Technology

Aviat Networks Announces Fiscal 2025 First Quarter and Three Month Financial Results

Published

3 weeks ago

November 5, 2024

Total Revenue of $88.4 million; Up 1.7% Year-Over-Year

Adjusted EBITDA of $(7.7) million

Non-GAAP Diluted Earnings per Share of $(0.87)

AUSTIN, Texas, Nov. 5, 2024 /PRNewswire/ — Aviat Networks, Inc. (“Aviat Networks,” “Aviat,” or the “Company”), (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today reported financial results for its fiscal 2025 first quarter ended September 27, 2024.

First Quarter Highlights

Continued to gain share of demand in North America based on FCC filing dataClosed acquisition of 4RF and secured first order for new Aprisa 5G cellular router to a North American utility companyBegan shipping product to recently won state-wide private network customer on the East Coast

First Quarter Financial Highlights

Total Revenues: $88.4 million, up 1.7% from the same quarter last yearGAAP Results: Gross Margin 22.4%; Operating Expenses $35.4 million; Operating Loss $(15.6) million; Net Loss $(11.9) million; Net Loss per diluted share (“Net Loss per share”) $(0.94)Non-GAAP Results: Adjusted EBITDA $(7.7) million; Gross Margin 23.2%; Operating Expenses $30.0 million; Operating Loss $(9.5) million; Net Loss $(11.1) million; Net Loss per share $(0.87)Net cash and cash equivalents: $51.0 million; cash net of debt: $(32.3) million

Fiscal 2025 First Quarter and Three Months Ended September 27, 2024

Revenues

The Company reported total revenues of $88.4 million for its fiscal 2025 first quarter, compared to $86.9 million in the fiscal 2024 first quarter, an increase of $1.5 million or 1.7%. North America revenue of $42.2 million decreased by $(12.6) million or (23.0)%, compared to $54.9 million in the prior year due lower tier 1 demand and timing of certain private network projects. International revenue of $46.2 million increased by $14.1 million or 44.1%, compared to $32.1 million in the prior year. This growth was due to the addition from the Pasolink acquisition.

Gross Margins

In the fiscal 2025 first quarter, the Company reported GAAP gross margin of 22.4% and non-GAAP gross margin of 23.2%. This compares to GAAP gross margin of 35.9% and non-GAAP gross margin of 36.2% in the fiscal 2024 first quarter, a decrease of (1,350) and (1,300) basis points, respectively. The decrease was driven by mix shift away from higher margin projects and regions in the quarter.

Operating Expenses

The Company reported GAAP total operating expenses of $35.4 million for the fiscal 2025 first quarter, compared to $26.3 million in the fiscal 2024 first quarter, an increase of $9.1 million or 34.4%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition expenses for the fiscal 2025 first quarter were $30.0 million, compared to $23.9 million in the prior year, an increase of $6.2 million or 25.8%.

Operating Income

The Company reported GAAP operating loss of $(15.6) million for the fiscal 2025 first quarter, compared to a GAAP operating income of $4.9 million in the fiscal 2024 first quarter, a decrease of $(20.5) million. Operating income decreased primarily due to lower gross margin and higher operating expenses as a result of the Pasolink and 4RF transactions. On a non-GAAP basis, the Company reported operating loss of $(9.5) million for the fiscal 2025 first quarter, compared to a non-GAAP operating income of $7.6 million in the prior year, a decrease of $(17.1) million.

Income Taxes

The Company reported GAAP income tax benefit of $(5.5) million in the fiscal 2025 first quarter, compared to a GAAP income tax expense of $0.4 million in the fiscal 2024 first quarter.

Net Income / Net Income Per Share

The Company reported GAAP net loss of $(11.9) million in the fiscal 2025 first quarter or GAAP net loss per share of $(0.94). This compared to GAAP net income of $3.6 million or GAAP net income per share of $0.30 in the fiscal 2024 first quarter. On a non-GAAP basis, the Company reported net loss of $(11.1) million or non-GAAP net income per share of $(0.87), compared to non-GAAP net income of $7.2 million or $0.60 per share in the prior year.

Adjusted EBITDA

Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) for the fiscal 2025 first quarter was $(7.7) million, compared to $8.9 million in the fiscal 2024 first quarter, a decrease of $(16.6) million.

Balance Sheet Highlights

The Company reported $51.0 million in cash and cash equivalents as of September 27, 2024, compared to $64.6 million as of June 28, 2024. As of September 27, 2024, total debt was $83.4 million, an increase of $35.0 million from June 28, 2024.

Fiscal 2025 Full Year Outlook

The Company is updating its fiscal 2025 full year guidance as follows:

Full year Revenue between $430 and $470 millionFull year Adjusted EBITDA between $30.0 and $40.0 million

Conference Call Details

Aviat Networks will host a conference call at 4:30 p.m. Eastern Time (ET) today, November 5, 2024, to discuss its financial and operational results for the fiscal 2025 first quarter ended September 27, 2024. Participating on the call will be Peter Smith, President and Chief Executive Officer; Michael Connaway, Sr. Vice President and Chief Financial Officer; and Andrew Fredrickson, Director of Corporate Development and Investor Relations. Following management’s remarks, there will be a question and answer period.

Interested parties may access the conference call live via the webcast through Aviat Network’s Investor Relations website at investors.aviatnetworks.com/events-and-presentations/events, or may participate via telephone by registering using this online form. Once registered, telephone participants will receive the dial-in number along with a unique PIN number that must be used to access the call. A replay of the conference call webcast will be available after the call on the Company’s investor relations website.

About Aviat Networks

Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience. Aviat is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Facebook and LinkedIn.

Forward-Looking Statements

The information contained in this Current Report on Form 8-K includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including Aviat’s beliefs and expectations regarding outlook, business conditions, new product solutions, customer positioning, future orders, bookings, new contracts, cost structure, profitability in fiscal 2025, its recent acquisitions and acquisition strategy, process improvements, measures designed to improve internal controls, its ability to maintain effective internal control over financial reporting and management systems and remediate material weaknesses, plans and objectives of management, realignment plans and review of strategic alternatives and expectations regarding future revenue, gross margin, Adjusted EBITDA, operating income or earnings or loss per share. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat and trends in revenue, and other statements identified by the use of forward-looking terminology, including “anticipate,” “believe,” “plan,” “estimate,” “expect,” “goal,” “will,” “see,” “continue,” “delivering,” “view,” and “intend,” or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements.

Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following: the disruption the 4RF and NEC transactions may cause to customers, vendors, business partners and our ongoing business; our ability to integrate the operations of the acquired 4RF and NEC businesses with our existing operations and fully realize the expected synergies of the 4RF and NEC transactions on the expected timeline; disruptions relating to the ongoing conflict between Russia and Ukraine and the conflict in Israel and surrounding areas; continued price and margin erosion in the microwave transmission industry; the impact of the volume, timing, and customer, product, and geographic mix of our product orders; our ability to meet financial covenant requirements; the timing of our receipt of payment; our ability to meet product development dates or anticipated cost reductions of products; our suppliers’ inability to perform and deliver on time, component shortages, or other supply chain constraints; the effects of inflation; customer acceptance of new products; the ability of our subcontractors to timely perform; weakness in the global economy affecting customer spending; retention of our key personnel; our ability to manage and maintain key customer relationships; uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation; our failure to protect our intellectual property rights or defend against intellectual property infringement claims; the results of our restructuring efforts; the effects of currency and interest rate risks; the ability to preserve and use our net operating loss carryforwards; the effects of current and future government regulations; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States and other countries where we conduct business; the conduct of unethical business practices in developing countries; the impact of political turmoil in countries where we have significant business; our ability to realize the anticipated benefits of any proposed or recent acquisitions; the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; our ability to implement our stock repurchase program or that it will enhance long-term stockholder value; and the impact of adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions.

For more information regarding the risks and uncertainties for Aviat’s business, see “Risk Factors” in Aviat’s Form 10-K for the fiscal year ended June 28, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on October 4, 2024, as well as other reports filed by Aviat with the SEC from time to time. Aviat undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Investor Relations:
Andrew Fredrickson
Director, Corporate Development & Investor Relations
Phone: (512) 582-4626
Email: andrew.fredrickson@aviatnet.com

Table 1

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

(In thousands, except per share amounts)

September 27,
2024

September 29,
2023

Revenues:

Product sales

$ 61,116

$ 59,545

Services

27,313

27,364

Total revenues

88,429

86,909

Cost of revenues:

Product sales

52,201

36,313

Services

16,440

19,401

Total cost of revenues

68,641

55,714

Gross margin

19,788

31,195

Operating expenses:

Research and development

10,408

6,424

Selling and administrative

24,948

19,237

Restructuring charges

—

644

Total operating expenses

35,356

26,305

Operating (loss) income

(15,568)

4,890

Interest expense, net

1,115

Other expense, net

710

802

(Loss) income before income taxes

(17,393)

3,989

(Benefit from) provision for income taxes

(5,514)

432

Net (loss) income

$ (11,879)

$ 3,557

Net (loss) income per share of common stock outstanding:

Basic

$ (0.94)

$ 0.31

Diluted

$ (0.94)

$ 0.30

Weighted-average shares outstanding:

Basic

12,646

11,574

Diluted

12,646

11,943

Table 2

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

September 27,
2024

June 28,
2024

ASSETS

Current Assets:

Cash and cash equivalents

$ 51,034

$ 64,622

Accounts receivable, net

169,002

158,013

Unbilled receivables

94,725

90,525

Inventories

79,559

62,267

Assets held for sale

—

2,720

Other current assets

32,942

27,076

Total current assets

427,262

405,223

Property, plant and equipment, net

11,883

9,480

Goodwill

15,153

8,217

Intangible assets, net

28,754

13,644

Deferred income taxes

91,317

83,112

Right-of-use assets

3,665

3,710

Other assets

12,823

11,837

Total long-term assets

163,595

130,000

Total assets

$ 590,857

$ 535,223

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable

$ 104,926

$ 92,854

Accrued expenses

39,137

42,148

Short-term lease liabilities

1,125

1,006

Advance payments and unearned revenue

79,380

58,839

Other current liabilities

21,234

21,614

Current portion of long-term debt

2,395

2,396

Total current liabilities

248,197

218,857

Long-term debt

80,980

45,954

Unearned revenue

7,522

7,413

Long-term operating lease liabilities

2,782

2,823

Other long-term liabilities

407

394

Reserve for uncertain tax positions

3,445

3,485

Deferred income taxes

412

Total liabilities

343,745

279,338

Commitments and contingencies

Stockholder’s equity:

Preferred stock

—

Common stock

127

126

Treasury stock

(6,479)

Additional paid-in-capital

861,023

860,071

Accumulated deficit

(590,392)

(578,513)

Accumulated other comprehensive loss

(17,167)

(19,320)

Total stockholders’ equity

247,112

255,885

Total liabilities and stockholders’ equity

$ 590,857

$ 535,223

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement the consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), we provide additional measures of gross margin, research and development expenses, selling and administrative expenses, operating income, provision for or benefit from income taxes, net income, net income per share, and adjusted income before interest, tax, depreciation and amortization (Adjusted EBITDA), in each case, adjusted to exclude certain costs, charges, gains and losses, as set forth below. We believe that these non-GAAP financial measures, when considered together with the GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. We also believe these non-GAAP measures enhance the ability of investors to analyze trends in our business and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follow.

1We have not reconciled Adjusted EBITDA guidance to its corresponding GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to merger and acquisition costs and share-based compensation. In particular, share-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted EBITDA are not available without unreasonable effort.

Table 3

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended

September 27,
2024

% of

Revenue

September 29,
2023

% of

Revenue

(In thousands, except percentages and per share amounts)

GAAP gross margin

$ 19,788

22.4 %

$ 31,195

35.9 %

Share-based compensation

104

183

Merger and acquisition and other expenses

608

Non-GAAP gross margin

20,500

23.2 %

31,421

36.2 %

GAAP research and development expenses

$ 10,408

11.8 %

$ 6,424

7.4 %

Share-based compensation

(143)

(146)

Non-GAAP research and development expenses

10,265

11.6 %

6,278

7.2 %

GAAP selling and administrative expenses

$ 24,948

28.2 %

$ 19,237

22.1 %

Share-based compensation

(1,417)

(1,505)

Merger and acquisition and other expenses

(3,781)

(146)

Non-GAAP selling and administrative expenses

19,750

22.3 %

17,586

20.2 %

GAAP operating (loss) income

$ (15,568)

(17.6) %

$ 4,890

5.6 %

Share-based compensation

1,664

1,834

Merger and acquisition and other expenses

4,389

189

Restructuring charges

—

644

Non-GAAP operating (loss) income

(9,515)

(10.8) %

7,557

8.7 %

GAAP income tax (benefit) provision

$ (5,514)

(6.2) %

$ 432

0.5 %

Adjustment to reflect pro forma tax rate

6,014

(132)

Non-GAAP income tax provision

500

0.6 %

300

0.3 %

GAAP net (loss) income

$ (11,879)

(13.4) %

$ 3,557

4.1 %

Share-based compensation

1,664

1,834

Merger and acquisition and other expenses

4,389

189

Restructuring charges

—

644

Other expense, net

710

802

Adjustment to reflect pro forma tax rate

(6,014)

132

Non-GAAP net (loss) income

$ (11,130)

(12.6) %

$ 7,158

8.2 %

Diluted net (loss) income per share:

GAAP

$ (0.94)

$ 0.30

Non-GAAP

$ (0.87)

$ 0.60

Shares used in computing diluted net (loss) income per share

GAAP

12,646

11,943

Non-GAAP

12,804

11,943

Adjusted EBITDA:

GAAP net (loss) income

$ (11,879)

(13.4) %

$ 3,557

4.1 %

Depreciation and amortization of property, plant and equipment and intangible assets

1,830

1,344

Interest expense, net

1,115

Other expense, net

710

802

Share-based compensation

1,664

1,834

Merger and acquisition and other expenses

4,389

189

Restructuring charges

—

644

(Benefit from) provision for income taxes

(5,514)

432

Adjusted EBITDA

$ (7,685)

(8.7) %

$ 8,901

10.2 %

(1)

The adjustments above reconcile our GAAP financial results to the non-GAAP financial measures used by us. Our non-GAAP net income excluded share-based compensation, and other non-recurring charges (recovery). Adjusted EBITDA was determined by excluding depreciation and amortization on property, plant and equipment, interest, provision for or benefit from income taxes, and non-GAAP pre-tax adjustments, as set forth above, from GAAP net income. We believe that the presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, our GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures.

Table 4

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA

(Unaudited)

Three Months Ended

September 27,
2024

September 29,
2023

(In thousands)

North America

$ 42,225

$ 54,853

International:

Africa and the Middle East

10,450

9,954

Europe

5,600

5,252

Latin America and Asia Pacific

30,154

16,850

Total international

46,204

32,056

Total revenue

$ 88,429

$ 86,909

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SOURCE Aviat Networks, Inc.

Technology

China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

6 minutes ago

November 23, 2024

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company(STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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SOURCE China Telecom Global

Technology

China set to narrow digital divide

Published

6 minutes ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — A news report from chinadaily.com.cn：

Representatives discuss hot topics faced by countries in digitalization

China’s forward-looking vision on the future development of the internet offers a glimpse into how cooperation can narrow the digital divide across the world, at a time when an economic slowdown and impeded globalization have stunted growth worldwide, said government officials and industry experts on Friday.

They made the remarks at the 2024 World Internet Conference Wuzhen Summit that ended in Wuzhen, Zhejiang province on Friday.

They also sought more global cooperation to advance the development of the internet in less-developed economies and enhance digital competence for all.

Ren Xianliang, secretary-general of the WIC, said at a news conference, “More efforts should be made to help make the internet a new frontier for all parties to cooperate and continue to create more convergence of interests, growth points of cooperation and new highlights of win-win scenarios in cyberspace.”

“All parties around the world are expected to join hands to build a cyber world where human beings coexist, jointly create a digital future of win-win cooperation and make cyberspace better for all peoples of the world,” he said.

More than 1,800 representatives from governments, international organizations, industry associations, internet enterprises, universities and think tanks from over 130 countries and regions attended this year’s summit, addressing some of the hottest topics faced by countries in digitalization.

Teo Nie Ching, deputy minister of communications of Malaysia, said at the conference that digital transformation is not solely about technological advancement, but also a reflection of human values and actions.

“As technology progresses, we must uphold a core principle of people-centered and holistic development to ensure that technological applications truly serve the common good and promote share to the progress,” Teo said.

A United Nations report found that 2.6 billion individuals globally still lack internet access and a sharp digital divide can also be observed among economies, among industries and between urban and rural areas.

Although many less technologically advanced regions, such as Africa, possess a strong willingness to build an inclusive and equitable digital world, the rapid advancement of technologies often poses a huge challenge to developing countries — how to actively participate and keep pace with this growth, said Nii Narku Quaynor, chairman of Ghana Dot Com.

Against this backdrop, reinforcing open access to internet channels, digital content and technologies can greatly benefit emerging economies in the digital world, he said.

Eyeing a higher-level of inclusiveness, connectivity and cooperation in the internet sector, a statement on global digital cooperation was released by a sub-forum of the WIC.

The statement highlighted the importance of advancing international cooperation on data exchange, enhancing cross-border data connectivity, and narrowing gaps in data circulation, as well as more initiatives to build an open and mutually beneficial international framework for data collaboration.

Intensified efforts should also be made to deepen international exchanges on technology standards, ethical guidelines and legal frameworks, advancing a widely accepted global AI governance system, said the statement.

It also called for human-centered and ethically sound approaches to cutting-edge technologies such as AI, encouraging safe, reliable, fair and transparent research and development as well as applications of AI.

At the opening ceremony of WIC, Chinese Vice-Premier Ding Xuexiang also stressed the need for the international community to jointly deal with problems such as the digital divide and a grave cybersecurity situation to build a better digital future.

The digital divide continues to widen, and the situation of cybersecurity has become more severe, Ding said, adding that the international community is in greater need than ever of jointly advancing a community with a shared future in cyberspace.

China has been sharing the opportunities of modernization with countries around the world and injecting strong impetus into global modernization, Ding said.

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SOURCE chinadaily.com.cn

Technology

PASHA Holding forges global connections at COP29

Published

2 hours ago

November 23, 2024

BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — PASHA Holding, a leading Azerbaijani company, successfully participated at COP29, reaffirming its dedication to climate action. As an Impact Partner at the event, PASHA Holding actively engaged in meaningful discussions, collaborated with global stakeholders, and shared its vision for a sustainable future.

The holding’s presence included a tailored booth in the Green Zone, alongside multiple thought-provoking sessions led by PASHA Holding companies, including PASHA Bank, Kapital Bank, PASHA Insurance, PASHA Life, AgroDairy, and PASHA Real Estate. These sessions addressed critical issues such as climate finance, sustainable agriculture, and the role of private sector leadership in fostering inclusive green transitions.

Through its participation, PASHA Holding leveraged the opportunity to exchange ideas, build relationships with regional and global peers, and learn from diverse experiences in tackling climate challenges. By engaging with stakeholders from government, international organizations, and the private sector, PASHA Holding enhanced its capacity to drive sustainable development initiatives in Azerbaijan and beyond.

Aytaj Mukhtazada, Head of PR and Communications at PASHA Holding, remarked:

“COP29 has been an extraordinary platform for us to amplify our sustainability vision and forge valuable connections. The insights gained and partnerships established here will enable us to align our strategies with global climate objectives while addressing the unique needs of our region. This experience underscores the importance of collaboration in creating impactful, long-term solutions to the challenges we all face.”

Key elements of PASHA Holding’s sustainability strategy include minimizing the environmental impact of its own operations, investing in projects that support the transition to net zero, and investing in technological innovation to address the challenges presented by climate change. In the near future, the group plans to conduct comprehensive diagnostics and gap analysis across its subsidiaries to set specific goals to decrease our carbon footprint, including supply chain, support the customers in their transition journeys and increase investments in green initiatives. Additionally, PASHA is committed to empowering its stakeholders through education and collaboration, ensuring that sustainability is embedded across the wider economy. These plans include supporting the development of a sustainable SME landscape in the country, aiding farmers in their green transition, and supporting innovation for developing decarbonization solutions.