOTHERM, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
Net revenue
$
16,884
$
16,037
$
36,018
$
33,768
Cost of revenue
8,601
9,177
18,078
20,696
Gross profit
8,283
6,860
17,940
13,072
Operating expenses
Research and development
3,328
3,723
6,960
7,710
Sales and marketing
6,732
8,276
13,874
17,868
General and administrative
3,768
5,019
8,240
10,789
Merger-related costs
3,723
–
3,723
–
Impairment of right-of-use assets
–
–
–
432
(Gain) loss on disposal of property and equipment
(1)
(2)
(9)
53
Total operating expenses
17,550
17,016
32,788
36,852
Loss from operations
(9,267)
(10,156)
(14,848)
(23,780)
Other (expense) income
Interest expense
(4,944)
(4,642)
(14,197)
(8,973)
Interest income
1
26
6
54
Foreign currency (loss) gain
(43)
9
(39)
(145)
Net loss before income taxes
$
(14,253)
$
(14,763)
$
(29,078)
$
(32,844)
Provision for income taxes
18
25
29
34
Net loss
$
(14,271)
$
(14,788)
$
(29,107)
$
(32,878)
Other comprehensive (loss) income:
Foreign currency translation adjustments
(35)
(22)
(197)
113
Total other comprehensive (loss) income
(35)
(22)
(197)
113
Total comprehensive loss
$
(14,306)
$
(14,810)
$
(29,304)
$
(32,765)
Net loss per share – basic and diluted
$
(2.22)
$
(2.34)
$
(4.52)
$
(5.76)
Weighted-average number of shares used in calculating net
loss per share, basic and diluted (1)
6,442,763
6,328,222
6,436,631
5,705,607
(1) On August 18, 2023, the Company effected a 1:8 reverse stock split for each share of common stock issued
and outstanding. All shares and associated amounts have been retroactively restated to reflect the stock split.
VAPOTHERM, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended June 30,
2024
2023
Cash flows from operating activities
Net loss
$
(29,107)
$
(32,878)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense
3,290
5,405
Depreciation and amortization
2,528
2,445
Provision for credit losses
110
(2)
Provision for inventory valuation
73
283
Non-cash lease expense
461
733
Impairment of right-of-use assets
–
432
(Gain) loss on disposal of property and equipment
(9)
53
Placed units reserve
234
418
Interest paid in-kind
4,918
4,553
Non-cash interest expense
4,931
620
Amortization of discount on debt
429
368
Deferred income taxes
29
34
Changes in operating assets and liabilities:
Accounts receivable
1,986
212
Inventories
(407)
7,646
Prepaid expenses and other assets
506
(2,794)
Accounts payable
(579)
(315)
Contract liabilities
23
72
Accrued expenses and other liabilities
2,045
(3,460)
Operating lease liabilities, current and long-term
(1,288)
(1,213)
Net cash used in operating activities
(9,827)
(17,388)
Cash flows from investing activities
Purchases of property and equipment
(2,662)
(1,408)
Net cash used in investing activities
(2,662)
(1,408)
Cash flows from financing activities
Proceeds from issuance of common stock and pre-funded warrants and
accompanying warrants in private placement, net of issuance costs
–
20,943
Proceeds from loans, net of discount
5,820
–
Proceeds from exercise of warrants
–
3
Proceeds from exercise of stock options
1
–
Proceeds from issuance of common stock under Employee Stock Purchase Plan
12
77
Net cash provided by financing activities
5,833
21,023
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(165)
35
Net (decrease) increase in cash, cash equivalents and restricted cash
(6,821)
2,262
Cash, cash equivalents and restricted cash
Beginning of period
10,834
16,847
End of period
$
4,013
$
19,109
Supplemental disclosures of cash flow information
Interest paid during the period
$
3,557
$
2,720
Property and equipment purchases in accounts payable and accrued expenses
$
732
$
175
Issuance of common stock warrants in conjunction with long term debt
$
16
$
71
Issuance of common stock for services
$
155
$
117
Non-GAAP Financial Measures
The following table contains a reconciliation of net loss to Adjusted EBITDA for the three months ended June 30, 2024 and 2023, respectively.
Three Months Ended June 30,
2024
2023
(Unaudited)
(in thousands)
Net loss
$
(14,271)
$
(14,788)
Interest expense, net
4,943
4,616
Provision for income taxes
18
25
Depreciation and amortization
1,224
1,197
EBITDA
$
(8,086)
$
(8,950)
Merger-related costs
3,723
–
Stock-based compensation
1,456
2,585
Foreign currency loss (gain)
43
(9)
Gain from deconsolidation
–
(5)
Gain on disposal of property and equipment
(1)
(2)
Adjusted EBITDA
$
(2,865)
$
(6,381)
The following table contains a reconciliation of operating expenses to Non-GAAP operating expenses and Non-GAAP cash operating expenses for the three months ended June 30, 2024 and June 30, 2023, respectively.
Three Months Ended June 30,
2024
2023
(Unaudited)
(in thousands)
GAAP operating expenses
$
17,550
$
17,016
Merger-related costs
(3,723)
–
Gain on disposal of property and equipment
1
2
Non-GAAP operating expenses
13,828
17,018
Stock-based compensation
(1,423)
(2,534)
Depreciation and amortization
(262)
(293)
Gain from deconsolidation
–
5
Non-GAAP cash operating expenses
$
12,143
$
14,196
Supplemental Operating Metrics
June 30,
2024
2023
Change
Amount
Amount
Amount
%
HVT 2.0 and precision flow units installed base
United States
24,992
24,563
429
1.7
%
International
12,975
12,729
246
1.9
%
Total
37,967
37,292
675
1.8
%
Three Months Ended June 30,
2024
2023
Change
Amount
Amount
Amount
%
HVT 2.0 and precision flow units sold and leased
United States
193
293
(100)
(34.1)
%
International
99
146
(47)
(32.2)
%
Total
292
439
(147)
(33.5)
%
Disposable patient circuits sold
United States
82,290
69,323
12,967
18.7
%
International
29,634
35,744
(6,110)
(17.1)
%
Total
111,924
105,067
6,857
6.5
%
Investor Relations Contacts:
John Landry, SVP & CFO, ir@vtherm.com, +1 (603) 658-0011
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SOURCE Vapotherm, Inc.
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The new investment will accelerate Pyka’s growth across its dual-use product line. On the commercial side, it will support further investment in Pyka’s domestic manufacturing capabilities, boost production of its Pelican Spray and Pelican Cargo products, and enable expanded operations with both U.S. and international customers. Additionally, the Series B funds will advance the development of new capabilities to support contested logistics operations for the U.S. Department of Defense and allied partners.
“From the beginning, Pyka was focused on getting into the air and getting into business with commercial operations. Their cost-effective mindset and discipline caught our attention,” said Andrew Beebe, Managing Director at Obvious Ventures. “And what got us really excited was the passion of the team and their mission-driven focus on electrifying aviation and decarbonizing one of the worst offenders in the world.”
Pyka’s family of products includes Pelican Spray, a 1,320-lb, fully autonomous, and 100% electric aircraft designed for complex agricultural operations. The aircraft combines best-in-class spray precision and chemical drift reduction technologies to provide safe, clean, and cost-effective crop protection at scale. Pelican Spray is the largest FAA-approved UAS for agricultural operations and the most productive spray UAS on the Market.
Additionally, Pyka produces Pelican Cargo, the world’s first large-scale autonomous electric cargo aircraft capable of heavy-payload, long-range, and off-airport operation. The 100% electric aircraft can transport up to 400 lbs over a range of 200 miles. Pyka has partnered with Sierra Nevada Company to introduce RUMRUNNER, a modified edition of Pelican Cargo, to customers within the U.S. Department of Defense for sustainment in contested logistics operations.
All of Pyka’s products incorporate its proprietary autonomous flight engine and all-electric propulsion system to enable operations in the world’s most complex environments without putting human operators in harm’s way, at unprecedented cost savings to customers.
About Pyka:
Pyka is defining the future of safe, environmentally-friendly, and cost-effective aviation with autonomous electric airplanes for crop protection and cargo delivery. Pyka’s proprietary technology includes autonomous flight control software, flight computers, high energy density batteries, advanced electric propulsion systems, and carbon composite airframes. Learn more at www.flypyka.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pyka-secures-40m-series-b-to-advance-commercialization-of-dual-use-autonomous-electric-aircraft-302255688.html
SOURCE Pyka
Technology
#PlumeStrong Cycling Challenge 2024 Surpasses Goal by Raising over €610.000 for Street Child to Develop Secondary Schools in Sierra Leone
Published
2 mins agoon
September 23, 2024By
PALO ALTO, Calif., Sept. 23, 2024 /CNW/ — Plume completed its fourth annual #PlumeStrong Cycling Challenge (#PSCC24) – a 5-stage 824 km route from Zurich, Switzerland to Venice, Italy that took place from September 2-6, 2024. The #PSCC is a fundraiser to benefit #PlumeStrong, Plume’s social impact initiative with a mission to empower communities worldwide through meaningful initiatives that promote health, education, equality, efficiency, sustainability, technological innovation, and security. #PlumeStrong envisions a world where more individuals, particularly children, have access to education, resources, and opportunities.
During the five-day ride through the iconic mountain passes of Switzerland and Italy, Plume employees and corporate partners were joined by #PlumeStrong Ambassadors Tadej Pogačar, a three-time Tour de France winner, Urška Žigart, a Slovenian professional racing cyclist, currently riding for the Liv AlUla Jayco WorldTeam, Scott Ogden, English Grand Prix motorcycle racer currently competing in the 2024 Moto3 World Championship for MLav Racing, and Marko Baloh, Guinness & WUCA World Record Holder and elite ultra-cyclist and coach.
Together, #PSCC24 and its supporters raised over €610,000 surpassing the initiative’s original target of €550,000. Recently, #PlumeStrong and its charity partner Street Child announced that the money raised during the #PSCC24 will be used to benefit Street Child’s work in Sierra Leone. The initial goal was to develop 15 rural secondary schools, providing quality education to over 1,500 children annually, teacher training, and the establishment of a community agriculture project to help sustain the school. Due to the excess funds already raised, #PlumeStrong and Street Child are now expanding the project to develop an additional 5 schools bringing the total number to 20.
Fahri Diner
“I am so proud of what the #PlumeStrong team achieved, said Fahri Diner, Founder and CEO of Plume. “We set a goal for this year’s ride and once again exceeded it. The #PlumeStrong Cycling Challenge 2024 (#PSCC24) was indeed a serious ‘challenge’ and not just a social ride – everyone who participated should feel an incredible sense of accomplishment. And more importantly, it was a successful fundraiser to help Street Child to provide additional educational opportunities for children. As is cycling, this was a beautifully orchestrated team effort, and we are so grateful for the commitment of our people, sponsors, partners, support teams and everyone who donated to the #PSCC24. On behalf of all of us at Plume, a big THANK YOU to all.”
Lucinda Dannatt
“We are thrilled by the success of the #PlumeStrong Cycling Challenge 2024, which has exceeded the initial fundraising goal, said Lucinda Dannatt, Director, Policy & Development and Co-Founder at Street Child. “Thanks to the incredible dedication of #PlumeStrong and its supporters, Street Child can now develop an additional 5 secondary schools, bringing the total to 20 schools and ensuring that at least 2,000 children in Sierra Leone will have the opportunity to receive a quality education. A huge thank you to everyone who braved the 800 km of mountain passes or supported us through donations and sponsorships. Your commitment has made this remarkable achievement possible.”
Tadej Pogačar
“Participating in the #PlumeStrong challenge is a point of pride in my life, and I am thrilled to have ridden again with #PlumeStrong,” said Tadej Pogačar. “I recognize the importance of giving back to those in need and this cycling challenge is one of my favorite ways to do so. The money being raised today will impact those in Sierra Leone and beyond, and I’m honored to be part of this great effort.”
Urška Žigart
“It’s a privilege to be a part of this incredible community of individuals all focused on providing opportunities to communities around the world,” said Urška Žigart. “Becoming a #PlumeStrong Ambassador is a milestone for me, made sweeter by the fact that we’re building a bridge to the cycling world. I look forward to participating in these challenges for years to come.”
Watch the #PSCC24 recap video here: https://www.youtube.com/watch?v=N2mPn2VA_nI
Media queries:
Plume: corporatecomms@plume.com
Street Child: ben.weich@street-child.org
About Plume
Plume is the creator of the world’s first SaaS experience platform for communications service providers (CSPs) and their subscribers, deployed in more than 60 million locations globally. As the only open and hardware-independent, cloud-controlled solution, Plume enables the rapid delivery of new services for smart homes, small businesses and beyond, at massive scale. On the front end, Plume delivers self-optimizing, adaptive WiFi, cybersecurity, access, parental controls and more. CSPs get robust data- and AI-driven back-end applications for unprecedented visibility, insights, support, operations and marketing. Plume leverages OpenSync®, an open-source framework that comes pre-integrated and supported on the leading silicon, CPE and platform SDKs.
Visit plume.com, plume.com/homepass, plume.com/workpass, plume.com/uprise, and opensync.io.
Follow Plume on LinkedIn and Instagram
© 2024 Plume Design, Inc. All rights reserved. Adaptive, Advanced loT Protection, Concierge, Flow, Harvest, Haystack, HomePass, OpenSync, Plume, Plume Adaptive WiFi, Plume IQ, Powered by Plume, Signal, SuperPod, WorkPass, Work From Here, WorldPass, and the Plume and OpenSync Logos, among others, are trademarks or registered trademarks of Plume Design, Inc. See trademark guidelines.
About Street Child
Street Child is one of the world’s fastest-growing international children’s charities, established in 2008. Street Child works to ensure children are safe, in school and learning even, and especially, in low resource environments and emergencies. The charity works with an expanding network of local organisations and a focus on the power and purpose of inspirational local level organisations sits at the heart of all they do – and has done so since the first partnership in Sierra Leone in 2008.
Today Street Child works in over 25 countries across sub-Saharan Africa, Asia, Europe and the Middle East.
Follow Street Child on LinkedIn and X
View original content to download multimedia:https://www.prnewswire.com/news-releases/plumestrong-cycling-challenge-2024-surpasses-goal-by-raising-over-610-000-for-street-child-to-develop-secondary-schools-in-sierra-leone-302255700.html
SOURCE Plume Design, Inc.
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#PlumeStrong Cycling Challenge 2024 Surpasses Goal by Raising over €610.000 for Street Child to Develop Secondary Schools in Sierra Leone
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