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Artificial Intelligence in Call Centers
Source
https://www.teneo.ai/blog/artificial-intelligence-in-call-centers
May 29, 2023
Artificial intelligence (AI) automates tasks, provide real-time assistance, and analyze vast amounts of data and enhances customer service, improve efficiency and productivity in call centers.
This guide will analyse the advantages of deploying artificial intelligence in call centers while sharing insights on how
OpenQuestion
https://www.teneo.ai/solutions/openquestion
and Teneo
https://www.teneo.ai/product/why-teneo
integrate the technology.
The Impact of AI on Customer Service in Call Centers
In the past few years, advancements in artificial intelligence (AI) have been rapidly transforming many fields, including the customer service sector.
AI is allowing companies to improve their customer service with optimized customer service workflows and automated processes, which are resulting in improved customer satisfaction and boosted efficiency from call centers.
https://www.teneo.ai/learning-hub/call-center-glossary/call-center
While AI can be utilized in various customer service applications, one of its most effective uses is within the call center environment.
Call centers are the cornerstone of customer service as they enable businesses to quickly respond to customer inquiries, provide support, and resolve any issues, 24/7.
Benefits of AI in Customer Service
Traditional call centers rely heavily on human agents who can handle only one customer at a time. AI changes this dynamic significantly.
AI-powered tools such as IVRs, chatbots and virtual assistants are capable of handling multiple customer inquiries simultaneously, drastically reducing wait times.
This ability to multitask not only accelerates service delivery but also frees up human agents to tackle more complex customer issues that require a nuanced understanding and emotional intelligence.
For example, AI can facilitate automated conversations between customers and company representatives.
Before AI
In the era prior to AI, one particular business faced numerous operational hurdles and lost almost $26 per call with a 9% rate of call misdirection.
Customers had to wait over two minutes on average, and customer satisfaction was barely satisfactory. The previous touch-tone IVR system was unable to adequately serve customers and patients due to excessive demand.
Not only did this affect customers, but agents also suffered, having to deal with elementary troubleshooting and the repercussions of misdirected calls.
Results with AI
Upon implementing the OpenQuestion IVR, the company experienced significant improvements including a decrease in the number of misdirected calls, reduced customer waiting times, and a boost in customer satisfaction.
Furthermore, it improved service levels, deflection rates, and a noteworthy 42% increase in calls being correctly routed to the right agents was observed.
Successfully managing over a million IVA sessions, the company saved an annual amount of $6M and elevated customer satisfaction by 6%.
https://www.teneo.ai/learning-hub/conversational-ivr-case-studies/global-healthcare-tech-company
One of the critical aspects of this transformation was the effect it had on the call agents. The AI-fueled system equipped the agents with the necessary context about the customer’s problem, making it unnecessary for the customer to repeat their issues.
This efficiency was achieved through predictive analytics, which identified potential problems based on patterns and usage, enabling a more personalized and effective customer service experience.
As AI is very adept at recognizing patterns and quickly responding to questions, it can completely transform customer service.
With new technological advancements in AI with generative AI, large language models (LLM) are reshaping the way businesses operate. However, the decision to integrate LLMs into a business strategy should be a calculated move, not a blind gamble.
In the context of call center automation, for instance, LLMs can significantly enhance the efficiency and effectiveness of customer service.
However, it’s equally critical not to corner yourselves into a single technology or approach.
The future is invariably uncertain, and the key to thriving is to build for an open architecture to be able to stay on top of new advancements in AI, such as generative AI.
How to harness the power of generative AI in customer service
When embracing generative AI in a Contact Center, an orchestration is fundamental to maintaining a harmonious technological ecosystem where each element enhances the other, preventing discord and disruption when introducing a new tool like an LLM.
When it comes to contact centers, an orchestration ensures that the customer experience remains smooth and consistent, even as new technologies and methodologies are introduced.
So, whatever platform you choose, AWS, Google, Microsoft or Genesys, make sure to add an orchestration layer to reap the benefits to be able to future proof your call center.
One example of an orchestration platform is Teneo, which plays the role of the conductor, ensuring each component operates in harmony.
Teneo integrates various technologies and systems, including generative AI, into a single cohesive and efficient operational framework.
Read how Teneo can orchestrate your call center, here.
https://www.teneo.ai/solutions/openquestion/architecture
Self-service: Improving Call Center Interactions with Generative AI
As businesses strive to enhance customer experiences, the adoption of AI-powered tools, such as generative AI is skyrocketing. Generative AI
https://www.teneo.ai/blog/teneo-and-chatgpt-better-together-for-conversational-ai
can significantly improve the effectiveness and efficiency of call centers in various ways.
7 challenges with Generative AI for Call Centers
The implementation of generative AI
https://www.teneo.ai/blog/large-language-models-landscape
poses several challenges for businesses, and we will explore the key obstacles associated with the adoption of generative AI and discuss strategies to overcome them.
Technical Complexity
Generative AI models are incredibly complex, often containing billions or trillions of parameters.
Training such models requires extensive computational resources and expertise, making it impractical for most organizations.
As a result, businesses are likely to rely on cloud APIs for consuming generative AI, with limited customization and tuning capabilities.
This concentration of power in a few entities may raise concerns about data privacy, control, and accessibility.
Legacy Systems
Integrating generative AI into existing technology environments can pose additional challenges.
Legacy systems may have well-established processes and workflows that do not align with the capabilities and thinking of generative AI models.
Enterprises must decide whether to integrate the new technology with their legacy systems, use an orchestration tool like Teneo or invest in replacing outdated infrastructure.
Finding ways to create integrations or adopt new capabilities becomes crucial to achieving desired outcomes efficiently.
Avoiding Technical Debt
Generative AI should not be treated as a mere optimization tool but rather as a means to bring about significant changes in business processes.
Deploying AI models for customer support, for example, should involve reducing the number of human agents handling cases, not simply redistributing the workload.
Failing to achieve substantial improvements can result in generative AI becoming another burden of technical debt, adding complexity without true optimization.
Reshaping the Workforce
Generative AI has the potential to reshape how work is performed across various industries, raising concerns about job displacement.
While some roles may be eliminated, new positions will emerge to oversee and improve AI-assisted processes. Employees can transition from being “doers” to becoming trainers, responsible for refining the AI algorithms and leveraging the technology’s capabilities.
Organizations must proactively identify and create new job opportunities to ensure a smooth transition and avoid workforce obsolescence.
Monitoring Misuse and Misinformation
Generative AI models have the ability to create content at a reduced cost, but this also introduces the risk of misuse by threat actors. AI models themselves can produce misinformation and generating false facts.
Legal Concerns and Algorithmic Bias
Generative AI models
https://www.teneo.ai/learning-hub/call-center-glossary/gpt-4
may inadvertently infringe upon intellectual property rights by using training data without proper authorization, potentially leading to copyright issues.
Additionally, algorithmic bias is a critical concern when training generative AI models. Biased or incomplete training data can perpetuate discriminatory results, leading to legal repercussions and societal harm.
Implementing robust governance frameworks and ensuring diverse and representative training data are essential steps to mitigate legal and ethical risks.
Providing Coordination and Oversight:
To effectively navigate the challenges of generative AI, organizations should establish centers of excellence (CoE) focused on the technology’s adoption and governance.
CoEs play a vital role in understanding the capabilities of generative AI, developing policies for its usage, and involving key stakeholders from legal, IT, risk, and other relevant departments.
CoEs ensure coordination, oversight, and responsible deployment of generative AI within organizations, fostering innovation while managing associated risks.
Generative AI in Contact Centers – How to use it
Generative AI is pivotal in redefining customer interactions in contact centers.
However, despite its immense benefits, there are certain challenges and limitations that need to be addressed for seamless communication to boost accuracy in the language understanding models. These challenges can be solved with the Teneo Linguistic Modeling Language (TLML).
https://www.teneo.ai/solutions/openquestion/accuracy-booster
The Teneo Linguistic Modeling Language (TLML) is a state-of-the-art, deterministic language understanding system capable of recognizing and deciphering word patterns in customer speech.
It adds an extra layer of determinism on top of Natural Language Understanding (NLU), Language Learning Model (LLM), and machine-learning classification, attaining precision that eludes probabilistic models.
By producing matches that instigate specific actions based on the customer’s intent, TLML enables the use of LLM and accurately interpret spoken language and enhance contact center operations.
The Working Mechanism of TLML
Teneo can identify a customer’s response, assign an intent to the call, and then extracts crucial information from the text to decide the appropriate response.
For instance, without Teneo, a match on “unlock” would only process the request and route the call into an account support queue.
Alternatively, it might need the creation of a new intent and workflow to probabilistically respond to clarifications like “my device is locked”, “password is wrong”, or “login says my account is locked”.
However, with Teneo, the system matches “unlock”, asks for clarification, and accurately matches the language on “device is locked”, “password is wrong”, or “login says locked”, thus routing the call appropriately.
This strategy employs a single flow, unified clarification, and simple language constraints to assure correct routing.
Teneo’s Unique Strength
Teneo differentiates itself by employing the TLML system to understand and interpret spoken language with more precision than traditional techniques. It uses a unified workflow dependent on words and context to determine conditions, bypassing the need for manually constructed rulesets.
Consequently, TLML streamlines bot and dialogue management by standardizing deployments and reducing dependence on ad hoc solutions and human intervention.
Other platforms rely on metadata markup or custom scripts, leading to the necessity for static and ever-expanding rulesets. Such an approach escalates the demand for resources, infrastructure, and personnel dedicated to maintenance and support.
Key Advantages of TLML
Accuracy Booster
With TLML on top of ML, you can boost accuracy rates from 80% to 95%.
Guardrails for Generative AI and Precision
Implement safety measures at scale to ensure the accuracy and relevance of AI-generated content as well as the correct interpretation of closely related intents.
High-Functioning and Critical Component
TLML is designed to optimize and scale performance across all aspects of bot and dialogue management.
Teneo: Enhancing Customer Engagement
Teneo enhances both agent and customer engagement and accelerates competency by merging TLML with other AI-based technologies. The advanced language understanding capabilities of TLML enable more accurate and efficient handling of customer calls, making it an essential asset for any contact center.
Case Studies: Successful Implementations of Artificial Intelligence in Call Centers
Artificial intelligence in call centers is a new topic to most people, but the technology has been quietly developed over a long period and has been delivering results for businesses all over the world.
Find out how, in any of the following success stories.
Telefónica Germany Creates Industry-Leading IVR Solution
This system provided 24/7 real-time answers that were personalized covered an omnichannel approach.
As a result, there was a 6% increase in IVR resolution rate, and the system handled over 900,000 monthly calls and 200,000 monthly text requests.
The use of AI in this way allowed Telefónica to provide better customer service and improve customer engagement.
ACCESS HERE
https://www.teneo.ai/learning-hub/conversational-ivr-case-studies/telefonica
Swisscom Successfully Implements & Operates Europe’s Leading Conversational IVR Project
Swisscom, in collaboration with Teneo, used OpenQuestion as the first point of contact for customers.
The AI solution was multilingual, covering German, Italian, French, and English, and integrated seamlessly with Swisscom’s pre-existing systems.
With this implementation, Swisscom was able to support over 9 million calls per year and increase its transactional Net Promoter Score by 18 points.
ACCESS HERE
https://www.teneo.ai/learning-hub/conversational-ivr-case-studies/swisscom
Tech Giant Saves $39M with OpenQuestion
CSG International
https://www.csgi.com/
a top global tech company implemented OpenQuestion and estimated a $39M ROI.
The AI solution saved agent call time by referring 55% of callers to web resources, reduced misrouted calls by 30%, and decreased average handle time by two minutes per call.
OpenQuestion was also scalable, allowing the company to expand its use to high-priority commercial customers.
ACCESS HERE
https://www.teneo.ai/learning-hub/conversational-ivr-case-studies/csg
Healthcare Call Center Transformation
These examples demonstrate the significant positive impact AI can have on call center operations, from improving customer service to reducing operational costs and increasing overall efficiency.
Note that the specific outcomes will depend on the particular context and implementation approach of each company.
ACCESS HERE
https://www.teneo.ai/learning-hub/conversational-ivr-case-studies/global-healthcare-tech-company
Siyata to Present at LD Micro Invitational XIII.
Source
https://finance.yahoo.com/news/siyata-present-ld-micro-invitational-120000171.html
May 31, 2023
Presentation on Tuesday, June 6, 2023 at 3:30 p.m. PT
Siyata Mobile Inc. (NASDAQ: SYTA) (NASDAQ: SYTAW), a global provider of innovative Push-to-Talk over Cellular ("PoC") and cellular signal booster solutions, today announced today that it will be presenting at the 13th Annual LD Micro Invitational conference at the Luxe Sunset Boulevard Hotel, Los Angeles, California on June 6th-8th, 2023. The event is expected to feature 150+ companies, presenting in half-hour increments, as well as private 1:1 meetings.
Management of the Company is scheduled to present on Tuesday, June 6th at 3:30 p.m. PT.
We invite interested parties to register to watch the presentation virtually here:
https://ldinv13.sequireevents.com/
About LD Micro
LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Whether it is the Index, comprehensive data, or hosting the most significant events annually, LD's sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies.
For more information on LD Micro, visit
https://www.ldmicro.com/
To present or register, please get in touch with Dean@ldmicro.com
To learn more about Freedom US Markets, visit
https://www.freedomusmkts.com/
Q1 2023 Results | Presentation
Source
https://www.investors.artificial-solutions.com/wp-content/uploads/ASAI_Q1_2023_Report_PPT_ENG-1.pdf
QUARTERLY REPORT JANUARY TO MARCH 2023
Source
https://www.investors.artificial-solutions.com/wp-content/uploads/2023-Q1_Earning-Release_Final.pdf
Notice to attend Annual General Meeting in Artificial Solutions International AB.
Source
https://news.cision.com/artificial-solutions-international-ab/r/notice-to-attend-annual-general-meeting-in-artificial-solutions-international-ab,c3774961
May 25, 2023
Please read the FULL REPORT at:
https://news.cision.com/artificial-solutions-international-ab/r/notice-to-attend-annual-general-meeting-in-artificial-solutions-international-ab,c3774961
Artificial Solutions International AB improves customer experience with IVR VR solution.
Source
https://de.marketscreener.com/kurs/aktie/ARTIFICIAL-SOLUTIONS-INTE-55820170/news/Artificial-Solutions-International-AB-verbessert-das-Kundenerlebnis-mit-IVR-VR-Losung-43956076/
May 25, 2023
Artificial Solutions International AB has made significant strides in transforming the operations and service level of its Cardiovascular Patient Technical Services Group. Patients requesting urgent cardiovascular health support and information have received significantly improved customer service, ensuring their calls are answered more quickly and accurately. A crucial improvement for those in need of emergency assistance.
By adopting technology that provides better solutions for patients, the company has also saved $6 million, reduced call handling costs by 20% and over 1.05 since implementing Artificial Solutions' OpenQuestion IVR solution Handle millions of calls. The solution saved +36,000 call agent hours, increased customer satisfaction by 8%, reduced waiting time by 37% and improved service levels by 18%. The healthcare technology company remains focused on customer-centric improvements and has ambitious plans to further improve its service levels and patient outcomes through innovative approaches.
Teneo streamlines user experience with innovative updates.
Source
https://de.marketscreener.com/kurs/aktie/ARTIFICIAL-SOLUTIONS-INTE-55820170/news/Teneo-rationalisiert-Benutzererfahrung-mit-innovativen-Updates-43934044/
May 22, 2023
Teneo.ai (Artificial Solutions International AB (publ)) announced a major update to the Teneo user interface, offering a streamlined and intuitive experience for all users. This update moves key functionality that was previously available in a separate front end directly to the Studio and APIs. With this change, Teneo simplifies the data management process by placing relevant functions closer to where the data is generated and consumed, while the Studio UI allows users to manipulate data extensions, save results, and easily access data synchronize.
In addition, the latest version of Teneo includes numerous improvements based on user feedback: the ability to hide the flow overview on both desktop and web platforms; enhanced view for script and TLML fields on flow nodes on web; Teneo continues to improve its web offering, introducing features such as Import/Export/Add Content and Class Manager; Finally, Teneo expands its public API and offers more tools for language objects, entities, folders and library handling. See Teneo's website (7.2) for more details. Teneo has a variety of connectors that improve integration with a wide range of leading tools and platforms:
Backend connectors:
These enable Teneo to connect to popular platforms such as Microsoft QnA Maker, Salesforce and HubSpot as well as to the newly added Genesys Cloud (for-genesys-cloud-cx).
Channel Connectors:
Teneo can now connect to a variety of communication channels including Amazon Alexa, Facebook Messenger, Slack, Teams and WhatsApp. Data Connectors: These connectors facilitate the integration of data visualization tools such as Google Charts and Microsoft Power BI; Live Chat Integration: Teneo now supports integration with popular live chat platforms such as Genesys Cloud Chat and LiveChat Inc.
ImagineAR Announces Closing of Private Placement for Gross Proceeds of $425,875.
Source
https://finance.yahoo.com/news/imaginear-announces-closing-private-placement-120000273.html
May 29, 2023
ImagineAR (CSE: IP) (OTCQB: IPNFF) an Augmented Reality company that enables sports teams, brands and businesses to instantly create their own mobile phone immersive AR campaigns, is pleased to announced it closed a non-brokered private placement financing of 12,905,315 Units, at a price of $.033 per Unit for gross proceeds of $425,875.
Each Unit will be comprised of one common share and one non-transferable common share purchase warrant, with each Warrant entitling the holder to purchase one additional common share at a price of $0.05 for a period of thirty-six months from the closing of the Offering. In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement with a hold period of four months and one day from the date of issuance.
ImagineAR intends to use the net proceeds from the proposed private placement to enhance its SDK technology, sales, and marketing support, and develop AI integration proof of concept immersive AR activations.
ImagineAR SDK New Release
The Company is launching a new release of the "Drop-In" Native SDK (Software Development Kit) integration for IOS and Android mobile apps. This major release, currently scheduled for summer launch with the NFL Baltimore Ravens, will feature many new features/functions and an enhanced AR Scavenger Hunt.
"This significant SDK release makes it faster and economical for clients and partners to integrate our AR platform directly into their mobile app with reduced technical resources and timeframe",stated Alen Paul Silverrstieen, CEO of ImagineAR Inc.
Ferencvárosi Torna Club Flutter Integration
The Company has postponed the ImagineAR SDK Flutter integration for the Hungarian Soccer Champion Ferencvárosi Torna proof of concept. Technical resources had been allocated to complete the new "Drop-in" SDK to achieve the June deadline.
Chinasoft International joins hands with Tianjin Beichen Development Zone to create a smart parking project and jointly expand the application scenarios of "Jinhong".
Source
https://www.chinasofti.com/news/2659.htm
May 30, 2023
... https://www.chinasofti.com/news/2659.htm
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Jiefanghao speeds up the construction of digital government in Yixing City, and promotes the overall planning, standardization and efficient management of government investment informatization projects.
Source
https://www.chinasofti.com/news/2660.htm
May 30, 2023
... https://www.chinasofti.com/news/2660.htm
Chinasoft International established the AIGC Research Institute, based on the comprehensive capability upgrade of the Jiefanghao platform, to accelerate the new upgrade of government and enterprise digital intelligence services.
Source
https://www.chinasofti.com/news/2658.htm
May 30, 2023
The AIGC technological change represented by ChatGPT is unstoppable. When the large model quickly reaches a social consensus, various industries are also ushering in the inflection point of AI-driven new technology paradigm change. With the vigorous development of AIGC technology, as a leading technology-based software and service company in China, Chinasoft International (00354.HK) comprehensively promotes the AIGC industrial layout, and is committed to providing full-stack AI digital transformation solutions for government and enterprise customers. To help enterprises achieve high-quality development.
At present, Chinasoft International has launched a new generation of artificial intelligence application platform
JointPilot, which has extreme performance and is extremely easy to use for the digital transformation of major government and enterprise customers. JointPilot integrates the LLM large language model capabilities such as GPT, combines the engineering capabilities of Chinasoft International Jiefang in DKG (Domain Knowledge Graph), the accumulation of government and enterprise service knowledge and the deep accumulation of platform tools, and provides enterprise-level data based on large models + DKG. JointPilot, an artificial intelligence application platform, helps customers release data value and knowledge potential, and supports intelligent services throughout the life cycle of software engineering, including common capability sorting, IT asset management, data governance (DataOps), model fine-tuning and deployment operation and maintenance (ModelOps) , reasoning enhancement, demand understanding, AI application development, project management, security assessment and other functions, quickly form AIGC customized solutions and implementation services for government and enterprise customers.
On the one hand, Chinasoft International JointPilot can flexibly access various large-scale model platforms such as Pangu, Wenxinyiyan, and GPT by virtue of the computing power accumulated by serving public cloud vendors. It has a high degree of interactivity and flexibility, and accelerates the pace of large-scale model research and application . On the other hand, JointPilot also combines open source large models and open source training frameworks to customize, train and deploy privatized large models, bringing a comprehensive enabling solution for enterprises to embrace AIGC technology, cope with cost challenges, and improve efficiency.
ChinaSoft International Jiefang Han Peng said that from the perspective of changes on the demand side, with the establishment of the National Data Bureau, the domestic market's ability to coordinate and coordinate data resource management will be further strengthened, the release of data value will be accelerated, and the government and enterprise markets will accelerate their embrace of AIGC . The core is to accelerate the release of the value of data assets and improve the efficiency of software development , which will drive down the cost of software development and benefit the development of digital and intelligent industries. The digital and intelligent transformation of related fields in the government and enterprise market is expected to accelerate.
Jiefanghao, as an important ecological platform for Chinasoft International to serve government and enterprise customers, has fully applied AIGC technology to continuously improve IT delivery efficiency and digital governance level. In 2023, Chinasoft International established the AIGC Research Institute with Jiefang as an important carrier, and actively carried out joint innovation with scientific research institutions, customers, and industry partners to help government and enterprise customers fully embrace large models, and use AIGC technology to greatly reduce the marginal cost of application generation. Recently, Chinasoft International Jiefanghao and NetEase Shufan Codewave have established a comprehensive strategic partnership, centering on AIGC and low-code applications, to carry out cooperation in product/platform, research institute, industry-university-research cooperation, etc., to accelerate the implementation of government-enterprise market cooperation, and create a Approved AIGC comprehensive application demonstration projects, further promoted the implementation of multiple AI scenario commercial application projects, and realized the win-win situation of "platform + service" ecology; Facing the new pattern of cloud computing driven by large models, Chinasoft International and Baidu Smart Cloud jointly explored large models In the AI ??scenarios of intelligent code generation, digital office, intelligent audit, enterprise application management, and oil and gas, construction and other industry solutions for medium and large enterprise customers, it helps enterprise customers improve multi-level AI "applications" and empowers industries based on large models Innovation practice upgrade.
As a leading technology-based software and service company in China, Chinasoft International has long been committed to providing partners with full-stack digital transformation services. Relying on more than 20 years of deep accumulation in the software industry and a vibrant digital technology innovation service system, the company's digitalization and innovation business has covered Gocloud, ERP, AI model, Hongmeng, education technology, smart car six big field. Chinasoft International has become a large-scale model partner of many domestic technology giants. It is the first partner to participate in the ecological capability of Huawei's Pangu NLP large language model, and it is also the first ecological partner to access Baidu ERNIE Bot.
In the future, Chinasoft International will fully combine customer needs, continue to increase investment in and application exploration of Pangu and GPT-related technologies, continue to deepen cooperation with Pangu language model and Wenxin Yiyan, and strengthen ecological cooperation with AI open source communities. Promote the continuous implementation of AI commercial scenarios through joint innovation, provide customers with richer full-scenario AI solutions and AI service full-stack capabilities in the field of software engineering, and empower the digital and intelligent transformation of thousands of industries.
Chinasoft International and Sichuan Telecom signed a strategic cooperation agreement?Consolidate the foundation of digital development to help the construction of digital Sichuan.
Source
https://www.chinasofti.com/news/2651.htm
May 26, 2023
... https://www.chinasofti.com/news/2651.htm
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Chinasoft International fully supports China Mobile in building a digital government and smart city alliance ecosystem.
Source
https://www.chinasofti.com/news/2652.htm
May 26, 2023
... https://www.chinasofti.com/news/2652.htm
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Wang Chenglu, CEO of Shenkaihong: Kaihong's safe digital base can become the digital base of future cities.
Source
https://www.chinasofti.com/news/2653.htm
May 26, 2023
... https://www.chinasofti.com/news/2653.htm
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Open Source Empowers Inclusive Future ? Chinasoft International’s message to 2023 Open Atom Global Open Source Summit.
Source
https://www.chinasofti.com/news/2654.htm
May 26, 2023
... https://www.chinasofti.com/news/2654.htm
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Explosive again | "Mathematics Drives Gathering Wisdom to Lead" Benchmarking Enterprise Tour The second phase of entering Chenhong Technology has come to a successful conclusion.
Source
https://www.chinasofti.com/news/2655.htm
May 26, 2023
... https://www.chinasofti.com/news/2655.htm
CloudMD Software & Services Inc. (DOCRF) Q4 2022 Earnings Call Transcript.
Source
https://seekingalpha.com/article/4596355-cloudmd-software-and-services-inc-docrf-q4-2022-earnings-call-transcript
May , 2023
Please read the FULL Earnings Call Transcript at:
https://seekingalpha.com/article/4596355-cloudmd-software-and-services-inc-docrf-q4-2022-earnings-call-transcript
CloudMD Reports First Quarter 2023 Results Closing the Gap on Path to Profitability.
Source
https://finance.yahoo.com/news/cloudmd-reports-first-quarter-2023-203000089.html
May 29, 2023
- Q1 2023 revenue of $26.1 million compared to $25.9 million in Q4 2022
- Q1 2023 gross profit margin of 36.1%, 130 bps improvement from the previous quarter
- Q1 2023 Adjusted EBITDA loss of $1.6 million, $0.9 million improvement from the previous quarter. Net loss of $7.1 million in Q1 2023.
- Cash and cash equivalents of $18.8 million at the end of Q1 2023
- Multi year contract signings of $2.9 million in annual recurring revenue in Q1 2023
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), an innovative health services company transforming the delivery of care, is pleased to announce its financial results for the first quarter ended March 31, 2023. All financial information is presented in Canadian dollars unless otherwise indicated.
“We had strong performance in our Employer Health and Wellness services with new partnerships with Benefits Alliance, Mohawk Medbuy, and XTM. This will bring our Kii service offering to potentially hundreds of thousands of new users these organizations represent,” said Karen Adams, CEO of CloudMD “Our pipeline in the United States in our Health Productivity Solutions division continues to grow with focus on remote patient monitoring which includes our life and health application technology. The combination of organic growth, operational improvement and cost efficiencies in both divisions is driving our performance in this quarter.”
“We are starting to see the improvement in our financial results because of cost optimization efforts in 2022. In Q1 2023, we saw our financial KPIs trend in the right direction with revenue growth, lower operating expenses, and improvement in Adjusted EBITDA,” said John Plunkett, CFO of CloudMD. “We are focused on continuing to drive organic growth and identifying further cost efficiencies with the target of reaching Adjusted EBITDA positive in the fourth quarter of this year.”
First Quarter 2023 Financial Highlights
- Q1 2023 revenue of $26.1 million, compared to $31.0 million in Q1 2022 and $25.9 million in the previous quarter. Compared to Q4 2022, revenue was up by $0.2 million, driven by organic growth from the start of previously announced annual recurring revenue contracts offset by lower revenues in VisionPros and some attrition in the Occupational Health business.
- Q1 2023 gross profit margin was 36.1% compared to 34.8% in Q4 2022, and lower compared to 36.7% in Q1 2022. Changes are due to the revenue mix in the respective periods.
- Adjusted EBITDA for the first quarter was ($1.6) million, in-line with the prior year comparative period. Adjusted EBITDA4 improved by $0.9 million from Q4 2022. The improvement in Adjusted EBITDA from Q4 2022 is due to the continued cost optimization efforts.
- Net loss in Q1 2023 was $7.1 million, or $0.02 per share, compared to a loss of $5.6 million or $0.02 per share in Q1, 2022.
- The Company identified and actioned approximately $1.0 million of annualized cost reductions in the first quarter, the impact of which was realized in part in the first quarter with the full run-rate impact expected in Q2 2023. Subsequent to the first quarter of 2023, the Company has identified approximately $4.0 million annually of cost reductions that will be realized in the second and third quarter of 2023.
- Cash outflow in the fourth quarter was $5.3 million. Normalized cash outflow for the first quarter was $3.9 million. As of March 31, 2023, the Company had $18.8 million of cash and cash equivalents.
Fourth Quarter & Subsequent Corporate Highlights
- On February 13, 2023, CloudMD announced the launch Spanish language TAiCBT in the United States.
- On March 27, 2023, CloudMD announced that Bram Lowsky had joined the Company as the new Head of Health and Wellness Services.
- On April 3, 2023, CloudMD announced the launch of its online prescription renewal in the United States.
- On April 4, 2023, CloudMD announced its partnership with Mohawk Medbuy to offer its full suite of services to hospitals across Canada.
- On April 10, 2023, CloudMD announced that Dhruv Chandra had joined the Company as the new Chief Technology Officer.
- On April 12, 2023, CloudMD announced an expanded partnership with Benefits Alliance to offer its full suite of Kii services to employee benefits plans across Canada.
- On May 11, 2023, CloudMD announced a partnership with XTM to bring EAP and Telemedicine to service industry workers.
Outlook
- 2022 was a year of transition as the Company focused on operationalizing, aligning, and rationalizing the large number of acquisitions completed over the preceding two years. The Company has been focused on the integration of its previous acquisitions and products to create an innovative market leadership position and deliver profitable results.
- During Q1 2023, the Company started to see positive trends in its financial KPIs, with revenue, Adjusted EBITDA and normalized cash flow all improving.
- The Company expects low double digit revenue growth in 2023 from the fourth quarter 2022 baseline. The Company sold $2.9 million in multi-year contracts in Q1 2023 and has a robust growing pipeline that will continue to drive revenue growth in 2023.
- During the first quarter, the Company identified and actioned approximately $1.0 million in annual cost reductions. In addition, the Company is expecting to action another $4.0 million of annual net cost savings between the second and third quarter of 2023. These synergies will come with a cost of severance, or working notice, which will impact cash flows in the first three quarters of 2023.
- The cost savings achieved in the fourth quarter of 2022, in addition to the savings realized in the first quarter of 2023 and expected reductions in the second and third quarter of 2023, will bring the Company closer to adjusted EBITDA breakeven. The Company expects to achieve this milestone in the fourth quarter of 2023.
- The Company believes its cash position of $18.8 million, will provide sufficient liquidity to fund its obligations and organic growth. The Company will continue to prudently manage expenditures and seek further efficiencies in its cost structure.
Management Update
The Company announces the resignation of Chief Commercial Officer, Adam Kelly, effective June 23, 2023. Mr. Kelly’s responsibilities will be divided between Bram Lowsky, Head of Health and Wellness Services and Nathan Lane, Head of Health and Productivity Solutions.
The Company also announces the granting of stock options to purchase an aggregate of 200,000 common shares of the Company at an exercise price equal to the 5-day VWAP as of June 7, 2023 per share for a five year term. The stock options were granted pursuant to the Company’s Stock Option Plan to certain officers of the Company.
Select Financial Information
To see all the tables please look at:
https://finance.yahoo.com/news/cloudmd-reports-first-quarter-2023-203000089.html
WIMI (NASDAQ: WIMI) develops virtual digital human rendering technology based on real-time dynamic simulation.
Source
https://cj.sina.com.cn/articles/view/7651844612/1c815e20402001ghh4?from=finance
May 26, 2023
Virtual digital human refers to a virtual person or avatar created by using computer technology, simulation technology and artificial intelligence technology. Humans interact in various ways such as voice, text and touch. With the rapid development of artificial intelligence, cloud computing, VR/AR and other technologies, virtual digital human technology is also constantly improving, and the virtual digital human industry is currently in a stage of rapid development. More and more application scenarios are emerging, including games, education, medical care, entertainment and other fields. Virtual digital humans have broad application prospects and commercial value. The key technologies of virtual digital human mainly include natural language processing, graphics rendering, multi-modal interaction technology, etc.
The significance of virtual digital human rendering technology to the development of virtual digital human is to improve the fidelity and realism of virtual digital human, so as to make it closer to the expression form of real people, and enhance the user's immersive experience and interactivity. On the one hand, virtual digital human rendering technology can perform fine control in image generation, lighting, shadows, materials, etc., making the appearance and movements of virtual digital human more natural and realistic. On the other hand, virtual digital human rendering technology can be dynamically adjusted according to different scenarios and interaction requirements, thereby increasing the plasticity and personalization of virtual digital human.
It is understood that the research and development team of WIMI (NASDAQ: WIMI) is developing a virtual digital human rendering technology based on real-time dynamic simulation. The virtual digital human rendering technology based on real-time dynamic simulation is a technology for real-time rendering and dynamic simulation of digital characters through computer programs. Using theories and technologies in multiple fields such as 3D computer graphics, dynamics, and biomechanics, real-time calculations and simulated renderings of the appearance, shape, action, and expression of digital human beings are performed to achieve a sense of reality and lifelikeness. A more realistic interactive experience.
The realization of the virtual digital human rendering technology based on real-time dynamic simulation developed by WIMI requires high-precision modeling and dynamic control of digital characters, including the establishment of the skeletal system, the simulation of physical characteristics such as muscles, skin, and hair, and the human body. Calculation of kinematics and aspects of motion capture. At the same time, it is also necessary to use real-time rendering engine, lighting simulation technology, etc. to realize the realistic rendering and dynamic simulation of digital characters in the virtual scene.
The core of virtual digital human rendering technology based on real-time dynamic simulation is real-time dynamic simulation and rendering. The digital human is modeled by computer, and the physical engine is used to simulate the digital human movement, physiological characteristics and the influence of the external environment, and it is rendered in real time to achieve a highly realistic effect.
Specifically, digital human modeling mainly includes:
- human bone structure,
- muscle system,
- skin tissue,
- facial expressions, etc., as well as
- motion capture and motion generation of digital human.
Real-time dynamic simulation uses a physics engine to simulate the physical movement of a digital human, and on this basis calculates the physiological characteristics of the digital human, such as heart rate, breathing, and muscle fatigue, and then simulates the response of the digital human to the external environment. In terms of real-time rendering, the virtual digital human rendering technology uses advanced graphics technologies, such as physically-based ray tracing, material reflection, and panoramic rendering. In this way, a realistic digital human rendering effect can be achieved in a short time, which greatly reduces the pressure on the computer.
According to the data, the virtual digital human rendering technology based on real-time dynamic simulation developed by WIMI has technical advantages such as real-time performance, high fidelity, dynamic interaction and personalized customization. The virtual digital human rendering technology based on real-time dynamic simulation can simulate and render in a real-time environment, so that the movements and expressions of digital human can be displayed in real time.
By simulating details such as human muscles, bones, skin, and hair, it presents subtle and complex movements and expressions more realistically, making digital humans closer to the shape and behavior of real humans, and enhancing the user's sense of immersion and visual experience. It can also be adaptively adjusted according to different scenes and environments, making the performance of the virtual digital human more natural. It can also be customized according to user needs. For example, the appearance, clothing, image, movements and expressions of the virtual digital human can be adjusted to meet personal needs and aesthetics. At the same time, it can also realize the interaction with the user, and respond according to the user's actions and voice.
At present, the virtual digital human rendering technology based on real-time dynamic simulation developed by WIMI Hologram is widely used in games, virtual reality, augmented reality, human-computer interaction, education, advertising and other fields. For example, in film production, the use of virtual digital human rendering technology can significantly improve production efficiency, reduce production costs, and can also create more realistic visual effects for films; in games, this technology is also widely used, making the game experience more Realistic and smooth. In addition, in the field of virtual reality and augmented reality, virtual digital human rendering technology is also widely used, which can achieve a more realistic virtual reality experience and provide users with a more complete sense of immersion. Through the rendering technology of virtual digital human, it can also realize more intelligent human-computer interaction and provide users with a more natural interaction method.
The virtual digital human rendering technology based on real-time dynamic simulation has broad application prospects, and it has become a popular research direction in the fields of computer graphics and artificial intelligence. In the future, with the continuous improvement of related technologies, it will be more widely used and developed.
WiMi Hologram Cloud Designed A VR-based Remote Collaboration System.
Source
https://finance.yahoo.com/news/wimi-hologram-cloud-designed-vr-120000462.html
May 24, 2023
WiMi Hologram Cloud Inc. (NASDAQ: WIMI), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced the development of a VR-based Remote Collaboration System using communication technologies, and human-computer interaction. The system creates a shared immersive space that can be interacted with, enabling a multi-person remote collaboration work environment that breaks geographical and time constraints and improves collaboration efficiency and productivity.
First, the system uses VR technology to create a shared virtual space and then uses a graphics rendering engine to render the VR scenes to ensure user experience in the virtual environment. The system can transmit the VR scene data of multiple users to the server side for processing and synchronize the actions and operations of different users to the server side through data synchronization and present them on the terminals of other users. Users can transmit voice, gesture, and other data to other users through the network. After recognizing the user's actions and commands, the system can update the state and scene of the virtual world in real-time to achieve collaborative and natural interaction.
In addition, the VR interaction interface enables the assignment and execution of joint tasks and the sharing of resources. Multiple users interact with 3D objects in a collaborative AR environment to understand each other's completed work and ultimately complete collaborative tasks. Immersive collaboration platforms are more expressive than 2D video remote platforms and have the advantage of being able to share common goals accurately. When using a full-body avatar to collaborate realistically in a virtual environment, the sense of physical ownership is enhanced, and immersion is increased.
VR remote collaboration systems can eliminate time and space constraints and improve collaboration efficiency. Users can communicate in real-time in virtual space, share information and resources, and work more efficiently. In addition, virtual reality technology uses stereoscopic vision and seamless interaction to provide a more realistic user experience. This is something that traditional remote collaboration tools cannot include. VR remote collaboration system is an innovative model of modern remote collaboration that can be more widely used in the future.
The application and market prospect of VR remote collaboration systems is extensive. In the industrial field, this system can help companies to conduct remote collaboration and training, improving productivity and employee skill levels. In the medical area, it can support medical experts in conducting remote consultations and surgical operations and solve the problem of geographical limitation. It can also give students a more prosperous online learning environment and interactive experience to improve teaching quality. And in the market, as people become more and more interested in virtual reality, the application of this technology will become more and more widespread.
WiMi Hologram Cloud Develops A Human-Robot Interaction System Based on Machine Learning Algorithms.
Source
https://finance.yahoo.com/news/wimi-hologram-cloud-develops-human-120000844.html
May 23, 2023
WiMi Hologram Cloud Inc. (NASDAQ: WIMI), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced the development of an HRI system based on machine learning algorithms. The multi-modal HRI system fuses voice and gestures, which converts the user's voice and gestures into commands that the robot can execute. Using gestures for HRI is an ideal way to do so. This is because gestures express rich semantics and are easy to recognize. Voice interaction based on natural language understanding is the most direct and convenient.
The HRI system, based on machine learning algorithms, uses a combination of gestures and voice to control the robot. Voice is used as a natural interaction method to control the robot, and gestures are used as a complement to voice to improve the accuracy of commands. Combining gestures and speech reduces the disadvantages of using gestures or speech alone and makes communication between humans and robots more natural, efficient, and accurate.
Through voice interaction, the robot understands what people say and communicates with humans with emotion. The human-robot dialogue system presents humanized and intelligent interaction characteristics. Gesture recognition is based on the motion trajectory of human hands and simulates images or syllables according to the change of gestures. Thus, certain meanings or words are formed to express thoughts vividly, allowing the robot to understand and interact with human language.
With the gradual maturity of HRI and the application of voice emotion recognition in people's lives, the need for machine intelligence to understand human emotions has become more urgent.
WiMi's HRI system provides a faster, more efficient, and more diverse interaction experience by fusing multi-modal perceptual information. Using gestures and voice for real-time parallel interaction, visual communication, and voice information are associated and shared in real-time during the interaction. Multiple interaction modes complement each other to form a complete interaction system. The system leads the gradual development of HRI in the direction of intelligence and humanization and helps build a harmonious and natural human-robot environment.
WIMI (NASDAQ: WIMI) develops a common architecture for a blockchain-based business process management system (BPMS).
Source
https://cj.sina.com.cn/articles/view/1704103183/65928d0f020036d1b?from=finance
May 23, 2023
With the continuous development and application of blockchain technology, the blockchain-based business process management system (BPMS) has gradually become an important part of the digital transformation of enterprises, and more and more enterprises have begun to adopt blockchain in their business process environment chain technology to improve the efficiency and security of its business processes. Blockchain-based business process management systems (BPMS) have become an integral part of this trend.
However, due to the complex requirements for data security and privacy in practice, no single blockchain can capture all use cases. The coexistence of blockchains optimized for various risk tolerances and confidentiality in a multi-chain environment poses serious architectural challenges for blockchain-based business process management systems (BPMS). In order to solve these problems, WIMI (NASDAQ: WIMI) has developed a general architecture for blockchain-based business process management system (BPMS) to support orchestrated multi-chain BPMS.
1. An overview of the general architecture of WIMI's blockchain-based business process management system (BPMS).
Blockchain-based business process management system (BPMS) refers to the management and orchestration of internal or cross-enterprise business processes through blockchain technology, thereby improving the efficiency and security of business processes.
Generally, a blockchain-based BPMS includes the following components:
- On-Chain Protocol,
- Off-Chain Protocol,
- Smart Contract and
- Business Process Orchestration.
However, due to the various complex requirements and constraints of different business processes and environments, no single blockchain can meet all needs. Therefore, WIMI Hologram has developed a general architecture to support orchestrated multi-chain BPMS, which can adapt to different business processes and environments while ensuring data security and privacy protection.
2. The architecture design of WIMI holographic multi-chain environment.
In a multi-chain environment, we need a flexible architecture to support different business processes and environments. To this end, we propose a multi-chain architecture based on process orchestration, which consists of three main components: a business process management system (BPMS) orchestration engine, a blockchain integration layer, and a smart contract layer.
1. Business process management system (BPMS) orchestration engine
The business process management system (BPMS) orchestration engine is the core component of the multi-chain BPMS, which is responsible for mapping business processes to blockchains and integrating different blockchains into the same business process. In the implementation, we use a model based on graph theory to describe business processes to support complex business processes and interactions between processes.
The BPMS orchestration engine provides the following functions:
Visually design and edit business processes:
Support users to use a graphical interface to design and edit business processes, including defining process nodes, transition conditions, and business rules.
Blockchain integration management:
support the integration of different types of blockchains, and provide related interfaces and tools to directly call the functions of blockchains in business processes.
Interaction coordination:
Support interaction and coordination between different business processes to achieve cross-chain transactions and cooperation.
2. Blockchain integration layer
The blockchain integration layer is a bridge connecting the BPMS orchestration engine and the underlying blockchain, which provides interfaces and tools for interacting with different blockchains. In the implementation, we use standardized interface protocols, such as RESTful API, WebSocket, etc., to ensure the scalability and compatibility of the integration.
The blockchain integration layer provides the following functions:
Blockchain node management:
support connection, configuration and management of different blockchain nodes, including public chains, alliance chains and private chains.
Blockchain interaction interface:
Provide interfaces and tools for interacting with different blockchains, so that the functions of the blockchain can be directly called in the business process, such as querying transaction records, creating transactions, etc.
Blockchain data synchronization:
Supports the synchronization of data on the blockchain to the business process management system to achieve more efficient business processes and data analysis.
3. Smart contract layer
The smart contract layer is the core component of the underlying blockchain, which is responsible for executing and managing contract codes, and provides interfaces and tools for interacting with the blockchain. In the implementation, we use smart contract languages, such as Solidity, Vyper, etc., to realize the writing and deployment of smart contracts.
The smart contract layer provides the following functions:
Contract writing and deployment:
Supports writing and deploying contracts using smart contract languages ??to automate business processes.
Contract execution and management:
responsible for executing and managing smart contracts, and providing interfaces and tools for interacting with the blockchain.
Contract upgrade and expansion:
Support contract upgrade and expansion to adapt to different business needs and environmental changes.
The multi-chain architecture of WIMI (NASDAQ: WIMI) process orchestration can flexibly support different business processes and environments, realize cross-chain transactions and cooperation, and provide standardized interfaces and tools to ensure integrated scalability and compatibility. The orchestration engine is the core of the system and is responsible for managing the entire business process. It can interact with the multi-chain blockchain network through smart contracts and ensure the smooth progress of cross-chain transactions on all chains. The orchestration engine also provides advanced features such as automated process monitoring, error handling, and event notification. It can also integrate with external systems, such as CRM and ERP, to collaborate with a business' existing systems.
3. Advantages of WIMI's blockchain-based business process management system (BPMS) general architecture:
Flexibility:
Since our architecture is based on a multi-chain blockchain network, it can be flexibly configured according to different business needs, such as adjusting block size, confirmation time and number of nodes.
Scalability:
Our architecture can be scaled horizontally to hundreds of nodes, thus supporting larger business scale and higher throughput.
Privacy protection:
Each blockchain can have its own access control and authentication mechanism, as well as private smart contracts, thus providing better privacy protection.
Security:
Transactions between multiple blockchains can be mutually verified, reducing the possibility of attacks.
Transparency:
Every transaction can be verified on multiple chains, providing better transparency.
In this architecture, a multi-chain blockchain network is used, which can provide better scalability because each blockchain can be optimized according to its needs, such as adjusting block size and confirmation time. Second, it can provide better privacy protection, since each blockchain can have its own access control and authentication mechanisms, as well as private smart contracts. It can provide greater security because transactions between multiple blockchains can be mutually verified, reducing the possibility of attacks.
WIMI's (NASDAQ: WIMI) blockchain-based business process management system (BPMS) general architecture can be applied to various industries. For example, modern supply chain management requires a high degree of coordination and cooperation among various players, involving multiple organizations and complex transaction processes. Traditional supply chain management often lacks transparency and data sharing, which can lead to delays, increased costs and trust issues. A blockchain-based BPMS can provide a traceable, immutable, and distributed shared ledger, which can help organizations better manage supply chains, reduce delays and costs, and build trust.
At the same time, through the use of smart contracts, many supply chain processes can be automated, improving efficiency and reducing errors. Another industry pain point is financial services. Blockchain technology can provide a safer, more transparent and more efficient transaction platform, which can help banks and financial institutions reduce operating costs, increase transaction speed and reduce fraud. Through the blockchain-based BPMS, data security and privacy can be ensured, and various financial transactions such as payment, transfer, settlement and asset management can be executed through smart contracts. In conclusion, blockchain-based BPMS can be applied in a variety of different industries and fields, improving data security, transparency and efficiency, and helping organizations better manage complex business processes.
ImagineAR Announces Private Placement Financing.
Source
https://finance.yahoo.com/news/imaginear-announces-private-placement-financing-120000860.html
May 23, 2023
ImagineAR
https://imaginear.com/
(CSE: IP) (OTCQB: IPNFF) an augmented Reality company that enables sports teams, brands and businesses to instantly create their own mobile phone immersive AR campaigns, is pleased to announce a non-brokered private placement financing of up to 13,030,303 Units, at a price of $.033 per Unit for gross proceeds of up to $430,000.
Each Unit will be comprised of one (1) common share and one (1) non-transferable common share purchase warrant, with each Warrant entitling the holder to purchase one additional common share at a price of $0.05 for a period of thirty-six (36) months from the closing of the Offering. In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement will be legended with a hold period of four months and one day from the date of issuance.
ImagineAR intends to use the net proceeds from the proposed private placement to enhance its SDK technology, sales, and marketing support, and develop AI integration proof of concept immersive AR activations.
The securities being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any states' securities laws and may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the Resale Shares under the resale registration statement will only be by means of a prospectus.
This News Release is available on the company's official Verified Discussion Forum On AGORACOM,
https://agoracom.com/ir/Imaginear/forums/discussion
a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders.
CloudMD to Report First Quarter Financial Results on Monday, May 29, 2023.
Source
https://finance.yahoo.com/news/cloudmd-report-first-quarter-financial-103000152.html
May 24, 2023
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), an innovative health services company transforming the delivery of care, is pleased to announce that the Company will release its financial results for the first quarter of 2023 on Monday, May 29, 2023, after market close.
CloudMD will hold its Q1 2023 earnings conference call and webinar on Tuesday, May 30, 2023, at 9:30 am ET (6:30 am PT).
Conference call and webinar details:
Date and Time: Tuesday, May 30, 2023, at 9:30 am Eastern Time (6:30 am Pacific Time)
Webcast link: https://edge.media-server.com/mmc/p/rfdmk2tk
The Digital Development Conference 2023 (Nanjing, China) was successfully held, and Chinasoft International helped Nanjing build a ubiquitous and orderly smart city.
Source
https://www.chinasofti.com/news/2641.htm
May 22, 2023
....https://www.chinasofti.com/news/2641.htm
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Chinasoft International Jiefang became a strategic partner of NetEase Shufan CodeWave, jointly creating a new engine for government and enterprise software production.
Source
https://www.chinasofti.com/news/2646.htm
May 24, 2023
----https://www.chinasofti.com/news/2646.htm
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Gather Yibin Wisdom to See the Future|Chinasoft International was invited to participate in the Yibin Digital Economy High-Quality Development Conference.
Source
https://www.chinasofti.com/news/2648.htm
May 25, 2023
.....https://www.chinasofti.com/news/2648.htm
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Chinasoft International will present 25 service capabilities at the 2023 Data Expo.
Source
https://www.chinasofti.com/news/2649.htm
May 25, 2023
.....https://www.chinasofti.com/news/2649.htm
Siyata Mobile Inc. (SYTA) Q1 2023 Earnings Call Transcript.
Source
https://seekingalpha.com/article/4607323-siyata-mobile-inc-syta-q1-2023-earnings-call-transcript
May 25, 2023, 8:00 AM ET
Company Participants
Daniel Kim - Vice President of Corporate Development
Marc Seelenfreund - Chief Executive Officer
Glenn Kennedy - Vice President-International Sales
Conference Call Participants
Thomas Kerr - Zacks Investment
Jack Vander Aarde - Maxim Group
Operator
Good morning, ladies and gentlemen, and welcome to the Siyata Mobile Q4 2022 and Q1 2023 Conference Call. At this time all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. This call is being recorded on Thursday, May 25, 2023.
I would now like to turn the conference over to Daniel Kim, Vice President of Corporate Development. Please go ahead.
Daniel Kim
Thank you for joining the Siyata Mobile fourth quarter 2022 and first quarter 2023 conference call. Today, I'm joined by our CEO, Marc Seelenfreund; and our VP of International Sales, Glenn Kennedy. We will all be available for questions at the end of the presentation.
During this call, management will make express and implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal Securities Laws. These forward-looking statements include, but are not limited to the statements regarding future product offerings, the belief that we are on the path for strong organic growth, the goal to deliver strong year-over-year revenue growth and reach profitability in the coming quarters. The belief that the worst of the pandemic is behind us and that we will continue to see strong sales in all of our product lines across our various markets and the timing of our rugged handsets to North American and international carriers.
Such forward-looking statements are based on the company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are not statements of historical fact and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The company's actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. The company cannot guarantee future results, levels of activity, performance or achievements. The forward-looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the Risk Factors section and elsewhere in the company's annual report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on May 15, 2023, as subsequently amended.
I will now like to turn the call over to Marc.
Marc Seelenfreund
Thank you, Daniel. Good morning and thank you for joining the call. Before we get into the financial results, I want to explain why this earnings call is later than it usually is and why we are combining two quarters into one earnings call. We selected a new U.S. audit firm last year that was subsequently acquired by another audit firm. We parted due to a regulatory issue in Canada that was not connected to Siyata or its financials. We then selected another audit firm for the year ended December 31, 2022, one that had previously audited our Siyata subsidiary in Israel. We issued a Form 6-K to notify investors that the SEC approved the filing extension to May 15 to give our new audit firm more time to complete the audit work. The need to change our auditor was unexpected and not something that we foresee happening again.
And now, to the business results. We are pleased to report year-over-year revenue growth for both the fourth quarter of 2022 and the first quarter of 2023 when compared to the prior year periods. This improved revenue performance was driven primarily by sales of our SD7 rugged push-to-talk handset, which began shipping in Q2 2020. Customer trials that occurred in Q3 and Q4 of 2022 resulted in purchase orders in Q4 2022 and in Q1 2023. We hope to deliver continued additional sales growth from this current quarter and onwards.
Now I will discuss our financial results for the fourth quarter ended December 31, 2022. Revenue for the three months ended December 31, 2022 and 2021 were $2.1 million and $1.9 million, respectively. This positive variance of $174,000 is due mainly to sales of the SD7 in Q4 2022 of $985,000, offset by the decrease in sales of the legacy products and boosters of $810,000. Cost of sales for the three months ended December 31, 2022 and 2021 was $1.9 million and $1.8 million, respectively. The gross margin for the three months ended 2022 and 2021 was $170,000 and $165,000, respectively, a small positive variance in gross margin of $5,000. This reduced margin percentage for the quarter relates to the impact of the sale of legacy products and reduced margins.
For the three months ended December 31, 2022 and 2021, adjusted EBITDA was negative $5 million and negative $2.7 million respectively, a negative variance of $2.3 million, which was caused by an increase in SG&A of $1.3 million and $1 million variance due to an inventory impairment and loss from water damage in 2022. I want to note that this inventory was insured, a claim has been filed and we await the determination of the coverage amount from the insurer.
Now I will discuss our financial results for the full fiscal 2022 year which ended on December 31, 2022. Revenue for the year were $6.5 million compared to $7.5 million for the year ended December 31, 2021. This decrease of just over $1 million is due mainly to a decrease in the sale of boosters by $1.7 million, offset by $600,000 in the sale of rugged devices as a result of the launching of the SD7 in 2022.
Cost of sales for the 12 months ended December 31, 2022 was $5.1 million compared to $5.7 million in 2021. Gross margin for the year ended December 31, 2022 and 2021 was $1.4 million and $1.9 million, respectively, a negative variance in gross margin of $500,000, a 3.4% decrease in gross margin percentage. This relates to the sale of rugged and in-vehicle cellular devices at lower margins compared to the sale of industrial boosters in the USA marketplace at a slightly higher margin. For the year ended December 31, 2022, adjusted EBITDA was negative $12.5 million versus negative $12.4 million the prior year, a minimum variance of just over $100,000.
Now I will discuss our financial results for the first quarter ended March 31, 2023, and then we'll conclude my remarks with our outlook. Total revenues were $1.8 million in Q1 2023 compared to $800,000 in Q1 2020, 116% increase in revenue. Revenue from the U.S. were 60% of total revenues for the quarter compared to 29% in Q1 2022. Rugged device sales in Q1 2023 are up 286% over Q1 2022, $1.4 million versus $400,000, an increase of $1 million this quarter mostly attributed to $800,000 of sales of the SD7 headset. Gross margin percentage for Q1 2023 was 27.5% versus 30.6% in Q1 2022. Gross margin dollars increased from $255,000 to $497,000, a $242,000 positive variance which is a 95% increase in gross margin dollars.
SG&A expenses were $2.4 million versus $2.7 million Q1 2022, a decrease of $300,000. Adjusted EBITDA for Q1 2023 was negative $1.9 million compared to a negative $2.6 million, $700,000 positive variance in EBITDA of 27% increase. Working capital as of March 31, 2023 was $4.2 million versus $1.6 million as of December 31, 2022, a $2.6 million increase in working capital. During the first quarter of 2023, Siyata raised $3.6 million in capital through warrant exercises.
Turning over to significant business highlights, we are pleased to report that Siyata has delivered on its plan to build and expand its potential customers for the SD7. We previously announced that the SD7 was certified and approved for use with a growing list of North American carrier customers, including FirstNet, AT&T, Verizon, T Mobile, U.S. Cellular and international carrier customers, including Dell Mobility in Canada, Telstra, which is the largest wireless carrier in Australia, and recently we announced APN, which is based in the Netherlands. We also announced recently that we have expanded our distribution to increase strategic resellers including Two Way Direct in the United States, RadioTrader in the U.K. and Entropia in the Netherlands. These companies will help us further grow sales of SD7 handsets and related accessories in their respective markets. This foundation of increased distribution is directly leading to many potential opportunities that could be of significant size. We have begun shipping products in an increasing number of verticals beyond our primary focus of first responders, including governments, schools, hospitals, utilities, security companies, defense contractors, amusement parks and the hotel resort to name just a few.
I am pleased to report that as we expected, the increase in the number of verticals and the size of our customer base translated into volume growth for our SD7, which was the primary growth driver of our rugged devices and related accessories increasing 19% year-over-year to $3.9 million in 2022 compared to 2021. Having said that, let me be clear that this is a process. Interest is increasing and demand is growing, but we are just hitting the tip of the iceberg in a multibillion dollar industry. We expect larger volumes will follow as end customers grow to appreciate our unique offering in this new product category.
We also announced an exciting new product, the SD7+ which features a wide angle camera, equipped with 4G connectivity that will have traditional body camera functionality as well as real time situational and traditional tracking capabilities. The SD7+ will be powered with Visual Labs innovative body camera software. Visual Labs is a highly respected software company and developer of Android based body cam and dash cam software. The company provides its software to public safety, private security and other customers throughout the United States and internationally. Its public safety customers include town marshals, city police departments, country service offices, wildlife, and other state agencies and federal customers. We expect the SD7+ with body camera will begin shipping later in 2023.
And finally, we recently extended our sales team by hiring two respective industries veterans who have experience working for wireless carriers and understand well how we need to support the wireless carrier sales teams to maximize our revenue through this important distribution channel for Siyata.
Now, I would like to pass the line back to Daniel, who will discuss some of the industry trends that are benefiting our business.
Daniel Kim
Thank you, Marc. In April 2023, FirstNet announced it supports more than 4.7 million connections to more than 25,000 public safety agencies, a gain of about 1,000 agencies during the first quarter of 2023 from the figures released in the end of 2022. During the first quarter of 2023, FirstNet added 300,000 connections. Siyata works closely with FirstNet, which is the leading PTT provider currently in the U.S. and their growth is evidence that the customers are moving towards push-to-talk over cellular solutions in the U.S.
And with that, I'd like to pass the line to Glenn.
Glenn Kennedy
Thank you, Daniel. Looking at our sales funnel, we continue to see strong opportunities in each of our three product categories. First in our rugged handset product category. We have increased our shipments of the SD7 PTT handset that supports mission critical push-to-talk or MCPTT to North American and international wireless carriers. We displayed this handset at several trade shows during and after the Q1 2023 period, including at the end of March at the International Wireless Communications Expedition or the IWCE show in Las Vegas, Nevada and this week at the Critical Communications World Show in Helsinki, Finland. The initial sales, the quantity of new customer trials, the customer feedback at the trade shows and the direct engagement from senior personnel within the wireless carriers have all been strong as these wireless carriers aim to capture new customers who has been using traditional LMR or two way radios.
We're also seeing strong customer interest in our VK7 vehicle kit that works with our SD7 PTT handset. Today, we're active with AT&T, FirstNet, Verizon T-Mobile, U.S. Cellular and Dell Mobility in North America and with Telstra in Australia and KPN in the Netherlands. Our objective remains to expand our launch with additional North American and international carriers and with additional PTT application companies later this year. We have seen significant SD7 sales to first responders, schools, healthcare facilities, resorts, municipalities and more. Recently, we announced two sales transactions of our SD7 handset with large U.S. school districts that are replacing legacy two way radios by purchasing SD7 handsets to use throughout the schools that they serve in order to keep their students and staff safe. We anticipate more school districts following suit in the current and coming quarters. And as a result of all SD7 market activity, we're confident that this will translate into multiple thousands of SD7 handsets sold throughout the balance of 2023. And we look forward to adding sales of the SD7+ with body camera later this year.
Secondly, in our in-vehicle devices category, we continue to sell through our UV350 in-vehicle device with customers in North America and internationally. During the reporting period, we shipped additional UV350 devices into an existing large wireless carrier customer in the Middle East, which launched and ordered this device initially three years ago and has continued to order additional UV350 devices for its first responder customer vehicles. We are also experiencing increasing demand for our unique VK7 vehicle kit, which is a partner product to our SD7 handset. Several customers in the U.S., including some with yellow school buses and snow plows are installing VK7 vehicle kits into those vehicles so that the SD7 handset can be easily used in the vehicle kit while their staff are in their vehicles. And thirdly, in our cellular booster product category, we saw somewhat reduced but still steady demand for cellular boosters throughout North America.
And now I will hand the line back to Marc for closing remarks.
Marc Seelenfreund
Thanks, Glenn. I would like to take this opportunity to thank our employees for their commitment. They've worked tirelessly to build the company that we have today. I would also like to acknowledge and thank our investors who stood by our company despite the turbulent environment. Overall, we are very pleased with the growing acceptance by our customers of our truly unique disruptive push-to-talk solutions and we expect based on what we are seeing today, growth in our various product categories with a special growth coming from our rugged handset product categories.
We are just beginning to see the rapid adoption of our disruptive solution and as the displacement of land mobile radio by push-to-talk over cellular continues to progress. This should drive meaningful growth in our innovative products. We stand by our previously stated goals of new customer wins, new and existing carrier launches, continuous upgrades to our product portfolio and ultimately strong growth in the goal of profitability. We will file our fourth quarter 2022 and first quarter 2023 financial results with the SEC on a Form 6-K and urge our listeners to access them from the SEC's website, search for Siyata Mobile.
That concludes our formal remarks. With that, operator, kindly open the call to questions.
Question-and-Answer Session
Operator
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. The first question comes from Tom Kerr of Zacks Investment Research. Please go ahead.
Thomas Kerr
Good morning, guys.
Marc Seelenfreund
Hi. Good morning.
Thomas Kerr
Can you talk about sort of the school vertical a little bit and the sale [indiscernible] for that. Is it different than the traditional process? Do you approach them directly and then they purchase from distributor? Or kind of how does that work out in that vertical?
Marc Seelenfreund
Okay. That's a great question, because I've emphasized in a lot of our press releases that we view that vertical as one of our largest verticals. There is over 100,000 schools in the United States, and there's millions of teachers. And we've partnered with a company called CrisisGo, who has very unique software that together with them, we're able to give a package of a device that has both software and hardware that you can, A, have an SOS button, which is in the CrisisGo software, and you can also do push-to-talk over cellular.
So if until now, teachers have only had a panic button that basically doesn't allow you to have voice and to speak to somebody, you can just hit that panic button and people would know that there's a problem, now you can actually speak to the security people in the school, the management of the school, police, fire, ambulance, and you can have a radio-like functionality given to teachers in schools. And we think that, that's really going to be one of our largest verticals, if not the largest one. We've already announced a few deals with some schools. We have many, many schools that we're now engaged with. And I think that a lot of them were going to be able to turn into sales. Some of them are very large scale, like multimillion dollar potential deals. And we think that it's a very unique solution for schools, and we want to gain as much traction in United States with this offering together with CrisisGo and either on our own or together with CrisisGo.
So that's something that is across the industry in the sense that nobody else has anything like this that we've seen until now and all the cellular carriers that we've launched with in North America are now offering this product to various schools across the United States. So we're doing this both with T-Mobile and with Verizon, AT&T and FirstNet. So we think that this is going to be a very large potential for us.
Thomas Kerr
That sounds great. Thanks. A couple of more questions. And on the SD7+, is there a different unit selling price or product margin profile than the traditional SD7?
Marc Seelenfreund
So we think that it's going to have a higher margin profile. We don't know until we launch, but we believe that it will have a higher margin profile. Another thing is that we're going to be able to record recurring revenue from that, which is very unique. That's something that we're not able to get until now. With SD7, we have very pretty small recurring revenue from SD7 from various software packages that we're offering. But we think that it will be more substantial with the SD7+. And we'll be able to compete with large companies like Motorola and Axon, who also offer body cams. They're the leaders in that market. We think that we have a very unique solution because our device is MCPTT. It's on the FirstNet network or on the Verizon network. So it's cellular based. It's real-time streaming. It also has push-to-talk over cellular, which the other products don't have. So we think that our offering is going to be very unique compared to the other companies in this market, and we expect to launch it this year. We think it will be a very interesting product for first responders, security companies, school security and the rest. And we already have discussions with multiple customers for this product, and we hope to launch it in the second half of this year.
Thomas Kerr
That sounds great. One quick financial question, sort of the sales and marketing expenses and the G&A expense line that was in the first quarter. Is that a good quarterly run rate? Or will that increase throughout the year as you grow the business?
Marc Seelenfreund
So my goal is not to hire a lot of people in the company to keep the company small. We have 26 employees right now at the company. And we leverage the sales forces at the cellular carriers. So we don't have to hire a lot of people to be able to get to customers. We leverage the sales forces at AT&T and T-Mobile and Verizon. So I don't expect that the SG&A is going to go up a lot. We're going to try to keep the company as lean as possible. And if you noticed the SG&A has actually gone down in the first quarter compared to last year. And anything that we can do to lower that, we'll do. And we're not looking to hire a much larger staff than what we have right now. All of the main positions in the company are filled. We might hire another few salespeople and support people and that's it. And with that, we think that we'll be able to get to much, much higher sales than what we've seen until now.
Thomas Kerr
Great. Thanks. I’ll jump back in the queue.
Marc Seelenfreund
Thank you.
Operator
Thank you. The next question comes from Jack Vander Aarde of Maxim Group. Please go ahead.
Jack Vander Aarde
Okay. Great. Good morning, guys. Marc, I appreciate the update. Good to see what looks like four consecutive quarters of year-over-year revenue growth. Thanks for taking my questions. So Marc, over the past year as you've kind of alluded to on the call as well, you've had your flagship devices approved on all the major U.S. wireless carriers networks, AT&T, FirstNet, Verizon, U.S. Cellular, T-Mobile. Can you speak in general maybe more about the size and the growth of your sales pipeline and opportunities with regard to the major U.S. carriers, which -- they could be big needle movers. So that's why I just want to focus on that, if there's any color you can provide.
Marc Seelenfreund
Yes. So I can't give you exact guidance because we're still early in the game, but I can tell you that now that we've passed the point that we've actually launched the products with the carriers, we've trained their salespeople. We're out in the field, meeting with customers together with our salespeople. That's why we're so confident that we're going to have very strong quarters going forward, simply because we're sort of through the process with the carriers and already with initial customers of theirs, and they bring to us customers on a weekly basis. And what's beautiful about it is that, we're getting customers from every single one of the carriers. They're different customers. Some schools are customers of T-Mobile, others are of AT&T, others are of U.S. Cellular, right? So we're seeing it across the board. They're all bringing us various customers from their customer base, and we're working with them to close those customers and make sure that they're taking our product and not looking to take something else.
So we're very bullish on going forward this year. We think that we're going to have much better quarters than what we had last year. And we think that we'll be able to really ramp up our sales, simply because we're not focused right now on launching products, we're really just focused on selling products and ramping up sales, and that's really the focus of the company today.
Jack Vander Aarde
Okay. Great. That's helpful. And then as a follow-up, in general, maybe in terms of some of the larger deals you're pursuing. Can you provide some more color on the competitive bake-off dynamic? Who are you guys actually competing against and seeing the most at the deal table for U.S. first responder end customers in the current market? Or is that something you guys aren't privy to that's not really disclosed to you?
Marc Seelenfreund
No, no, we are privy to it. And we see that there are companies like [Sony] (ph) and Samsung, I'd say that they are our -- maybe also Kyocera, those are probably our three main competitors. They don't really offer the same thing because they're all offering smartphones, right? So they compete with each other in the rugged smartphone push-to-talk category. And we're sort of going at a different -- it's coming from a different angle. We're coming with a device that is a radio upgrade. It just looks like a radio. It feels like a radio. And by the way, it's much less expensive, right? So we're usually competing with devices that are above $500, above $600, and we are around $400 or less, okay?
So in that sense, we think that we have something that's very unique. We don't have any direct competitor that's offering a radio-like device through the carriers. Motorola has one device, which is a radio like device, but that is only offered by Motorola. It's not offered by the carriers. And in our view, it's much easier for a security guard or for a teacher to take a device, put it on channel two and hit a button and speak as opposed to going into an app and going into a smartphone and maybe they're Apple users and this is an Android device and trying to figure out how to use the app. We think that what we're offering in the SD7 is much more intuitive and it's a real upgrade from two way radio, and that's what we're trying to do, take away the two way radio and give them a push-to-talk [indiscernible] device, which feels and looks like a radio.
And we think that we're the only ones that are doing this right now, and that's unique. And that's the reason that all of these large-scale carriers are even working with us, right? In other words, we're a small company, and everybody on the call knows that. And the only reason that company's multibillion-dollar cellular [cappers] (ph) are working with us is because we have something that is very unique. We think that our technology is not for other companies to go after, and we're very proud of it. And we think that that's really what's going to help us drive our sales because we're offering something that is very unique, and there's a real need in the market to upgrade from two way radio to talk over cellular with a radio type device.
Jack Vander Aarde
Excellent. Okay. That's actually great color. I appreciate that. And my next question would be, just given the current stock price. I'm sure investors on the call want to know if you could provide an update on your plan to just remain compliant with the NASDAQ. And it's great to see you have no debt any longer as well. So hoping you could provide additional color on your liquidity levels and cash runway as well. Thanks.
Marc Seelenfreund
So we announced that we started doing factoring and that is obviously helping our cash flow, because we have sales and we have inventory. And you can see that we had inventory at the end of the quarter. We'll sell through that inventory. And that's really what's helping our cash flow, the cash we had in the bank and the inventory that we have.
We will need to raise more money. I'm not going to say that we're not going to have to raise more money. We're not going to, in my opinion, have to raise a lot of money. We're not going to have to raise tens of millions of dollars to be able to become profitable. We have to raise a few more million dollars to be able to get to profitability. That's our goal.
And on the stock price specifically, we are going to have to do a stock split at some point. Our goal is to do it at as low of a multiple as possible, of course. But yes, we will have to do that to become compliant. And our goal is to do that stock split sometime in the next few months so that we can be compliant again on NASDAQ. But obviously, that's what we're going to do to make sure that we're compliant.
Jack Vander Aarde
Okay. Got it. And it sounds like qualitatively, the business is ramping up, the growth inflection looks like it's here. I alluded to when I started my prepared questions that you've had four consecutive quarters of year-over-year growth and it looks like its accelerating. So that's good to see. And then...
Marc Seelenfreund
Our goal, Jack, is to have between double to triple-digit growth in the coming quarters of 2023, and we think that that's very achievable just because we've seen the pipeline that we're going into. And like I said, we're very bullish on the business and on our opportunities, and we think that we'll really be able to grow very rapidly over the next couple of quarters and beyond.
Jack Vander Aarde
Excellent. And then if I could just follow up to one more thing, in terms of the pipeline. Maybe Glenn can chime in on this as well. But in the press release it’s mentioned you guys have had many successful customer trials that were initiated in the second half of 2022 and you're experiencing a step-up in purchase orders. Can you just provide me some extra color on how many trials, like, how many different customers, the location of the customers? And are the verticals outside of schools and luxury resorts like that multibillion Bahamas hotel, just if you could give more color on the actual end applications of those trials and the number of customers that would be interesting to hear.
Marc Seelenfreund
Sure. Glenn, do you want to go for it?
Glenn Kennedy
Yes, I'll start and then maybe, Marc, you can add. Jack, I would say that the number of trials, I can't give you an exact number. We have invested significantly in a pool along with the wireless carriers, a pool of demo devices that they leverage whenever a customer is asking for trials. So a typical trial would involve two or three, sometimes four devices that they would deploy within an organization, customers organization. And absolutely, the breadth of vertical markets is far greater than only schools, but definitely, I would say schools is probably the primary one. It would also include first responder organizations, that would include on-site warehouse, manufacturing type facilities, construction companies, field service, a whole variety of vertical market security companies, I didn't mention them. So a wide variety and it would be multiple simultaneous trials.
Some of the trials only need to last a very short time, they're just wanting to test the functionality and confirm, verify that it is similar functionality and works well that they have the coverage that they need. Other customers, they're going to be looking. And typically, it's the larger ones, they're going to need more time, more time at the trial stage, more time in the budgeting and the planning stages and so forth. So our trials or the presale process can really vary in the length of [indiscernible].
Jack Vander Aarde
Got you.
Glenn Kennedy
Jack, I apologize for the background noise. I mentioned here in Helsinki, Finland right now. We're just wrapping up our communication -- Critical Communications World Trade Show. So if you're hearing noise, that's what's going.
Jack Vander Aarde
Well, Glenn, I'd like to double fit, you're double fitting with -- you're negotiating trade shows while you're on the earnings call.
Marc Seelenfreund
I told you, we try to keep it mean and lean, Jack. But if I could just add, our main focus is definitely North America. When I say North America, not just the United States, because we're also very focused on Canada. And just to add on to what Glenn said, the verticals are all over the map. And we're, as far as we're concerned, I don't care for selling to a hospital or a school or a first responder, they're all very relevant. They are all similar customers for us. And as we're working with the cellular carriers, they have staff to go after various verticals. They have staff that goes after health care. They have staff that goes after education. They have staff that goes after construction.
So we work with the cellular carriers, our salespeople work with the cellular carriers to be able to get to various customers in different verticals. And just we didn't even mention health care. We've already done a few hospitals in the United States, and we think that's also going to be a very, very large scale opportunity for us. Hospitals using our device as their communication protocol as opposed to using their private phones or using a Samsung rugged phone, which costs more than doubled the price. So in that sense, we think that we're going after a very large-scale market. We're leveraging the cellular carriers. And we just want to continue doing what we're doing and ramp up sales as aggressively as possible going forward.
Jack Vander Aarde
Okay. Great. I really appreciate the extra color Marc and Glenn and Dan. That’s it from I’ll hop back in the queue.
Marc Seelenfreund
Thank you very much.
Operator
Thank you. The next question comes from Tom Kerr, Zacks Investment Research. Please go ahead.
Thomas Kerr
Hi, guys. Two quick ones. What was the amount of capital raised from the warrants in the second quarter? It glitched out when you guys said that.
Marc Seelenfreund
$3.6 million.
Thomas Kerr
Okay. And just a big picture question on the sales process with the carriers. And I forget how this works, the -- are they buying inventory? Or is this sort of a just-in-time basis where they put in orders as they sell? How does that process works?
Marc Seelenfreund
So it varies. For some customers, they are purchasing inventory. And for some, it's just in time. In other words, they get the customer and then they buy the inventory from us. A lot of the times, we're working with their master distributors, right? So we're working with a master distributor of Verizon or a master distributor of AT&T and selling to them. But as time goes on, then also the master distributors are starting to buy inventory for themselves because they want to make sure they know the customers that they're going to be going after and they want to make sure that they have inventories.
So as time goes on, we think that we'll be selling more and more inventory to the distributors and to the carriers that they'll also hold on themselves. So it's sort of -- we're doing both right now. And then we think as time goes on, we'll be selling more and more for their inventory so that they can be prepared to be able to sell to their customers.
Thomas Kerr
Great. That’s all I have for today. Thank you
Marc Seelenfreund
Thank you.
Operator
Thank you. There are no further questions. I will turn the call back to Marc Seelenfreund for closing remarks.
Marc Seelenfreund
I just want to thank everybody for joining the call. You're all more than welcome to reach out to us. And if you have any additional questions, you can send me an e-mail at marc@siyata.net. That's Marc with a C. And we look forward to updating you in the future with more good news. Thank you very much, and have a good day. .
Operator
Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.
Investor Presentation Q1 2023. (as PDF)
Source
https://static.seekingalpha.com/uploads/sa_presentations/80/94080/original.pdf
Siyata Mobile Announces First Quarter 2023 Financial Results.
Source
https://finance.yahoo.com/news/siyata-mobile-announces-first-quarter-200500901.html
May 25, 2023
- Revenue of $1.8 million, up 116% year-over-year.
- Company to host conference call at 8 a.m. ET on Thursday, May 25.
Siyata Mobile Inc. (NASDAQ:SYTA)(NASDAQ:SYTAW), a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, announced its financial results for the three months ended March 31, 2023. All amounts are in US dollars unless otherwise indicated.
"We are returning to growth with first quarter revenue more than doubling compared to the first quarter last year on strengthening sales of our mission-critical PoC (MCPTT) SD7 solution," said Marc Seelenfreund, Founder and CEO of Siyata. The majority of our customer trials that were initiated in the second half of 2022 have proven successful, and as a result, we are experiencing a step up in purchase orders. Recent purchase orders in the emergency response and education verticals establish a basis for accelerating growth in the second quarter, and our pipeline of developing opportunities reinforce our optimism for the second half of 2023 and beyond."
Seelenfreund continued, "Our distribution network now includes established relationships with leading North American cellular carriers, including AT&T, FirstNet, T-Mobile, Verizon, Bell and US Cellular, and we recently added KPN Royal Dutch Telecom to the lineup, expanding our reach in Europe. The push-to-talk over cellular market represents a multi-billion opportunity globally.1 We are building out a global channel strategy that we believe will enable us to capture a meaningful share of this massive opportunity."
Key financial highlights for the three months ended March 31, 2023:
- Revenues were $1.8 million compared to $0.8 million for the three months ended March 31, 2022. This increase of $970,000, or 116%, was due mainly to sales of the SD7 in Q1 2023 of $800,000, offset by a decrease in sales of the legacy products and boosters.
- Net operating loss was ($2.7) million as compared to an operating loss of ($3.6) million, an improvement of $901,000.
- Net loss was ($7.6) million, inclusive of a ($4.9) million non-cash change in fair value of warranty liabilities, as compared to a net loss of ($3.9) million, inclusive of a $0.6 million non-cash change in fair value of derivative liabilities, in the same period in the prior year.
- Adjusted EBITDA was ($2.0) million versus ($2.6) million in the same period in the prior year, an improvement of $676,000.
Liquidity and Capital Resources
As of March 31, 2023, the Company had a cash balance of $1.2 million and working capital of $4.2 million compared to $1.9 million and $1.6 million, respectively, as of December 31, 2022.
As of March 31, 2023, the Company had zero debt, excluding trade payables.
Conference Call Details
The Company will host a conference call at 8 a.m. ET on Thursday, May 25, 2023 to discuss its fourth quarter and full year 2022 and its first quarter 2023 financial results. Following management's formal remarks there will be a question-and-answer session.
Date: Thursday, May 25, 2023
Time: 8 a.m. Eastern Time/5 a.m. Pacific Time
Conference ID number: 96645139
North America dial-in number: +1 (416) 764-8658
International toll-free dial-in number: +1 (888) 886-7786
There will also be a playback of the conference call, available in MP3 format by contacting investor relations below.
Visit to learn more:
https://www.siyatamobile.com/
https://unidencellular.com/
To read and view all Tables please visit:
https://finance.yahoo.com/news/siyata-mobile-announces-first-quarter-200500901.html
Investor Relations (Canada):
Kin Communications
1-866-684-6730
SYTA@kincommunications.com
Investor Relations (United States):
Brett Maas
Hayden IR
SYTA@Haydenir.com
646-536-7331
Siyata Mobile Corporate:
Daniel Kim, VP of Corporate Development
Siyata Mobile Inc.
daniel@siyata.net
WiMi Hologram Cloud to Vigorously Dig Into Web 3.0 the Spatial Web Technology.
Source
https://finance.yahoo.com/news/wimi-hologram-cloud-vigorously-dig-120000439.html
May 22, 2023
WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, who has invested in research related to virtual digital technology since its early days, today announced its continual exploration of cutting-edge technologies and that it has accumulated a large number of patented technologies and software systems related to Web 3.0.
Web 3.0 is the next-generation Internet that stimulates group intelligence, with applications including blockchain, artificial intelligence, the Internet of Things, and extended reality. These technologies will form the core technology stack for future enterprises and reconstruct new ways of linking, communicating, and collaborating in the digital world.
WiMi has accumulated over 500 intellectual property rights in the Internet of intelligence, personalization, interactivity, and virtualization in the Web 3.0 era. For example, the human-computer interaction method and system based on XR technology, the convenient 3D touch interaction system based on image processing technology, the holographic radar, the reflective holographic display system, the immersive VR device middleware software, the industrial Internet identification security control service platform, the AI-powered IoT chip with fuzzy PID algorithm, the microfluidic diffraction phase holographic imaging chip. These intellectual property rights contain patents, software systems, and chip designs. WiMi has long been involved in Web 3.0, the spatial web. This time, related applications, technologies, and patents will give WiMi a first-mover advantage.
About WIMI Hologram Cloud
WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.
Siyata Mobile to Participate in Critical Communications World 2023 in Helsinki, Finland May 23 to 25.
Source
https://finance.yahoo.com/news/siyata-mobile-participate-critical-communications-120000302.html
May 22, 2023
Visit Booth F65 in the Exhibition Hall to Experience Siyata's Solutions.
https://www.critical-communications-world.com/
Siyata Mobile Inc. (Nasdaq:SYTA/SYTAW), a global vendor of Push-to-Talk over Cellular ("PoC") devices and cellular signal booster systems, announced today that Siyata will attend and exhibit at Critical Communications World 2023 ("CCW") May 23-25 at the Helsinki Expo and Convention Centre in Helsinki, Finland.
Marc Seelenfreund, Founder and CEO of Siyata, commented, "We aim to become a premier, global provider of PTT solutions and are building out a robust ecosystem of distributors, partners and manufacturers to support this goal. Sales of SD7, our powerful push-to-talk (PTT) communications solution, are beginning to accelerate, particularly in Europe, and CCW is an excellent venue for us to showcase our solutions, increase brand awareness and attract potential buyers."
CCW is a conference and expo that brings together mission-critical and business-critical end-users with manufacturers and suppliers for three days of inspiration, knowledge and connections. At its heart, CCW is a global networking hub, allowing visitors to view the latest technology and forge new business relationships with partners from across the globe.
About Critical Communications World
Serving the sector for more than 20 years. CCW unites mission-critical and business-critical end-users with manufacturers and suppliers for three days of inspiration, knowledge and connections.
CCW 2023 takes place in Helsinki and will bring together host operators from Finland, Denmark, Norway, Sweden, and Estonia, promising to create a unique event.
To learn more, visit:
https://www.critical-communications-world.com/.
Exhibit 99.2 Management Discussion and Analysis as at and for the years ended December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020.
Source
https://www.sec.gov/Archives/edgar/data/1649009/000121390023041260/ea178882ex99-2_siyata.htm
May 19, 2023
Please read the FULL REPORT at:
https://www.sec.gov/Archives/edgar/data/1649009/000121390023041260/ea178882ex99-2_siyata.htm
Exhibit 99.1 Consolidated Financial Statements as at and for the years ended December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020
Source
https://www.sec.gov/Archives/edgar/data/1649009/000121390023041260/ea178882ex99-1_siyata.htm
May 19, 2023
Please read the FULL REPORT at:
https://www.sec.gov/Archives/edgar/data/1649009/000121390023041260/ea178882ex99-1_siyata.htm
FORM 20-F/A
Source
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001649009/000121390023041221/f20f2022a1_siyatamobile.htm
May 18, 2023
EXPLANATORY NOTE
This Amendment on Form 20-F/A is being filed by Siyata Mobile Inc. as Amendment No. 1 to its annual report on Form 20-F for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission on May 15, 2023. The purpose of this Amendment is to correct a number of typographical and syntax errors, and to include in this filing the iXBRL files with the EDGAR files. These errors are not material to the financial statements for the year ended December 31, 2022. Accordingly, the financial statements included herein are not considered to be a restatement of the Company’s financial statements for such periods.
The Company has updated the disclosure contained in this Amendment to its annual report on Form 20-F to replace the financial data with the revised financial data, and to make related textual changes. The Company has made no other material changes to its report, and the disclosure in the report has not been updated to reflect events that have occurred since May 15, 2023, the date on which the Company originally filed its annual report on Form 20-F. Accordingly, except as expressly modified to reflect the non-material changes contained herein, the annual report, as amended by this Amendment No. 1, continues to speak only as of May 15, 2023, the date on which the annual report on Form 20-F was originally filed.
Please read the FULL REPORT at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001649009/000121390023041221/f20f2022a1_siyatamobile.htm
WiMi Hologram Cloud Develops A Dynamic Gesture Interaction System Based on Image Processing.
Source
https://finance.yahoo.com/news/wimi-hologram-cloud-develops-dynamic-120000644.html
May 18, 2023
WiMi Hologram Cloud Inc. (NASDAQ: WIMI), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced the development of an image processing-based dynamic gesture interaction system. The system is based on multi-touch detection and localization algorithm and gesture tracking and recognition algorithm. The algorithm uses optical multi-touch technology, digital image processing technology, and gesture tracking and recognition technology. The system realizes multi-touch positioning and gesture recognition and is a human-computer interaction system that can steadily, quickly, and accurately acquire multi-touch coordinate information and track and recognize user gestures in real time. It integrates image processing and gesture recognition to achieve efficient HCI.
Image processing refers to digital image processing, which uses computers to accurately interpret images and fully simulate the functions of the human visual system. The interactive touch system based on image processing includes multi-touch detection and positioning module, a multi-touch digital image processing module, and multi-touch gesture tracking and recognition module. Digital image processing includes image transformation, coding and compression, enhancement and recovery, segmentation, description, and classification. The techniques used in the system include image denoising, image feature extraction, edge detection, and algorithms related to motion tracking.
Gesture recognition is an essential 3D interaction tool for virtual environment interaction, and its key technologies are gesture segmentation, gesture analysis, and gesture recognition. The recognition process includes the gesture's motion trajectory and the hand's movement. Gesture recognition aims to recognize human gestures through mathematical algorithms to determine the user's intention. Dynamic gesture recognition is based on a series of continuous hand activities, including hand rotation, shape changes, and motion trajectories.
HCI technology realizes the information exchange between humans and computers, including human-to-computer and computer-to-human information exchange, which is a two-way information exchange process. HCI is developing from the direction of humans adapting to the working way of computers to the direction of computers adapting to the way of human behavior. In terms of interaction, the ideal interaction should be that the user can manipulate the computer freely and directly without using intermediate media and expressions. The gesture is a kind of interaction that conforms to human daily habits and is a very natural and intuitive way of communication. With the increase in computer processing power and the emergence of diverse computing tasks, the role of gestures in human-computer interaction is becoming more apparent.
WiMi's dynamic gesture interaction system uses gestures directly as input devices for computers, eliminating the intermediate medium in traditional HCI. Users can realize simple and direct interactions with the computer. Undoubtedly, this will be a future development trend, and the system has a wide range of application prospects in robotics, games, virtual reality, and other fields.
WIMI (NASDAQ: WIMI) launched a 3D-CNN-based hologram classification algorithm.
Source
https://t.cj.sina.com.cn/articles/view/1747383115/6826f34b020018pra?from=tech
May 18, 2023
A hologram is a holographic interferogram that records an object. It has very rich optical information and can reconstruct the three-dimensional structure of the object at different angles. It has the characteristics of high pixel density, wide field of view, and deep depth of field. Due to its high similarity to the three-dimensionality of real objects, it is widely used in many fields, including medical imaging, material science, and three-dimensional display technology. Hologram classification is an important technology to extract objects and information in holograms, which can be used to judge the type or state of objects.
It is reported that WIMI (NASDAQ: WIMI) has developed a three-dimensional convolutional neural network (3D-CNN) hologram classification algorithm based on deep learning technology, which uses convolutional neural network technology and computer vision to build a classifier. A technique to classify objects in a hologram. Using a three-dimensional holographic image as input, it captures the shape and spatial characteristics of the target more accurately, extracts feature information through operations such as convolutional layers, pooling layers, and fully connected layers, and screens and optimizes them layer by layer to achieve three-dimensional Fast and accurate automatic identification and classification of objects.
3D-CNN can efficiently extract 3D features at multiple resolutions and combine them to improve classification performance. When training the model, the labeled hologram is used for supervised learning, and the model parameters are optimized through the backpropagation algorithm. The hologram classification technology based on 3D-CNN takes advantage of deep learning to realize fast and accurate classification of holograms by training the neural network model, which provides important technical support for object recognition.
The implementation steps of the algorithm technology include:
- first, feature extraction and preprocessing of the hologram, and transform it into three-dimensional tensor data;
- then, use 3D-CNN to train and learn the features of the hologram, and extract its high-level semantics features;
- finally, a classifier is used to classify the obtained features to realize automatic classification of holograms.
WIMI's 3D-CNN-based hologram classification technology can adapt to the particularity of holograms and better handle the three-dimensional information and wavefront information of holograms. It uses deep neural networks to extract more feature information, thereby Achieve higher accuracy classification. 3D-CNN can use GPU for efficient parallel computing, high training efficiency, and expands with the increase of data size, can process more data and obtain better classification results.
The hologram classification algorithm based on 3D-CNN has wide application and development prospects in many fields. At the same time, its technical principles can also be applied to the classification or processing of other 3D images, which has good promotion value. At present, hologram classification technology based on 3D-CNN has been widely used in the fields of automatic driving, medical image diagnosis, intelligent security, virtual reality and so on.
In automatic driving, hologram classification can identify objects such as vehicles, pedestrians, and traffic lights on the road, thereby helping automatic driving decision-making and realizing functions such as vehicle automatic driving, safety detection, and path planning.
In medical image diagnosis, hologram classification can analyze and diagnose medical images, help doctors make a diagnosis quickly and accurately, and improve the work efficiency of doctors.
In intelligent security, 3D-CNN-based hologram classification technology can be used for character recognition, behavior analysis, etc., to improve monitoring effects and early warning capabilities.
In virtual reality, hologram classification can realize object recognition in the virtual world, thereby enhancing the realism and interactivity of virtual reality.
With the continuous development and deepening of artificial intelligence technology, the application field of hologram classification technology based on 3D-CNN will continue to expand, and its application in intelligent transportation, intelligent medical care, intelligent security, virtual reality and other fields will bring more More convenience and innovation.
However, there are also some challenges in the 3D-CNN-based hologram classification algorithm technology. It faces problems such as difficult data acquisition, high computational complexity, and model parameter optimization, and requires continuous exploration and research on solutions. In the future, WIMI will further study how to improve the performance and efficiency of 3D-CNN-based hologram classification algorithm technology, and continue to expand its application scenarios.
WiMi Hologram Cloud Builds A 3D Computer Vision-based HCI System.
Source
https://finance.yahoo.com/news/wimi-hologram-cloud-builds-3d-120000863.html
May 17, 2023
WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced the development of a computer vision-based 3D human-computer interaction system. With the help of VR technology, it builds a natural and intuitive 3D interaction environment and presents a 3D user interface. It provides a unified and human-centered interface for users and improves the naturalness and efficiency of HCI.
In a 3D HCI system, vision is the effective input modality. Computer vision is an AI technology that guides the system and interacts with the visual world, recognizing objects from the acquired inputs and providing the final result. Tasks such as acquiring, transforming, and analyzing digital images are included in computer vision to assist humans with recognition tasks and enable interactions. They are evaluated based on training data sets. The technology allows for greater and richer forms of information exchange for human-machine communication and helps to exploit the different cognitive potentials of humans and machines concerning each other.
The primary functions of WiMi's 3D HCI system include human contour extraction, human behavior detection, and 3D HCI in a VR environment. Among them, human contour extraction is the first step of human behavior recognition, and whether the human contour can be extracted accurately directly affects the efficiency of human recognition. Human behavior detection is the key to HCI, and whether the computer can accurately understand human behavior is related to the regular operation of the system. The 3D HCI in VR uses static human action to interact with the virtual reality system.
The determined interaction information is sent to the VR system through image acquisition, image pre-processing, motion target recognition, interaction behavior detection, and other processing. The VR system provides the user with a manipulable 3D environment so that users can feel they are using motion to operate the system. Using human behavior for HCI is also the most direct and convenient way of interaction.
HCI in virtual reality has become closer to people's lives. Its unique features of immersion, realism, and interactivity enable people to be immersed in it and form a computer application environment with interactive functions. In this case, WiMi's computer vision-based 3D HCI system should have broad application prospects in security monitoring, entertainment games, and other fields.
WIMI (NASDAQ: WIMI) creates optical scanning hologram numerical reconstruction three-dimensional image technology.
Source
https://cj.sina.com.cn/articles/view/7651844612/1c815e20402001gfay?from=finance
May 17, 2023
With the development of computer technology, digital signal processing algorithms have been continuously optimized and improved, such as GPU-based efficient algorithms, multi-level parallel processing, etc., which have greatly improved the reconstruction speed of holographic images. Holographic three-dimensional imaging technology has gradually been widely used in medicine, biological science, material science, physics and other fields due to its unique advantages, such as beam navigation, optical micro-imaging, high-resolution micro-imaging, etc.
It is understood that the research and development team of WIMI has developed digital holography and three-dimensional imaging technology, which is a technology that uses laser technology, digital signal processing and other technical means. A new technology for 3D image detection, analysis, recognition and display. It calculates the three-dimensional structure of the object by recording the amplitude and phase of the object in the interference pattern of the object and the reference wave, then uses digital signal processing to convert the interference pattern into a holographic image, and then converts the holographic image into a three-dimensional image through numerical reconstruction processing technology image, so as to realize the three-dimensional image reconstruction of the object.
The basic principle of numerical reconstruction of three-dimensional stereoscopic image by optical scanning hologram developed by WIMI involves optics, interferometry and digital image processing technology. Its technical process includes hologram recording, digital hologram, calculation of reverse transfer function, digital image processing, reconstruction of hologram, etc. Through these steps, a three-dimensional image with high fidelity and realistic feeling can be obtained, which is helpful to better study and display the shape and structure information of the object.
hologram recording
A laser source is used to generate a coherent beam of light, which is then passed through an object, causing the beam to scatter or reflect. The scattered or reflected light is then optically interfered with a reference beam to form an optical hologram.
digital hologram
Digitally scan the optical hologram, and convert the optical hologram into digital information through digital processing. The digitized holographic image is represented by an array of pixels (dot matrix), and the gray value of each pixel is proportional to the density of the ink sheet.
Calculate the back transfer function
Using computer algorithms to calculate the object information stored in the hologram, this process is called calculating the reverse transfer function. The back transfer function refers to the algorithm that derives the original object field from the hologram. The three-dimensional shape information of the object is obtained, that is, the position coordinates of each point in space and the shape of the object.
digital image processing
In the process of digital image processing, it is necessary to pre-process the digital hologram, such as enhancing contrast, reducing noise, etc., in order to improve the quality of the final reconstructed image.
Three-dimensional reconstruction
The processed hologram is converted into a three-dimensional image through a computer algorithm, thereby completing the process of image reconstruction. A technique based on the principle of diffraction, based on the interaction of the calculated inverse transfer function with the wavefront generated by the light source, resulting in a three-dimensional stereoscopic image.
render image
Use computer graphics algorithms to render three-dimensional stereoscopic images into realistic images. The physical properties of light, such as shadows and reflections, can be simulated during rendering.
WIMI's optical scanning hologram numerical reconstruction three-dimensional image technology has a very high resolution and can achieve microscopic imaging. Moreover, the visualization effect is good, not only can intuitively present the three-dimensional shape of the object, but also provide information about the optical properties of the object, which will provide a powerful tool for scientific research. It will be widely used in biology, medicine, material science and other fields, such as three-dimensional microscopic imaging, medical imaging diagnosis, quantitative analysis and quality inspection of materials, etc.
With the increasing demand for 3D information, the 3D imaging technology represented by optical scanning hologram numerical reconstruction technology will gradually become an important basis for 3D vision, AR/VR and other fields. Therefore, the application prospect of this technology will also show a trend of becoming more and more extensive. On the one hand, with the continuous advancement of science and technology, the emergence of new technologies will provide a broad space for the continuous improvement of the technology. At the same time, the technology itself has many fields that can be further cultivated, such as 3D super-resolution microscopic imaging, 3D surface measurement, 3D printing, etc., which have great application potential.
WiMi Hologram Cloud Obtained Several Holographic Brain-Computer Interface-Related Patents.
Source
https://finance.yahoo.com/news/wimi-hologram-cloud-obtained-several-120000334.html
May 16, 2023
WiMi Hologram Cloud Inc. (NASDAQ: WIMI), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it had been granted three patents related to holographic BCI. They are A Protective Structure for Holographic BCI, An Angle-Adjustable Holographic BCI Device, and A Holographic Brain-controlled Robot System.
The protective structure of the holographic BCI includes a protective box sited on the holographic BCI. The said protective box consists of two hemispherical shells. The bottom of the two hemispherical shells are rotated and installed close to each other, the bottom is fixedly connected with the first support block, and the bottom wall of the hemispherical shell is fixedly connected with the rubber support block. With the two hemispherical shells, the utility model technology fully protects the holographic BCI from dust. The first splint, the second splint, and two rubber support blocks together can stably clamp holographic BCI of different specifications in the shell. This reduces the risk of damage caused by collision during carrying and makes it easy to take out the holographic brain interface quickly.
The angle-adjustable holographic BCI device includes a body and a wiring socket on the body. A plurality of flexible wires connects the wiring socket to the body. The top of the body is fixedly connected with a return socket. The flexible wires are located in the return socket. The return socket is provided with a multi-angle adjustment mechanism. It includes a rectangular groove on the return socket's left inner wall, with an opening at the top. A rotating shaft is connected to the bottom inner wall of the rectangular groove, and a turntable is fixedly connected to the top of the rotating shaft. This mechanism allows for quick adjustment of the tilt angle and rotation angle of the wiring socket, improving connection accuracy and meeting usage requirements.
The main body of the holographic brain-controlled robot system includes a robot and a wearable helmet-type BCI device. The BCI device has a rectangular card block and a quick-fit cushioned shield mechanism fixedly attached to the top of the device. The right side of the rectangular card block is provided with a slot with openings on both the front and rear sides. The quick-fit cushion shield mechanism is equipped with an arc-shaped plate in active contact with the top of the device, and an arc-shaped shield is provided above the plate. The patented technology has a cushioning shield around the top of the wearable helmet-type brain machine equipment, which can reduce the risk of impact damage to the top. In the subsequent equipment maintenance, users can quickly and easily disassemble the cushion shield mechanism.
BCI is a new communication and control technology between the brain and computers or other electronic devices that do not rely on conventional brain information output pathways (peripheral nerve and muscle tissue). BCI is one of the most active research directions in the field of neural engineering. It is a control system that does not rely on the standard output channels of the peripheral nerves and muscles of the brain. It establishes a direct communication and control channel between the human brain and the computer by collecting and analyzing bioelectrical signals from the human brain. This allows people to express their will or manipulate a device directly through the brain without speaking.
BCI has significant advantages in medical care and broad application prospects in education, artificial intelligence, and entertainment.
According to research institutions, its market size will reach $2.5 billion in 5 years purely from the dimension of devices (EEG/EMG). In several technology areas that BCI will profoundly affect, the market size will reach hundreds of billions of dollars in 5 years. For example, 46 billion dollars in market size in ADHD BCI feedback therapy, 12 billion dollars in brain detection systems, 250 billion dollars in education, and 120 billion dollars in the game industry.
For example, in entertainment, BCI technology is up-and-coming. It can be combined with VR. Without additional peripheral control devices, users can directly control the characters in the game through their minds for a more immersive gaming experience.
WiMi plans to use its existing VR and holographic AR technologies to research and develop a BCI gaming system to help game users gain a more realistic and immersive experience. Overlaying digital content in the real world can "seamlessly" integrate real-world information with virtual-world information. The system applies the virtual knowledge to the real world by simulating and then superimposing the physical information (visual information, sound, taste, touch, etc.) that is difficult to experience within the limited scope of the natural world through technology. The human senses can perceive and gain a sensory experience beyond reality: the natural environment and virtual objects are superimposed on the same image or space in real time.
BCI research has a broad future. It will not only enhance people's understanding of themself but also change the way of life of human beings. As a new way of control and communication, BCI can also be applied to the broader field of brain-computer fusion. With the continuous improvement of technology and the efforts of multidisciplinary integration, BCI will indeed be gradually applied to reality for the benefit of human beings.
Striving to set sail for Jinhong and unleash wisdom?Chinasoft International joined hands with Shenzhen Kaihong to appear at the 7th World Intelligence Conference.
Source
https://www.chinasofti.com/news/2634.htm
May 18, 2023
.....https://www.chinasofti.com/news/2634.htm
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Academician Ni Guangnan and Shenkaihong CEO Wang Chenglu were invited to Tianjin Port for discussion and exchange, and discussed the new achievements of "Jinhong".
Source
https://www.chinasofti.com/news/2636.htm
May 17, 2023
.....https://www.chinasofti.com/news/2636.htm
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Chinasoft International attended the Huawei Asia Pacific Partner Conference 2023 and participated in the release of the Asia Pacific Partner Alliance!
Source
https://www.chinasofti.com/news/2637.htm
May 19, 2023
.....https://www.chinasofti.com/news/2637.htm
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Chinasoft International and Shenzhen Kaihong joined hands with Tianjin to build the "Jinhong" platform and application scenarios for the first release of the urban intelligent network operating system.
Source
https://www.chinasofti.com/news/2639.htm
May 19, 2023
.....https://www.chinasofti.com/news/2639.htm
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On 516, start again from Xibaipo—the seventh training camp of ChinaSoft International's "Cloud Legion Lecture Hall" was successfully concluded in Xibaipo, Hebei.
Source
https://www.chinasofti.com/news/2640.htm
May 19, 2023
.....https://www.chinasofti.com/news/2640.htm
The 7th World Intelligence Conference is about to kick off. Chinasoft International invites you to Jinmen Zhilian.
Source
https://www.chinasofti.com/news/2628.htm
May 16, 2023
.....https://www.chinasofti.com/news/2628.htm
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Case sharing|Chinasoft International X Zhangjiagang: jointly build a "fine and beautiful" county-level smart city benchmark.
Source
https://www.chinasofti.com/news/2629.htm
May 16, 2023
.....https://www.chinasofti.com/news/2629.htm
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Chinasoft International & Shenzhen Kaihong Exhibitor Guide?The 7th World Intelligence Conference.
Source
https://www.chinasofti.com/news/2630.htm
May 17, 2023
.....https://www.chinasofti.com/news/2630.htm
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Jiefang number escorts Yubei District of Chongqing to build a "smart city brain".
Source
https://www.chinasofti.com/news/2632.htm
May 17, 2023
.....https://www.chinasofti.com/news/2632.htm
Siyata Expands Global Distribution of Next-Generation Push-to-Talk Mobile Device in the Netherlands.
Source
https://finance.yahoo.com/news/siyata-expands-global-distribution-next-120000498.html
May 17, 2023
Siyata Mobile Inc. (NASDAQ:SYTA)(NASDAQ:SYTAW), a global provider of innovative Push-to-Talk over Cellular ("PoC") and cellular signal booster solutions, today announced it has signed a distribution agreement for its next-generation MCPTT (mission critical push-to-talk) solution with KPN Royal Dutch Telecom, a leading telecommunications and IT provider in the Netherlands.
The SD7 handsets and related accessories are now being offered by KPN with its KPN PTT service to medium and large government and enterprise clients.
"This distribution agreement expands the reach of our SD7 handset through wireless carriers to a new geographic region and opens new opportunities for growth," said Marc Seelenfreund, Siyata CEO. "Aligning with quality wireless carriers is an important aspect of our growth strategy. As an innovator and telecommunications leader in the Netherlands and one of the largest wireless carriers in Europe, KPN has extensive experience in the push-to-talk technology space and is highly focused on offering the best solutions for its customers. We are eager to leverage their established channels to provide more end users with our powerful MCPTT solution."
The SD7 enables push-to-talk communications for first responders and enterprise clients in a simple easy-to-use rugged Android based Push-To-Talk (PTT) handset with excellent sound quality that operates over the high bandwidth 4G LTE network, providing consistent connectivity across the nation and internationally. Its IP68 rating, resistance to water and dust, drop protection, and robust battery make it well suited for use in harsh environments. Importantly, there is no need to invest in infrastructure such as radio towers or repeaters, and the SD7 handset allows first responders as well as secondary support personnel to quickly connect and coordinate on unified public cellular networks in international markets as well as in North America.
Users of the SD7 handset can initiate and receive talk-group calls, receive private calls, notify others of emergencies, and report locations, all actions ideally tailored for mission critical purposes.
Siyata Mobile Announces Fourth Quarter and Full-Year 2022 Financial Results.
Source
https://finance.yahoo.com/news/siyata-mobile-announces-fourth-quarter-120000965.html
May 16, 2023
- Q4 Revenue of $2.1M million, up 9% year-over-year
- Q1 2023 results to be reported after the Nasdaq close on May 24
- Company to host conference call at 8 a.m. ET on Thursday, May 25
Siyata Mobile Inc. (NASDAQ:SYTA)(NASDAQ:SYTAW), a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, announced its financial results for the three and twelve months ended December 31, 2022. All amounts are in US dollars unless otherwise indicated.
"We delivered top-line growth of 9% in the fourth quarter of 2022 on strengthening sales of our mission-critical PoC (MCPTT) SD7 solution," said Marc Seelenfreund, Founder and CEO of Siyata. "Following the successful launch of our SD7 mid-year, total sales for the devices and related accessories exceeded $3 million in the second half of 2022. Recent orders in multiple verticals and particularly in the large-scale education vertical demonstrate the growing adoption of our solutions. Importantly, we are establishing ourselves in new markets beyond our core of first responders and emergency personnel with new distribution channels, particularly in North America, that we believe will drive our business to an inflection point as volumes continue to increase. Our pipeline of new opportunities continues to grow, and we expect the impact of the progress we are making will be more evident in our financial results in 2023."
Seelenfreund continued, "In 2022, we significantly expanded our distribution platform by establishing partnerships with leading North American cellular carriers, including AT&T, FirstNet, Verizon, Bell and US Cellular. Since then, we have also added T-Mobile and a leading two-way radio distributor to our growing list of channel partners. Establishing these channels lays important groundwork for driving growth in 2023 and beyond. To support anticipated growth, we secured $3.6 million in additional financing through the sale of warrants and entered into an accounts receivable factoring facility subsequent to year-end. We are going after a multi billion dollar market opportunity and believe that we are well positioned to become a market leader in the Push to Talk Over Cellular arena."
Key financial highlights for the 12 months ended December 31, 2022:
- Revenues were $6.5 million compared to $7.5 million for the 12 months ended December 31, 2021.
- Net loss was $15.3 million as compared to a net loss of $23.6 million, which includes $5.6 million of impairment of goodwill and intangibles, in the same period in the prior year.
- Adjusted EBITDA was ($12.6) million versus ($12.4) million in the prior year.
Key financial highlights for the three months ended December 31, 2022:
- Revenues were $2.1 million compared to $1.9 million for the three months ended December 31, 2021. This increase of $174,000, or 9%, was due mainly to sales of the SD7 in Q4 2022 of $985,000, offset by the decrease in sales of the legacy products and boosters of $811,000.
- Net loss was $6.6 million as compared to a net loss of $5.0 million in the same period in the prior year.
- Adjusted EBITDA was negative $5.0 million versus negative $2.7 million in the same period in the prior year.
Liquidity and Capital Resources
- As of December 31, 2022, the Company had a cash balance of $1.9 million and working capital of $1.6 million compared to $1.6 million and ($669,000), respectively, as of December 31, 2021.
- As of December 31, 2022, the Company had zero debt compared to $7,200,000 of face-value promissory notes as of December 31, 2021.
Earnings Release and Conference Call Details
- The Company plans to report results for the three months ended March 31, 2023 after the market close on Wednesday, May 24, 2023.
- The Company will host a conference call at 8 a.m. ET on Thursday, May 25, 2023 to discuss its fourth quarter and full year 2022 and its first quarter 2023 financial results. Following management's formal remarks there will be a question-and-answer session.
Date: Thursday, May 25, 2023
Time: 8 a.m. Eastern Time/5 a.m. Pacific Time
Conference ID number: 96645139
North America dial-in number: +1 (416) 764-8658
International toll-free dial-in number: +1 (888) 886-7786
There will also be a playback of the conference call, available in MP3 format by contacting investor relations below.
To continue please read the FULL REPORT at:
https://finance.yahoo.com/news/siyata-mobile-announces-fourth-quarter-120000965.html
20-F - Annual and transition report of foreign private issuers [Sections 13 or 15(d)].
Source
https://www.sec.gov/Archives/edgar/data/1649009/000121390023040009/f20f2022_siyatamobile.htm
May 15, 2023
Please read the FULL REPORT at:
https://www.sec.gov/Archives/edgar/data/1649009/000121390023040009/f20f2022_siyatamobile.htm
WIMI (NASDAQ: WIMI) develops a log analysis framework for self-driving car test drives.
Source
https://finance.sina.com.cn/tech/roll/2023-05-12/doc-imytperx0170251.shtml
May 12, 2023
The autonomous vehicle (AV) industry is growing rapidly due to improvements in artificial intelligence (AI) technology based on sensing devices. So far, self-driving cars from as many as dozens of companies are driving on real roads for safety and performance testing. Some of them have driven tens of millions of miles, and even billions of miles in simulation. These car markets contain a large number of data sets, including all sensor data and vehicle driving information, which can be used for deep learning and provided for autonomous driving learning. These datasets include not only the vehicle's position, velocity, acceleration, but also image information obtained from cameras, light detection and ranging (LiDAR) sensors, and GPS. The information is very detailed, including not only the own vehicle, but also the information of the surrounding environment of the vehicle, which is very useful for analyzing autonomous driving problems. However, this data is so large that it takes up a lot of storage space and is difficult to analyze. Therefore, there are difficulties in testing various environments.
Based on this, WIMI (NASDAQ: WIMI) has developed a log analysis framework for autonomous vehicle test drives. Based on a formally-specified logging architecture, the framework can organize logs hierarchically, find out the prior relationships between them, and detect algorithmic or implementation errors. Vehicle logs are an essential source for detecting and analyzing events during driving. However, a set of dumped logs is usually mixed and fragmented because they are generated simultaneously by many modules such as sensors, actuators, and programs. This makes it difficult to analyze them for potential errors that may occur due to the complex chain reaction between these modules. In order to solve this problem, WIMI Hologram proposes a logging architecture based on formal specifications, and organizes the logs hierarchically to find out the prior relationship between them. Algorithmic or implementation errors are detected by examining posterior relationships, while metamorphic tests are employed to quantitatively verify formal specifications to uncover potential conflicts that may exist.
According to the information, the system is a log analysis framework for self-driving car test drives, designed to help discover potential errors that may be caused by complex chain reactions between different modules. A major component of the framework is a formal specification-based logging architecture that organizes logs hierarchically to find out their relationships. By examining these relationships, algorithmic or implementation errors can be detected.
However, testing under certain parameters does not necessarily trigger a potential conflict on the relationship. To remedy this shortcoming, the framework employs metamorphic testing to quantitatively verify the formal specification. This can help locate relationship conflicts and help improve the system. In order to verify the effectiveness of the system, the researchers constructed two experimental environments. One experimental environment is based on simulated driving tests, and the other experimental environment is based on driving log analysis techniques of actual vehicles. Both test environments used the implemented autonomous driving system to evaluate the performance and feasibility of the framework.
At present, the log analysis system of WIMI (NASDAQ:WIMI) self-driving car test drive is a logging framework based on formal specifications, which aims to detect and analyze the basic source of events during driving through the analysis of logs.
The technical logic of the system mainly includes the following steps:
Data collection and preprocessing:
First, the system needs to collect data from various sensors of the self-driving car. These data include the vehicle's position, velocity, attitude, acceleration, sensor data, etc. Since vehicle logs are usually mixed and fragmented since they are generated simultaneously by many modules (such as sensors, actuators, and programs), preprocessing is required for the next step of analysis.
Hierarchical organization of logs:
The system organizes the collected data hierarchically according to formal specifications. This specification includes the formal description of vehicle and environmental parameters, traffic regulations, control algorithms, and the formal definition of the execution process. Through this hierarchical organization, a priori relationship between data can be found, and then algorithm or implementation errors can be detected in subsequent analysis.
Posterior relation detection:
The system detects algorithmic or implementation errors by examining the posterior relation. By analyzing hierarchically organized logs, the system can find a posteriori relationships and detect potential errors by comparing expected and actual outcomes. If there are bugs, the bugs need to be fixed and retested and validated.
Metamorphic tests:
tests performed in the case of certain parameters (so-called oracle tests) do not necessarily trigger potential conflicts on relationships. In systems, this is remedied by employing metamorphic tests to quantitatively verify the formal specification. Variation testing is a systematic approach to varying input data to test the behavior of a system under different conditions. With this approach, the system can more fully verify its formal specification and discover potential errors and flaws.
Application example:
Finally, the market application of the system is mainly for test driving and testing of autonomous vehicles. By using the system, developers can gain a more complete understanding of how autonomous vehicles behave under different conditions and detect potential errors and flaws. This can greatly improve the safety and performance of self-driving cars and promote the development of self-driving car technology.
It can be said that WIMI Hologram provides a novel method to analyze the logs generated during the test drive of self-driving cars and help to find possible errors. It uses advanced logging techniques and testing methods to provide useful tools and techniques for those developing self-driving cars.
For the large amount of data generated when self-driving cars are tested in a real road environment, it needs to be coordinated and analyzed through a certain technical framework. Among them, the key technologies include data acquisition, data storage, data preprocessing, data analysis, etc. First of all, data acquisition requires the acquisition of vehicle driving data through a variety of sensors, including visual sensors, lidar, millimeter-wave radar, inertial navigation systems, etc., to obtain information about the surrounding environment of the vehicle and the state of the vehicle. Second, data storage requires efficient storage and management of acquired data. Distributed file systems and database technologies are usually used to ensure high reliability and scalability of data. At the same time, the data needs to be stored in a certain format to facilitate subsequent data preprocessing and analysis.
Data preprocessing includes data cleaning, denoising and feature extraction. In autonomous vehicle testing, the acquired data is noisy because sensors may be disturbed by various factors. Therefore, it is necessary to denoise the data to ensure the accuracy of subsequent data analysis and visualization. In addition, through feature extraction, key information in the data can be extracted for subsequent data analysis. Data analysis requires the analysis of data through techniques such as machine learning and deep learning. Among them, analysis methods based on statistics, methods based on machine learning and methods based on deep learning are included. Through data analysis, evaluation results on the performance and safety of self-driving cars can be obtained, as well as optimization suggestions. Through the realization of the above technical logic, the test data of self-driving cars can be coordinated and analyzed in an all-round way to provide support for the performance and safety of self-driving cars.
Self-driving cars are an important part of future transportation, and their market prospects are huge. According to market research firm forecasts, by 2025, the global autonomous vehicle market will exceed $200 billion. At present, self-driving car technology has received extensive attention from many automakers and technology companies, including Tesla, Google, Uber, etc. These companies are constantly advancing their self-driving car technology and investing heavily in research and development. WIMI (NASDAQ: WIMI) will also continue to promote the development of software and data analysis technology related to self-driving cars, making contributions to the development of the industry. greater contribution.
Leading the new breakthrough of global light field display technology, WIMI has consolidated the "technical foundation" with technological innovation.
Source
https://t.cj.sina.com.cn/articles/view/1765776051/693f9ab30200119vx?from=tech
May 12, 2023
As we all know, Metaverse, as an integrated innovation and integrated application integrating Internet, big data, cloud computing, artificial intelligence, blockchain, virtual reality (VR), augmented reality (AR) and other technologies, is developing rapidly. At present, technology giants such as META, Sony, and Samsung are successively releasing related VR/AR terminal products. At the same time, the rise of the metaverse industry has also promoted the progress of light field display (holographic projection) and VR/AR near-eye display technology.
Principle and Prospect of Light Field Display Technology
According to the definition, a light field is a complete representation of a collection of light rays in space. Collecting and displaying a light field can visually reproduce the real world, and describes the collection of light rays centered on the human eye. The light field display is to show the light in all directions of the optical scene, including the light emitted at various distances, so it is also called a holographic display.
The research on light field technology is mainly divided into two aspects, including light field acquisition and light field display. The light field acquisition technology is relatively more mature, and has basically reached the level where it can be used in some To B fields. Light field collection is mainly to provide 3D digital content. One collection can be popularized and used. This does not require individual consumers to complete it, and it is generally completed by a team. Therefore, the hardware cost, volume, and power consumption of the light field acquisition system are more acceptable.
In contrast, light field display is a To C product, and individual users are extremely picky in terms of cost, volume, power consumption, and comfort. The development of light field display prototypes has been completed in many universities and scientific research institutions. On the road to commercialization and practicality, the biggest challenge at present lies in the miniaturization and low power consumption of light field display devices.
Looking at the field of display technology, in recent years, the transformation of display technology has intensified. With the advent of the digital economy era, display technology will surely be deeply integrated with IC, 5G communications, artificial intelligence, and the Internet of Things. The Ministry of Science and Technology has always attached great importance to the innovation and industrialization of display technology, promoted technological innovation in the new display industry, continued to provide technical support for national key research and development plans, and shifted to "leading the global display" technology development.
Global industry giants are stepping up their layout
Undoubtedly, light field display technology is the next-generation display technology that is currently attracting attention, and can be widely used in exhibitions, education, medical/health, industrial design and architecture, entertainment media, and metaverse digital asset visualization. Although light field display technology is still a cutting-edge technology that is still being explored globally, global industry giants are stepping up their deployment.
Previously, Google (GOOGL.US) announced at the 2021 I/O conference that it is developing the "Starline project" that combines light field hardware and software. Starline uses 3D imaging to capture users, real-time data compression to pass real-time There is a network to transmit a large amount of result data, and it is possible to create a face-to-face experience with real people without additional depth-sensing equipment. Near-eye light field display glasses released by Nvidia (NVDA.US), and light field VR helmets being developed by Douglas Lanman team of Oculus under Meta (META.US).
In addition, it is reported that WIMI, as a leading company that has been cultivating light field display technology for many years, has always adhered to the development and forward-looking research vision, insisted on technological innovation, improved its innovative research and development capabilities, and enhanced its technical reserves. At the same time, the content ecological layout has been improved, and benchmark cooperation cases and content ecological partners have been established in multiple industries. WIMI is committed to empowering the Metaverse field and other industries through self-developed light field display technology and its full-link ecology of products, software, and application development, and accelerating the comprehensive development of the digital economy.
At present, WIMI's light field display technology can make the display interface itself have a sense of depth and three-dimensionality, and collect natural light completely and truly. Then, through a special optical display structure (micro-projection array, micro-lens array, micro-mirror array and other specific solutions), each beam of light is projected in a predetermined direction to simulate real natural light, so as to achieve a real depth of field effect. virtual image. It is reported that WIMI can perform with real people and virtual people at the same time through the light field display technology, and realize the interaction with the audience from multiple angles.
Continue to develop cutting-edge technology, WIMI holographic light field display technology empowers technological innovation, products have broad application prospects in advertising media, exhibitions, digital people, smart cities and many other scenarios, which is very in line with WIMI holographic hard technology The investment logic of empowering large industries. At the same time, the R&D team of WIMI has all kinds of talents from well-known universities, focusing on the research of 3D display technology and light field holographic display technology, constantly breaking through key process technologies and promoting product applications, which has further enhanced the technical strength of WIMI. It can be expected that WIMI will continue to improve product performance, dig deep into industry needs, and better apply technology to all walks of life.
epilogue
According to industry analysts, the light field naked-eye 3D industry will also usher in a new round of blowout development. Industry reports indicate that the global 3D display market size is expected to reach USD 413.13 billion by 2030, with a CAGR of 19.0% from 2023 to 2030. In this process, opportunities and challenges coexist. WIMI has long been committed to the R&D and application promotion of light field display technology. In the future, it will generate huge commercial value in various vertical industries and is expected to become an industry leader.