Connect with us

Technology

Research Solutions Reports Fourth Quarter and Fiscal Year 2024 Results

Published

4 months ago

on

Reports 18% Revenue Increase, ARR of $17.4 Million and Record Cash Flow

HENDERSON, Nev., Sept. 19, 2024 /PRNewswire/ — Research Solutions, Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, reported record financial results for its fourth quarter and full fiscal year ended June 30, 2024.

Fiscal Fourth Quarter 2024 Summary (compared to prior-year quarter)

Total revenue of $12.1 million, a 22% increase.Platform revenue up 86% to $4.3 million. Platform revenue accounted for 35% of the revenue as compared to 23% in the prior year.Annual Recurring Revenue (“ARR”) up 84% to $17.4 million, which includes approximately $12.1 million of B2B recurring revenue and $5.4M of B2C recurring revenue.Gross profit up 44%. Total gross margin improved 710 basis points to 46.5%.Net loss of $2.8 million, or ($0.09) per diluted share, compared to $376,000 or $0.01 per diluted share. The quarter’s result includes a charge of approximately $4.3 million related to increasing the projected earnout for Scite.Adjusted EBITDA of $1.4 million, a 70% improvement and a Company quarterly record, compared to $825,000.Cash flow from operations of $2.0 million, compared to $1.5 million, a 30% improvement.

Fiscal Year 2024 Summary (compared to Fiscal 2023)

Total revenue of $44.6 million, an 18% increase.Platform revenue up 61% to $14.0 million. Transaction revenue increased 5.7% to $30.7 million.Gross profit up 34%. Total gross margin improved 500 basis points to 44.0%.Net loss of $3.8 million, or ($0.13) per diluted share, including the previously mentioned $4.3 million charge and $1.5 million in proxy and acquisition-related expenses, compared to net income of $572,000 or $0.02 per diluted share.Adjusted EBITDA of $2.2 million, which is inclusive of proxy and acquisition-related expenses of $1.4 million, a Company record, compared to $2.0 million.Cash flow from operations of $3.6 million, a Company record, compared to $3.4 million.

“Fiscal 2024 was a transformational year for the Company. We completed two acquisitions which helped position us as a vertical SaaS and AI company, helping researchers throughout their entire workflow. The integration of these acquisitions and our operational execution were meaningful contributors to our 85% year-over-year ARR growth and the double-digit increase in Adjusted EBITDA,” said Roy W. Olivier, President and CEO of Research Solutions. “There are many untapped market opportunities where our highly specialized product offerings can serve as a vital piece of the research process.  Overall, we believe we are well-positioned to deliver meaningful ARR growth while expanding Adjusted EBITDA margins, creating long-term value for our shareholders.” 

Fiscal Fourth Quarter 2024 Results

Total revenue was $12.1 million, a 22% increase from $10.0 million in the year-ago quarter primarily driven by increased platform revenue versus the prior-year period due to revenue from the Company’s acquisitions as well as organic platform revenue growth.

Platform subscription revenue for the quarter was $4.3 million, an 86% year-over-year increase. The increase was primarily due to the acquisition of Scite, as well as organic growth in the core Article Galaxy platform. The quarter ended with annual recurring revenue of $17.4 million, up 84% year-over-year (see the company’s definition of annual recurring revenue below).

Transaction revenue was $7.9 million, compared to $7.7 million in the fourth quarter of fiscal 2023. The transaction active customer count for the quarter was 1,398, compared to 1,404 customers in the prior-year quarter (see the company’s definition of active customer accounts and transactions below).

Total gross margin improved 710 basis points from the prior-year quarter to 46.5%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as a 70 basis point increase in margins in the transactions business.

Total operating expenses were $5.0 million, compared to $3.7 million in the fourth quarter of 2023. The increase was primarily related to the additional cost base associated with the aforementioned acquisitions, as well as increased non-cash depreciation and amortization expense related to such acquisitions. 

Other expense for the quarter was approximately $3.5 million, compared to other income of $120,000 in the prior-year quarter. The primary driver of this was $4.3M of expense related to increasing the earn-out assumption associated with the Scite acquisition.

Net loss in the fourth quarter was $2.8 million, or ($0.09) per diluted share, compared to net income of $376,000, or $0.01 per diluted share, in the prior-year quarter. Adjusted EBITDA was $1.4 million, compared to $825,000 in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).

Full-Year Fiscal 2024 Results

Total revenue was $44.6 million, an 18% increase from fiscal 2023, driven by both increased platform revenue and transaction revenue.

Platform subscription revenue for fiscal 2024 was $14.0 million, a 61% year-over-year increase. The increase was primarily due to the acquisition of Scite, as well as organic growth in the core Article Galaxy platform.

Transaction revenue was $30.7 million, compared to $29.0 million in fiscal 2023. The increase was driven by organic growth and the impact of a full year of contribution from the acquisition of contracts from FIZ Karlsruhe, compared to six months in fiscal 2023.

Total gross margin improved 500 basis points from the prior-year to 44.0%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as a 100 basis point increase in margins in the transactions business related to pricing initiatives.

Total operating expenses for the year were $20.4 million, compared to $14.5 million in fiscal 2023. The increase was primarily related to the additional cost base associated with the acquisitions, including increased non-cash depreciation and amortization expense related to such acquisitions, as well as the aforementioned proxy and acquisition-related expenses.

Net loss for fiscal 2024 was $3.8 million, or ($0.13) per diluted share, compared to net income of $572,000, or $0.02 per diluted share, in the prior-year. Adjusted EBITDA was $2.2 million, compared to $2.0 million in fiscal 2023 (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).

Conference Call
Research Solutions President and CEO Roy W. Olivier and CFO Bill Nurthen will host the conference call, followed by a question and answer period.

Date: Thursday, September 19, 2024
Time: 5:00 p.m. ET (2:00 p.m. PT)
Dial-in number: 1-412-317-5180

The conference call will be broadcast live and available for replay until October 19, 2024 by dialing  1-412-317-6671 and using the replay ID 10191850, and via the investor relations section of the company’s website at http://researchsolutions.investorroom.com/.

Fiscal Fourth Quarter Financial and Operational Summary Tables vs. Prior-Year Quarter

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Revenue:

Platforms

$   4,277,338

$ 2,303,375

$  1,973,963

85.7 %

$ 13,956,517

$   8,683,246

$  5,273,271

60.7 %

Transactions

$   7,856,176

$ 7,656,342

199,834

2.6 %

$ 30,667,382

$ 29,020,206

1,647,176

5.7 %

Total Revenue

12,133,514

9,959,717

2,173,797

21.8 %

44,623,899

37,703,452

6,920,447

18.4 %

Gross Profit:

Platforms

3,650,286

2,028,265

1,622,021

80.0 %

11,889,314

7,655,960

4,233,353

55.3 %

Transactions

1,992,580

1,892,278

100,302

5.3 %

7,750,852

7,044,931

705,921

10.0 %

Total Gross Profit

5,642,866

3,920,543

1,722,323

43.9 %

19,640,166

14,700,891

4,939,274

33.6 %

Gross profit as a % of revenue:

Platforms

85.3 %

88.1 %

-2.7 %

85.2 %

88.2 %

-3.0 %

Transactions

25.4 %

24.7 %

0.6 %

25.3 %

24.3 %

1.0 %

Total Gross Profit

46.5 %

39.4 %

7.1 %

44.0 %

39.0 %

5.0 %

Operating Expenses:

Sales and marketing

830,195

455,030

375,165

82.4 %

3,442,503

2,285,478

1,157,025

50.6 %

Technology and product development

1,489,491

991,093

498,398

50.3 %

5,442,382

3,742,192

1,700,190

45.4 %

General and administrative

1,917,907

1,649,333

268,574

16.3 %

8,511,697

6,654,012

1,857,685

27.9 %

Depreciation and amortization

311,004

22,163

288,841

1303.3 %

836,271

52,649

783,622

1488.4 %

Stock-based compensation

426,190

585,384

(159,194)

-27.2 %

2,155,461

1,849,906

305,555

16.5 %

Foreign currency translation loss

6,336

(37,743)

44,079

116.8 %

21,395

(121,953)

143,348

117.5 %

Total Operating Expenses

4,981,123

3,665,260

1,315,863

35.9 %

20,409,709

14,462,284

5,947,425

41.1 %

Income (loss) from operations

661,743

255,283

406,460

159.2 %

(769,543)

238,608

(1,008,151)

-422.5 %

Other Income (Expenses):

Other income

(3,451,948)

120,522

(3,572,470)

NM 

(2,903,983)

338,617

(3,242,600)

NM 

Provision for income taxes

(31,022)

(59)

(30,963)

NM 

(113,071)

(5,602)

(107,469)

NM 

Total Other Income (Expenses):

(3,482,970)

120,463

(3,603,433)

NM 

(3,017,054)

333,015

(3,350,069)

NM 

Net income (loss)

$  (2,821,227)

$    375,746

(3,196,973)

NM 

$ (3,786,597)

$      571,623

(4,358,220)

NM

NM

Adjusted EBITDA

$   1,405,273

$    825,087

$      580,186

70.3 %

$   2,243,584

$   2,019,210

$     224,374

11.1 %

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Platforms:

B2B ARR (Annual recurring revenue*):

  Beginning of Period

$ 11,653,063

$ 9,107,681

$  2,545,382

27.9 %

$   9,444,130

$   7,922,188

$  1,521,942

19.2 %

   Incremental ARR

407,139

336,448

70,691

21.0 %

2,616,072

1,521,941

1,094,131

71.9 %

  End of Period

$ 12,060,202

$ 9,444,129

$  2,616,073

27.7 %

$ 12,060,202

$   9,444,129

$  2,616,073

27.7 %

Deployments:

  Beginning of Period

983

815

168

20.6 %

835

733

102

13.9 %

   Incremental Deployments

38

20

18

90.0 %

186

102

84

82.4 %

  End of Period

1,021

835

186

22.3 %

1,021

835

186

22.3 %

ASP (Average sales price):

  Beginning of Period

$         11,855

$      11,175

$             680

6.1 %

$        11,310

$        10,808

$             502

4.6 %

  End of Period

$         11,812

$      11,310

$             502

4.4 %

$        11,812

$        11,310

$             502

4.4 %

B2C ARR (Annual recurring revenue*):

  Beginning of Period

$   4,902,975

$               –

$  4,902,975

$                 –

$                 –

$                –

   Incremental ARR

460,154

–

460,154

NM

5,363,129

–

5,363,129

NM

  End of Period

$   5,363,129

$               –

$  5,363,129

NM

$   5,363,129

$                 –

$  5,363,129

NM

Total ARR (Annualized recurring revenue):

$ 17,423,331

$ 9,444,129

$  7,979,202

84.5 %

$ 17,423,331

$   9,444,129

$  7,979,202

84.5 %

Transaction Customers:

Corporate customers

1,093

1,090

3

0.3 %

1,088

1,012

76

7.5 %

Academic customers

305

314

(9)

-2.9 %

316

304

12

4.0 %

Total customers

1,398

1,404

(6)

-0.4 %

1,404

1,316

88

6.7 %

Active Customer Accounts, Transactions and Annual Recurring Revenue

The company defines active customer accounts as the sum of the total quantity of customers per month for each month in the period divided by the respective number of months in the period. The quantity of customers per month is defined as customers with at least one transaction during the month.

A transaction is an order for a unit of copyrighted content fulfilled or managed in the Platform.

The company defines annual recurring revenue (“ARR”) as the value of contracted Platform subscription recurring revenue normalized to a one-year period.  For B2C ARR, this includes the annualized value of monthly subscriptions, meaning their monthly value multiplied by twelve.

Use of Non-GAAP Measure – Adjusted EBITDA

Research Solutions’ management evaluates and makes operating decisions using various financial metrics. In addition to the company’s GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP measure provides useful information about the company’s operating results.

The tables below provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. Adjusted EBITDA is defined as net income (loss), plus interest expense, other income (expense) including any change in fair value of contingent earnout liability, foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation, gain on sale of discontinued operations, and other potential adjustments that may arise. Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):

Quarter Ended June 30,

Twelve Months Ended June 30,

2024

2023

Change

% Change

2024

2023

Change

% Change

Net Income (loss)

$  (2,821,227)

$    375,746

$ (3,196,973)

NM

$ (3,786,597)

$      571,623

$(4,358,220)

NM

 Add (deduct):

–

Other income (expense)

3,451,948

(120,522)

3,572,470

NM

2,903,983

(338,617)

3,242,600

NM

Foreign currency translation loss

6,336

(37,743)

44,079

116.8 %

21,395

(121,953)

143,348

117.5 %

Provision for income taxes

31,022

59

30,963

NM

113,071

5,602

107,469

NM

Depreciation and amortization

311,004

22,163

288,841

1303.3 %

836,271

52,649

783,622

1488.4 %

Stock-based compensation

426,190

585,384

(159,194)

-27.2 %

2,155,461

1,849,906

305,555

16.5 %

Gain on sale of disc. ops.

–

–

–

–

–

–

 Adjusted EBITDA

$   1,405,273

$    825,087

$      580,186

70.3 %

$   2,243,584

$   2,019,210

$     224,374

11.1 %

About Research Solutions 
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints Desk, the company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on Article Galaxy, the company’s SaaS research platform, to streamline access to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com 

Important Cautions Regarding Forward-Looking Statements

Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects”, “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. Examples of forward-looking statements in this release include statements regarding enhanced product offerings, additional customers, and the Company’s prospects for growth. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission. 

 

Research Solutions, Inc. and Subsidiaries
Consolidated Balance Sheets

June 30, 

June 30, 

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

6,100,031

$

13,545,333

Accounts receivable, net of allowance of $68,579 and $85,015, respectively

6,879,800

6,153,063

Prepaid expenses and other current assets

643,553

400,340

Prepaid royalties

1,067,237

1,202,678

Total current assets

14,690,621

21,301,414

Non-current assets:

Property and equipment, net of accumulated depreciation of $922,558 and $881,908,
respectively

88,011

70,193

Intangible assets, net of accumulated amortization of $1,535,310 and $747,355,
respectively ($8,343,056 provisional)

10,764,261

462,068

Goodwill ($13,171,486 provisional)

16,315,888

—

Deposits and other assets

981

1,052

Total assets

$

41,859,762

$

21,834,727

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and accrued expenses

$

8,843,612

$

8,079,516

Deferred revenue

9,023,848

6,424,724

Total current liabilities

17,867,460

14,504,240

Non-current liabilities:

Contingent earnout liability

12,298,114

—

Total liabilities

30,165,574

14,504,240

Commitments and contingencies

Stockholders’ equity:

Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and
outstanding

—

—

Common stock; $0.001 par value; 100,000,000 shares authorized; 32,295,373 and
29,487,508 shares issued and outstanding, respectively

32,295

29,487

Additional paid-in capital

38,089,958

29,941,873

Accumulated deficit

(26,309,246)

(22,522,649)

Accumulated other comprehensive loss

(118,819)

(118,224)

Total stockholders’ equity

11,694,188

7,330,487

Total liabilities and stockholders’ equity

$

41,859,762

$

21,834,727

 

Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Operations and Other Comprehensive Loss

Years Ended

June 30, 

2024

2023

Revenue:

Platforms

$

13,956,517

$

8,683,246

Transactions

30,667,382

29,020,206

Total revenue

44,623,899

37,703,452

Cost of revenue:

Platforms

2,067,203

1,027,286

Transactions

22,916,530

21,975,275

Total cost of revenue

24,983,733

23,002,561

Gross profit

19,640,166

14,700,891

Operating expenses:

Selling, general and administrative

19,573,438

14,409,634

Depreciation and amortization

836,271

52,649

Total operating expenses

20,409,709

14,462,283

Income (loss) from operations

(769,543)

238,608

Other income

333,088

338,617

Change in fair value of contingent earnout liability

(3,237,071)

—

Income (loss) from operations before provision for income taxes

(3,673,526)

577,225

Provision for income taxes

(113,071)

(5,602)

Net income (loss)

(3,786,597)

571,623

Other comprehensive income (loss):

Foreign currency translation

(595)

3,717

Comprehensive income (loss)

$

(3,787,192)

$

575,340

Basic income (loss) per common share:

Net income (loss) per share

$

(0.13)

$

0.02

Weighted average common shares outstanding

28,863,949

26,860,761

Diluted income (loss) per common share:

Net income (loss) per share

$

(0.13)

$

0.02

Weighted average common shares outstanding

28,863,949

29,139,759

 

Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows

Years Ended

June 30, 

2024

2023

Cash flow from operating activities:

Net income (loss)

$

(3,786,597)

$

571,623

Adjustment to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

836,271

52,649

Fair value of vested stock options

140,150

375,189

Fair value of vested restricted common stock

1,994,362

1,418,718

Fair value of vested unrestricted common stock

—

68,272

Modification cost of accelerated vesting of restricted common stock

20,949

56,000

Adjustment to contingent earnout liability

3,237,071

—

Changes in operating assets and liabilities:

Accounts receivable

(344,020)

(901,518)

Prepaid expenses and other current assets

(164,579)

(124,314)

Prepaid royalties

135,441

(356,026)

Accounts payable and accrued expenses

560,027

1,337,056

Deferred revenue

921,879

886,198

Net cash provided by operating activities

3,550,954

3,383,847

Cash flow from investing activities:

Purchase of property and equipment

(71,510)

(47,209)

Payment for acquisition of Resolute, net of cash acquired

(2,718,253)

—

Payment for acquisition of Scite, net of cash acquired

(7,305,493)

—

Payment for non-refundable deposit for asset acquisition

—

(297,450)

Net cash used in investing activities

(10,095,256)

(344,659)

Cash flow from financing activities:

Proceeds from the exercise of stock options

—

57,500

Common stock repurchase

(554,202)

(104,250)

Payment of contingent acquisition consideration

(351,649)

(50,509)

Net cash used in financing activities

(905,851)

(97,259)

Effect of exchange rate changes

4,851

229

Net increase (decrease) in cash and cash equivalents

(7,445,302)

2,942,158

Cash and cash equivalents, beginning of period

13,545,333

10,603,175

Cash and cash equivalents, end of period

$

6,100,031

$

13,545,333

Supplemental disclosures of cash flow information:

Cash paid for income taxes

$

113,071

$

5,602

Non-cash investing and financing activities:

Contingent consideration accrual on asset acquisition

$

32,022

$

138,428

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/research-solutions-reports-fourth-quarter-and-fiscal-year-2024-results-302253566.html

SOURCE Research Solutions, Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

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

Technology

Neusoft Education officially renamed as ” Neutech Group Limited “, accelerating the advancement of the “education-healthcare-wellness and mind tour” strategy in a new stage

Published

2 hours ago

on

January 12, 2025

By

HONG KONG, Jan. 11, 2025 /PRNewswire/ — On 9 January, Neusoft Education (09616.HK) announced that the Company’s English name will change from “Neusoft Education Technology Co. Limited” to “Neutech Group Limited”. The name change will take effect on the same day.

According to the announcement, the Company’s renaming to “Neutech Group Limited” better reflects its strategic transformation and upgrade, and more accurately demonstrates its five-in-one industry layout of “education-healthcare-wellness and mind tour”. This will establish a new corporate brand image and highlight the Company’s comprehensive strength in technological innovation and integrated development. Starting with the name change, the Company will focus on education and adapt to the aging economy, promoting the parallel development of academic education, continuing education, senior education, and resource output. This will create a business model of “education-assisted healthcare, education-assisted wellness, medical-care conversion, medical-education assistance, care-supported medicine, and care-education assistance”. Driven by technology and platform research and development, the company will achieve integrated development of education, medicine, care, health, and tourism, as well as efficient use of human, financial, and material resources. This will build a harmonious and inclusive “education + technology + medical care + health + tourism” prosperous ecosystem. It is expected to further enhance the Company’s brand reputation and industry influence, and support its sustainable development.

Neutech Group, as a pioneer in the “education-healthcare-wellness and mind tour” ecosystem in China, successfully listed on the Main Board of the Hong Kong Stock Exchange on 29 September 2020, becoming the “first stock of IT higher education” (stock code: 9616.HK). With the broad market opportunities brought by the aging population and the positive support of policies for the development of the elderly care industry, the Company leverages its innovative research and development capabilities in “education + technology + medical care” to build a new ecosystem of integrated development of ” education-healthcare-wellness and mind tour”.

In the education technology business sector, the Company will retain the main body of ” Neusoft Education Group” and continue to operate academic education, continuing education, and resource output businesses. Based on IT innovation education, the Company will further develop the “digital media” and “medical care” fields, build an integrated ecosystem of “education-healthcare-wellness”, and consolidate the core competitiveness of education technology in the future. The Company will also establish a characteristic product and service system based on the 4S model, providing first-class platforms, resources, models, and management services to governments, universities, hospitals, and health care institutions, continuously empowering partners’ reform and development.

In the elderly education and elderly care technology business sector, following the concept of “Elderly care starts with prevention, education drives elderly care, and technology empowers elderly care”, the Company has deeply developed elderly education through Neuedu Phoenix Academy and created a unique “LIFECARES” model of integrated elderly education with “leisure, care, medical services, education, and integration”. Using top-notch medical and care services and platform services to empower the elderly to live a happy life, the Company is building a dream university for active seniors. In addition, the Company will strengthen the training of elderly care service personnel by creating a one-stop industry chain of “university training + training + intern + human resource services”. On the other hand, the Company will build a medical and care technology operation service model, create an elderly care solution industrial ecosystem through the output of overall smart elderly care solutions and elderly care technology products and services, and achieve mutually beneficial cooperation with ecological partners.

In the medical and health care service sector, the Company integrates customer management service systems to provide intelligent medical and elderly care information solutions, and create a “medical care and elderly care” integrated development system with treatment-based medical institutions, rehabilitation-based nursing institutions, and care-based elderly care institutions. Its subsidiaries, Ruikang Cardiovascular Hospital, Dalian Ruikang Zhuomei Stomatology Hospital Co., Ltd., and Wecare Family Nursing Home, have been put into operation.

In the wellness tourism sector, targeting energetic seniors, the Company integrates tourism, education, and elderly care into one, with a focus on “leisure learning, slow travel, and peaceful living”. Through the concept of “study-travel-care”, seniors can experience a variety of dimensions of “learning-travel-care” in their travel and learning process, creating a comprehensive elderly education model that provides opportunities for art experiences, promotes physical and mental relaxation, enhances cultural literacy, and expands social interaction.

In addition, the Company expands its industrial management and service sector, with the vision of building a better life and using technology to empower intelligent logistics. It explores diverse, characteristic, and value-added service models to meet the diverse needs of internal and external customers, continuously expanding its brand reputation and social influence.

With its keen market insight and deep accumulation of industry and education resources, Neutech Group Limited actively embraces the development of the silver-haired economy, timely enters new tracks, and improves its position in the industrial ecosystem. Now, the Group’s new layout of “education-healthcare-wellness and mind tour ” has been formed, which not only helps to create a new growth curve but also continuously expands new development margins, moving towards becoming a leader in the development of the “education-healthcare-wellness and mind tour” ecosystem.

CONTACT: Lin Wei, weilin@neuedu.com

View original content:https://www.prnewswire.com/apac/news-releases/neusoft-education-officially-renamed-as–neutech-group-limited–accelerating-the-advancement-of-the-education-healthcare-wellness-and-mind-tour-strategy-in-a-new-stage-302348620.html

SOURCE Neutech Group Limited

Continue Reading

Technology

RoboSense and Coco Robotics Forge Strategic Partnership to Revolutionize Autonomous Last-Mile Delivery

Published

2 hours ago

on

January 12, 2025

By

LAS VEGAS, Jan. 12, 2025 /PRNewswire/ — RoboSense (2498.HK), a global leader in AI-driven robotics technology, and Coco Robotics, an innovator in delivery robots, have announced a strategic partnership to transform last-mile logistics. By combining RoboSense’s advanced sensor technology with Coco Robotics’s delivery solutions, the collaboration aims to enhance safety, efficiency, and sustainability in urban networks.

Coco Robotics bridges the gap between local businesses and customers through advanced navigation and real-time tracking, prioritizing sustainability by reducing carbon emissions and delivery costs. Since its launch in 2020, the company has expanded operations to major U.S. and European cities, forming partnerships with food delivery leaders like Uber Eats and DoorDash to meet the growing demands of modern logistics and support a greener future.

This partnership addresses key challenges in autonomous last-mile delivery by integrating RoboSense’s perception solutions into Coco Robotics’s fleet to enhance navigation and obstacle detection. Together, the companies are accelerating the deployment of delivery robots to optimize efficiency and scale operations.

“We’re thrilled to collaborate with RoboSense to push the boundaries of what’s possible in last-mile delivery,” said Zach Rash, Co-founder and CEO of Coco Robotics. “This partnership strengthens our ability to provide safe, reliable, and sustainable delivery solutions at scale, helping us better serve businesses and communities.”

Mark Qiu, CEO of RoboSense, said, “The successful collaboration with Coco Robotics is one of the key milestones in RoboSense’s global strategy. By combining our visual sensor technology with Coco Robotics’ innovative robotics solutions, we aim to redefine what’s possible in autonomous last-mile delivery. RoboSense will continue to innovate, providing superior incremental components and solutions to our global robotics customers. Partnering with Coco Robotics, we will create safer, smarter robotic delivery services and expand into global markets.”  

About RoboSense

RoboSense (2498.HK), founded in 2014, is an AI-driven robotics technology company that supplies industry-leading incremental components and solutions for the robotics market. The company is committed to “Become the global leader in robotics technology platforms”, and its mission is “Safer world, Smarter life”. For more information about RoboSense, visit https://www.robosense.ai 

About Coco Robotics

Coco Robotics is the world’s largest urban robot delivery platform. Founded in 2020, Coco has completed over 500,000 zero-emission deliveries, serving customers in the US and Europe. Coco’s mission is to create a more sustainable, reliable, and affordable last-mile logistics solution in cities around the world. For more information about Coco, visit cocodelivery.com  

View original content to download multimedia:https://www.prnewswire.com/news-releases/robosense-and-coco-robotics-forge-strategic-partnership-to-revolutionize-autonomous-last-mile-delivery-302348621.html

SOURCE RoboSense Technology Co., Ltd.

Continue Reading

Technology

AI Wellness Launches SoCal Fire Relief Initiative to Support Families and First Responders in Southern California

Published

6 hours ago

on

January 12, 2025

By

LOS ANGELES, Jan. 11, 2025 /PRNewswire/ — Demonstrating a commitment to both innovation and compassion, AI Wellness has officially launched the SoCal Fire Relief Initiative to provide aid to families and first responders affected by the devastating fires in Southern California. Unveiled during CES 2025, this initiative aims to deliver critical resources and long-term recovery solutions to the communities hardest hit by this tragedy.

 

“Southern California is more than just where we operate—it’s our home,” said Dr. Gideon Kwok, Co-Founder of AI Wellness. “The fires have left countless families without homes, belongings, and hope. This initiative is our way of giving back and rebuilding the lives of our neighbors and the first responders who have worked tirelessly to protect them.”

Let’s Take Action Together

The SoCal Fire Relief Initiative brings together individuals, brands, and organizations to address the urgent and long-term needs of affected communities. In partnership with the Mission Community Hospital Foundation and the Santo Niño Health Center, AI Wellness is leading efforts to:

Provide essential supplies such as food, water, clothing, and medical care to displaced families.Deliver hydration and wellness resources to first responders working on the frontlines.Support long-term community recovery through wellness programs and innovative solutions.

“It is during a crisis that the best of humanity comes out,” said Bernard Hiller. “It’s important for those affected to know they are not alone. This is a huge undertaking that we cannot do without you. These are our friends, neighbors, and family. Please help us.”

How You Can Help

The initiative provides several ways to make a difference:

Donate to Relief Efforts:
Contributions directly fund essential resources for families and first responders.Send Water to Evacuation Centers:
Every purchase of AI Wellness Water helps ensure first responders and displaced families stay hydrated, while also funding continued production and donation efforts.Spread Awareness:
Share the SoCal Fire Relief Initiative with your networks to amplify its reach and inspire collective action.Wellness Bundles:
Wellness bundle purchases such as the Powersuit, Smart Ring, and Mindbody Matrix Water, help support relief efforts with proceeds contributing to recovery initiatives.

DONATE HERE

Real Impact in Action

Since the fires began, AI Wellness and its partners have made a significant impact:

Delivered over 10,000 water packs to evacuation centers and first responders.Distributed 500 wellness bundles to displaced families.Donated proceeds from the first 1,000 AI Wellness Powersuits and 5,000 Smart Rings to relief efforts.Raised $250,000 to support critical aid and recovery.

“This initiative is about more than providing relief,” said Abby Aboitiz Founder of AI Wellness. “It’s about restoring hope and rebuilding our community, together.”

Uniting Brands and Innovators

During CES 2025, AI Wellness called on brands and innovators to collaborate on this critical mission. Companies can contribute by donating resources, partnering on curated wellness bundles, or amplifying awareness for the initiative.

“We’re inspired by the innovation and generosity of the brands we’ve met here at CES,” said Dr. TK Huynh, Medical Innovator at AI Wellness. “Together, we can transform this tragedy into an opportunity to rebuild lives and strengthen our community.”

Join the SoCal Fire Relief Initiative

Support the SoCal Fire Relief Initiative by visiting aiwellness.ai or contacting AI Wellness directly:

Email: info@aiwellness.aiInstagram: @aiwellnesstv

About AI Wellness

AI Wellness is a pioneer in health, wellness, and philanthropy, combining cutting-edge AI technology with innovative solutions to address the most pressing challenges facing communities today. From digital avatars to precision education and curated wellness bundles, AI Wellness empowers individuals and brands to make a meaningful impact.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-wellness-launches-socal-fire-relief-initiative-to-support-families-and-first-responders-in-southern-california-302348576.html

SOURCE Assisted Intelligence Wellness, Inc.

Continue Reading

Trending