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AudioCodes Reports Third Quarter 2024 Results

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OR YEHUDA, Israel, Nov. 6, 2024 /PRNewswire/ — 

Third Quarter Highlights

Quarterly revenues decreased by 2.2% year-over-year to $60.2 million;Quarterly service revenues increased by 6.4% year-over-year to $32.5 million;GAAP results:
– Quarterly GAAP gross margin was 65.2%;
– Quarterly GAAP operating margin was 8.1%;
– Quarterly GAAP EBITDA was $5.9 million;
– Quarterly GAAP net income was $2.7 million, or $0.09 per diluted share. Non-GAAP results:
– Quarterly Non-GAAP gross margin was 65.6%;
– Quarterly Non-GAAP operating margin was 11.7%;
– Quarterly Non-GAAP EBITDA was $7.9 million;
– Quarterly Non-GAAP net income was $4.9 million, or $0.16 per diluted share.Net cash provided by operating activities was $7.9 million for the quarter.AudioCodes repurchased 332,709 of its ordinary shares during the quarter at an aggregate cost of $3.6 million.

Details

AudioCodes (NASDAQ: AUDC), a leading provider of unified communications voice, contact center and conversational AI applications and services for enterprises, today announced its financial results for the third quarter ended September 30, 2024.

Revenues for the third quarter of 2024 were $60.2 million compared to $61.6 million for the third quarter of 2023.

EBITDA for the third quarter of 2024 was $5.9 million compared to $6.4 million for the third quarter of 2023.

On a Non-GAAP basis, EBITDA for the third quarter of 2024 was $7.9 million compared to $10.1 million for the third quarter of 2023.

Net income was $2.7 million, or $0.09 per diluted share, for the third quarter of 2024 compared to net income of $4.3 million, or $0.14 per diluted share, for the third quarter of 2023.

On a Non-GAAP basis, net income was $4.9 million, or $0.16 per diluted share, for the third quarter of 2024 compared to $8.3 million, or $0.25 per diluted share, for the third 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 provided by operating activities was $7.9 million for the third quarter of 2024. Cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long-term financial investments were $88.4 million as of September 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-term 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 each of the first and third quarters 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 we have successfully executed against our strategic priorities this quarter, as we continue to make progress in our long-term goal of leading the voice services market for the UCaaS and CX markets. We continued our transformation to become a cloud software and services company with a higher proportion of recurring revenue vs. legacy perpetual revenues,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.

Third quarter services revenues grew 6.4% year-over-year and accounted for 53.9% of revenues, the highest on record for us. Fueling the strength of our services revenue stream as our primary growth engines were Live managed services (consisting of Live Teams and Live CX) and conversational AI. Specifically, Live Teams business grew 21% year over year and accounted for 44% of total Microsoft business compared to 37% a year ago. On conversational AI, third quarter dollar value of contracts signed increased roughly 50% vs the year ago period.

Our success in building Live managed services and recurring revenue stream has translated to strong year-over-year ARR growth of 40%, ending 3Q at $60 million ARR, up from $48 million exiting 2023. This success is owed to the trust we have built throughout the years with partners and enterprise customers in the voice services space. There is no better proof than our long-standing multi-year partnership with AT&T in North America, leveraging our expertise in providing secure voice connectivity to help their business customers onboard to Microsoft Teams. This fruitful partnership has contributed multi-millions of annual recurring revenues over the last several years.

Speaking of conversational AI, strong operational momentum continues, driven by long-term tailwind of infusing AI into UC and CX workflows in customers’ inexorable demand to drive ongoing productivity gains.  Accordingly, we have seen significant pick-up in pipeline activities across our entire conversational AI suite, including Voca CIC, our AI first CX solution for Microsoft Teams, SaaS Recording solutions such as Meeting Insights and interaction recording, and Voice AI Connect.

Overall, we delivered on our business priorities in the quarter, with the strength in our Live recurring businesses buttressing the healthy overall pipeline for our major practices such as Microsoft business, CX and Conversational AI.  We believe this bodes well for seeing improved top-line growth performance as we head into 2025 and beyond,” concluded Mr. Adlersberg.

Share Buy Back Program and Cash Dividend

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.

On July 30, 2024, the Company declared a cash dividend of 18 cents per share. The dividend, in the aggregate amount of approximately $5.4 million, was paid on August 29, 2024, to all of the Company’s shareholders of record on August 15, 2024.

During the quarter ended September 30, 2024, the Company acquired 332,709 of its ordinary shares under its share repurchase program for a total consideration of $3.6 million.

As of September 30, 2024, the Company had $11 million available under this approval for the repurchase of shares and/or declaration of cash dividends.

Conference Call & Web Cast Information

AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the Company’s third 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.

About AudioCodes

AudioCodes (NASDAQ, TASE: AUDC) is a leading innovator of intelligent cloud communications solutions. AudioCodes empowers enterprises and service providers to build and operate state-of-the-art voice networks, unified communications platforms, and AI-driven productivity tools. The cutting-edge portfolio includes cloud-native applications, advanced voice AI technologies, and comprehensive communication solutions tailored for the modern digital workplace. Trusted by global Fortune 500 companies and tier-1 operators worldwide, AudioCodes drives digital transformation through seamless integration, enhanced collaboration, and unparalleled communication experiences.

For more information, visit http://www.audiocodes.com.

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.

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  

September 30,

December 31,

2024

2023

(Unaudited)

(Audited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 23,522

$ 30,546

Short-term and restricted bank deposits

202

212

Short-term marketable securities

24,245

7,438

Trade receivables, net

58,081

51,125

Other receivables and prepaid expenses

12,085

9,381

Inventories

33,677

43,959

Total current assets

151,812

142,661

LONG-TERM ASSETS:

Long-term Trade receivables

$ 15,856

$ 16,798

Long-term marketable securities

37,308

65,732

Long-term financial investments

3,123

2,730

Deferred tax assets

4,577

6,208

Operating lease right-of-use assets

33,207

36,712

Severance pay funds

17,132

17,202

Total long-term assets

111,203

145,382

PROPERTY AND EQUIPMENT, NET

25,236

10,893

GOODWILL, INTANGIBLE ASSETS AND OTHER, NET

38,182

38,581

Total assets

$ 326,433

$ 337,517

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Trade payables

5,479

7,556

Other payables and accrued expenses

24,066

29,943

Deferred revenues

39,390

38,820

Short-term operating lease liabilities

5,859

7,878

Total current liabilities

74,794

84,197

LONG-TERM LIABILITIES:

Accrued severance pay

$ 15,893

$ 16,662

Deferred revenues and other liabilities

18,110

17,142

Long-term operating lease liabilities

30,742

31,404

Total long-term liabilities

64,745

65,208

Total shareholders’ equity

186,894

188,112

Total liabilities and shareholders’ equity

$ 326,433

 

$ 337,517

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands, except per share data

Nine months ended

Three months ended

September 30,

September 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Revenues:

Products

$ 84,647

$ 91,299

$ 27,750

$ 31,039

Services

95,975

89,525

32,493

30,552

Total Revenues

180,622

180,824

60,243

61,591

Cost of revenues:

Products

34,123

36,568

11,380

11,347

Services

29,057

28,299

9,563

9,307

Total Cost of revenues

63,180

64,867

20,943

20,654

Gross profit

117,442

115,957

39,300

40,937

Operating expenses:

Research and development, net

39,780

43,363

12,666

13,960

Selling and marketing

52,427

52,747

17,607

17,221

General and administrative

12,146

12,657

4,155

3,977

Total operating expenses

104,353

108,767

34,428

35,158

Operating income

13,089

7,190

4,872

5,779

Financial income (expenses), net

(195)

1,688

(614)

492

Income before taxes on income

12,894

8,878

4,258

6,271

Taxes on income, net

(4,358)

(3,753)

(1,579)

(2,019)

Net income

$ 8,536

$ 5,125

$ 2,679

$ 4,252

Basic net earnings per share

$ 0.28

$ 0.16

$ 0.09

$ 0.14

Diluted net earnings per share

$ 0.28

$ 0.16

$ 0.09

$ 0.14

Weighted average number of shares used in computing basic
 net earnings per share (in thousands)

30,239

31,642

30,218

31,390

Weighted average number of shares used in computing diluted
 net earnings per share (in thousands)

30,769

31,807

30,778

31,374

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME 

U.S. dollars in thousands, except per share data

Nine months ended

Three months ended

September 30,

September 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

GAAP net income

$ 8,536

$ 5,125

$ 2,679

$ 4,252

GAAP net earnings per share

$ 0.28

$ 0.16

$ 0.09

$ 0.14

Cost of revenues:

Share-based compensation (1)

274

304

99

94

Amortization expenses (2)

366

379

122

122

Lease expenses (6)

304

322

322

944

1,005

221

538

Research and development, net:

Share-based compensation (1)

1,642

2,090

471

649

Deferred payments expenses (3)

375

125

Lease expenses (6)

342

362

362

1,984

2,827

471

1,136

Selling and marketing:

Share-based compensation (1)

2,255

3,380

783

1,050

Amortization expenses (2)

33

33

11

11

Deferred payments expenses (3)

375

125

Lease expenses (6)

38

40

40

2,326

3,828

794

1,226

General and administrative:

Share-based compensation (1)

2,113

3,242

679

814

Lease expenses (6)

76

80

80

2,189

3,322

679

894

Financial expenses (income):

Exchange rate differences (4)

(754)

(1,237)

55

(767)

Income taxes:

Taxes on income, net (5)

422

1,247

1,023

Non-GAAP net income

$ 15,647

$ 16,117

$ 4,899

$ 8,302

Non-GAAP diluted net earnings per share

$ 0.50

$ 0.49

$ 0.16

$ 0.25

Weighted average number of shares used in computing Non-GAAP
 diluted net earnings per share (in thousands)

31,534

32,870

31,480

32,576

(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

Nine months ended

Three months ended

September 30,

September 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Cash flows from operating activities:

Net income

$ 8,536

$ 5,125

$ 2,679

$ 4,252

Adjustments required to reconcile net income to net
cash provided by operating activities:

Depreciation and amortization

2,788

1,972

1,004

652

Amortization of marketable securities premiums and
accretion of discounts, net

885

1,027

270

315

Decrease in accrued severance pay, net

(699)

(493)

(220)

(221)

Share-based compensation expenses

6,284

9,016

2,032

2,607

Decrease in deferred tax assets, net

826

1,164

762

996

Cash financial loss (income), net

137

(397)

(17)

(65)

Decrease in operating lease right-of-use assets

4,755

6,688

1,198

2,406

Decrease in operating lease liabilities

(3,931)

(8,411)

(496)

(4,056)

Decrease (increase) in trade receivables, net

(6,014)

4,645

(2,247)

(2,294)

Decrease (increase) in other receivables and prepaid
expenses

(2,704)

1,572

(2,939)

(339)

Decrease (increase) in inventories

10,119

(8,605)

4,172

907

Increase (decrease in trade payables

(2,077)

(4,700)

377

(482)

Increase (decrease) in other payables and accrued
expenses

(594)

(6,414)

1,011

(1,480)

Increase (decrease) in deferred revenues

1,631

3,423

266

(3,020)

Net cash provided by operating activities

19,942

5,612

7,852

178

Cash flows from investing activities:

Proceeds from short-term deposits

10

5,008

4

2

Proceeds of marketable securities

9,991

3,846

9,991

3,846

Proceeds from financial investment

76

29

Proceeds from redemption of marketable securities

3,450

3,084

1,084

Proceeds from redemption of financial investments

14,094

3,051

Purchase of financial investments

(675)

(81)

(675)

(81)

Purchase of property and equipment

(20,768)

(5,301)

(5,505)

(2,038)

 

Net cash provided by (used in) investing activities

(7,916)

20,650

3,844

5,864

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. dollars in thousands

Nine months ended

Three months ended

September 30,

September 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Cash flows from financing activities:

Purchase of treasury shares

(8,340)

(11,973)

(3,586)

(9,047)

Cash dividends paid to shareholders

(10,896)

(11,399)

(5,443)

(5,681)

Proceeds from issuance of shares upon exercise of options

186

254

6

140

Net cash used in financing activities

(19,050)

(23,118)

(9,023)

(14,588)

Net increase (decrease) in cash, cash equivalents, and restricted cash

(7,025)

3,144

2,672

(8,546)

Cash, cash equivalents and restricted cash at beginning of period

30,546

24,535

20,849

36,225

Cash, cash equivalents and restricted cash at end of period

$ 23,522

$ 27,679

$ 23,522

$ 27,679

 

 

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

 

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AIXI Investors Have Opportunity to Lead Xiao-I Corporation Securities Fraud Lawsuit

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BENSALEM, Pa., Nov. 27, 2024 /PRNewswire/ –Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Xiao-I Corporation (“Xiao-I” or the “Company”) (NASDAQ: AIXI).

Class Period: March 9, 2023July 12, 2024

Lead Plaintiff Deadline: December 16, 2024

Investors suffering losses on their Xiao-I investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 215-638-4847 or by email to howardsmith@howardsmithlaw.com.

The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Defendants had downplayed the true scope and severity of risks that Xiao-I faced due to certain of its Chinese shareholders’ non-compliance with Circular 37 Registration, including the Company’s inability to use Offering proceeds for intended business purposes; (2) Xiao-I failed to comply with GAAP in preparing its financial statements; (3) Defendants overstated Xiao-I’s efforts to remediate material weaknesses in the Company’s financial controls; (4) Xiao-I was forced to incur significant R&D expenses to effectively compete in the AI industry; (5) Xiao-I downplayed the significant negative impact that such expenses would have on the Company’s business and financial results; (6) accordingly, Xiao-I overstated its AI capabilities, R&D resources, and overall ability to compete in the AI market; (7) as a result of all the foregoing, there was a substantial likelihood that Xiao-I would fail to comply with the NASDAQ’s Minimum Bid Price Requirement; and (8) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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WorkFar Robotics Mass Produces Humanoid Robots without Venture Capital

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As robotics investing climbs out of its 2023 slump, humanoid robotics pioneer WorkFar — which has not received any funding from venture capital — is ready to produce at the level of competitors already receiving billions of investment dollars.

SANTA CLARA, Calif., Nov. 27, 2024 /PRNewswire/ — There’s nothing quite like the tenacity of a new company with a unique value proposition that directly addresses the needs of its target customer base. WorkFar Robotics, a business specializing in commercial humanoid service robots for industrial applications, has yet to get on the radar of today’s venture capitalists — but that hasn’t stopped them from reaching the mass-producing stage.

Many companies, particularly those in the robotics industry, are reliant on venture capital, and they can go for years — or even a decade — without turning a profit. Building a cash-flowing robotics company with no investment aside from hard work, creativity, and business acumen is a feat rarely accomplished. Yet WorkFar has managed to achieve the same level of progress as competitors receiving $100 million to over $1 billion in investment funding.

WorkFar’s Business Model: An Autonomous, Remote-operatable Robot for $0 down

WorkFar’s offering is unique in the world of industrial robotics. The industry’s most common business model is to sell an expensive product to a manufacturer and possibly provide some integration services. For companies unable to afford the high price tag, certain robotics manufacturers offer a subscription-based “Robot-as-a-Service.” WorkFar takes this a step further by allowing clients to lease both a robot and a trained, remote operator on a monthly basis without a down payment.

The combination of sophisticated humanoid robot, AI-enhanced programming, and an optional human operator constitutes a turnkey solution for warehouses and manufacturers dealing with aggravating challenges like long-lasting labor shortages, concerns around worker safety and burnout, and issues with efficiency and consistency. Since the optional teleoperator is remote-based, WorkFar can leverage the global workforce to support its customers.

The WorkFar “Syntro” robot uses virtual reality eye tracking and AI algorithms to target and grasp objects at the operator’s direction, and the operator gets feedback on object pick-up through haptic gloves. The robot’s “core logic” is human intelligence, which — despite rapid advances in AI — still can’t be beat.

WorkFar’s Manufacturing Expertise goes back Decades

Although the ‘Syntro’ robot is brand-new, WorkFar’s US based manufacturing facility has over 40 years of experience producing plastic and metal parts for industrial machinery and consumer products. This expertise is now being leveraged to mass produce humanoid robot in-house — an arrangement that cuts out the middleman and leads to more efficient operations. With supply chain issues wreaking havoc on robotics companies’ operations for the past several years, this is a major advantage.

Robotics Investing dipped in 2023, but it’s Coming Back strong with AI and Humanoid Technology

Investment in the robotics industry hit a five-year low last year, particularly in the area of autonomous vehicles (AVs). This was partially a result of a widespread market correction within venture capital investing, but the legislative concerns and negative press surrounding AVs didn’t help. The slump was temporary, however, and robotics venture capital is starting to rise again rapidly, with vertical-specific robotics companies focusing on logistics, security, and medical applications leading the way.

One thing that’s making robotics investing much more appealing is the awe-inspiring takeoff in artificial intelligence capabilities. AI models give robots the capacity to execute complex tasks like grasping unpredictably shaped objects much more smoothly and accurately. Even better, AI allows the robots to learn from each effort, rapidly increasing their accuracy and efficiency over time. Robot vision will gain clarity with improved object detection and image segmentation — essential tools for interacting “intuitively” with the environment.

With a design meant to evoke their maker, humanoid robots are poised to reap the greatest benefits from this rapid growth in AI. They show promise across multiple industries, ranging from manufacturing to healthcare to personal assistance. Once AI’s transformative capabilities became apparent, projections for the humanoid robot market ten years from now shot up from just $6 billion to almost $200 billion — or in some estimates, well over $24 trillion.

Sheer Business Acumen has propelled WorkFar to the point of Mass Production

Although the robotics investment outlook is getting brighter, the recent dip has prompted investors to be more discerning and focus on areas where robotic solutions can make important strides right now. Venture capitalists have seen plenty of technology demos that turn heads; now it’s time to back these up with solid business plans that show real returns on investment. With its robot-as-a-service offering at $0 down payment, this is WorkFar’s strong suit.

Even with rapid AI advances, this model will always benefit from the authority and decision-making power of human intelligence. This is central to WorkFar’s vision: a human-robot team that will unleash a new era of productivity, bringing collaborative efficiency to factories and facilities worldwide. This innovative solution takes into account what other solutions overlook: the fact that true productivity depends on human decision-making and robotic efficiency being intertwined, not isolated.

This vision is what has enabled WorkFar to grow on its own revenue in an industry that usually requires millions or even billions of dollars in venture capital. No longer a startup, this company has now pushed into a higher corporate level of investment based on business acumen alone. With a market-ready product that can be manufactured in WorkFar’s own factory, the humanoid robotics pioneer is stronger because it does not rely on venture capital. 

To inquire, contact us via www.WorkFar.com now!

Contact: info@workfar.com

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SOURCE WorkFar Inc

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Technology

ASML Investors Have Opportunity to Lead ASML Holding N.V. Securities Fraud Lawsuit

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LOS ANGELES, Nov. 27, 2024 /PRNewswire/ — The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against ASML Holding N.V. (“ASML” or the “Company”) (NASDAQ: ASML).

Class Period: January 24, 2024October 15, 2024

Lead Plaintiff Deadline: January 13, 2025

If you are a shareholder who suffered a loss, click here to participate.

The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) the issues being faced by suppliers, like ASML, in the semiconductor industry were much more severe than Defendants had indicated to investors; (2) the pace of recovery of sales in the semiconductor industry was much slower than Defendants had publicly acknowledged; (3) Defendants had created the false impression that they possessed reliable information pertaining to customer demand and anticipated growth, while also downplaying risk from macroeconomic and industry fluctuations, as well as stronger regulations restricting the export of semiconductor technology, including the products that ASML sells; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.  If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/asml-investors-have-opportunity-to-lead-asml-holding-nv-securities-fraud-lawsuit-302317739.html

SOURCE The Law Offices of Frank R. Cruz, Los Angeles

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