Technology
Mastech Digital Reports 8% Year-over-Year Revenue Growth and 5% Sequential Revenue Growth for the Third Quarter 2024
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Consolidated Gross Margins of 28.5% Set a New Mastech Digital Record for the Quarter
PITTSBURGH, Nov. 6, 2024 /PRNewswire/ — Mastech Digital, Inc. (NYSE AMERICAN: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights:
Total consolidated revenues increased by $4.1 million on a year-over-year basis and by $2.3 million on a sequential quarterly basis to $51.8 million and represented our third consecutive quarter of revenue growth;The Company’s Data and Analytics Services segment reported revenues of $9.4 million, which were 17% higher than revenues in the third quarter of 2023 and 6% higher on a sequential basis from the second quarter of 2024;The IT Staffing Services segment delivered revenues of $42.4 million, achieving year-over-year growth of 7% and sequential quarterly growth of 4% when compared to revenues reported in the second quarter of 2024;Gross margins achieved during the third quarter of 2024 were a Company performance record 28.5%, surpassing our previous gross margin record from the previous quarter;GAAP diluted earnings per share was $0.16 in the third quarter of 2024, versus $0.01 in the third quarter of 2023 and $0.12 in the second quarter of 2024; andNon-GAAP diluted earnings per share was $0.23 in the third quarter of 2024, versus $0.11 in the third quarter of 2023 and $0.19 in the second quarter of 2024.
Third Quarter Results:
Revenues for the third quarter of 2024 totaled $51.8 million, compared to $47.8 million during the corresponding quarter of 2023. Gross profits in the third quarter of 2024 were $14.8 million, compared to $12.6 million in the same quarter of 2023. Gross margins improved to a Company performance record 28.5% in the 2024 third quarter, versus 26.3% in the 2023 third quarter. GAAP net income for the third quarter of 2024 totaled $1.9 million or $0.16 per diluted share, compared to $125,000 or $0.01 per diluted share, during the same period of 2023. Non-GAAP net income for the third quarter of 2024 totaled $2.8 million or $0.23 per diluted share compared to $1.3 million, or $0.11 per diluted share, in the third quarter of 2023.
Activity levels at the Company’s Data and Analytics Services segment continued to be solid in the third quarter of 2024. Order bookings totaled $11.1 million during the quarter, as the Company saw numerous existing clients increase spending due to an improved economic outlook. This bookings performance exceeded our 2023 third quarter bookings by $6 million. Our IT Staffing Services clients have also shown a willingness to start new assignments during 2024 compared to the previous year, as we grew our billable consultant base by 13% over the first nine months of 2024.
Vivek Gupta, the Company’s President and Chief Executive Officer, stated: “The third quarter of 2024 was a continuation of the positive momentum that we experienced during the first half of the year. A healthier macro-economic outlook and increased operational efficiencies within both of our business segments have elevated our demand trajectory in 2024. Additionally, our higher gross margin performance has highlighted several upgrades we made to the delivery-side of our organization during the year. In summary, I’m excited about our third quarter 2024 financial performance and the opportunities that we have in front of us.”
Commenting on the Company’s financial position, Jack Cronin, Mastech Digital’s Chief Financial Officer, stated: “On September 30, 2024, we had $23.9 million of cash balances on hand, no bank debt, and borrowing availability of approximately $25 million under our revolving credit facility. Our Days Sales Outstanding (DSO) measurement was a healthy 55 days on September 30, 2024. Our free cash flow for the first nine months of 2024 totaled $2.3 million and included $4.3 million of funding investments in operating working capital levels to support revenue growth.”
About Mastech Digital, Inc.:
Mastech Digital (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. The Company offers Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services with a Digital First approach. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA, with offices across the U.S., Canada, Europe, and India.
Use of Non-GAAP Measures:
This press release contains non-GAAP financial measures to supplement our financial results presented on a GAAP basis. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Reconciliations of these non-GAAP measures to their comparable GAAP measures are included in the attached financial tables.
We believe that providing non-GAAP net income and non-GAAP diluted earnings per share offers investors useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allows for greater transparency with respect to key metrics used by management in operating our business. Additionally, management uses these non-GAAP financial measures in evaluating the Company’s performance.
Specifically, the non-GAAP financial measures contained herein exclude the following expense items:
Amortization of acquired intangible assets: We amortize intangible assets acquired in connection with our June 2015 acquisition of Hudson IT, our July 2017 acquisition of the services division of InfoTrellis, Inc. and our October 2020 acquisition of AmberLeaf Partners. We exclude these amortization expenses in our non-GAAP financial measures because we believe it allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitates a helpful comparison of our results with other periods.
Stock-based compensation expenses: We incur material recurring expenses related to non-cash, stock-based compensation. We exclude these expenses in our non-GAAP financial measures because we believe that it provides investors with meaningful supplemental information regarding operational performance. In particular, because of varying available valuation methodologies, subjective assumptions, and the variety of award types that companies can use under ASC 718, we believe that providing non-GAAP financial measures that exclude these expenses allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitates comparison of our results with other periods.
Settlement reserve on employment-related claim, net of recoveries: In the second quarter of 2023, we recognized a pre-tax reserve of $3.1 million related to an employment claim asserted by a former employee who alleged various employment-related claims against the Company, including a claim of wrongful termination. During the third quarter of 2023, we formally settled this claim in accordance with the economic terms and conditions that were reflected in our second quarter 2023 financial statements. We have excluded this reserve in our non-GAAP financial measures because we believe it is not indicative of our ongoing operating performance and thus its exclusion allows investors to make more meaningful comparison between our operating results and those of other companies within our industry and facilitates a helpful comparison of our results with other periods.
Forward-Looking Statements:
Certain statements contained in this release are forward-looking statements based on management’s expectations, estimates, projections, and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to projections of and statements regarding the Company’s ability to generate revenues, earnings, and cash flow. These statements are based on information currently available to the Company and it assumes no obligation to update the forward-looking statements as circumstances change. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecasted in forward-looking statements due to a variety of factors, including, without limitation, the level of market demand for the Company’s services, the highly competitive market for the types of services offered by the Company, the impact of competitive factors on profit margins, market and general economic conditions that could cause the Company’s customers to reduce their spending for its services, the Company’s ability to create, acquire and build new lines of business, to attract and retain qualified personnel, reduce costs and conserve cash, the extent to which the Company’s business is adversely affected by the impacts of the COVID-19 pandemic or any other pandemics or outbreaks disrupting day-to-day activities and other risks that are described in more detail in the Company’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2023.
MASTECH DIGITAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
September 30,
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 23,885
$ 21,147
Accounts receivable, net
34,054
29,815
Prepaid and other current assets
7,876
5,501
Total current assets
65,815
56,463
Equipment, enterprise software and leasehold improvements, net
2,083
1,913
Operating lease right-of-use assets, net
4,147
5,106
Deferred income taxes
607
793
Deferred financing costs, net
213
284
Non-current deposits
452
457
Goodwill, net of impairment
27,210
27,210
Intangible assets, net of amortization
10,958
13,001
Total assets
$ 1,11,485
$ 1,05,227
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 4,636
$ 4,659
Current portion of operating lease liability
1,257
1,236
Accrued payroll and related costs
14,717
12,354
Other accrued liabilities
1,491
1,622
Total current liabilities
22,101
19,871
Long-term liabilities:
Long-term operating lease liability, less current portion
2,857
3,843
Long-term accrued income taxes
–
69
Total liabilities
24,958
23,783
Shareholders’ equity:
Common stock, par value $0.01 per share
134
133
Additional paid-in capital
37,473
35,345
Retained earnings
55,520
52,415
Accumulated other comprehensive income (loss)
(1,715)
(1,644)
Treasury stock, at cost
(4,885)
(4,805)
Total shareholders’ equity
86,527
81,444
Total liabilities and shareholders’ equity
$ 1,11,485
$ 1,05,227
MASTECH DIGITAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
Three Months ended September 30,
Nine Months ended September 30,
2024
2023
2024
2023
Revenues
$ 51,839
$ 47,779
$ 1,48,196
$ 1,55,046
Cost of revenues
37,068
35,213
1,07,314
1,15,354
Gross profit
14,771
12,566
40,882
39,692
Selling, general and administrative expenses:
Operating expenses
12,332
12,615
37,156
38,937
Employment-related claim, net of recoveries
–
–
–
3,100
Total selling, general and administrative expenses
12,332
12,615
37,156
42,037
Income (loss) from operations
2,439
(49)
3,726
#
(2,345)
Other income/(expense), net
133
203
373
200
Income (loss) before income taxes
2,572
154
4,099
(2,145)
Income tax expense (benefit)
697
29
994
(358)
Net income (loss)
$ 1,875
$ 125
$ 3,105
$ (1,787)
Earnings (loss) per share:
Basic
$ 0.16
$ 0.01
$ 0.27
$ (0.15)
Diluted
$ 0.16
$ 0.01
$ 0.26
$ (0.15)
Weighted average common shares outstanding:
Basic
11,695
11,597
11,654
11,618
Diluted
12,011
11,968
11,949
11,618
MASTECH DIGITAL, INC.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(Amounts in thousands, except per share data)
(Unaudited)
Three Months ended September 30,
Nine Months ended September 30,
2024
2023
2024
2023
GAAP Net Income (Loss)
$ 1,875
$ 125
$ 3,105
#
$ (1,787)
Adjustments:
Amortization of acquired intangible assets
657
693
2,043
2,079
Stock-based compensation
542
824
1,553
2,501
Employment-related claim, net of recoveries
–
–
–
3,100
Income tax adjustments
(305)
(385)
(920)
(1,944)
Non-GAAP Net Income
$ 2,769
$ 1,257
$ 5,781
$ 3,949
GAAP Diluted Earnings (Loss) Per Share
$ 0.16
$ 0.01
$ 0.26
$ (0.15)
Non-GAAP Diluted Earnings Per Share
$ 0.23
$ 0.11
$ 0.48
$ 0.33
Weighted average common shares outstanding:
GAAP Diluted Shares
12,011
11,968
11,949
11,618
Non-GAAP Diluted Shares
12,011
11,968
11,949
#
11,998
MASTECH DIGITAL, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Amounts in thousands)
(Unaudited)
Three Months ended September 30,
Nine Months ended September 30,
2024
2023
2024
2023
Revenues:
Data and analytics services
$ 9,398
$ 8,038
$ 26,341
$ 26,206
IT staffing services
42,441
39,741
1,21,855
1,28,840
Total revenues
$ 51,839
$ 47,779
$ 1,48,196
$ 1,55,046
Gross Margin %:
Data and analytics services
50.7 %
45.8 %
48.9 %
43.1 %
IT staffing services
23.6 %
22.4 %
23.0 %
22.0 %
Total gross margin %
28.5 %
26.3 %
27.6 %
25.6 %
Segment Operating Income:
Data and analytics services
$ 1,145
$ (832)
$ 1,435
$ (2,393)
IT staffing services
1,951
1,476
4,334
5,227
Subtotal
3,096
644
5,769
2,834
Amortization of acquired intangible assets
(657)
(693)
(2,043)
(2,079)
Employment-related claim, net of recoveries
–
–
–
(3,100)
Interest income (expense) and other, net
133
203
373
200
Income before income taxes
$ 2,572
$ 154
$ 4,099
$ (2,145)
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SOURCE Mastech Digital, Inc.
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Simulation Software Market worth USD 36.22 billion by 2030- Exclusive Report by MarketsandMarkets™
Published
56 mins agoon
November 6, 2024By
DELRAY BEACH, Fla., Nov. 6, 2024 /PRNewswire/ — The global Simulation Software Market is estimated to grow from USD 19.95 billion by 2024 to USD 36.22 billion in 2030, at a CAGR of 10.4% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “Simulation Software Market”
350– Tables
50 – Figures
300 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
Value (USD Billion)
Segments Covered
By Offering, Service, Software Type, Deployment Mode, Organization Size, Application, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East and Africa, Latin America
Companies covered
Major vendors in the Simulation Software Market include Dassault Systemes (France), Ansys (US), Autodesk (US), AVL List GmbH (Austria), MathWorks(US), Siemens (Germany), Hexagon (US), Synopsys (Canada), Texas Instruments (US), SAS (US), CAE (Canada), Emerson (US), Honeywell (US), Rockwell Automation (US), Altair (US), PTC (US), AspenTech (US), Keysight (US), Aveva (UK), Spirent (UK), Bentley (US), Certara (US), aPriori (US), AnyLogic (US), Simscale (Germany), Simul8 (UK), Simio (US), FlexSim (US), MOSIMTEC (US), Fives ProSim (France), Cybernet (US), Cesim (Finland), AirShaper (Belgium).
Simulation software is gaining popularity due to its cost-effectiveness and efficiency in product development. Simul8, a leading provider, helps businesses identify the best course of action by comparing solutions based on desired outcomes. By increasing throughput and improving patient flow, simulation tools allow for quick, data-driven decisions. These tools reduce the need for expensive physical prototypes, shorten development time, and identify design issues early on. For example, a steel producer used AnyLogic to optimize limestone reclamation processes, maximizing utilization and reducing machine running hours, leading to substantial savings on electricity costs.
In addition, simulation software has also become essential for ensuring safety, performance, and meeting regulatory needs, particularly in technologies like electric vehicles. It also aids in drug development, resource optimization, and maximizes efficiency through smoother production with reduced manufacturing costs. Key drivers for the Simulation Software Market include the growing emphasis on reducing production and training costs, as well as the adoption of advanced technologies like digital twins, AI, IoT, and augmented reality.
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Based on the Organization Size, the Large Enterprises segment accounts for the highest market size during the forecast period.
Large enterprises have substantial financial and human resources and can afford to invest hugely in leading-edge simulation technologies to improve product design and development, training, and operations. Large enterprises undertake massive, complex projects that require high-performance simulation solutions to deal with vast amounts of data and elaborate modeling. The growth is further accelerated by Industry 4.0, where digital twins and IoT integration applications are used for monitoring and real-time optimization. Simulation software also helps large enterprises reduce the cost of development and risks. Simulations provide businesses with various benefits in terms of cost reduction, including optimization of resources in identifying less used areas, effectiveness of operational processes, and risk reduction as scenarios are experimented in controlled environments. They also allow for more informed decision-making with data-driven insights and promote innovation as it avails the chance to experiment with new strategies without applying the risk to actual business operations.
Simulation tools aid in quality assurance and help organizations meet industry standards while minimizing product recalls in markets such as healthcare and automotive. For instance, strategic investments and partnerships are being made through organizations like Accenture and Cosmo Tech. BMW further, uses digital twin technology to enhance vehicle design by creating virtual replicas of physical systems to simulate product workflow. These are examples of driving innovation in the large enterprise segment.
By Vertical, Automation will account for the highest market size during the forecast period.
The complexity of today’s modern vehicle systems-including electric drive trains and autonomous driving technologies, require advanced simulation tools to create accurate models for complex interactions and verify component functionality. Electric vehicles and autonomous driving systems are contributing to this growth as simulation software optimizes the performance of the hardware such as batteries, creates expansive virtual environments that can be used to test autonomous technologies, and is cost-effective because simulation minimizes the requirement for physical prototypes, which reduces the expenses on development and accelerates time-to-market. Simulation ensures that the manufacturer adheres to tight safety regulations and environmental conditions, as it is possible to test the safety features and emissions through thorough virtual simulation. Developments include scope enhancements, for example, PTV Vissim Automotive, which is a specialized extension of the PTV Vissim traffic simulation software for dynamic traffic simulations, used to address the industry’s evolving needs for safe, efficient, and future-proof vehicles and digital twin technology by way of Ansys, with HIL testing where real hardware is interfaced with virtual simulations. Furthermore, simulation software provides a faster cycle of design iterations, encourages interdisciplinarity collaboration among engineering groups, and remains vitally important for improving the safety and reliability of autonomous vehicles by taking full advantage of thorough testing in controlled environments.
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By deployment mode, On-premises will grow at the highest market size during the forecast period.
The on-premises deployment holds the major market share in the Simulation Software Market as it offers benefits such as data security, customization, and performance. It allows enterprises to have complete control over all the sensitive data, particularly in cases of businesses that are compelled by stringent privacy regulations and data-privacy policies to retain their simulation data within their premises. On-premises deployment also enables organizations to customize the software functionalities according to their requirements and workflows. Many organizations also benefit from easier integration with legacy systems and established IT infrastructure. These factors, combined with a higher level of control and reliability, make on-premises deployment the preferred choice for many.
By region, Asia-Pacific accounts for the highest CAGR during the forecast period.
Asia Pacific region is expected have highest market size in Simulation Software Market because of rapid industrialization, technological development, and rising demand in the automotive, healthcare, and aerospace sectors. Economic growth and urbanization in China and India have caused an increased adoption of simulation tools in industries such as automotive, mainly EV and ADAS simulations. Technological advancements in AI, IoT, and digital twin technologies improve simulation technology. They optimize procedures by creating virtual models through simulation and reduce reliance on physical prototypes. The simulation tools are used in healthcare in countries like Japan and South Korea, especially in medical training and surgical planning, due to requirements for meeting regulatory needs and patient care. Government policies such as smart cities accelerating market growth boost technological development and infrastructure readiness. There is also a growing awareness in the corporate sector about the benefits of simulation software in making operations more efficient, cost-effective, and qualitative, especially in industries like aerospace and electronics. China and India are the two major role playing countries in Simulation Software Market in Asia Pacific region, as China is expected to dominate this market, whereas India is expected to grow at a high rate due to the development of automobile industries and infrastructure development.
Top Key Companies in Simulation Software Market:
The report profiles key players such as Dassault Systemes (France), Ansys (US), Autodesk (US), AVL List GmbH (Austria), MathWorks (US), Siemens (Germany), Hexagon (US), Synopsys (Canada), Texas Instruments (US), SAS (US), CAE (Canada), Emerson (US), Honeywell (US), Rockwell Automation (US), Altair (US), PTC (US), AspenTech (US), Keysight (US), Aveva (UK), Spirent (UK), Bentley (US), Certara (US).
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Invicti Security Appoints Kevin Gallagher as President
Published
56 mins agoon
November 6, 2024By
AUSTIN, Texas, Nov. 6, 2024 /PRNewswire/ — Invicti Security, a leading global application security platform, is pleased to announce the appointment of Kevin Gallagher, former CEO of CoSoSys, as President. In his new role, Gallagher will scale operations, accelerate growth, and advance Invicti’s mission to secure the web applications that run customers’ businesses.
Gallagher first joined Invicti in 2017 and played a key role in the company’s growth and success before transitioning to other ventures. Returning to Invicti as President, Gallagher brings over 20 years of experience in cybersecurity and software, with a proven track record of driving strategic growth and operational excellence. At CoSoSys, he led the company through accelerated expansion, solidifying its position as a leader in data loss prevention and endpoint security. Kevin brings a wealth of leadership experience and a deep commitment to Invicti’s mission of delivering innovative and impactful security solutions to businesses around the world.
“Kevin’s extensive experience and commitment to innovation in cybersecurity and software make him an ideal fit for Invicti as we continue to expand and enhance our capabilities,” said Neil Roseman, CEO of Invicti. “Kevin’s leadership will help us strengthen our operational foundation, deliver growth, and create even more value for our customers.”
Invicti’s application security platform, including the award-winning Acunetix and Invicti (formerly Netsparker) DAST products, empowers security teams to find, fix, and prevent vulnerabilities in real time, ensuring the protection of critical assets and data. Gallagher’s strategic insight and operational expertise will be instrumental as Invicti continues to advance its solutions to meet the evolving needs of modern organizations worldwide.
“I’m excited to rejoin Invicti at such an exciting time in the company’s journey,” said Gallagher. “The cybersecurity landscape continues to evolve, and Invicti’s solutions are at the forefront of helping businesses protect their most critical assets. I look forward to working with the incredible team here to drive continued success and create even greater value for our customers.”
The addition of Gallagher to Invicti’s executive team reflects the company’s ongoing commitment to attracting top industry talent to drive innovation and provide organizations with the most effective and comprehensive web application security solutions.
This announcement follows the launch of Invicti’s new API Security solution, which expands the company’s security capabilities to provide customers with more comprehensive coverage on one platform.
ABOUT INVICTI SECURITY
Invicti Security—which acquired and combined AppSec leaders Acunetix and Netsparker—is on a mission: application security with zero noise. An AppSec leader for more than 15 years, Invicti delivers continuous web application and API security, designed to be both reliable for security and practical for development while serving critical compliance requirements. Customers choose the Invicti platform to leverage DAST, SAST, SCA, and IAST solutions to better secure their environments and ultimately reduce risk across their web applications and APIs. Invicti operates globally with employees in over 11 countries and serves more than 4,000 customer organizations. For more information, visit www.invicti.com or follow us on LinkedIn.
Media Contact:
Charmaine Odums
Invicti Security
charmaine.odums@invicti.com
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Sunseeker Pushes Boundaries with Wireless Smart Lawn Mower at Elevate Conference
Published
56 mins agoon
November 6, 2024By
CHARLOTTE, N.C., Nov. 6, 2024 /PRNewswire/ — With the smart lawnmower industry in full swing, landscaping industry professionals from across the United States convened at the Elevate Conference from November 3rd to 6th to explore the industry’s vast potential. Sunseeker, a pivotal player in this sector, seized the opportunity to showcase their cutting-edge products, such as the X Series Wire-Free Robotic Mower, at the event. This engagement with experts further solidified their dedication to the U.S. market.
During the conference, Sunseeker highlighted its dedication to meeting the evolving needs of both residential and commercial customers. The company presented its X Series Wire-Free Robotic Mower, which includes the X7, X5, and X3 models, alongside its high-performance 60V Commercial series, emphasizing their adaptability to different lawn sizes and maintenance requirements with a focus on both practical applications and user experiences, as well as technological features. Sunseeker’s attendance also underscored its commitment to future growth and innovation. The company shared its vision of becoming a leading provider of robotic mowers in the North American market with plans to expand its product range to cover properties ranging from 0.2 acres to 15 acres over the next two years to address both residential and commercial needs.
Speaking to the brand’s attendance at Elevate, Sales Director of Sunseeker US, Matt More said, “Being part of the Elevate Conference allowed us to connect directly with professionals who use our products daily. Their insights are invaluable as we strive to develop solutions that are innovative, practical, and user-friendly. Engaging with the industry community is essential for our growth. It helps us stay attuned to market needs and trends, ensuring that we continue to provide relevant and high-quality products.”
A significant theme highlighted during the event was the pivotal role of dealer networks in delivering quality service and support to end-users. Sunseeker has announced ambitious plans to substantially expand its dealer network over the next two years. In 2025, Sunseeker is dedicated to a substantial expansion of its dealer network across the United States and Canada, with a commitment to sustaining these efforts into 2026 and beyond.
The X Series by the team introduces cutting-edge technologies like the AONavi™ Positioning and Navigation System, blending Real-Time Kinematic (RTK) satellite positioning with VSLAM visual navigation for precise mowing in challenging terrains. The Vision AI System, with a 3D binocular camera, enhances surroundings mapping and adaptability. Notably, the X5 and X3 Plus models are exclusively reserved for dealers, while the X7 was recently chosen by Tech Hive as one of the best smart lawnmowers of 2024.
Advantages of the X Series:
Precision Navigation: The AONavi™ Technology integrates RTK-GNSS satellite positioning and VSLAM visual technology, delivering precise positioning accuracy down to the centimeter, and avoiding signal loss in any diverse outdoor environment. It identifies and optimizes mowing paths for individual or multiple areas without physical markers. Once users establish boundaries via the app, the mower operates wirelessly, efficiently mowing designated areas.Vision AI System: The utilization of a 3D binocular camera enables smart obstacle avoidance and precise environmental perception. Supported by the proprietary deep learning algorithms, it consistently enhances its comprehension of garden landscapes through continuous data accumulation.All-Terrain Capability: All-wheel drive allows X7 to handle 70% slopes and X5, 60% inclines.Tender to Turf: This series excels in precision and efficiency, catering to the needs of various terrains. Its floating cutting design ensures a meticulous trim across all landscapes, preserving uniformity. Powered by driven and steering motors, it navigates with finesse, executing precise turns while treating grass gently. Additionally, the mower simplifies maintenance with simultaneous trimming and scarifying, offering hassle-free care for lush, vibrant lawns.App Control: The features include multi-zone planning, intelligent path planning, auto height adjustment and customized schedules for simplified lawn management.
Sunseeker’s 60V Commercial series is also a point of interest at the conference. Designed for professional landscapers, this range includes lawn mowers, blowers, chainsaws, hedge trimmers, pole hedges, and brush cutters. Emphasizing durability, power, and user comfort, the series caters to the demands of professional use. The company is also developing outdoor robotic solutions, such as leaf and snow robots, reflecting a commitment to offering comprehensive outdoor maintenance solutions that leverage advanced technology for efficiency and sustainability.
“Expanding our dealer network is one of our strategic plans in the US market and we strive to boost our presence on the global stage,” stated Justin Novosel, Executive Vice President and General Manager of North American Operations for Sunseeker US. “Dealers play a crucial role in ensuring customers have access to our products and receive the support they need. By offering exclusive products to our dealers, we strengthen these partnerships and enhance the overall customer experience. Our goal is to integrate technology seamlessly into everyday life. By developing a variety of outdoor robotic products, we aim to provide tools that make tasks easier and more efficient, ultimately enriching users’ lives.”
Moving forward, Sunseeker will continue its mission to enrich lives by integrating technology and civilization into everyday experiences. Guided by core values that emphasize conviction, a relentless pursuit of excellence, a positive mindset, and a commitment to continuous learning and action, the company fosters a culture of positivity and ongoing development.
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SOURCE Sunseeker
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