Connect with us

Technology

AudioCodes Reports Second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share

Published

on

OR YEHUDA, Israel, July 30, 2024 /PRNewswire/ — 

Second Quarter Highlights

Quarterly revenues increased by 0.5% year-over-year to $60.3 million;Quarterly service revenues increased by 12.3% year-over-year to $32 million;GAAP results:
– Quarterly GAAP gross margin was 65.5%;
– Quarterly GAAP operating margin was 8.2%;
– Quarterly GAAP EBITDA was $6.2 million;
– Quarterly GAAP net income was $3.8 million, or $0.12 per diluted share.Non-GAAP results:
– Quarterly Non-GAAP gross margin was 65.8%;
– Quarterly Non-GAAP operating margin was 11.9%;
– Quarterly Non-GAAP EBITDA was $8.3 million;
– Quarterly Non-GAAP net income was $5.5 million, or $0.18 per diluted share.Net cash used by operating activities was $2.9 million for the quarter.AudioCodes repurchased 116,453 of its ordinary shares during the quarter at an aggregate cost of $1.2 million.

Details

AudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced its financial results for the second quarter ended June 30, 2024.

Revenues for the second quarter of 2024 were $60.3 million compared to $60.0 million for the second quarter of 2023.

EBITDA for the second quarter of 2024 was $6.2 million compared to $2.9 million for the second quarter of 2023.

On a Non-GAAP basis, EBITDA for the second quarter of 2024 was $8.3 million compared to $6.2 million for the second quarter of 2023.

Net income was $3.8 million, or $0.12 per diluted share, for the second quarter of 2024 compared to net income of $1.1 million, or $0.03 per diluted share, for the second quarter of 2023.

On a Non-GAAP basis, net income was $5.5 million, or $0.18 per diluted share, for the second quarter of 2024 compared to $5.1 million, or $0.16 per diluted share, for the second quarter of 2023.

Non-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) expenses related to deferred payments in connection with the acquisition of Callverso Ltd; (iv) financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies; (v) tax impact which relates to our Non-GAAP adjustments; and (vi) in Q1 2024 non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company’s new headquarters. A reconciliation of net income on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.

Net cash used by operating activities was $2.9 million for the second quarter of 2024.  Cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long financial investments were $93.7 million as of June 30, 2024 compared to $106.7 million as of December 31, 2023.  The decrease in cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long financial investments was the result of the use of cash for the continued repurchasing of the Company’s ordinary shares pursuant to its share repurchase program and the payment of a cash dividend during the first quarter of 2024 and purchase of property and equipment related to leasehold improvements of our new corporate headquarter in Israel, offset, in part, by cash from operating activities.

“I am pleased to report solid second quarter 2024 results, marked by the second consecutive quarter of positive top-line growth and ongoing momentum in our Microsoft and conversational AI businesses with sequential uptick in our legacy gateway business,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.

In terms of our strategic business lines, Microsoft Teams business in the second quarter grew 3.3% year-over-year, with steady increase in the Live managed services, which grew about 35% year-over-year and reached ARR of $56 million exiting second quarter 2024. Second quarter Live business growth puts us on track to land within our full year 2024 ARR target range of $64$70 million, representing an average approximate annual growth rate of 40% compared to 2023.

In the CX business, our healthy pipeline continues to support a positive outlook for second half and full year 2024.  Conversational AI business grew over 50% year-over-year, benefiting from customers’ inexorable demand to drive innovation and deliver productivity improvements on projects in both the UC and CX space. We have witnessed progress made in several new Conversational AI activities. These include among others, Voca CIC, our AI first CX solution for Microsoft Teams, SaaS Recording solutions such as Meeting Insights and interaction recording, and in the MS Teams meeting room space.

Underlying business momentum remains strong, as we had several notable wins with marquee accounts in the quarter, from a combination of new customer additions as well as cross-sell of products and services to existing ones. Key to such cross sales success is our Live Platform for UCaaS and CCaaS, which encompasses a comprehensive stack of voice related services to the Microsoft Teams ecosystem. 

Overall, we delivered on our business priorities in the quarter, fostering momentum in strategic areas of our business and successfully executing on the cost rationalization initiatives.  We believe this lays the foundation to drive healthy top-line growth long-term while driving significant margin expansion in 2024 and beyond,” concluded Mr. Adlersberg. 

Share Buy Back Program

During the quarter ended June 30, 2024, the Company acquired 116,453 of its ordinary shares under its share repurchase program for a total consideration of $1.2 million.

In July 2024, the Company received court approval in Israel to purchase up to an aggregate amount of $20 million of additional ordinary shares. The court approval also permits AudioCodes to declare a dividend out of any part of this amount. The approval is valid through January 1, 2025.

Cash Dividend

AudioCodes also announced today that the Company’s Board of Directors has declared a cash dividend in the amount of 18 cents per share. The aggregate amount of the dividend is approximately $5.5 million. The dividend is payable on August 29, 2024, to all of the Company’s shareholders of record at the close of trading on the NASDAQ Global Select Market on August 15, 2024. 

In accordance with Israeli tax law, the dividend is subject to withholding tax at source at the rate of 25% of the dividend amount payable to each shareholder of record, subject to applicable exemptions. If the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company’s share capital, the withholding rate is 30%.

The dividend will be paid in U.S. dollars on the ordinary shares of AudioCodes Ltd. that are traded on the Nasdaq Global Select Market or the Tel-Aviv Stock Exchange. The amount and timing of any other dividends will be determined by the Board.

Conference Call & Web Cast Information

AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the Company’s second quarter of 2024 operating performance, financial results and outlook.  Interested parties may participate in the conference call by dialing one the following numbers:

United States Participants: 888-506-0062

International Participants: +1 (973) 528-0011

The conference call will also be simultaneously webcast.  Investors are invited to listen to the call live via webcast at the AudioCodes investor website at http://www.audiocodes.com/investors-lobby.

Follow AudioCodes’ social media channels:

AudioCodes invites you to join our online community and follow us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and YouTube.

About AudioCodes

AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a leading vendor of advanced communications software, products and productivity solutions for the digital workplace. AudioCodes enables enterprises and service providers to build and operate all-IP voice networks for unified communications, contact centers, and hosted business services. AudioCodes offers a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.

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

Statements concerning AudioCodes’ business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements” as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes’ industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes’ and its customers’ products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company’s loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes’ business; possible adverse impact of the COVID-19 pandemic on our business and results of operations; the effects of the current terrorist attacks by Hamas in Israel, and the war and hostilities between Israel and Hamas, and Israel and Hezbollah as well as the possibility that this could develop into a broader regional conflict involving Israel with other parties, may affect our operations and may limit our ability to produce and sell our solutions; any disruption in our operations by the obligations of our personnel to perform military service as a result of current or future military actions involving Israel; and other factors detailed in AudioCodes’ filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.

©2024 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What’s Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice, AudioCodes Meeting Insights, AudioCodes Room Experience are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.

Summary financial data follows

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands                  

June 30,

December 31,

2024

2023

(Unaudited)

(Audited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 20,849

$ 30,546

Short-term and restricted bank deposits

206

212

Short-term marketable securities

21,113

7,438

Trade receivables, net

55,010

51,125

Other receivables and prepaid expenses

9,146

9,381

Inventories

37,893

43,959

Total current assets

144,217

142,661

LONG-TERM ASSETS:

Long-term Trade receivables

$ 16,680

$ 16,798

Long-term marketable securities

48,944

65,732

Long-term financial investments

2,557

2,730

Deferred tax assets

5,966

6,208

Operating lease right-of-use assets

34,263

36,712

Severance pay funds

16,975

17,202

Total long-term assets

125,385

145,382

PROPERTY AND EQUIPMENT, NET

21,846

10,893

GOODWILL, INTANGIBLE ASSETS AND OTHER, NET

38,315

38,581

Total assets

$ 329,763

$ 337,517

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Trade payables

5,102

7,556

Other payables and accrued expenses

26,369

29,943

Deferred revenues

39,988

38,820

Short-term operating lease liabilities

5,931

7,878

Total current liabilities

77,390

84,197

LONG-TERM LIABILITIES:

Accrued severance pay

$ 15,956

$ 16,662

Deferred revenues and other liabilities

17,277

17,142

Long-term operating lease liabilities

31,024

31,404

Total long-term liabilities

64,257

65,208

Total shareholders’ equity

188,116

188,112

Total liabilities and shareholders’ equity

$ 329,763

 

$ 337,517

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 Six months ended

Three months ended

 June 30,

June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Revenues:

Products

$ 56,897

$ 60,260

$ 28,347

$ 31,567

Services

63,482

58,973

31,956

28,453

Total Revenues

120,379

119,233

60,303

60,020

Cost of revenues:

Products

22,743

25,221

10,918

12,177

Services

19,494

18,992

9,910

9,366

Total Cost of revenues

42,237

44,213

20,828

21,543

Gross profit

78,142

75,020

39,475

38,477

Operating expenses:

Research and development, net

27,114

29,403

13,181

14,394

Selling and marketing

34,820

35,526

17,453

17,679

General and administrative

7,991

8,680

3,905

4,149

Total operating expenses

69,925

73,609

34,539

36,222

Operating income

8,217

1,411

4,936

2,255

Financial income (expenses), net

419

1,196

396

247

Income before taxes on income

8,636

2,607

5,332

2,502

Taxes on income, net

(2,779)

(1,734)

(1,558)

(1,447)

Net income

$ 5,857

$ 873

$ 3,774

$ 1,055

Basic net earnings per share

$ 0.19

$ 0.03

$ 0.12

$ 0.03

Diluted net earnings per share

$ 0.19

$ 0.03

$ 0.12

$ 0.03

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

30,337

32,024

30,341

31,900

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

30,764

33,017

30,735

32,977

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME 

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

Six months ended

Three months ended

June 30,

June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

GAAP net income

$ 5,857

$ 873

$ 3,774

$ 1,055

GAAP net earnings per share

$ 0.19

$ 0.03

$ 0.12

$ 0.03

Cost of revenues:

Share-based compensation (1)

175

210

96

103

Amortization expenses (2)

244

257

122

122

Lease expenses (6)

304

723

467

218

225

Research and development, net:

Share-based compensation (1)

1,171

1,441

579

698

Deferred payments expenses (3)

250

125

Lease expenses (6)

342

1,513

1,691

579

823

Selling and marketing:

Share-based compensation (1)

1,472

2,330

749

1,093

Amortization expenses (2)

22

22

11

11

Deferred payments expenses (3)

250

125

Lease expenses (6)

38

1,532

2,602

760

1,229

General and administrative:

Share-based compensation (1)

1,434

2,428

692

1,169

Lease expenses (6)

76

1,510

2,428

692

1,169

Financial expenses (income):

Exchange rate differences (4)

(809)

(470)

(445)

71

Income taxes:

Taxes on income, net (5)

422

224

(49)

562

Non-GAAP net income

$ 10,748

$ 7,815

$ 5,529

$ 5,134

Non-GAAP diluted net earnings per share

$ 0.34

$ 0.24

$ 0.18

$ 0.16

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

31,561

32,977

31,552

33,017

(1)  Share-based compensation expenses related to options and restricted share units granted to employees and others.

(2)  Amortization expenses related to intangible assets.

(3)  Expenses related to deferred payments in connection with the acquisition of Callverso Ltd.

(4)  Financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.

(5)  Tax impact which relates to our non-GAAP adjustments.

(6)  In Q1 2024, non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company’s new headquarters.

Note:  Non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.  The Company believes that non-GAAP information is useful because it can enhance the understanding of its ongoing economic performance and therefore uses internally this non-GAAP information to evaluate and manage its operations.  The Company has chosen to provide this information to investors to enable them to perform comparisons of operating results in a manner similar to how the Company analyzes its operating results and because many comparable companies report this type of information. 

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. dollars in thousands

Six months ended

Three months ended

June 30,

June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Cash flows from operating activities:

Net income

$ 5,857

$ 873

$ 3,774

$ 1,055

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

Depreciation and amortization

1,784

1,320

1,261

669

Amortization of marketable securities premiums and accretion of discounts, net

615

712

301

340

Decrease in accrued severance pay, net

(479)

(272)

(369)

(288)

Share-based compensation expenses

4,252

6,409

2,116

3,063

Decrease in deferred tax assets, net

64

168

850

534

Cash financial loss (income), net

154

(332)

69

58

Decrease in operating lease right-of-use assets

3,557

4,282

1,168

2,132

Decrease in operating lease liabilities

(3,435)

(4,355)

(1,324)

(818)

Decrease (increase) in trade receivables, net

(3,767)

6,939

(6,083)

428

Decrease (increase) in other receivables and prepaid expenses

235

1,911

(305)

1,727

Decrease (increase) in inventories

5,947

(9,512)

2,689

(3,746)

Decrease in trade payables

(2,454)

(4,218)

(2,220)

(3,462)

Increase (decrease) in other payables and accrued expenses

(1,605)

(4,934)

127

(869)

Increase (decrease) in deferred revenues

1,365

6,443

(4,945)

1,383

Net cash provided by operating activities

12,090

5,434

(2,891)

2,206

Cash flows from investing activities:

Proceeds from short-term deposits

6

5,006

2

2

Proceeds from financial investment

47

26

Proceeds from redemption of marketable securities

3,450

2,000

2,950

1,000

Proceeds from redemption of financial investments

11,043

8,294

Purchase of property and equipment

(15,263)

(3,263)

(8,478)

(1,947)

 

Net cash provided by (used in) investing activities

(11,760)

14,786

(5,500)

7,349

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. dollars in thousands

Six months ended

Three months ended

June 30,

June 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Cash flows from financing activities:

Purchase of treasury shares

(4,754)

(2,926)

(1,170)

(2,926)

Cash dividends paid to shareholders

(5,453)

(5,718)

Proceeds from issuance of shares upon exercise of options

180

114

18

Net cash used in financing activities

(10,027)

(8,530)

(1,170)

(2,908)

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

(9,697)

11,690

(9,561)

6,647

Cash, cash equivalents and restricted cash at beginning of period

30,546

24,535

30,410

29,578

Cash, cash equivalents and restricted cash at end of period

$ 20,849

$ 36,225

$ 20,849

$ 36,225

 

Company Contacts
Niran Baruch, 
Chief Financial Officer 
AudioCodes
Tel: +972-3-976-4000
niran.baruch@audiocodes.com 

Roger L. Chuchen,
VP, Investor Relations
AudioCodes
Tel:  732-764-2552
roger.chuchen@audiocodes.com 

Logo: https://mma.prnewswire.com/media/2391462/audiocodes_Logo.jpg

 

View original content:https://www.prnewswire.com/news-releases/audiocodes-reports-second-quarter-2024-results-and-declares-semi-annual-dividend-of-18-cents-per-share-302209458.html

SOURCE AudioCodes

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Higer New V Series, Leading Bus New Trend

Published

on

By

SUZHOU, China, Dec. 24, 2024 /CNW/ — In November 2024, Higer New V Series buses officially launched in the Philippines, this batch of electric buses was the first batch of new energy buses introduced by the Philippines and put into commercial operation. And it has aroused extensive attentions and heated discussions from the Philippines local government, media and people.

Higer New V Series products were launched globally in March 2024, and then made a stunning debut at the Higer Global Partners Conference. The New V-series products with a new shape and a new platform are committed to creating new classic models with high quality, high safety and high intelligence.

In 3 years, more than 1000 people participated in the process of R&D, a one-time investment of more than 100 million yuan was made in the R&D and manufacturing of key components, equipment, tooling, molds, inspection tools, verification of components and vehicle, achieving comprehensive innovation, realizing a significant improvement in product quality and reliability, maintenance convenience and customer experience. Measuring from 8 to 13 meters in length, they can be powered by fossil fuels, electricity, hydrogen, etc. and are readily adaptable for the tourist transportation market, urban public transportation market, etc. The luggage compartment volume is 21.6% greater than similar products, the seating space is 50mm larger, and the middle aisle is 30mm wider. The overall component universality rate was greatly improved by the platform, modular, and universal design concept, and the number of component types decreased by 58%.

It is worth mentioning that Higer is committed to creating a technological experience, redefining the domain-centralized electronic and electrical architecture, and Higer launched the industry’s first mass-produced intelligent cabin. It will help the driver concentrate on driving. The new model provides a mobile phone control interface, drivers and tour guides can control lighting, multimedia, air conditioning, etc. through app. In addition, the intelligent cabin can be customized according to the operational needs of the transport company, realizing intelligent dispatching, intelligent charging, intelligent maintenance, AI interaction, and human-computer interaction.

So far, Higer new V series coaches have already received orders from more than 20 countries like Italy, Qatar, UAE, Saudi Arabia, Algeria and etc., showing a fast rising popularity in the international market.

Higer new V series are committed to providing customers with new “classic models” with better quality, higher efficiency, achieving sustainable development and exploring more possibilities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/higer-new-v-series-leading-bus-new-trend-302339047.html

SOURCE HIGER

Continue Reading

Technology

European Wellness Biomedical Group Announces New Klotho Research Initiative Led by Prof. Mike Chan

Published

on

By

HEIDELBERG, Germany, Dec. 25, 2024 /PRNewswire/ — European Wellness Biomedical Group (EWBG) has launched a new research initiative focused on Klotho, a protein with transformative potential in longevity medicine. Led by Professor Dr. Mike Chan, this project will explore Klotho’s role in combating age-related diseases and its ability to regenerate critical organs, including the brain, kidneys, and heart.

Klotho, identified in 1997, is emerging as a key protein in longevity and regenerative medicine. It plays a pivotal role in regulating oxidative stress, mineral metabolism, and inflammation. The research will investigate how boosting Klotho levels could help address chronic conditions like neurodegenerative diseases, kidney failure, and heart disease, ultimately improving healthspan and extending lifespan.

“Klotho represents the next frontier in longevity medicine,” said Professor Mike Chan, Chief Scientist at EWBG. “Our research aims to understand how Klotho affects aging and how we can use it to treat chronic diseases that have long been associated with aging.”

Research Focus Areas

The new initiative will focus on three primary research areas:

Neurological health: Investigating Klotho’s neuroprotective effects and its potential to slow cognitive decline in diseases like Alzheimer’s and Parkinson’s.Kidney function: Examining Klotho’s role in regulating mineral metabolism and its regenerative potential in treating chronic kidney disease (CKD).Cardiovascular health: Studying Klotho’s influence on vascular function and its ability to prevent vascular calcification, a key contributor to heart disease.

This research builds on existing collaborations at EWBG, where leading scientists focus on advancing Klotho-based therapies for regenerative health.

Klotho: A Potential Breakthrough in Longevity Medicine

Klotho is gaining attention for its ability to regenerate tissues and reverse damage caused by age-related diseases. Unlike NAD+, which primarily enhances cellular metabolism and energy production, Klotho offers a broader range of therapeutic applications, including tissue regeneration, cognitive function improvement, and cardiovascular health.

As we age, Klotho levels naturally decline, leading to conditions such as cognitive decline, heart disease, and kidney failure. Research suggests that restoring Klotho levels can reverse the effects of oxidative stress, inflammation, and cellular senescence, offering new treatment possibilities for a range of age-related diseases.

Professor Mike Chan: Leading the Charge in Klotho Research

Professor Mike Chan, a leading expert in stem cell therapy and longevity medicine, is spearheading this groundbreaking initiative at EWBG. His extensive experience in bio-regenerative medicine positions him as a key figure in exploring Klotho’s potential to revolutionize the treatment of age-related diseases. Through FCTI, a subsidiary of EWBG, Professor Chan and his team are developing therapies that combine stem cell technology and Klotho proteins to stimulate tissue regeneration in the brain, kidneys, and heart.

“By harnessing Klotho’s regenerative properties, we hope to address chronic conditions that were previously untreatable,” said Professor Chan. “Our ultimate goal is to improve quality of life and provide lasting solutions for those affected by aging-related diseases.”

The Future of Klotho in Longevity Medicine

The future of Klotho-based therapies looks promising, with Professor Mike Chan and EWBG at the forefront of this innovative field. As more research is conducted, Klotho is expected to play a pivotal role in advancing longevity medicine, offering a new approach to treating aging and chronic diseases. The potential applications of Klotho are vast, from neurodegenerative disease treatment to kidney regeneration and cardiovascular health.

With strong research partnerships, significant funding, and ongoing clinical trials, Klotho is poised to become a cornerstone of longevity medicine, transforming how we approach aging and disease. Professor Mike Chan’s leadership ensures that this promising protein will soon offer new hope to those seeking longer, healthier lives.

Photo – https://mma.prnewswire.com/media/2587407/Prof_Dr_Mike_Chan_talks_growing_importance_Klotho_anti_aging_medicine.jpg

Logo – https://mma.prnewswire.com/media/2362609/EW_COLOR_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/european-wellness-biomedical-group-announces-new-klotho-research-initiative-led-by-prof-mike-chan-302338980.html

Continue Reading

Technology

Apas Port Launches $20M Vehicle Loan Initiative with HARVEST FLOW on Plume Network to Empower Financial Inclusion in Emerging Countries, Starting in Cambodia

Published

on

By

NEW YORK, Dec. 24, 2024 /PRNewswire/ — Apas Port Co., Ltd., a Tokyo-based Web3 company dedicated to deploying “kando”—a Japanese term for deep emotional engagement—into the digital realm, has announced the launch of HARVEST FLOW, a social impact-driven cryptocurrency lending platform. Committed to “social action”ーdelivering stable returns alongside meaningful social impact, HARVEST FLOW’s inaugural project is a $20 million initiative offering loans to TukTuk and four-wheel vehicle drivers in Cambodia who don’t have access to the financial system. This venture is set to operate on Plume Network, the leading Layer 1 blockchain specialized in Real-World Asset Finance (RWAfi), offering the necessary infrastructure to transform HARVEST FLOW’s vision of financial inclusion into scalable action.

Bridging Real-World Challenges Through Blockchain Innovation

HARVEST FLOW’s mission is to empower underserved communities and small businesses by granting access to affordable financing solutions. By leveraging blockchain technology, the platform addresses critical societal issues such as poverty alleviation and economic development, creating pathways for stable financial growth while delivering measurable social impact.

The initial focus of this initiative is to provide affordable financing options for TukTuk and four-wheel vehicle drivers in Cambodia—vital tools for local livelihoods. The project not only supports job creation but also enhances financial inclusion in emerging economies.

Why Plume Network?

As the first fully integrated L1 modular blockchain tailored for RWAfi, Plume Network provides the foundation for scalable, secure, and transparent financial ecosystems. With over 180 projects onboarded in its private devnet, Plume enables seamless tokenization and distribution of RWAs through its composable, EVM-compatible infrastructure.

How Plume Powers HARVEST FLOW:

End-to-End Tokenization: Streamlines the conversion of vehicle loans into blockchain-based assets.Investor Transparency: Advanced tools to track and visualize the social and financial impact of investments.Global Scalability: Infrastructure designed to handle the growing demands of HARVEST FLOW’s multi-region projects.DeFi Integration: Unlocks liquidity through decentralized finance primitives within the Plume ecosystem.

IoT-Backed Innovation for Loan Security

HARVEST FLOW’s projects are uniquely supported by embedded IoT technology within TukTuk engines, ensuring an exceptionally low loan default rate while building investor confidence.

Justin Chen, Head of Asset Strategy at Plume Network, noted: “This project highlights the power of combining blockchain and IoT devices to create innovative financial products that drive real-world impact. We’re excited to see HARVEST FLOW’s success on Plume and the positive change it will bring to the urban motility market in Southeast Asia.”

Looking Ahead

Starting with the vehicle mobility sector through 2025, HARVEST FLOW plans to expand into other sectors addressing social challenges and needs beyond 2026. This approach aims to ensure sustainable growth while delivering meaningful societal benefits, powered by Plume’s blockchain technology.

Masaki Minamide, director of HARVEST FLOW, stated: “Plume’s infrastructure empowers us to amplify our impact and support communities in need while offering our investors transparent and reliable returns. With this launch, we continue our mission to combine blockchain technology with meaningful social action.”

For more information, visit Plume Network or contact press@plumenetwork.xyz.

About Plume Network
Plume is the first fully integrated L1 modular blockchain focused on RWAfi, offering a composable, EVM-compatible environment for onboarding and managing diverse RWAs. With 180+ projects on its private devnet, Plume provides an end-to-end tokenization engine and a network of financial infrastructure partners, simplifying asset onboarding and enabling seamless DeFi integration for RWAs.

About HARVEST FLOW
Founded in April 2023, Apas Port Co., Ltd. is a Web3 production company with a mission to deploy “kando” (deep emotional impact) globally. The company leverages blockchain technology to connect carefully curated content with a co-creative community, acting as a “passport” to a new world of Web3 experiences.

X: https://x.com/HarvestFlow_io
Website: https://www.harvestflow.io/

View original content to download multimedia:https://www.prnewswire.com/news-releases/apas-port-launches-20m-vehicle-loan-initiative-with-harvest-flow-on-plume-network-to-empower-financial-inclusion-in-emerging-countries-starting-in-cambodia-302339001.html

SOURCE Plume Network

Continue Reading

Trending