Technology
Nauticus Robotics Announces Results for the Third Quarter of 2024
Published
2 weeks agoon
By
HOUSTON, Nov. 12, 2024 /PRNewswire/ — Nauticus Robotics, Inc. (NASDAQ: KITT), a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended September 30, 2024.
John Gibson, Nauticus CEO, stated, “We committed to producing commercial revenue in the third quarter of 2024 with our Aquanaut Mark 2. We achieved that objective. Our first commercial project not only exceeded customer expectations but also secured additional work for the fourth quarter. With the 2024 work season in the Gulf of Mexico ending, we are now fully focused on building a robust pipeline of commercial opportunities for 2025. Nauticus’ untethered, autonomous deepwater solutions have set us apart as the technical leader in this field, earning strong recognition from our customers.
On the financial front, we raised over $1 million in cash through a tranche of convertible debentures, with the option to access an additional $20 million. Alongside converting existing debentures into preferred equity, these steps bolster our shareholder equity and position us to regain compliance with NASDAQ listing requirements. This access to additional funds provides a solid financial foundation to cement our position as a leader in the ocean economy.”
Operational Highlights
Vehicle 2 Testing: Nauticus’ flagship vehicle, Aquanaut Mark 2 (Vehicle 2), completed deepwater qualification trials and began commercial operations in the Gulf of Mexico (GOM). The vehicle completed offshore operations for 2024 and will now be readied for the upcoming 2025 offshore season. The success of the commercial work performed this year resulted in continued discussions with current as well as new customers for 2025 work. The pipeline for Aquanaut services remains strong and the company expects that customers will continue placing the vehicle into their offshore execution models.
Vehicle 1 Assembly and Testing: Aquanaut Vehicle 1 deepwater electronics upgrades are complete and final assembly is expected to complete this month. Once the vehicle is fully assembled it is planned to ship to a testing facility to complete factory acceptance testing. We expect this to occur by the end of the year.
Vehicle 3 Assembly: Assembly of Aquanaut Vehicle 3 remains pending. Company focus remained on Vehicles 1 and 2 throughout the quarter. Work on this vehicle is not expected until sometime in 2025.
ToolKITT Software: ToolKITT performed reliably during Aquanaut vehicle operations this quarter. The team continues to progress the technology towards higher levels of autonomy and broader commercial functionality. ToolKITT is also expected to provide value added differentiation for third party platform integration. Discussions with third party ROV manufacturers and services providers are ongoing and Nauticus is targeting to sell its first commercial license in 2025.
Revenue: Nauticus reported third-quarter revenue of $0.4 million, compared to $1.6 million for the prior-year period and $0.5 million for the prior quarter.
Operating Expenses: Total expenses during the third quarter were $5.9 million, a $3.9 million decrease from the prior-year period, and a $0.6 million decrease from Q2 2024.
Net Income: For the third quarter, Nauticus recorded a net loss of $11.4 million, or basic loss per share of $4.24. This compares with a net loss of $17.7 million from the same period in 2023, and a net loss of $5.4 million in the prior quarter.
Adjusted Net Loss: Nauticus reported adjusted net loss of $11.4 million for the third quarter, compared to $8.1 million for the same period in 2023. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.
2024 G&A Cost: Nauticus reported G&A third-quarter costs of $2.8 million, which is a decrease of $3.9 million compared to the same period in 2023 and an additional $0.4 million decrease from the second quarter.
Balance Sheet and Liquidity
As of September 30, 2024, the Company had cash and cash equivalents of $2.9 million, compared to $0.8 million as of December 31, 2023.
Conference Call Details
Nauticus will host a conference call on November 13, 2024 at 10:00 a.m. Central Standard Time (11:00 a.m. EST) to discuss its results for the quarter ending September 30, 2024. To participate in the earnings conference call, participants should dial toll free at 800-225-9448, conference ID: KITT, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/559732352. A link to the webcast will also be available on the Company’s website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company’s website.
Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company’s business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus’ services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ Annual Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2024
December 31, 2023
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$2,915,757
$753,398
Restricted certificate of deposit
51,763
201,822
Accounts receivable, net
397,726
212,428
Inventories
2,229,509
2,198,797
Prepaid expenses
1,105,645
1,889,218
Other current assets
338,542
1,025,214
Assets held for sale
277,180
2,940,254
Total Current Assets
7,316,122
9,221,131
Property and equipment, net
16,158,525
15,904,845
Operating lease right-of-use assets
1,283,982
834,972
Other assets
229,296
187,527
Total Assets
$24,987,925
$26,148,475
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable
$4,734,093
$7,035,450
Accrued liabilities
7,269,833
7,339,099
Contract liability
697,818
2,767,913
Operating lease liabilities – current
433,820
244,774
Total Current Liabilities
13,135,564
17,387,236
Warrant liabilities
393,094
18,376,180
Operating lease liabilities – long-term
921,698
574,260
Notes payable – long-term, net of discount (related party)
46,148,307
31,597,649
Other liabilities
895,118
–
Total Liabilities
$61,493,781
$67,935,325
Stockholders’ Deficit:
Common stock, $0.0001 par value; 625,000,000 shares authorized, 5,634,942
and 1,389,884 shares issued, respectively, and 5,634,942 and 1,389,884
shares outstanding, respectively (As adjusted)
$563
$139
Additional paid-in capital (As adjusted)
98,628,931
77,004,714
Accumulated other comprehensive income
(26,983)
–
Accumulated deficit
(135,108,367)
(118,791,703)
Total Stockholders’ Deficit
(36,505,856)
(41,786,850)
Total Liabilities and Stockholders’ Deficit
$24,987,925
$26,148,475
NAUTICUS ROBOTICS, INC.
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Revenue:
Service
$370,187
$501,708
$1,593,854
$1,336,249
$5,542,249
Service – related party
–
–
–
–
500
Total revenue
370,187
501,708
1,593,854
1,336,249
5,542,749
Costs and expenses:
Cost of revenue (exclusive of items
shown separately below)
2,648,019
2,875,394
2,651,380
7,617,368
7,484,249
Depreciation
446,087
411,586
160,744
1,283,858
487,052
Research and development
–
–
275,154
64,103
984,882
General and administrative
2,845,956
3,227,288
6,704,890
9,502,685
17,478,099
Total costs and expenses
5,940,062
6,514,268
9,792,168
18,468,014
26,434,282
Operating loss
(5,569,875)
(6,012,560)
(8,198,314)
(17,131,765)
(20,891,533)
Other (income) expense:
Other (income) expense, net
2,278,909
118,274
(133,311)
2,300,710
1,015,908
Gain on lease termination
–
(8,532)
–
(23,897)
–
Foreign currency transaction loss
11,833
4,296
83,654
21,276
56,061
Loss on exchange of warrants
–
–
–
–
590,266
Change in fair value of warrant liabilities
(615,505)
(4,422,701)
8,656,392
(13,347,829)
(18,775,158)
Interest expense, net
4,111,844
3,669,423
873,738
10,234,639
7,365,402
Total other income, net
5,787,081
(639,240)
9,480,473
(815,101)
(9,747,521)
Net loss
$(11,356,956)
$(5,373,320)
$(17,678,787)
$(16,316,664)
$(11,144,012)
Basic loss per share (As adjusted)
$(4.24)
$(2.75)
$(15.46)
$(8.54)
$(9.92)
Diluted loss per share (As adjusted)
$(4.24)
$(2.75)
$(15.46)
$(8.54)
$(9.92)
Basic weighted average shares outstanding (As adjusted)
2,676,003
1,950,563
1,143,198
1,910,761
1,123,695
Diluted weighted average shares outstanding (As adjusted)
2,676,003
1,950,563
1,143,198
1,910,761
1,123,695
NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended September 30,
2024
2023
Cash flows from operating activities:
Net loss
$(16,316,664)
$(11,144,012)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
1,283,858
487,052
Amortization of debt discount
5,694,378
2,924,820
Amortization of debt issuance cost
486,758
–
Capitalized paid-in-kind (PIK) interest
927,485
–
Accretion of RCB Equities #1, LLC exit fee
73,058
3,183
Stock-based compensation
1,872,504
3,995,020
Loss on exchange of warrants
–
590,266
Change in fair value of warrant liabilities
(13,347,829)
(18,775,158)
Non-cash impact of lease accounting
314,859
332,787
Gain on disposal of assets
(1,695)
–
Write off of property and equipment
32,636
–
Gain on lease termination
(23,897)
–
Gain on short-term investments
–
(40,737)
Interest expense assumed into Convertible Senior Secured Term Loan
–
378,116
Changes in current assets and liabilities:
Accounts receivable
(185,298)
625,034
Inventories
(30,714)
(7,293,478)
Contract assets
–
547,183
Other assets
1,542,915
(206,702)
Accounts payable and accrued liabilities
(1,072,317)
11,155,980
Contract liabilities
(2,070,095)
152,000
Operating lease liabilities
(203,486)
(357,985)
Other liabilities
895,117
–
Net cash used in operating activities
(20,128,427)
(16,626,631)
Cash flows from investing activities:
Capital expenditures
(466,712)
(10,745,111)
Proceeds from sale of assets held for sale
420,220
–
Proceeds from sale of property and equipment
18,098
–
Proceeds from sale of short-term investments
–
5,000,000
Net cash used in investing activities
(28,394)
(5,745,111)
Cash flows from financing activities:
Proceeds from notes payable
14,305,000
10,596,884
Payment of debt issuance costs on notes payable
(1,316,791)
–
Proceeds from ATM offering
9,857,857
–
Payment of ATM commissions and fees
(499,903)
–
Proceeds from exercise of stock options
–
421,175
Proceeds from exercise of warrants
–
338,055
Net cash from financing activities
22,346,163
11,356,114
Effects of changes in exchange rates on cash and cash equivalents
(26,983)
–
Net change in cash and cash equivalents
2,162,359
(11,015,628)
Cash and cash equivalents, beginning of year
753,398
17,787,159
Cash and cash equivalents, end of year
$2,915,757
$6,771,531
NAUTICUS ROBOTICS, INC.
Unaudited Reconciliation of Net Income (Loss) Attributable to Common Stockholders (GAAP) to
Adjusted Net Loss Attributable to
Common Stockholders (NON-GAAP)
Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.
Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.
Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net income (loss) attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net income (loss) attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net income (loss) attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Net income (loss) attributable to common
stockholders (GAAP)
$(11,356,956)
$(5,373,320)
$(17,678,787)
$(16,316,664)
$(11,144,012)
Change in fair value of warrant liabilities
(615,505)
(4,422,701)
8,656,392
(13,347,829)
(18,775,158)
Stock compensation expense
532,539
809,310
917,993
1,872,504
3,995,020
Sales and use tax assessment
–
–
–
–
1,189,164
Loss on exchange of warrants
–
–
–
–
590,266
Interest and penalties on RRA Amendment
–
–
–
–
4,320,690
Adjusted net loss attributable to common
stockholders (non-GAAP)
$(11,439,922)
$(8,986,711)
$(8,104,402)
$(27,791,989)
$(19,824,030)
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SOURCE Nauticus Robotics, Inc.
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Four New Products from Scosche® Industries Honored With Global Media Awards At 2024 SEMA Show
Published
19 minutes agoon
November 25, 2024By
Scosche innovations rise to the top among 3,000 new product submissons
OXNARD, Calif., Nov. 25, 2024 /PRNewswire-PRWeb/ — COSCHE Industries, a leading innovator of award-winning consumer technology and accessories, and the #1 Mount and FM Transmitter brand* in North America is pleased to announce that four of their new products were awarded SEMA Global Media Awards (GMA).
This year the GMA voting panel reviewed nearly 3,000 new products that were featured at the SEMA Show. Each journalist selected 10 products that would be of most interest to their publications’ readers, and most likely to succeed commercially in their respective countries. Scosche is extremely honored to be recognized by this prestigious international automotive community, for their cutting-edge designs and technology.
The judges selected the following Scosche products:
The PowerVolt™ Pro Finder, a 42W Dual-Port Power Delivery Car Charger with a built-in Finder that locates a vehicle from your phone. The Pro Finder integrates seamlessly with the Apple® Find My app and also charges up to two devices simultaneously.
Selected by Mike Kojima of MotoIQ, USA.
The MagSafe® compatible MagicMount™ MS Heavy Duty Phone/Tablet Mount is built with premium aluminum and extra strong magnets to keep your phone or tablet securely in place—no matter where, and how hard, you drive. It comes with two arm length options to suit regular and deep dash vehicles.
Selected by Juan Carlos Cuellar of Sobre Ruedas, Honduras.
The PowerVolt 100 – Six-Port Car Charger can charge six devices (three in the front seats and three in the back) simultaneously, with 100W of total power. The charger and charging hub are connected with a 5 Ft cable, eliminating tangled cables and passengers waiting to charge their devices.
Selected by Young-Jun Yu of Car and Tech, South Korea.
The MagicMount Flask combines the benefits of a secure and adjustable MagSafe compatible phone mount with a high-quality insulated beverage bottle. The flip up straw lets you sip without removing the lid and it even keeps your pet hydrated with the removable silicone sleeve.
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#1 Mount Brand
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Note: The Scosche MagicMount phone mount system was granted two design patents: D790,960 and D831,462.
Follow us on: Instagram (@scoscheinc) and @scosche on X, Facebook, Pinterest,YouTube, TikTok, and LinkedIn, for the latest news on all of the company’s award-winning consumer tech and car audio products and accessories. And also visit our company Press Room on Scosche.com.
About SCOSCHE: Founded in 1980, SCOSCHE Industries is an award-winning innovator of consumer technology and car audio products – committed to delivering superior product quality and functionality, exceptional value and unmatched customer service. The designers and engineers at SCOSCHE develop products that reflect a rich heritage in audio and mobile technologies. SCOSCHE finds inspiration in the California lifestyle, culture, music and people. These influences can be seen in the accessories and products that are now in the hands, homes, offices and vehicles of people in over 50 countries. With over 400 patents/trademarks and countless industry awards received, it is easy to see why SCOSCHE is consistently at the forefront of technology and innovation. http://www.scosche.com
Media Contact
Chris Herbert, Scosche, 6144488703, cherbert@pendulum-pr.com, www.scosche.com
View original content to download multimedia:https://www.prweb.com/releases/four-new-products-from-scosche-industries-honored-with-global-media-awards-at-2024-sema-show-302315731.html
SOURCE Scosche
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Automatic Doors Market size is set to grow by USD 8.41 billion from 2024-2028, gaining traction in construction market boost the market- Technavio
Published
19 minutes agoon
November 25, 2024By
NEW YORK, Nov. 25, 2024 /PRNewswire/ — The global automatic doors market size is estimated to grow by USD 8.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.2% during the forecast period. Gaining traction in construction market is driving market growth, with a trend towards increase in demand for automatic doors for cleanrooms. However, accidents and safety concerns poses a challenge. Key market players include Allegion Public Ltd. Co., ASSA ABLOY AB, Auto Ingress Pty Ltd, Avians Innovations Technology Pvt. Ltd., Deutschtec GmbH, Dormakaba Holding AG, GEZE GmbH, JM Entrance Automation Pvt. Ltd., KBB International Co. Ltd, KONE Corp., Landert Group AG, MAGNETIC FAAC India Pvt Ltd., MANUSA GEST SL, Nabtesco Corp., Ningbo Meibisheng Auto gate Co. Ltd., Ningbo Ownic Technology Door Ltd., Ozone Overseas Pvt. Ltd, PortaFab Corp., Royal Boon Edam International BV, and Vina Sanwa, Zhejiang Seacon Door Technology Co., Ltd, TORMAX USA Inc, Ultra Safe Security Doors, Vortex Industries, Inc, Wilcox Door Service Inc
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Automatic Doors Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 7.2%
Market growth 2024-2028
USD 8.41 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
6.12
Regional analysis
Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution
Europe at 30%
Key countries
US, Canada, China, Germany, and France
Key companies profiled
Allegion Public Ltd. Co., ASSA ABLOY AB, Auto Ingress Pty Ltd, Avians Innovations Technology Pvt. Ltd., Deutschtec GmbH, Dormakaba Holding AG, GEZE GmbH, JM Entrance Automation Pvt. Ltd., KBB International Co. Ltd, KONE Corp., Landert Group AG, MAGNETIC FAAC India Pvt Ltd., MANUSA GEST SL, Nabtesco Corp., Ningbo Meibisheng Auto gate Co. Ltd., Ningbo Ownic Technology Door Ltd., Ozone Overseas Pvt. Ltd, PortaFab Corp., Royal Boon Edam International BV, and Vina Sanwa, Zhejiang Seacon Door Technology Co., Ltd, TORMAX USA Inc, Ultra Safe Security Doors, Vortex Industries, Inc, Wilcox Door Service Inc
Market Driver
Automatic doors are becoming increasingly popular in various sectors due to their convenience, accessibility, and safety benefits. Infrastructure development projects such as malls, airports, hotels, multiplexes, restrooms, hospitals, and commercial buildings are major consumers of automatic doors. These doors offer seamless entry and exit systems for individuals, making them ideal for public places. In the transportation sector, automatic doors are used in railway stations, bus terminals, and subway systems, enhancing the overall travel experience. Smart home applications and automation are also driving the demand for automatic doors, offering energy efficiency and privacy with mechanisms like privacy glass and opaque panels. Raw materials like metal and glass are used to manufacture automatic doors, with mechanisms including sliding and manual operation. Sensors and control systems are essential components, with options for photoelectric sensors, infrared sensors, and cable-free operation. Automatic doors offer safety features, including emergency departments, critical care units, and patient care areas, with response times crucial for emergency care. The transportation sector and commercial spaces, including office complexes, restaurants, and transportation infrastructure, are also investing in automated solutions for a hands-free, sensor-based type of experience. Building safety regulations and consumer spending power are key factors influencing the market growth of automatic doors. Additionally, automatic doors are customized to cater to various sectors, including healthcare facilities, laboratories, and educational institutions, ensuring cross-contamination and germ prevention. Overall, automatic doors offer a convenient, accessible, and safe solution for various industries and applications.
The automatic doors market is witnessing significant growth due to the increasing demand for automatic doors in cleanroom environments. Cleanrooms are essential in industries such as laboratories and hospitals, where maintaining a sterile environment is crucial. Automatic doors are the preferred choice in these settings as they minimize microbial contamination and prevent cross-contamination. The integration of automatic doors in cleanrooms is becoming standard practice to ensure safety for both people and products. These doors are designed with materials that allow for the seamless integration of HVAC systems and entrances, maintaining the required microbiological levels while minimizing dust particle entry. The market for automatic doors in cleanroom applications is expected to expand substantially during the forecast period.
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Market Challenges
Automatic doors have become a standard infrastructure in malls, airports, hotels, multiplexes, hospitals, and various commercial buildings. These doors offer convenience and accessibility for individuals, especially those with mobility issues. However, challenges exist in meeting the unique needs of different sectors. For instance, in hospitals and emergency departments, safety, energy efficiency, and response times are critical. In contrast, in smart home applications and automation, cable-free operation and seamless experience are essential. Raw materials, such as privacy glass and opaque panels, add to the cost. Mechanisms like sliding doors and manual operation require regular maintenance. Sensors and control systems, including photoelectric and infrared sensors, ensure hands-free operation in public places. Building safety regulations and consumer spending power influence the market’s growth. The transportation sector, including railway stations, bus terminals, and subway systems, also presents significant opportunities. Infrastructure development projects and commercial spaces like offices, restaurants, and transportation infrastructure require automated solutions for efficient operation and enhanced user experience. Additionally, sensor-based types cater to the needs of wheelchair operators and laboratories. Privacy, cross-contamination, and germs are concerns in public places. Automatic doors offer a convenient and accessible solution for various sectors, ensuring a seamless experience while adhering to safety regulations.Automatic doors offer convenience and accessibility for businesses and their customers. However, the implementation of these doors comes with potential liabilities. Malfunctioning hardware can result in accidents, leading to financial losses for pedestrians and potential litigation against property owners. Regular maintenance is crucial to prevent such incidents. Neglecting this responsibility can result in costly lawsuits. The risks associated with automatic doors may hinder market growth, as businesses prioritize safety over convenience.
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Segment Overview
This automatic doors market report extensively covers market segmentation by
End-user 1.1 Commercial1.2 Industrial1.3 ResidentialProduct 2.1 Sliding doors2.2 Swing doors2.3 Folding doors2.4 Revolving doors2.5 OthersFunctionGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 Commercial- Automatic doors are essential in the commercial sector due to their safety, security, and convenience features. These doors are widely used in areas requiring hygienic conditions, such as hospitals, food processing units, and public transit systems. In commercial buildings, automatic doors are implemented for quick evacuation during emergencies, ensuring the safety of occupants. Touch-free activations like foot sensors and hand-wave sensors offer added convenience for staff. Automatic doors are also popular in areas with entry and exit barriers, such as parking plazas and toll plazas. The versatility and smart features of automatic doors are driving their demand in the commercial segment, making it a significant growth area in the global automatic doors market.
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Research Analysis
The Automatic Doors market encompasses a wide range of applications including malls, airports, hotels, multiplexes, restrooms, hospitals, and smart home applications. These doors offer convenience, accessibility, and safety for individuals, making them an essential component of modern infrastructure. Automatic doors come in various types such as entry systems and exit systems, with mechanisms that include sensors like photoelectric and infrared. They can be operated manually or automatically, with cable-free operation being a popular choice for smart home automation. Automatic doors provide energy efficiency, adding to their appeal, and are integral to smart building solutions. Raw materials used in their production include metals, glass, and plastics. The market continues to evolve, offering customized solutions to meet the diverse needs of various industries.
Market Research Overview
The Automatic Doors market is witnessing significant growth due to the increasing demand for convenience, accessibility, and safety in various sectors. Automatic doors are increasingly being used in malls, airports, hotels, multiplexes, restrooms, hospitals, and other commercial buildings. Infrastructure development projects, railway stations, shopping malls, educational institutions, and transportation infrastructure are some of the major applications driving the market’s growth. Automatic doors offer several benefits, including energy efficiency, safety mechanisms, and seamless experience. They come in various types, such as sliding automatic doors, manual operation, and sensor-based types. The market also offers customized solutions for individuals and smart home applications. Raw materials used in automatic doors include metal and glass, while mechanisms include photoelectric sensors, infrared sensors, and cable-free operation. Automated solutions and smart building solutions are also gaining popularity. The transportation sector is a significant consumer of automatic doors due to building safety regulations and consumer spending power. Automatic doors offer privacy and security with opaque panels and emergency departments, critical care units, patient care, and emergency teams benefit from quick response times and sensor-based types. Automatic doors are also used in public places such as theaters, grocery stores, and laboratories to ensure a seamless experience and prevent cross-contamination and germs. Maintenance charges are a concern, but the benefits of automatic doors outweigh the costs.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-userCommercialIndustrialResidentialProductSliding DoorsSwing DoorsFolding DoorsRevolving DoorsOthersFunctionGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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SOURCE Technavio
Technology
Introducing the New, Enhanced CampusGuard Central
Published
19 minutes agoon
November 25, 2024By
LINCOLN, Neb., Nov. 25, 2024 /PRNewswire/ — CampusGuard, a full-service cybersecurity and compliance services firm, is excited to announce the latest release of CampusGuard Central®, its dynamic customer compliance portal. CampusGuard Central empowers organizations to manage PCI DSS compliance across their enterprise with a single, user-friendly tool.
Central’s latest release includes the following enhancements:
Updated user interface:Hide or expand the left navigation barCollapsible group headers on the dashboardExpand the view to full screenResize and/or filter data tablesFull support for PCI DSS v4.0Customers can define an unlimited number of Custom FieldsCentralized button hub for quick access to common functionsTwo-factor authentication via email or mobileSAQ summaries (aka Rollups) now have their own sectionThe application returns the user to where they left off within their incomplete SAQAbility to upload multiple documents into the Document Locker at the same time
“Our customers are our greatest source of feedback and inspiration; we listen to them,” said Judi Seguy, Director of Operations. “Since our major update in 2023, the Development Team has worked especially hard to deliver major infrastructure upgrades to Central, bringing noticeable performance boosts and an updated, more intuitive user interface. We’re thrilled to share these upgrades with you, and we think you’ll love the enhanced experience.”
CampusGuard Central simplifies managing your PCI DSS compliance status and empowers your organization to strategize and prioritize the next steps for achieving and maintaining compliance. Explore how CampusGuard Central can streamline your PCI DSS compliance management process.
About CampusGuard
Founded in 2009, CampusGuard provides cybersecurity and compliance services for complex organizations, including higher education, healthcare, state and local government and agencies, financial services firms, and SaaS/tech companies, among others. CampusGuard’s success in serving their customers can be attributed to the experience, education, and commitment of their certified professionals and their in-depth understanding of the unique needs of the markets they serve. For more information visit www.campusguard.com.
View original content:https://www.prnewswire.com/news-releases/introducing-the-new-enhanced-campusguard-central-302315843.html
SOURCE CampusGuard
Four New Products from Scosche® Industries Honored With Global Media Awards At 2024 SEMA Show
Automatic Doors Market size is set to grow by USD 8.41 billion from 2024-2028, gaining traction in construction market boost the market- Technavio
Introducing the New, Enhanced CampusGuard Central
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