Technology
PINTEC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF 2024
Published
5 hours agoon
By
BEIJING, Nov. 8, 2024 /PRNewswire/ — Pintec Technology Holdings Limited (Nasdaq: PT) (“Pintec” or the “Company”), a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in China, today announced its unaudited financial results for the six months ended June 30, 2024.
First Half 2024 Financial Highlights
Total revenues decreased by 57.5% or RMB20.17 million to RMB14.92 million (US$2.09 million) for the first half of 2024 compared to total revenues of RMB35.09 million for the same period of 2023.
Gross profit increased by 111.6% to RMB8.90 million (US$1.25 million) for the first half of 2024 from RMB4.21 million for the same period of 2023. Gross margin was 59.66% for the first half of 2024 compared to 11.99% for the same period of 2023.
Loss from operations decreased by 37.1% to RMB7.61 million (US$1.07 million) for the first half of 2024 from RMB12.09 million for the same period of 2023.
Net loss decreased by 82.0% to RMB8.34 million (US$1.17 million) for the first half of 2024 compared to net loss of RMB46.30 million for the same period of 2023.
First Half 2024 Operating Highlights
Total loans facilitated decreased by 2.4% to RMB46.17 million (US$6.48 million) for the first half of 2024 from RMB47.3 million for the same period of 2023.
Loan outstanding balance decreased by 9.0% to RMB56.14 million (US$7.88 million) as of June 30, 2024 from RMB61.74 million as of December 31, 2023.
The following table provides delinquency rates by balance for all loans facilitated by the Company as of the dates indicated:
Delinquent for
16-30 days
31-60 days
61-90 days
December 31, 2021
1.00
%
1.30
%
1.18
%
December 31, 2022
0.23
%
0.58
%
0.18
%
December 31, 2023
0.26
%
0.22
%
0.27
%
June 30, 2024
0.20
%
0.04
%
0.22
%
Mr. Zexiong Huang, Chief Executive Officer of Pintec, commented, “During the first half of 2024, despite the unavoidable constraints on our business expansion caused by changes in industry policies, regulations, and slowdown in overall economy in China, we continued to strive for further improvements in our financial position, driven by enhanced operational efficiency, strengthened risk management, and optimized cost structures, all contributing to the resilience of our business. At the same time, even amidst fluctuations in the market risks resulting from the sluggish macroeconomic recovery, we have adhered to a prudent risk management approach, enabling us to maintain stability and healthy asset quality in this challenging environment. We believe that lean financial performance and high-quality assets are fundamental to capturing long-term opportunities.”
“Looking forward, we are committed to focusing on our core strategy, which is to prioritize financial stability and risk management to sustain solid growth in an uncertain macro environment. We remain dedicated to delivering financial digitization solutions to our business partners, financial partners, and end customers. The sustainable and quality-based development will continue to be the path we uphold. To achieve this goal, we will keep solidifying our competencies in overall risk management, attracting customers and strengthening partnerships, expanding our business, and refining operations while implementing cost-effective initiatives.” Mr. Huang concluded.
First Half 2024 Financial Results
Revenues
Total revenues decreased by 57.47% to RMB14.92 million (US$2.09 million) for the first half of 2024 from RMB35.09 million for the same period of 2023.
Revenues from technical service fees decreased by 86.6% to RMB2.66 million (US$0.37 million) for the first half of 2024 from RMB19.83 million for the same period of 2023. The decrease in revenues from technical service fees was mainly due to the gradual reduction of such business based on our overall operation realignment.
Revenues from installment service fee decreased by 13.7% to RMB6.49 million (US$0.91 million) for the first half of 2024 from RMB7.53 million for the same period of 2023. The decrease in revenues from installment service fee was mainly due to the decrease in volume of both new and outstanding small and medium enterprises (“SMEs”) loans under current marketing environment in the first half of 2024.
Revenues from wealth management service fees decreased by 25.3% to RMB5.77 million (US$0.81 million) for the first half of 2024 from RMB7.73 million for the same period of 2023. The decrease in revenue of the wealth management was mainly due to that the new regulation issued by Chinese regulatory authority on insurance brokerage business which led to a scarcity of insurance products that comply with the new regulation and in turn caused the decrease in insurance brokerage business and revenue.
Cost of Revenues
Cost of revenues decreased by 80.51% to RMB6.02 million (US$0.85 million) for the first half of 2024 from RMB30.88 million for the same period of 2023. This decrease was mainly attributable to:
Funding cost. Funding cost mainly consists of interest expense the Company pays in relation to the funding debts to fund its financing receivables. Funding cost decreased RMB9.31 million to nil compared to funding cost of RMB9.31 million in the same period of 2023. The decrease was due to that we recorded interest expenses of RMB9.31 million during the first half of 2023, which was mainly represents an out-of-period adjustments amount to RMB9.31 million from prior years.
Reversal/(provision) of credit losses. Provision of credit losses of RMB1.73 million (US$0.24 million) in first half of 2024 compared to reversal of credit losses of RMB0.38 million in the same period of 2023.
Origination and servicing cost. Origination and servicing cost decreased by 78.8% to RMB5.05 million (US$0.71 million) compared to RMB23.86 million in the same period of 2023, which was mainly due to the decreased in revenue from technical services fees and its corresponding costs.
Gross Profit
Gross profit increased to RMB8.90 million (US$1.25 million) for the first half of 2024 from RMB4.21 million for the same period of 2023. Gross margin was 59.66% in the first half of 2024 compared to 11.99% in the same period of 2023.
Operating Expenses
Total operating expenses increased by 1.3% to RMB16.51 million (US$2.32 million) for the first half of 2024 from RMB16.30 million for the same period of 2023. The Company has been continuously optimizing and refining its organizational structure, marketing strategies and product matrix since the beginning of 2024.
Sales and marketing expenses in the first half of 2024 increased by 0.3% to RMB8.54 million (US$1.20 million) from RMB8.51 million in the same period of 2023. This increase was primarily due to the addition of sales and marketing personnel to expand our Wealth Management Solutions services and business.
General and administrative expenses in the first half of 2024 increased by 12.8% to RMB5.71 million (US$0.80 million) from RMB5.06 million in the same period of 2023. This increase was primarily driven by the reversal of share-based compensation in first half of 2023, which was an out-of-period adjustments from prior years and no such adjustments were recorded in first half of 2024.
Research and development expenses in the first half of 2024 decreased by 17.0% to RMB2.26 million (US$0.32 million) from RMB2.73 million in the same period of 2023, primarily due to personnel structure optimization as part of the business transformation of the Company.
Loss from operations
Loss from operations decreased by 37.1% to RMB7.61 million (US$1.07 million) for the first half of 2024 from RMB12.09 million for the same period of 2023.
Other income and expenses
Other expenses, net decreased by 99.4% to RMB0.28 million (US$0.04 million) for the first half of 2024 from RMB45.59 million for the same period of 2023. The decrease was primarily due to the decrease in impairment loss of long-lived assets of RMB3.74 million, decrease of interest expense of RMB4.41 million and the decrease in loss of RMB38.88 million from disposal of Sky City Holding Limited and eight of its subsidiaries in May 2023.
Income tax (expense)/benefit
Income tax expense was recorded as RMB0.46 million for the first half of 2024 compared to income tax benefit of RMB11.38 million recorded for the first half of 2023.
Net loss
As a result of the foregoing, net loss was recorded RMB8.34 million (US$1.17 million) for the first half of 2024 compared to RMB46.30 million recorded for the same period of 2023.
Net loss attributable to ordinary shareholders was recorded RMB8.43 million (US$1.18 million) for the first half of 2024 compared to net loss attributable to ordinary shareholders of RMB44.86 million recorded for the same period of 2023.
Adjusted net loss was RMB8.34 million (US$1.17 million) for the first half of 2024 compared to RMB65.50 million for the same period of 2023.
Net Loss Per Share
Basic and diluted net loss per ordinary share in the first half of 2024 were both RMB0.02 (US$0.00). Basic and diluted net loss per American Depositary Share (“ADS”) in the first half of 2024 were both RMB0.53 (US$0.07). Each ADS represents thirty-five of the Company’s Class A ordinary shares.
Adjusted basic and diluted net loss per ordinary share in the first half of 2024 were both RMB0.02 (US$0.00). Adjusted basic and diluted net loss per ADS in the first half of 2024 were both RMB0.53 (US$0.07).
Balance Sheet
The Company has combined cash and cash equivalents and long-term restricted cash of RMB53.42 million (US$7.50 million) as of June 30, 2024, compared to RMB45.51 million as of December 31, 2023.
Going Concern
The Company acknowledged that there were recurring losses from operation since year 2019. For the six months ended June 30, 2024, the Company reported a net loss of RMB8.34 million (US$1.17 million). In addition, as of June 30, 2024, the Company reported a negative working capital of RMB388.96 million (US$54.58 million) and had an accumulated deficit of RMB2,520.97 million (US$353.73 million). The Company’s operating results in future periods are subject to numerous uncertainties, and it is uncertain whether the Company will be able to reduce or eliminate its net loss in the foreseeable future. In order to alleviate the pressure on capital turnover, the Company has reached an agreement with a third-party institution to obtain a line of credit facility with an amount up to US$40 million with annual interest rate of 7% if used, which is effective until September 30, 2025.
Due to the unpredictable future of the capital markets and the industry in which we operate, there can be no assurance that the Company will be successful in achieving its budget goals, that the Company’s future capital raising will be sufficient to support its ongoing operations, or that any additional financing will be available in a timely manner or with acceptable terms, if at all. If the Company is unable to raise sufficient financing or events or circumstances occur such that the Company does not meet its budget goals, it may have a material adverse effect on the Company’s financial position, results of operations, cash flows, and ability to achieve its intended business objectives. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements.
Use of Non-GAAP Financial Measures
In evaluating its business, the Company considers and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net income/loss as net income/loss excluding share-based compensation expenses and income tax benefit recognized due to reversal of uncertain tax position.
The Company believes that this non-GAAP financial measure can help management evaluate the Company’s operating performance and formulate business plans. Adjusted net income/loss enables management to assess operating results without considering the impact of share-based compensation expenses and income tax benefit recognized due to reversal of uncertain tax position. The Company also believes that this non-GAAP financial measure provides useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by management in their financial and operational decision-making.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net income/loss is that it does not reflect all items of income and expenses that affect the Company’s operations. The Company will continue to incur share-based compensation expenses in its business, which are reflected in the presentation of its adjusted net income/loss. Further, this non-GAAP financial measure may differ from non-GAAP financial information used by other companies, including peer companies, and therefore its comparability may be limited.
The Company compensates for these limitations by reconciling this non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, net income/loss, which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1268 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as Pintec’s strategic and operational plans, contain forward-looking statements. Pintec may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, the Company’s limited operating history, regulatory uncertainties relating to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About Pintec
Pintec is a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in China. It connects business partners and financial partners on its open platform and enables them to provide financial services to end users efficiently and effectively. Pintec empowers its business partners by providing them with the capability to add a financing option to their product offerings. It helps its financial partners adapt to the new digital economy by enabling them to access the online population that they could not otherwise reach efficiently or effectively. Pintec continues to deliver exceptional digitization services, diversified financial products, and best-in-class solutions with innovative technology, to solidify its relationship with its business partners and satisfy its clients’ needs. Pintec currently holds internet micro lending license, fund distribution license, insurance brokerage license and enterprise credit investigation license in China. For more information, please visit ir.pintec.com.
Pintec Technology Holdings Ltd.
Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)
As of
December 31,
As of June 30,
2023
2024
2024
RMB
RMB
US$
(Unaudited)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
40,508
44,606
6,259
Restricted cash
–
3,815
535
Short-term financing receivables, net
61,467
55,941
7,849
Short-term financial guarantee assets, net
43
–
–
Accounts receivable, net
1,569
2,255
316
Prepayments and other current assets, net
4,605
3,373
476
Amounts due from related parties, net
5
–
–
Total current assets
108,197
109,990
15,435
Non-current assets:
Non-current restricted cash
5,000
5,000
702
Total non-current assets
5,000
5,000
702
TOTAL ASSETS
113,197
114,990
16,137
LIABILITIES
Current liabilities:
Accounts payable
4,977
4,153
583
Amounts due to related parties, current
299,346
301,398
42,291
Tax payable
18,857
18,561
2,604
Financial guarantee liabilities
43
–
–
Accrued expenses and other liabilities
165,072
174,834
24,532
Total current liabilities
488,295
498,946
70,010
Non-current liabilities:
Other non-current liabilities
4,781
4,490
630
Total non-current liabilities
4,781
4,490
630
TOTAL LIABILITIES
493,076
503,436
70,640
DEFICIT
Class A Ordinary Shares (US$ 0.000125 par value per share;
1,750,000,000 shares authorized as of December 31, 2023 and June
30, 2024; 503,747,680 and 503,747,680 shares outstanding as of
December 31, 2023 and June 30, 2024)
454
454
64
Class B Ordinary Shares (US$ 0.000125 par value per share;
250,000,000 shares authorized as of December 31, 2023 and June
30, 2024; 50,939,520 and 50,939,520 shares outstanding as of
December 31, 2023 and June 30, 2024)
42
42
6
Additional paid-in capital
2,036,473
2,036,473
285,749
Statutory reserves
9,006
9,006
1,264
Accumulated other comprehensive income
73,607
73,383
10,297
Accumulated deficit
(2,512,537)
(2,520,966)
(353,730)
Total shareholders’ deficit
(392,955)
(401,608)
(56,350)
Non-controlling interests
13,076
13,162
1,847
TOTAL DEFICIT
(379,879)
(388,446)
(54,503)
TOTAL LIABILITIES AND DEFICIT
113,197
114,990
16,137
Pintec Technology Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except for share and per share data)
For the six months ended June 30,
2023
2024
2024
RMB
RMB
US$
Revenues:
Technical service fees
19,834
2,658
373
Installment service fees
7,527
6,493
911
Wealth management service fees and others
7,727
5,771
810
Total revenues
35,088
14,922
2,094
Cost of revenues:
Funding cost
(9,305)
–
–
Reversal/(Provision) of credit losses
378
(1,730)
(243)
Origination and servicing cost
(23,856)
(5,055)
(710)
Reversal of guarantee
1,903
765
107
Cost of revenues
(30,880)
(6,020)
(846)
Gross profit
4,208
8,902
1,248
Operating expenses:
Sales and marketing expenses
(8,509)
(8,537)
(1,198)
General and administrative expenses
(5,059)
(5,708)
(801)
Research and development expenses
(2,728)
(2,264)
(318)
Total operating expenses
(16,296)
(16,509)
(2,317)
Loss from operations
(12,088)
(7,607)
(1,069)
Long-lived assets impairment
(3,737)
–
–
Loss from disposal of subsidiaries
(38,883)
–
–
Financial expenses, net
(4,273)
132
19
Other income/(expenses), net
1,305
(409)
(57)
Loss before income tax (expense)/benefit
(57,676)
(7,884)
(1,107)
Income tax benefit/(expense)
11,377
(459)
(64)
Net loss
(46,299)
(8,343)
(1,171)
Less: Net (loss)/income attributable to non-controlling interests
(1,444)
86
12
Net loss attributable to Pintec Technology Holdings Limited
shareholders
(44,855)
(8,429)
(1,183)
Other comprehensive (loss)/income:
Foreign currency translation adjustments, net of nil tax
46,080
(224)
(31)
Total other comprehensive income/(loss)
46,080
(224)
(31)
Total comprehensive loss
(219)
(8,567)
(1,202)
Total comprehensive (loss)/income attributable to non-controlling
interests
(1,444)
86
12
Total comprehensive income/(loss) attributable to Pintec Technology
Holdings Limited shareholders
1,225
(8,653)
(1,214)
Net loss per ordinary share
Basic
(0.10)
(0.02)
(0.00)
Diluted
(0.10)
(0.02)
(0.00)
Weighted average ordinary shares outstanding
Basic
433,743,535
554,687,200
554,687,200
Diluted
434,294,424
554,687,200
554,687,200
Pintec Technology Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(In thousands, except for share and per share data)
For the six months ended June 30,
2023
2024
2024
RMB
RMB
US$
Net loss
(46,299)
(8,343)
(1,171)
Add: Share-based compensation expenses
(6,884)
–
–
Less: Income tax benefit recognized due to reversal of uncertain tax
position
12,319
–
–
Adjusted net loss
(65,502)
(8,343)
(1,171)
Less: Adjusted net (loss)/income attributable to non-controlling interests
(1,444)
86
12
Adjusted net loss attributable to Pintec Technology Holdings Limited
shareholders
(64,058)
(8,429)
(1,183)
Adjusted net loss per ordinary share
Basic and diluted
(0.15)
(0.02)
(0.00)
Weighted average number of ordinary shares outstanding
Basic and diluted
433,743,535
554,687,200
554,687,200
View original content:https://www.prnewswire.com/news-releases/pintec-announces-unaudited-financial-results-for-the-first-half-of-2024-302299734.html
SOURCE Pintec Technology Holdings Limited
You may like
Technology
CompTIA Community recipient of IT Nation Torch Award
Published
1 hour agoon
November 9, 2024By
Named Community of the Year at IT Nation Connect 2024
DOWNERS GROVE, Ill., Nov. 8, 2024 /PRNewswire/ — The CompTIA Community is pleased to announce it was honored with the prestigious IT Nation Torch Award as Community of the Year by the IT Nation, a global community of peers, thought leaders, and experts dedicated to elevating the IT ecosystem to new heights.
The CompTIA Community was recognized by IT Nation for its outstanding collaboration, engagement, and support for its members and the industry through knowledge-sharing, networking, and professional growth.
“Knowing that the IT Nation Torch Award comes from peers, thought leaders, and experts who are collectively pushing the industry to new heights makes it especially humbling for us,” said MJ Shoer, chief community officer at CompTIA. “We’re honored and proud to provide the industry with a global community that is committed to helping every channel professional and business succeed.”
“We are thrilled to introduce the IT Nation Torch Awards, celebrating excellence within the IT community,” said Gregg Lalle, senior vice president and general manager of IT Nation. “These awards aim to recognize the remarkable achievements and contributions of individuals, organizations, and media professionals who have made a significant impact on the industry. We invite all members of the IT community to participate in this exciting awards program and join us in honoring the best and brightest in our industry.”
The CompTIA Community is the leading global, vendor-neutral and non-profit technology channel association for MSPs, vendors, distributors, and other companies serving the technology ecosystem. It is a trusted group of industry peers who have access to exclusive tools and resources needed to build a thriving business and contribute to the growth of the IT channel. This community includes regional groups around the world; cybersecurity resources, such as the Information Sharing and Analysis Organization (ISAO) and Cybersecurity Trustmark; market research; events; industry education and training and more.
IT Nation Torch Award winners were nominated by leaders across the IT ecosystem and recognized for their exceptional dedication, innovation, and commitment within the IT channel community. Awards were presented tonight at IT Nation Connect, a top annual industry conference focused on education, inspiration, and networking to help individuals solve MSP challenges and grow. For more information about the IT Nation Torch Awards, including nomination details and eligibility criteria, visit https://www.connectwise.com/theitnation.
About CompTIA
The Computing Technology Industry Association (CompTIA) is a leading voice and advocate for the $5 trillion global information technology ecosystem; and the estimated 75 million industry and tech professionals who design, implement, manage, and safeguard the technology that powers the world’s economy. Through community, education, training, certifications, advocacy, philanthropy, and market research, CompTIA is the hub for unlocking the potential of the tech industry and its workforce. http://Connect.CompTIA.org
About IT Nation
The IT Nation is a vibrant and inclusive community that brings together the brightest minds from Managed Solution Providers (MSPs) and IT channel vendors worldwide. Our shared culture, rooted in the Go-Giver philosophy, enables us to harness collective wisdom for mutual growth. Our mission is to empower individuals who align with this worldview by providing purpose-built tools and success frameworks. These resources are designed to help our members define goals, create strategic plans, and execute with precision. At IT Nation, we are dedicated to cultivating an environment where innovation, education, planning, accountability, and celebration serve as the pillars of success. The IT Nation inspires excellence, collaboration fuels advancement, and shared success drives us toward our mission: Wise Together, Rise Together. Learn more at https://www.connectwise.com/theitnation.
Media Contacts
Steven Ostrowski
CompTIA
sostrowski@comptia.org
+1.630.678.8468
Inkhouse for ConnectWise
ConnectWise@Inkhouse.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/comptia-community-recipient-of-it-nation-torch-award-302300350.html
SOURCE CompTIA
SCHAUMBURG, Ill., Nov. 8, 2024 /PRNewswire/ — Set Forth, Inc. (“Forth”) and Centrex Software, Inc. (“Centrex”), are notifying individuals of a data security incident that may have impacted consumer personal information. Forth and Centrex provide cloud-based customer relationship management (CRM) solutions powered by the Set Forth platform. This platform allows businesses to collect and share consumer information, with their permission, between its users. Neither Forth or Centrex have any indication that any personal information has been used for fraud or identity theft.
On May 21, 2024, Forth and Centrex discovered suspicious activity from an unauthorized user on their systems. They immediately implemented their incident response protocols, began an investigation, and engaged independent computer forensic specialists to help. The investigation determined, on July 1, 2024, that the unauthorized user gained access to documents on their systems. The review of potentially impacted documents determined that the following data elements may have been contained in the documents: names, Social Security numbers, dates of birth, and addresses.
Letters are being mailed on November 8, 2024, providing recipients with information about what occurred, steps taken in response and offering credit monitoring and identity restoration services through IDX at no cost. Impacted individuals should also monitor their credit reports and financial statements for suspicious activity.
Forth and Centrex have taken steps to prevent a similar incident from occurring in the future, including hardening web application firewalls, completing additional third-party penetration testing, adding additional full-time resources for security specific code reviews and anomalous system user/activity behavior, and enhancing other existing security controls.
Individuals should contact 1-877-210-5107 Monday through Friday from 9 am – 9 pm Eastern Time to determine whether they were affected by this incident or if they have any questions. Forth and Centrex take the need to protect the privacy and security of all information in their respective care very seriously, and deeply regret any inconvenience or concern that this matter may cause.
View original content:https://www.prnewswire.com/news-releases/notice-of-data-security-incident-302299568.html
SOURCE Set Forth, Inc.
Technology
Augmented Reality Market to Grow by USD 461.8 Billion from 2024-2028, as Rising Investments Drive Revenue with AI Redefining the Market Landscape – Technavio
Published
3 hours agoon
November 8, 2024By
NEW YORK, Nov. 8, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global augmented reality (AR) market size is estimated to grow by USD 461.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 46.1% during the forecast period. Increasing investments in AR technology is driving market growth, with a trend towards increasing AR integration in mobile devices. However, privacy concerns over ar technology poses a challenge.Key market players include Alphabet Inc., Atheer Inc, Dynabook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Meta Platforms Inc., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc..
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF
Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Component (Hardware and Software), End-user (Enterprise, Retail, Healthcare, Media and entertainment, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa)
Region Covered
North America, APAC, Europe, South America, and Middle East and Africa
Key companies profiled
Alphabet Inc., Atheer Inc, Dynabook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Meta Platforms Inc., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc.
Key Market Trends Fueling Growth
The augmented reality (AR) market is experiencing significant growth, with smartphone vendors like Apple and Samsung integrating hardware and software for AR mobile platforms. AR solutions enhance user experience and increase the value proposition of mobile devices, including smartphones, phablets, and tablets. The market expansion is driven by the popularity and penetration of AR technology in industries such as 5G providers, AR chipsets, AR glasses, automotive sectors, defense & aerospace industry, education, gaming, media and entertainment, medical education, retail, and safety management. AR applications offer benefits in areas like design and visualization, engineering, drug information, interactive showrooms, and professional training. Technologies like OLED and spatial computing are also contributing to the market’s growth.
Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!
Market Challenges
Augmented Reality (AR) market encompasses various industries, including manufacturing, retail, education, gaming, and healthcare. AR technology offers enhanced experiences in sectors like automotive, drug information, and professional training. However, privacy concerns loom large due to the collection and processing of user data. AR can access personal information from social media and threaten user privacy through hacking. Smart glasses, with their ability to screen and process environments, raise privacy concerns for individuals and those around them. These challenges may hinder the AR market’s growth during the forecast period.
Insights into how AI is reshaping industries and driving growth- Download a Sample Report
Segment Overview
This augmented reality (ar) market report extensively covers market segmentation by
Component 1.1 Hardware1.2 SoftwareEnd-user 2.1 Enterprise2.2 Retail2.3 Healthcare2.4 Media and entertainment2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Hardware- The Augmented Reality (AR) market is segmented by component into hardware and software. The hardware segment, which includes AR glasses, chipsets, and smartphones, is currently leading the market in terms of revenue share in 2022. This dominance is attributed to the expanding use of AR technology in various industries and verticals, such as the manufacturing industry for quality control and operations, media and entertainment for experiences, and the medical industry for medical education and augmented surgeries. Meta, a tech giant, and several startups are investing heavily in AR technology, leading to the development of advanced AR devices like Mixed reality (MR) smart glasses using OLED technology. The retail industry is also leveraging AR for virtual fitting rooms and virtual walkthroughs, while the automotive sectors are using AR for brand engagement and design visualization. Spatial computing, 5G providers, and computer vision are other emerging areas in the AR industry. Stanford University and other institutions are conducting research in AR technology for safety management, professional training, and wellbeing applications. The AR hardware market is expected to continue its growth trajectory during the forecast period.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
In the dynamic and innovative realm of technology, the Augmented Reality (AR) market is experiencing unprecedented growth. This cutting-edge technology is revolutionizing various sectors, including media and entertainment, gaming, and retail industries. In the gaming sector, AR is enhancing user experience by overlaying digital information on the real world. The integration of 5G providers and computer vision technology is enabling seamless AR experiences on smartphones. Tech players and startups are investing heavily in AR research and development, focusing on spatial computing and design and visualization. In the media industry, AR is being used for training, quality control, and safety management in operations. Stanford University and other educational institutions are incorporating AR into their curricula to prepare the next generation of engineers. The AR industry is also making strides in the retail sector, offering virtual try-on features and enhancing the shopping experience.
Market Research Overview
The Augmented Reality (AR) market is a rapidly growing industry that blends digital information with the physical world, creating experiences for consumers. AR technology is used in various sectors such as education, healthcare, retail, and manufacturing. It enhances user experience by overlaying digital content onto real-world environments, providing valuable information and interactive experiences. AR is revolutionizing industries by improving productivity, enhancing customer engagement, and providing new opportunities for innovation. The market is driven by advancements in technology, increasing consumer demand, and investments from major industries. AR is expected to continue its growth trajectory, transforming the way we interact with the world around US.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ComponentHardwareSoftwareEnd-userEnterpriseRetailHealthcareMedia And EntertainmentOthersGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/augmented-reality-market-to-grow-by-usd-461-8-billion-from-2024-2028–as-rising-investments-drive-revenue-with-ai-redefining-the-market-landscape—technavio-302299089.html
SOURCE Technavio
CompTIA Community recipient of IT Nation Torch Award
Notice of Data Security Incident
Augmented Reality Market to Grow by USD 461.8 Billion from 2024-2028, as Rising Investments Drive Revenue with AI Redefining the Market Landscape – Technavio
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology4 days ago
MP Chahal announces federal investments to grow Alberta’s aerospace and aviation industry
-
Coin Market4 days ago
Singapore advances asset tokenization with new MAS frameworks
-
Coin Market4 days ago
US regulators mull approving Grayscale crypto index ETF
-
Coin Market4 days ago
Bitcoin price volatility expected ahead of US elections: Here are the price levels to watch
-
Coin Market4 days ago
Internet Computer cross-chain protocol usage up 13x amid Bitcoin DeFi boom
-
Technology4 days ago
Iontra Selected for ARPA-E CIRCULAR Grant to Revolutionize EV Battery Life
-
Technology4 days ago
Benefit Cosmetics Partners with Obsess to Launch ‘The Benemart’ Virtual Holiday Gift Store
-
Technology4 days ago
LODAS Markets Names Industry Veteran Kyle Robey Head of Product for Transfer Agent Business