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CleanSpark Reports Record-Breaking FY 2024 Results: Outpacing Halving and Difficulty

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Revenue grows 125% year over year 

Current hashrate surpasses 33.5 EH/s on track for 37 EH/s

LAS VEGAS, Dec. 2, 2024 /PRNewswire/ — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner®, today reported financial results for the fiscal year ended September 30, 2024.

“Our performance this year reflects a sustained growth trajectory, solidifying our position as one of the top Bitcoin miners in the world, as we move into an anticipated new bull market,” said CleanSpark CEO Zach Bradford. “Reflecting on the past year, our results in FY 2024 and the positioning of the company going into 2025 demonstrated the wisdom of our counter-cyclical growth and capital allocation strategy. We produce durable, high performing growth and have been since our earliest days in Bitcoin mining,” Bradford said. “CleanSpark has prioritized owned infrastructure as its core foundation, putting us in the best position to optimize our portfolio of data centers to drive ROI to our shareholders as we continue to rapidly deploy additional hashrate on our path to 37 EH by year-end and 50 EH and beyond in 2025.”  

“We anticipated that there would be prime opportunities for M&A paired with organic growth, and over the past year we capitalized by adding 423 MWs to our operating portfolio bringing us to 726 MW, as of today. As we continue focusing on scale in FY 2025 and beyond, we will develop the remaining hundreds of MW in the near-term pipeline while always staying opportunistic,” said Bradford.

“The team produced our strongest year of financial performance to date, solidifying a track record of effective execution and keeping commitments to shareholders. This fiscal year included the fourth halving event in Bitcoin‘s history, and our organizational commitment to operational excellence has allowed us to weather it more successfully than many of our industry peers,” said CleanSpark CFO Gary Vecchiarelli. “Even with the halving event impacting block rewards and a significant increase in difficulty, our production outpaced both, yielding approximately 7,100 BTC thanks to our growth in hashrate and the efficiency improvements to our fleet.

“CleanSpark’s financial strength continued to grow in fiscal 2024,” said Vecchiarelli. “Heading into 2025, we have significant scale and size, a healthy balance sheet, industry leading operations and a strong liquidity position, and we are well positioned to pursue diverse capital raising strategies,” Vecchiarelli said.

Financial Highlights: Full Fiscal Year 2024

Financial Results for the Fiscal Year Ended September 30, 2024.

The Company’s annual revenues were $378.9 million, an increase of $210.5 million, or 125%, from $168.4 million for the prior fiscal year.Net loss for the year ended September 30, 2024, was ($145.8) million or ($0.69) basic loss per share compared to a net loss of ($138.1) million or ($1.30) loss per share for the prior fiscal year.Adjusted EBITDA was $245.8 million, an increase of $220.8 million from $25.0 million for the prior fiscal year. 1

Balance Sheet Highlights as of September 30, 2024

Assets

Cash: $122.2 millionBitcoin: $509.5 million (includes bitcoin receivable of $77.8 million posted as collateral), based upon 8,049 bitcoin at a price of $63,301 at September 30, 2024Total Current Assets: $705.4 millionTotal Mining Assets (including prepaid deposits & deployed miners): $902.0 millionTotal Assets: $2.0 billion

Liabilities and Stockholders’ Equity

Current Liabilities: $187.9 millionTotal Liabilities: $201.8 millionTotal Stockholders’ Equity: $1.8 billion

The Company had working capital of $517.5 million and $66.0 million of loans payable as of September 30, 2024.

1 See “Non-GAAP Measure” and the related reconciliation below

Investor Conference Call and Webcast

The Company will hold its fiscal year 2024 earnings presentation and business update for investors and analysts today, December 2, 2024, at 1:30 p.m. PT / 4:30 p.m. ET.

Webcast URL: https://investors.cleanspark.com   

The webcast will be accessible for at least 30 days on the Company’s website and a transcript of the call will be available on the Company’s website following the call.

About CleanSpark

CleanSpark (Nasdaq: CLSK), America’s Bitcoin Miner®, is a market-leading, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world.

 Visit our website at www.cleanspark.com. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the Company’s ability to successfully completed acquisitions, including integration risks relating to completed and potential acquisitions, the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

Non-GAAP Measure

The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States(“GAAP”). The Company’s non-GAAP “Adjusted EBITDA” excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company’s share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions,  all of which are non-cash items that the Company believes are not reflective of the Company’s general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company’s ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed;  (vii) gains and losses related to discontinued operations that would not be applicable to the Company’s future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company’s normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.

Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis.  Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues).  For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

The Company’s adjusted EBITDA measure may not be directly comparable to similar measures  provided by other companies in our industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with GAAP.

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value and share amounts)

 

September 30,
2024

September 30,
2023

ASSETS

Current assets

Cash and cash equivalents

$

121,222

$

29,215

Restricted cash

3,056

—

Receivable for equity offerings

—

9,590

Prepaid expense and other current assets

7,995

3,258

Bitcoin (See Note 2 and Note 6)

431,661

56,241

Receivable for bitcoin collateral (See Note 2 and Note 12)

77,827

—

Note receivable from GRIID (see Note 7)

60,919

—

Derivative investments

1,832

2,697

Investment in debt security, AFS, at fair value

918

726

Current assets held for sale

—

445

Total current assets

$

705,430

$

102,172

Property and equipment, net

$

869,693

$

564,395

Operating lease right of use asset

3,263

688

Intangible assets, net

3,040

4,603

Deposits on miners and mining equipment

359,862

75,959

Other long-term asset

13,331

5,718

Goodwill

8,043

8,043

Total assets

$

1,962,662

$

761,578

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

$

82,992

$

39,900

Accrued liabilities

43,874

25,677

Other current liabilities

2,240

311

Current portion of loans payable

58,781

6,992

Current liabilities held for sale

—

1,175

Total current liabilities

$

187,887

$

74,055

Long-term liabilities

Operating lease liability, net of current portion

997

519

Finance lease liability, net of current portion

—

9

Loans payable, net of current portion

7,176

8,911

Deferred income taxes

5,761

2,416

Total liabilities

$

201,821

$

85,910

Commitments and contingencies – Note 18

 

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS (continued)

(in thousands, except par value and share amounts)

 

September 30,
2024

September 30,
2023

Stockholders’ equity

Preferred stock; $0.001 par value; 10,000,000 shares authorized;
    Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding
        (liquidation preference $0.02 per share)
    Series X shares; 1,000,000 and 0 authorized, issued and outstanding,
        respectively

3

2

Common stock; $0.001 par value; 300,000,000 shares authorized; 270,897,784
and 160,184,921 shares issued and outstanding, respectively

271

160

Additional paid-in capital

2,239,367

1,009,482

Accumulated other comprehensive income

418

226

Accumulated deficit

(479,218)

(334,202)

Total stockholders’ equity

1,760,841

675,668

Total liabilities and stockholders’ equity

$

1,962,662

$

761,578

 

The accompanying notes are an integral part of these consolidated financial statements.

 

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 (in thousands, except per share and share amounts)

 

For the year ended

September 30,
2024

September 30,
2023

September 30,
2022

Revenues, net

Bitcoin mining revenue, net

$

378,968

$

168,121

$

131,000

Other services revenue

—

287

525

Total revenues, net

$

378,968

$

168,408

$

131,525

Costs and expenses

Cost of revenues (exclusive of depreciation and amortization shown below)

165,516

93,580

41,234

Professional fees

13,806

10,869

6,469

Payroll expenses

74,095

45,714

40,920

General and administrative expenses

30,185

20,823

10,423

Loss on disposal of assets

5,466

1,931

(643)

Gain on fair value of bitcoin, net (see Note 2 and Note 6)

(113,423)

—

—

Other impairment expense (related to bitcoin)

—

7,163

12,210

Impairment expense – fixed assets

197,041

—

—

Impairment expense – other

716

—

250

Impairment expense – goodwill

—

—

12,048

Realized gain on sale of bitcoin

—

(1,357)

(2,567)

Depreciation and amortization

154,609

120,728

49,045

Total costs and expenses

$

528,011

$

299,451

$

169,389

Loss from operations

$

(149,043)

$

(131,043)

$

(37,864)

Other income (expense)

Other income

—

11

308

Change in fair value of contingent consideration

—

2,484

306

Recognized gain on bitcoin collateral returned

91

—

—

Change in fair value of bitcoin collateral

1,384

—

—

Realized gain on sale of equity security

—

—

1

Unrealized loss on equity security

—

—

(2)

Unrealized loss on derivative security

(965)

(259)

(1,950)

Interest income

8,555

481

190

Interest expense

(2,455)

(2,977)

(1,078)

Total other income (expense)

$

6,610

$

(260)

$

(2,225)

Loss before income tax expense

(142,433)

(131,303)

(40,089)

Income tax expense

3,344

2,416

—

Loss from continuing operations

$

(145,777)

$

(133,719)

$

(40,089)

Discontinued operations

Loss from discontinued operations

$

—

$

(4,429)

$

(17,237)

Income tax expense

—

—

—

Loss on discontinued operations

$

—

$

(4,429)

$

(17,237)

Net loss

$

(145,777)

$

(138,148)

$

(57,326)

Preferred stock dividends

3,422

—

336

Net loss attributable to common shareholders

$

(149,199)

$

(138,148)

$

(57,662)

Other comprehensive income, net of tax

192

116

115

Total comprehensive loss attributable to common shareholders

$

(149,007)

$

(138,032)

$

(57,547)

 

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (continued)

 (in thousands, except per share and share amounts)

 

For the year ended

September 30,
2024

September 30,
2023

September 30,
2022

Loss from continuing operations per common share – basic

$

(0.69)

$

(1.30)

$

(0.95)

Weighted average common shares outstanding – basic

216,860,819

102,707,509

42,614,197

Loss from continuing operations per common share – diluted

$

(0.69)

$

(1.30)

$

(0.95)

Weighted average common shares outstanding – diluted

216,860,819

102,707,509

42,614,197

Loss on discontinued operations per common share – basic

$

–

$

(0.04)

$

(0.40)

Weighted average common shares outstanding – basic

216,860,819

102,707,509

42,614,197

Loss on discontinued operations per common share – diluted

$

–

$

(0.04)

$

(0.40)

Weighted average common shares outstanding – diluted

216,860,819

102,707,509

42,614,197

 

CLEANSPARK, INC.

RECONCILIATION OF ADJUSTED EBITDA

 (Unaudited, in thousands)

For the Year Ended September 30,

2024

2023

Net income (loss)

$

(145,777)

$

(138,148)

Adjustments:

Loss on discontinued operations

—

4,429

Impairment expense – fixed assets

197,041

—

Impairment expense – other

716

—

Depreciation and amortization

154,609

120,728

Share-based compensation expense

29,555

24,142

Other income

—

(11)

Change in fair value of contingent consideration

—

(2,484)

Unrealized loss (gain) of derivative security

965

259

Interest income

(8,555)

(481)

Interest expense

2,455

2,977

  Loss on disposal of assets

5,466

1,931

  Income tax expense

3,344

2,416

  Fees related to financing & business development transactions

4,059

697

  Litigation & settlement related expenses

1,970

7,872

  Severance and other expenses

—

701

    Total Adjusted EBITDA

$

245,848

$

25,028

Investor Relations Contact 
Brittany Moore
702-989-7693
ir@cleanspark.com 

Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com

 

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SOURCE CleanSpark, Inc.

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Technology

Vortex Companies Acquires Sancon Technologies

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38 minutes ago

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January 10, 2025

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Expanding Its Leadership in Water and Wastewater Infrastructure Solutions

HOUSTON, Jan. 10, 2025 /PRNewswire/ — Vortex Companies, LLC (Vortex), the nation’s fastest-growing provider of trenchless infrastructure solutions, is proud to announce its acquisition of Sancon Technologies, Inc. (Sancon). Headquartered in Huntington Beach, California, Sancon has been a trusted leader in structure and trenchless rehabilitation across California and Nevada, since 2012.

“Sancon has earned an outstanding reputation in our industry, driven by its strong management team and proven expertise,” said Mike Vellano, CEO of Vortex Companies. “As a long-time licensee of CIPP Corp and a user of Vortex UV technology, sewer robotics, epoxies, and geopolymer lining products, Sancon’s established presence on the West Coast makes them an ideal addition to the Vortex portfolio.”

Led by Chuck Parsons, Gary Drew, and Ryan Helmuth, Sancon’s management team brings decades of trenchless technology experience. “Joining the Vortex family allows us to access resources that were previously unavailable, broadening our service offerings,” said Chuck Parsons. “We’ve cultivated a strong relationship with Vortex over the years and look forward to expanding our comprehensive portfolio of solutions.”

This acquisition bolsters Vortex’s capabilities by adding decades of experience, specialized equipment, and long-standing customer relationships, further strengthening its presence on the West Coast. “The market demand for trenchless rehabilitation solutions continues to grow, particularly in the western states and the California market,” said Ryan Graham, COO of Vortex. “Sancon’s expertise aligns with our mission to deliver environmentally friendly and cost-effective infrastructure solutions to our customers.”

Financial terms of the transaction were not disclosed.

About Vortex Companies
Celebrating its 10th anniversary, Vortex Companies is a global leader in trenchless water and sewer infrastructure solutions. The company provides advanced technologies and turnkey services for municipal, industrial, and commercial systems. Operating from 27 locations worldwide, Vortex specializes in manhole and pipe rehabilitation, polymeric coatings, CIPP liners, sewer robotics, and high-speed drain cleaning tools. For more information, visit www.vortexcompanies.com.

About Sancon Technologies
Sancon Technologies provides trenchless rehabilitation of sewer and water structures through advanced coatings and custom-developed pipelining systems. With over 40 years of experience, Sancon has rehabilitated millions of square feet of sewer structures and several million linear feet of pipelines for over 100 public agencies. For more information, visit www.sancon.com

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SOURCE Vortex Companies

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Sensors for Smartphones Market to Grow by USD 809 Million from 2025-2029, Driven by Mobile AR Adoption and AI-Redefined Market Landscape – Technavio

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38 minutes ago

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January 10, 2025

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NEW YORK, Jan. 10, 2025 /PRNewswire/ — Report with market evolution powered by AI – The global sensors for smartphones market size is estimated to grow by USD 809 million from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 2.7% during the forecast period. Increasing implementation of mobile ar applications by enterprises is driving market growth, with a trend towards emergence of sensor fusion technology. However, design complexity poses a challenge. Key market players include Alps Alpine Co. Ltd., ams OSRAM AG, Broadcom Inc., CEVA Inc., Fingerprint Cards AB, Fujitsu Ltd., Murata Manufacturing Co. Ltd., OmniVision Technologies Inc., Panasonic Holdings Corp., Qualcomm Inc., Robert Bosch GmbH, ROHM Co. Ltd., Samsung Electronics Co. Ltd., Sensirion AG, Shenzhen Goodix Technology Co. Ltd, Sony Group Corp., STMicroelectronics International NV, Synaptics Inc., and TDK Corp..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2025-2029

Base Year

2024

Historic Data

2019 – 2023

Segment Covered

Price (Premium range, Medium range, and Low range) and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

Region Covered

APAC, North America, Europe, South America, and Middle East and Africa

Key companies profiled

Alps Alpine Co. Ltd., ams OSRAM AG, Broadcom Inc., CEVA Inc., Fingerprint Cards AB, Fujitsu Ltd., Murata Manufacturing Co. Ltd., OmniVision Technologies Inc., Panasonic Holdings Corp., Qualcomm Inc., Robert Bosch GmbH, ROHM Co. Ltd., Samsung Electronics Co. Ltd., Sensirion AG, Shenzhen Goodix Technology Co. Ltd, Sony Group Corp., STMicroelectronics International NV, Synaptics Inc., and TDK Corp.

Key Market Trends Fueling Growth

The smartphone sensors market is experiencing significant growth, driven by trends in videos, standard smartphones, and mobile operating systems. New features such as augmented reality (AR) applications, artificial intelligence (AI) technology, and image stabilization are becoming essential for users. Sensors like accelerometers, gyroscopes, proximity, compass, barometer, and optical are commonly used in smartphones and wearable devices. Quality of experience is a key focus for smartphone manufacturers, with improvements in call quality, display, and battery life. The use of sensors in health monitoring applications, including heart rate monitors and blood pressure sensors, is also increasing. Industrial design and software development are crucial for integrating these sensors into smartphones and other electronic devices. Cyber security is a concern, with the potential for fake sensors and data collection posing risks. Overall, the market for smartphone sensors is expected to continue growing, driven by user purposes, networks, and new materials. 

Sensor fusion is a technology that combines data from multiple sensors in smartphones to deliver more accurate results. This includes data from gyroscopes, compasses, and accelerometers, which are used to calculate elevation, linear translation, gravity, direction, and rotation. Efficient interoperability between sensors is crucial, and sensor-fusion technology plays a vital role in achieving this. Vendors like Bosch Sensortec GmbH offer complete 9-axis fusion solutions, such as FusionLib, to enable sensors to work. These algorithm solutions enhance the overall performance and accuracy of smartphone sensors. 

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Market Challenges

The smartphone sensors market is experiencing significant growth as sensors become increasingly integrated into various electronic devices. One challenge is ensuring compatibility with standard smartphones and mobile operating systems. Wearable devices and new features like AR applications require high-quality sensors for optimal user experience. Processors and communication technologies play a crucial role in data collection and transmission. However, concerns around fake sensors and cyber attacks pose threats to the market. For instance, fake fingerprint sensors or iris recognition can compromise user security. To address this, manufacturers focus on improving sensor quality and implementing advanced technologies like artificial intelligence and time-of-flight sensing. Smartphone sales continue to rise, driving demand for various sensors, including image sensors for cameras, pressure sensors for health monitoring applications, and proximity sensors for usability. Additionally, sensors in wearable devices like smartwatches, such as heart rate monitors and accelerometers, are gaining popularity. The use of sensors extends beyond smartphones to digital media players, remote monitoring systems, and even industrial design. New materials like steel and natural materials are being explored to enhance sensor performance and durability. As sensors become more sophisticated, they enable new applications, such as 5G smartphones, mobile gaming consoles, and surveillance systems. Overall, the smartphone sensors market presents significant opportunities for innovation and growth.The sensors for smartphones market faces a significant challenge due to the restricted board size in mobile devices. With the increasing integration of sensors like fingerprint and facial recognition, the need for more board space becomes a concern. Manufacturers aim to minimize the size of sensors’ ICs while maintaining their functionality and affordability. Continuous advancements in technology, such as shrinking circuit and chip sizes, offer potential solutions to this issue. However, ensuring uncompromised performance remains crucial for sensor manufacturers in this competitive market.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview

This sensors for smartphones market report extensively covers market segmentation by

Price1.1 Premium range1.2 Medium range1.3 Low rangeGeography2.1 APAC2.2 North America2.3 Europe2.4 South America2.5 Middle East and Africa

1.1 Premium range- The premium smartphone market continues to evolve, with devices priced above USD400 featuring advanced technologies such as Human-Machine Interface (HMI) systems and AI. HMI technologies, including pattern recognition, gesture recognition, facial recognition, fingerprint recognition, and iris recognition, require sophisticated sensors and processors for functionality. In 2023, smartphones from leading brands like Apple and Samsung incorporate sensors such as air gestures, face ID, fingerprint, and iris sensors. The trend towards bezel-less screens is driving the adoption of in-display fingerprint sensors, while the integration of AI chips is facilitating the functioning of HMI technologies and increasing the number of sensors used in premium smartphones. These factors are expected to fuel growth in the premium smartphone sensors market during the forecast period.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2025-2029) and historic data (2019 – 2023) 

Research Analysis

The Sensors for Smartphones market is witnessing significant growth due to the increasing demand for advanced features in mobile devices. Smartphone camera technology is a major driver, with sensors enabling improved image and video quality. Mobile app development is also benefiting from sensor integration, allowing for more interactive and personalized experiences. Health monitoring is another area of focus, with sensors enabling well-being monitoring and accessibility features. Mobile device security is also a priority, with sensors playing a role in biometric authentication and remote analysis. Smartphone trends include mid-level and high-end devices, mobile gaming, VR applications, and sensor-driven innovation. Sensor range includes temperature, humidity, light, proximity, and gyroscopic sensors. Smartphone usage statistics indicate that users prioritize battery life, mobile network performance, and mobile device compatibility. Sensor technology is also driving design trends, with slim designs and sleek aesthetics. Mobile payment solutions and sensor data ethics are also important considerations in the sensor industry. Mobile device repair and recycling are also growing areas of focus. Smartphone manufacturer strategies include segmentation, software updates, and pricing. Overall, the sensor industry is a key player in the innovation and development of smartphone technology. However, concerns around fake face recognition and sensor data privacy remain challenges to be addressed.

Market Research Overview

The sensors for smartphones market is witnessing significant growth due to the increasing demand for new features and improved quality of experience in standard smartphones and wearable devices. Mobile operating systems are continually integrating advanced sensors such as optical sensors, accelerometer sensors, gyroscope sensors, proximity sensors, compass, barometer, and time-of-flight sensing technology to enhance user experiences. New smartphone types, including 5G smartphones, are incorporating more sensors for AR applications, image stabilization, and EIS. Sensors play a crucial role in various applications, including digital media players, remote monitoring, smartphone sales, and health monitoring applications. Cyber attackers are also targeting sensors to gain unauthorized access, leading to the development of advanced security features such as fingerprint sensors, iris recognition sensors, and pressure sensors. The use of new materials, such as steel and natural materials, is also driving innovation in sensor technology. Overall, the sensors market for smartphones and wearable devices is expected to continue growing, driven by the increasing demand for smart devices and the integration of artificial intelligence and other advanced technologies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

PricePremium RangeMedium RangeLow RangeGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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UGREEN Unveils Groundbreaking AI NAS with Built-In LLM at CES 2025

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38 minutes ago

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January 10, 2025

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LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — UGREEN, a leading innovator in consumer electronics, made waves at CES 2025 with the unveiling of pioneering AI NAS solutions and other cutting-edge products. Under the launch event theme of “Activate the Possibility of AI NAS” on January 8th. UGREEN showcased the world’s first AI NAS with a built-in Large Language Model (LLM), as well as the ultra-powerful Nexode 500W GaN charger and an industry-leading Thunderbolt™ 5 docking station.

UGREEN inked a strategic partnership deal with Intel in 2023, paving the way for the launch of the UGREEN NASync DXP series of NAS products in 2024. This series proved to be a resounding success, and UGREEN is now well-established as a top competitor in the NAS space.

In 2025, UGREEN’s strategic partnership with Intel has now shifted its focus to the exciting new frontier of AI NAS. Following close collaboration, this has now led to the unveiling of the next generation of AI-powered smart storage. The stars of the show at CES were the groundbreaking UGREEN NASync iDX 6011 and 6011 Pro models, introduced by UGREEN North America NAS Manager, Hernan Lopez. A world-first, the iDX series is the inaugural AI NAS solution with a built-in Large Language Model (LLM), delivers exceptional performance, revolutionizing intelligent network-attached storage. The NASync iDX6011 is equipped with the new generation Intel® Core™ Ultra 5 Processor 125H, featuring 14 cores, 18 threads, and a turbo frequency of 4.5GHz. Its AI capabilities are exceptional, with three major AI engines: CPU, GPU, and NPU. This makes it highly efficient across a variety of AI application scenarios.

“Alongside the momentum of AIPC, NAS has the unique opportunity to bring AI to every home,” states Sam Gao, Vice President & General Manager of Intel Client Computing Group China. “Intel® Core™ Ultra 200 Series Processors fit the AI workloads very well which can significantly benefit new AI NAS solutions. Intel is collaborating closely with Ugreen to drive consumer friendly use cases and unleash the future of NAS.” 

UGREEN showcased the impressive AI capabilities of the iDX series, including an AI Photo Album that intelligently recognizes text and objects, supports semantic search, and allows custom learning to create user-defined categories. Notably, UGREEN’s integrated AI LLM, the world’s first local-based LLM for NAS, powers features such as natural and intuitive AI chat, file tag generation, and automated meeting minutes creation.

Other innovative offerings include the UGREEN Revodok 1231 Thunderbolt™ 5 docking station which offers 80 Gbps bidirectional bandwidth and an enhanced mode supporting up to 120 Gbps. The Nexode 500W GaN 6-port desktop charger is the world’s first 500W gallium nitride model, featuring 240W single-port charging up to 48V for high-performance laptops and e-bikes, with intelligent multi-port power allocation.

Following the unveiling, a media roundtable was held featuring Intel’s NAS and Thunderbolt Marketing Director Larry Blackburn, Western Digital’s HDD Marketing Director Brian Mallari, NAS expert Robert Andrews of NASCompares, and UGREEN NAS Product Manager Markus Xie. The group discussed the practical applications of AI-powered NAS, UGREEN’s collaboration with Intel, and concerns regarding security and privacy in the AI landscape.

More than 30 media and industry experts attended the event, praising it for offering valuable insights into AI advancements in the NAS sector and fostering innovation within the industry.

With its groundbreaking AI NAS solutions and other innovations, UGREEN is shaping the future of smart storage and redefining the role of AI in consumer electronics. By pushing the boundaries of what network-attached storage can achieve, UGREEN is driving progress and setting new standards across the industry.

©Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

About UGREEN

Since 2012, UGREEN has been dedicated to creating innovative electronic devices and accessories that are both technologically advanced and affordable for consumers. Its user-focused approach lies at the core of the brand, which has earned the trust of over 200 million users globally. Lately, the brand has expanded into innovative new fields, including AI-powered NAS solutions, further enhancing its commitment to meet evolving consumer needs.

For more information, please contact: pr@ugreen.com 

 

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