Technology
Nauticus Robotics Announces Results for the Third Quarter of 2024
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2 weeks agoon
By
HOUSTON, Nov. 12, 2024 /PRNewswire/ — Nauticus Robotics, Inc. (NASDAQ: KITT), a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended September 30, 2024.
John Gibson, Nauticus CEO, stated, “We committed to producing commercial revenue in the third quarter of 2024 with our Aquanaut Mark 2. We achieved that objective. Our first commercial project not only exceeded customer expectations but also secured additional work for the fourth quarter. With the 2024 work season in the Gulf of Mexico ending, we are now fully focused on building a robust pipeline of commercial opportunities for 2025. Nauticus’ untethered, autonomous deepwater solutions have set us apart as the technical leader in this field, earning strong recognition from our customers.
On the financial front, we raised over $1 million in cash through a tranche of convertible debentures, with the option to access an additional $20 million. Alongside converting existing debentures into preferred equity, these steps bolster our shareholder equity and position us to regain compliance with NASDAQ listing requirements. This access to additional funds provides a solid financial foundation to cement our position as a leader in the ocean economy.”
Operational Highlights
Vehicle 2 Testing: Nauticus’ flagship vehicle, Aquanaut Mark 2 (Vehicle 2), completed deepwater qualification trials and began commercial operations in the Gulf of Mexico (GOM). The vehicle completed offshore operations for 2024 and will now be readied for the upcoming 2025 offshore season. The success of the commercial work performed this year resulted in continued discussions with current as well as new customers for 2025 work. The pipeline for Aquanaut services remains strong and the company expects that customers will continue placing the vehicle into their offshore execution models.
Vehicle 1 Assembly and Testing: Aquanaut Vehicle 1 deepwater electronics upgrades are complete and final assembly is expected to complete this month. Once the vehicle is fully assembled it is planned to ship to a testing facility to complete factory acceptance testing. We expect this to occur by the end of the year.
Vehicle 3 Assembly: Assembly of Aquanaut Vehicle 3 remains pending. Company focus remained on Vehicles 1 and 2 throughout the quarter. Work on this vehicle is not expected until sometime in 2025.
ToolKITT Software: ToolKITT performed reliably during Aquanaut vehicle operations this quarter. The team continues to progress the technology towards higher levels of autonomy and broader commercial functionality. ToolKITT is also expected to provide value added differentiation for third party platform integration. Discussions with third party ROV manufacturers and services providers are ongoing and Nauticus is targeting to sell its first commercial license in 2025.
Revenue: Nauticus reported third-quarter revenue of $0.4 million, compared to $1.6 million for the prior-year period and $0.5 million for the prior quarter.
Operating Expenses: Total expenses during the third quarter were $5.9 million, a $3.9 million decrease from the prior-year period, and a $0.6 million decrease from Q2 2024.
Net Income: For the third quarter, Nauticus recorded a net loss of $11.4 million, or basic loss per share of $4.24. This compares with a net loss of $17.7 million from the same period in 2023, and a net loss of $5.4 million in the prior quarter.
Adjusted Net Loss: Nauticus reported adjusted net loss of $11.4 million for the third quarter, compared to $8.1 million for the same period in 2023. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.
2024 G&A Cost: Nauticus reported G&A third-quarter costs of $2.8 million, which is a decrease of $3.9 million compared to the same period in 2023 and an additional $0.4 million decrease from the second quarter.
Balance Sheet and Liquidity
As of September 30, 2024, the Company had cash and cash equivalents of $2.9 million, compared to $0.8 million as of December 31, 2023.
Conference Call Details
Nauticus will host a conference call on November 13, 2024 at 10:00 a.m. Central Standard Time (11:00 a.m. EST) to discuss its results for the quarter ending September 30, 2024. To participate in the earnings conference call, participants should dial toll free at 800-225-9448, conference ID: KITT, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/559732352. A link to the webcast will also be available on the Company’s website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company’s website.
Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company’s business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus’ services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ Annual Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2024
December 31, 2023
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$2,915,757
$753,398
Restricted certificate of deposit
51,763
201,822
Accounts receivable, net
397,726
212,428
Inventories
2,229,509
2,198,797
Prepaid expenses
1,105,645
1,889,218
Other current assets
338,542
1,025,214
Assets held for sale
277,180
2,940,254
Total Current Assets
7,316,122
9,221,131
Property and equipment, net
16,158,525
15,904,845
Operating lease right-of-use assets
1,283,982
834,972
Other assets
229,296
187,527
Total Assets
$24,987,925
$26,148,475
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable
$4,734,093
$7,035,450
Accrued liabilities
7,269,833
7,339,099
Contract liability
697,818
2,767,913
Operating lease liabilities – current
433,820
244,774
Total Current Liabilities
13,135,564
17,387,236
Warrant liabilities
393,094
18,376,180
Operating lease liabilities – long-term
921,698
574,260
Notes payable – long-term, net of discount (related party)
46,148,307
31,597,649
Other liabilities
895,118
–
Total Liabilities
$61,493,781
$67,935,325
Stockholders’ Deficit:
Common stock, $0.0001 par value; 625,000,000 shares authorized, 5,634,942
and 1,389,884 shares issued, respectively, and 5,634,942 and 1,389,884
shares outstanding, respectively (As adjusted)
$563
$139
Additional paid-in capital (As adjusted)
98,628,931
77,004,714
Accumulated other comprehensive income
(26,983)
–
Accumulated deficit
(135,108,367)
(118,791,703)
Total Stockholders’ Deficit
(36,505,856)
(41,786,850)
Total Liabilities and Stockholders’ Deficit
$24,987,925
$26,148,475
NAUTICUS ROBOTICS, INC.
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Revenue:
Service
$370,187
$501,708
$1,593,854
$1,336,249
$5,542,249
Service – related party
–
–
–
–
500
Total revenue
370,187
501,708
1,593,854
1,336,249
5,542,749
Costs and expenses:
Cost of revenue (exclusive of items
shown separately below)
2,648,019
2,875,394
2,651,380
7,617,368
7,484,249
Depreciation
446,087
411,586
160,744
1,283,858
487,052
Research and development
–
–
275,154
64,103
984,882
General and administrative
2,845,956
3,227,288
6,704,890
9,502,685
17,478,099
Total costs and expenses
5,940,062
6,514,268
9,792,168
18,468,014
26,434,282
Operating loss
(5,569,875)
(6,012,560)
(8,198,314)
(17,131,765)
(20,891,533)
Other (income) expense:
Other (income) expense, net
2,278,909
118,274
(133,311)
2,300,710
1,015,908
Gain on lease termination
–
(8,532)
–
(23,897)
–
Foreign currency transaction loss
11,833
4,296
83,654
21,276
56,061
Loss on exchange of warrants
–
–
–
–
590,266
Change in fair value of warrant liabilities
(615,505)
(4,422,701)
8,656,392
(13,347,829)
(18,775,158)
Interest expense, net
4,111,844
3,669,423
873,738
10,234,639
7,365,402
Total other income, net
5,787,081
(639,240)
9,480,473
(815,101)
(9,747,521)
Net loss
$(11,356,956)
$(5,373,320)
$(17,678,787)
$(16,316,664)
$(11,144,012)
Basic loss per share (As adjusted)
$(4.24)
$(2.75)
$(15.46)
$(8.54)
$(9.92)
Diluted loss per share (As adjusted)
$(4.24)
$(2.75)
$(15.46)
$(8.54)
$(9.92)
Basic weighted average shares outstanding (As adjusted)
2,676,003
1,950,563
1,143,198
1,910,761
1,123,695
Diluted weighted average shares outstanding (As adjusted)
2,676,003
1,950,563
1,143,198
1,910,761
1,123,695
NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended September 30,
2024
2023
Cash flows from operating activities:
Net loss
$(16,316,664)
$(11,144,012)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
1,283,858
487,052
Amortization of debt discount
5,694,378
2,924,820
Amortization of debt issuance cost
486,758
–
Capitalized paid-in-kind (PIK) interest
927,485
–
Accretion of RCB Equities #1, LLC exit fee
73,058
3,183
Stock-based compensation
1,872,504
3,995,020
Loss on exchange of warrants
–
590,266
Change in fair value of warrant liabilities
(13,347,829)
(18,775,158)
Non-cash impact of lease accounting
314,859
332,787
Gain on disposal of assets
(1,695)
–
Write off of property and equipment
32,636
–
Gain on lease termination
(23,897)
–
Gain on short-term investments
–
(40,737)
Interest expense assumed into Convertible Senior Secured Term Loan
–
378,116
Changes in current assets and liabilities:
Accounts receivable
(185,298)
625,034
Inventories
(30,714)
(7,293,478)
Contract assets
–
547,183
Other assets
1,542,915
(206,702)
Accounts payable and accrued liabilities
(1,072,317)
11,155,980
Contract liabilities
(2,070,095)
152,000
Operating lease liabilities
(203,486)
(357,985)
Other liabilities
895,117
–
Net cash used in operating activities
(20,128,427)
(16,626,631)
Cash flows from investing activities:
Capital expenditures
(466,712)
(10,745,111)
Proceeds from sale of assets held for sale
420,220
–
Proceeds from sale of property and equipment
18,098
–
Proceeds from sale of short-term investments
–
5,000,000
Net cash used in investing activities
(28,394)
(5,745,111)
Cash flows from financing activities:
Proceeds from notes payable
14,305,000
10,596,884
Payment of debt issuance costs on notes payable
(1,316,791)
–
Proceeds from ATM offering
9,857,857
–
Payment of ATM commissions and fees
(499,903)
–
Proceeds from exercise of stock options
–
421,175
Proceeds from exercise of warrants
–
338,055
Net cash from financing activities
22,346,163
11,356,114
Effects of changes in exchange rates on cash and cash equivalents
(26,983)
–
Net change in cash and cash equivalents
2,162,359
(11,015,628)
Cash and cash equivalents, beginning of year
753,398
17,787,159
Cash and cash equivalents, end of year
$2,915,757
$6,771,531
NAUTICUS ROBOTICS, INC.
Unaudited Reconciliation of Net Income (Loss) Attributable to Common Stockholders (GAAP) to
Adjusted Net Loss Attributable to
Common Stockholders (NON-GAAP)
Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.
Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.
Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net income (loss) attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net income (loss) attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net income (loss) attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Net income (loss) attributable to common
stockholders (GAAP)
$(11,356,956)
$(5,373,320)
$(17,678,787)
$(16,316,664)
$(11,144,012)
Change in fair value of warrant liabilities
(615,505)
(4,422,701)
8,656,392
(13,347,829)
(18,775,158)
Stock compensation expense
532,539
809,310
917,993
1,872,504
3,995,020
Sales and use tax assessment
–
–
–
–
1,189,164
Loss on exchange of warrants
–
–
–
–
590,266
Interest and penalties on RRA Amendment
–
–
–
–
4,320,690
Adjusted net loss attributable to common
stockholders (non-GAAP)
$(11,439,922)
$(8,986,711)
$(8,104,402)
$(27,791,989)
$(19,824,030)
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SOURCE Nauticus Robotics, Inc.
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5-Axis CNC Machining Centers Market to Grow by USD 792.5 Million (2024-2028), Driven by Self-Optimized Cutting, AI Transforming Market Landscape – Technavio
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NEW YORK, Nov. 25, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global 5-axis CNC machining centers market size is estimated to grow by USD 792.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.09% during the forecast period. Self-optimized machine cutting is driving market growth, with a trend towards reduction of changeover time for 5-axis cnc machines. However, highly capital-intensive market poses a challenge.Key market players include DMG MORI Co. Ltd., Doosan Corp., FANUC Corp., Gebr. Heller Maschinenfabrik GmbH, GF Machining Solutions AG, GROB WERKE GmbH and Co. KG, Haas Automation Inc., Hardinge Inc., Hurco Companies Inc., Hyundai Motor Co., JTEKT Corp., Jyoti CNC Automation Ltd., Makino Inc., Maschinenfabrik Berthold Hermle AG, Mitsubishi Electric Corp., Okuma Corp, SCM GROUP Spa, Siemens AG, Starrag Group, and Yamazaki Mazak Corp..
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5-Axis Cnc Machining Centers Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 6.09%
Market growth 2024-2028
USD 792.5 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
5.64
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 42%
Key countries
US, China, Germany, Japan, and France
Key companies profiled
DMG MORI Co. Ltd., Doosan Corp., FANUC Corp., Gebr. Heller Maschinenfabrik GmbH, GF Machining Solutions AG, GROB WERKE GmbH and Co. KG, Haas Automation Inc., Hardinge Inc., Hurco Companies Inc., Hyundai Motor Co., JTEKT Corp., Jyoti CNC Automation Ltd., Makino Inc., Maschinenfabrik Berthold Hermle AG, Mitsubishi Electric Corp., Okuma Corp, SCM GROUP Spa, Siemens AG, Starrag Group, and Yamazaki Mazak Corp.
Market Driver
Five-axis CNC machining centers are advanced manufacturing solutions that offer precision, adaptability, and efficiency for industrial operations. These systems utilize linear axes for X, Y, and Z movements, as well as rotating axes for A and B, enabling multi-sided machining of complex parts. Trends in this market include the medical industry’s demand for high-precision components, aerospace and defense’s need for lightweight structures, and hybrid manufacturing combining subtractive processes with additive technologies. CNC programming, toolpath optimization, and specialized training are essential for effective operation. Precision engineering sectors, such as aerospace, automotive, and medical, benefit from the ability to produce complex geometries with minimal setup times and cycle time. Real-time monitoring, smart instruments, and multifaceted tools ensure manufacturing efficiency and quality improvement. Vertical machining centers and horizontal machining centers cater to various industries, including petroleum, metal fabrication, commercial aviation, military systems, electric vehicles, and general machinery. Industrial robots further enhance manufacturing processes by automating material handling and labor safety. Five-axis technology’s adaptability and precision make it an indispensable part of modern manufacturing processes, driving innovation in various industries.
The 5-axis CNC machining centers market is experiencing increased demand due to the significance of reducing changeover times to enhance productivity. Changeover time, the interval between the completion of one workpiece and the setup of the next, significantly impacts productivity negatively. To mitigate this issue, manufacturers are focusing on trends such as parallel operation. During parallel operation, workpieces are prepared in separate working areas while the CNC machine executes an operation on another workpiece. This approach reduces idle time and ultimately boosts productivity, making 5-axis CNC machines an attractive investment for businesses.
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Market Challenges
The 5-axis CNC machining centers market is witnessing significant growth due to the increasing demand for advanced machining systems in various industries. Precision and adaptability are key factors driving this trend, as these systems enable the production of complex parts with high precision and efficiency. Industrial operations in sectors like aerospace, defense, medical, and automotive require intricate components with minimal setup times and optimal cycle times. Linear axes and rotating axes enable multi-sided machining, reducing the need for multiple setups and increasing manufacturing efficiency. The medical industry and high-precision components sector particularly benefit from this technology, as do industries producing complex geometries for applications in fields like aerospace and defense. Challenges in this market include the need for specialized training, toolpath optimization, and CNC programming. Hybrid manufacturing, combining subtractive processes with additive manufacturing, is a potential solution. Vertical and horizontal machining centers, industrial robots, and smart instruments are essential tools in this advanced manufacturing landscape. Safety, real-time monitoring, and cutting parameters are crucial considerations for labor safety and quality improvement. Changeover time, material handling, and manufacturing process optimization are also essential aspects of this dynamic market. The future of 5-axis CNC machining centers lies in advanced manufacturing solutions, incorporating the latest technology to meet the demands of diverse industries.The 5-axis CNC machining centers market is a significant investment for manufacturers, with raw materials accounting for approximately 48% of the overall manufacturing cost. Raw material prices, including iron, steel, aluminum, brass, and copper, significantly impact market profitability. Fluctuations in these prices necessitate frequent adjustments to pricing strategies, adding to operational expenses. Furthermore, workforce training and consultant hiring add to the financial burden. The need for continuous technological advancements also increases research and development costs, contributing to the market’s high manufacturing costs.
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Segment Overview
This 5-axis cnc machining centers market report extensively covers market segmentation by
End-user 1.1 Automotive1.2 Aerospace1.3 Metal fabrication1.4 OthersProduct 2.1 Vertical 5-axis CNC machining centers2.2 Horizontal 5-axis CNC machining centersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Automotive- The global automotive industry is experiencing significant changes due to regulatory framework updates, technological advancements, and evolving customer preferences. OEMs are responding by launching new vehicle categories, such as micro-SUVs and mid-size pickup trucks, to cater to diverse customer segments. Strict emission regulations and fuel efficiency standards are pushing automakers to adopt advanced manufacturing technologies, including 5-axis CNC machining centers. These systems enable cost-effective production of automotive parts and components with high precision. Despite the popularity of 3-axis machining, 5-axis CNC systems are increasingly preferred for turning and milling operations. The increasing demand for automobiles, particularly in oil-importing countries like India and China, will drive the growth of the 5-axis CNC machining centers market in the forecast period. The low gasoline prices are also fueling investment in the automotive sector, leading to higher adoption of these advanced manufacturing technologies.
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Research Analysis
The 5-axis CNC machining centers market represents the latest evolution in advanced machining systems, offering unparalleled precision and adaptability for industrial operations. These systems enable the production of complex parts with intricate geometries, reducing setup times and increasing efficiency. 5-axis machining centers utilize both linear axes for X, Y, and Z movements, as well as rotating axes for B and C movements, allowing for multi-sided machining. Industries such as medical, aerospace, petroleum, and metal fabrication benefit greatly from these high-precision components. Hybrid manufacturing, combining 5-axis machining with other processes like additive manufacturing, further expands the capabilities of these systems. Vertical and horizontal machining centers are common types, each with their unique advantages. Cycle time and material handling are critical factors in optimizing manufacturing processes, while quality improvement and changeover time are essential for maintaining competitiveness. Computer Numerical Control (CNC) technology ensures precise tool movement, and the manufacturing process is streamlined through efficient setup and production processes.
Market Research Overview
The 5-axis CNC machining centers market encompasses advanced machining systems designed for manufacturing complex parts with high precision and adaptability. Industrial operations rely on these systems to produce intricate components with minimal setup times and increased manufacturing efficiency. 5-axis technology incorporates linear axes for X, Y, and Z movements, as well as rotating axes for B and C axes, enabling multisided machining and manufacturing of complex geometries. Industries such as medical, aerospace and defense, petroleum, and automotive benefit from the production of high precision components using these systems. Hybrid manufacturing, subtractive processes, and CNC programming are integral to the manufacturing process, requiring specialized training for operators. Real-time monitoring, toolpath optimization, and smart instruments enhance the production process, reducing cycle time and changeover time. Vertical and horizontal machining centers cater to various industries, including aerospace, defense, commercial aviation, electric vehicles, and general machinery. The integration of industrial robots and advanced manufacturing solutions further streamlines manufacturing processes, ensuring labor safety and quality improvement.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-userAutomotiveAerospaceMetal FabricationOthersProductVertical 5-axis CNC Machining CentersHorizontal 5-axis CNC Machining CentersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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Modal Signs Strategic Collaboration Agreement with AWS to Deliver Accelerated Generative AI Solutions
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NEW YORK, Nov. 25, 2024 /PRNewswire/ — Modal, a serverless compute platform designed for AI workloads, today announced it signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to help businesses — from startups to enterprises — develop and deploy artificial intelligence (AI) products faster through its purpose-built platform for graphics processing unit (GPU)-accelerated workloads.
Modal’s platform enables AI teams to quickly spin up GPU-enabled containers in as little as one second, facilitating rapid iteration and seamless autoscaling for production workloads. By leveraging the security, resiliency, and scalability of AWS, Modal has experienced rapid growth, attracting generative AI startups seeking flexible, powerful compute without the need for long-term commitments or extensive infrastructure management.
“We’re excited to deepen our collaboration with AWS, as their infrastructure empowers us to better serve the growing ecosystem of AI companies,” said Erik Bernhardsson, founder and CEO of Modal. “Together, we aim to accelerate the development and deployment of the next generation of AI applications by providing a seamless, scalable platform that works with the AWS services our customers already rely on.”
Modal’s platform abstracts away the complexities of GPU infrastructure management, allowing AI teams to focus on building innovative solutions. By combining Modal’s seamless developer experience with the breadth and depth of AWS services, customers can leverage the best of both worlds – a purpose-built platform for AI workloads backed by the proven scalability, performance, and security of AWS.
Mike Cohen, Head of AI & ML Engineering at Substack, a Modal customer, shared, “Our ML team loves Modal because it accelerates research and development, and deployment, while seamlessly integrating with our AWS-based infrastructure. This strategic collaboration will make it easier for us to build even more ambitious machine learning (ML) and AI features in the future.”
“At AWS, we’re committed to supporting innovative companies that drive technological advancement and address critical customer needs,” said Jon Jones, Vice President and Global Head of AWS Startups. “Modal’s traction in providing flexible, scalable, and immediate access to GPU resources for AI companies is impressive. We believe Modal’s offering has the potential to empower many leading AI companies to build and scale their solutions more effectively. We look forward to working closely with Modal to help them deliver positive outcomes for their customers.”
This collaboration underscores the value of Modal and AWS to provide flexibility and unlock greater business value for customers across industries. As part of this collaboration, Modal will enhance its enterprise offering, including listing in AWS Marketplace and investing in technical integrations like AWS PrivateLink, to better serve customers with specific security and privacy requirements. Modal will also showcase its container technology for AI at AWS re:Invent in December 2024.
For more information please visit: https://modal.com/
Media Contact: press@modal.com
View original content:https://www.prnewswire.com/news-releases/modal-signs-strategic-collaboration-agreement-with-aws-to-deliver-accelerated-generative-ai-solutions-302315795.html
SOURCE Modal
Technology
Defense IT Spending Market to Grow by USD 23.53 Billion (2024-2028), Driven by Autonomous Systems Development, Market Evolution Powered by AI – Technavio
Published
48 minutes agoon
November 25, 2024By
NEW YORK, Nov. 25, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global defense IT spending market size is estimated to grow by USD 23.53 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.49% during the forecast period. Development of autonomous systems is driving market growth, with a trend towards adoption of artificial intelligence (AI) and machine learning (ML). However, issues related to digital sovereignty poses a challenge.Key market players include Accenture Plc, Amazon.com Inc., BAE Systems Plc, CRON AI, Cubic Corp., CyAmast Pty Ltd., Dell Technologies Inc., General Dynamics Corp., Hewlett Packard Enterprise Co., Holo Light GmbH, International Business Machines Corp., Kratos Defense and Security Solutions Inc., Leidos Holdings Inc., ManTech International Corp., Microsoft Corp., Northrop Grumman Corp., Oracle Corp., Pennant International Group PLC, Science Applications International Corp. Inc., and Palantir Technologies Inc..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (Service, Software, and Hardware), Application (Cyber security, IT infrastructure, Logistic and asset management, and Others), and Geography (North America, APAC, Europe, Middle East and Africa, and South America)
Region Covered
North America, APAC, Europe, Middle East and Africa, and South America
Key companies profiled
Accenture Plc, Amazon.com Inc., BAE Systems Plc, CRON AI, Cubic Corp., CyAmast Pty Ltd., Dell Technologies Inc., General Dynamics Corp., Hewlett Packard Enterprise Co., Holo Light GmbH, International Business Machines Corp., Kratos Defense and Security Solutions Inc., Leidos Holdings Inc., ManTech International Corp., Microsoft Corp., Northrop Grumman Corp., Oracle Corp., Pennant International Group PLC, Science Applications International Corp. Inc., and Palantir Technologies Inc.
Key Market Trends Fueling Growth
Defense IT spending continues to grow as Defense Forces, Homeland Security, and Paramilitary Forces prioritize modernization. Key areas of focus include Cybersecurity to protect National defense data from Cyberattacks, Communication Systems for Secure communications, and Intelligence Technologies for data analysis. IT Infrastructure, Cloud Computing, and Software solutions are essential for Defense operations and Military Capabilities. Geopolitical Tensions fuel the demand for advanced IT Solutions such as 5G, Artificial Intelligence, and Autonomous Systems. Defense IT systems require Cutting edge technologies like Decision science platforms, Sensor systems, Actuators, and Control systems for Battlefield management in a Network centric environment. IT Spending on hardware, services, and IT technologies for Unmanned Systems, Smart weapons, and Virtual/Augmented Reality technology also increase. Government Policies and Defense Modernization initiatives drive investments in Healthcare IT, IoT analytics, and Military infrastructures. Overall, Defense IT spending remains a critical area of investment for enhancing Military capabilities and responding to evolving threats.
The global defense IT spending market is witnessing a significant increase in the adoption of artificial intelligence (AI) and machine learning (ML) technologies. These innovations are gaining popularity among governments and defense organizations due to their potential to bolster military capabilities, streamline decision-making processes, and fortify national security. Autonomous systems, such as robotic systems, unmanned vehicles, and drones, are among the primary applications of AI and ML in the defense sector. These systems, which operate without human intervention, can carry out essential military tasks, including target detection, surveillance, reconnaissance, and combat operations. The integration of AI and ML in defense IT spending is a strategic investment for enhancing military readiness and effectiveness.
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Market Challenges
Defense IT spending continues to grow as Defense Forces, Homeland Security, and Paramilitary Forces invest in advanced IT solutions to enhance their capabilities. Challenges include securing cybersecurity for national defense data and secure communications. IT infrastructure, cloud computing, and data analytics are key areas of focus. Defense IT systems require the latest software, hardware, and services to support defense operations and military actions. Geopolitical tensions increase the need for modernization, with IT spending on intelligence technologies, 5G, artificial intelligence, and autonomous systems. Cyberattacks threaten defense IT infrastructure, making cybersecurity a top priority. IT technologies like sensors, VR/AR technology, and IoT analytics support battlefield management and decision-making in a network centric environment. Defense IT spending also covers healthcare, unmanned systems, and military infrastructures. Smart weapons, actuators, control systems, and flight simulators are essential for military readiness. Government policies and defense modernization initiatives drive IT investments in defense IT systems and IT technologies. Overall, defense IT spending is critical for maintaining military capabilities and staying ahead of the curve in the digital transformation.In the defense sector, the increasing use of digital technology, including augmented reality, necessitates prioritizing data privacy and protection from cyber threats. However, the involvement of cross-border data transfers in defense IT spending poses challenges due to the need for digital sovereignty. Dependency on foreign technology providers for IT systems and infrastructure can limit ownership and control over military capabilities, potentially jeopardizing digital sovereignty. Developing domestic defense IT capabilities is essential to maintain digital sovereignty, but it requires a significant investment of time and resources.
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Segment Overview
This defense it spending market report extensively covers market segmentation by
Type1.1 Service1.2 Software1.3 HardwareApplication 2.1 Cyber security2.2 IT infrastructure2.3 Logistic and asset management2.4 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America
1.1 Service- The global defense IT spending market encompasses various service segments catering to defense organizations’ unique IT needs. These segments include Consulting Services, Systems Integration, Application Development and Maintenance, Managed Services, Cybersecurity Services, Training and Support Services, and Data Analytics Services. Military firms rely on Consulting Services for strategic advice on digital transformation, cybersecurity, data analytics, and technology adoption. Systems Integration ensures seamless communication and interoperability by integrating defense IT systems, tools, and software. Application Development and Maintenance create and manage specialized software applications for defense companies. Managed Services outsource IT tasks to vendors for cost savings and productivity gains. Cybersecurity Services protect critical infrastructure and private military data from cyber threats. Training and Support Services optimize IT system usage and performance. Data Analytics Services extract valuable insights from defense data for informed decision-making and operational efficiency improvements. These essential services enable defense organizations to adapt to technology landscapes, enhance capabilities, and drive the growth of the defense IT spending market.
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Research Analysis
The Defense IT Spending market is a critical sector that continues to evolve, driven by the increasing demand for advanced technologies to support Defense Forces, Civilian Forces, Homeland Security, and other government agencies. This market encompasses various domains, including Cybersecurity, Communication Systems, Intelligence Technologies, IT Infrastructure, Cloud Computing, Data Analytics, and more. Cutting-edge technologies such as Cybersecurity solutions, 5G networks, Artificial Intelligence (AI), Autonomous systems, and Internet of Things (IoT) analytics are increasingly being adopted to enhance security, improve communication, and optimize decision-making in a network centric environment. Additionally, Defense IT infrastructure supports the development of Smart weapons, Battlefield management systems, Decision science platforms, and Healthcare solutions. Communication Systems enable secure and reliable communication between forces, while Intelligence Technologies provide real-time data analysis and actionable insights. VR/AR technology, Flight simulators, and Sensors are also integral to the Defense IT Spending market, enabling advanced training and simulation capabilities. Overall, this market is undergoing a digital transformation, with a focus on integrating the latest technologies to enhance operational effectiveness and improve mission success.
Market Research Overview
The Defense IT Spending market is a critical sector that focuses on providing advanced IT solutions to Defense Forces, Homeland Security, and Paramilitary Forces worldwide. This market encompasses various IT sectors, including Cybersecurity, Communication Systems, Intelligence Technologies, IT Infrastructure, Cloud Computing, Data Analytics, and more. Defense IT systems are essential for military capabilities, ensuring secure communications, battlefield management, and decision-making in a network centric environment. The market is driven by Geopolitical Tensions, Defense Modernization, and Government Policies, leading to increased IT Spending on cutting-edge technologies such as 5G, Artificial Intelligence, Autonomous Systems, and Digital Transformation. Cybersecurity is a significant concern, with Defense Forces and National Defense Data at risk from cyberattacks. IT Solutions in this sector include Software, Hardware, and Services to protect against threats and ensure secure data transfer. Communication Systems, including sensors, actuators, and control systems, are crucial for military operations, while Unmanned Systems and VR/AR technology provide advanced training capabilities. Defense IT infrastructure also includes IT technologies for healthcare, military infrastructures, and IoT analytics for military actions. Smart weapons, sensors, and actuators are integral components of defense operations, while IT technologies such as flight simulators and battlefield management systems enable effective military decision-making. Overall, the Defense IT Spending market is a dynamic and evolving sector that continues to adapt to the changing needs of defense organizations worldwide.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeServiceSoftwareHardwareApplicationCyber SecurityIT InfrastructureLogistic And Asset ManagementOthersGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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Defense IT Spending Market to Grow by USD 23.53 Billion (2024-2028), Driven by Autonomous Systems Development, Market Evolution Powered by AI – Technavio
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