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0000829323-23-000020:q12023finalpr.htm
|
0000829323-23-000020
| 829,323
| 829,323
|
Inuvo, Inc. (INUV) (CIK 0000829323)
|
['INUV']
|
8-K
|
8-K
|
2023-05-04
|
2023-05-04
|
001-32442
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-32442&action=getcompany
| 23,889,422
|
EX-99.1
|
EX-99.1
|
2.02,7.01,9.01
|
https://www.sec.gov/Archives/edgar/data/829323/000082932323000020
|
https://www.sec.gov/Archives/edgar/data/829323/000082932323000020/0000829323-23-000020-index.html
|
https://www.sec.gov/Archives/edgar/data/829323/000082932323000020/q12023finalpr.htm
|
EX-99.1 2 q12023finalpr.htm EX-99.1 DocumentInuvo Announces Financial Results for First Quarter of 2023Hosting a Webinar on Friday, May 5, 2023, at 9:00 A.M. Eastern Time; Unveiling New Developments Powered by its Generative AI TechnologyLITTLE ROCK, AR, May 4, 2023 (GLOBE NEWSWIRE) -- Inuvo, Inc. (NYSE American: INUV), a leading provider of marketing technology, powered by artificial intelligence (AI) that serves brands and agencies, today provided a business update, and announced its financial results for the first quarter ended March 31, 2023.Richard Howe, CEO of Inuvo, stated, “The Company had a strong fiscal 2022, growing 26.5% year-over-year to $76.5 million. As expected, and discussed on our March year-end call, we started 2023 lower compared with the prior year because of a softening in demand for advertising and the loss of a client. Nevertheless, we delivered $11.8 million of revenue in the first quarter, a seasonally weaker period. Importantly, we have a strong sales pipeline we look forward to converting over the next few months. We attribute this demand to the growing obsolescence of identity and data technologies in the wake of the cookie’s demise and the superiority of the technology we have now demonstrated across many clients.” Mr. Howe continued, “The launch of ChatGPT and Google Bard this year signals that we have entered the age of artificial intelligence. This category of generative AI is differentiated from all other forms of AI by a language model trained on a large corpus of data. We have invested over $50 million dollars in developing, implementing, and patenting exactly this type of system over many years, which is extremely unique and proprietary to Inuvo. We anticipated this AI future and, as a result, we are well ahead of any AdTech competitors. Tomorrow morning, we will demonstrate how the IntentKey AI can generate marketable audiences, at-will, with unprecedented relevance and without persistent and intrusive consumer tracking, identity or data.”Mr. Howe concluded, “As a technology company at the forefront of artificial intelligence, we continue to make significant advancements to our platform. We have been working aggressively behind the scenes on new initiatives that we believe will transform both the Company and the industry, which we look forward to sharing in the upcoming webinar and press releases.”Financial Results for the Three Months Ended March 31, 2023Net revenue for the first quarter of 2023 totaled $11.8 million, compared to $18.6 million for the same period last year. The lower revenue is due to the loss of a Direct customer in the fourth quarter of last year and a general softening of demand for ad placements across the Internet. Revenue from Indirect clients increased 1% over the same quarter last year.Cost of revenue for the first quarter of 2023, totaled $3.2 million, compared to $8.7 million for the same period last year. The decrease in the cost of revenue for the three months ended March 31, 2023, as compared to the same period last year, was primarily related to the lower revenue in the current quarter. Gross profit for the first quarter of 2023 totaled $8.7 million as compared to $9.9 million for the same period last year. The higher gross margin in the current year quarter, 73.1% compared to 53.5% in the same quarter last year is due to revenue mix, where a greater percent of the revenue this year was from Indirect customers which typically have higher gross margins. Direct client margins also increased in the first quarter versus both the fourth and first quarters in 2022. Operating expenses for the first quarter of 2023 totaled $12.1 million, largely unchanged from the same period last year. Marketing costs for the three months ended March 31, 2023, was relatively flat compared to the same period in 2022 in spite of lower overall revenue. Compensation expense was higher for the three months ended March 31, 2023, compared to the same time period in 2022 due primarily to higher salary expense and commission expense. General and administrative costs for the three months ended March 31, 2023, decreased 8% compared to the same period in 2022 due primarily to lower professional fees and depreciation and amortization expense.Net loss for the first quarter of 2023 was $3.4 million, or $0.03 per basic and diluted share, as compared to net loss of $2.1 million, or $0.02 per basic and diluted share, for the same period last year. Adjusted EBITDA [see reconciliation table below] was a loss of approximately $2.3 million in the first quarter of 2023, compared to an Adjusted EBITDA loss of approximately $703 thousand for the same period last year. Liquidity and Capital Resources:On March 31, 2023, Inuvo had $2.0 million in cash and cash equivalents, $732 thousand of working capital, and a working capital facility of $5.0 million with $593 thousand drawn down.As of March 31, 2023, Inuvo had 121,640,362 common shares issued and outstanding.The Company will host a webinar unveiling new developments powered by its generative AI technology on Friday, May 5, 2023, at 9:00 a.m. Eastern Time.Webinar: Date: May 5, 2023Time: 9:00 am (EDT)Webcast Link: https://zoom.us/webinar/register/WN_EpHm22OrQOWkdZjBNBVhgw#/registrationWebinar Replay: www.inuvo.com/investor/About InuvoInuvo®, Inc. (NYSE American: INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.Safe Harbor / Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Inuvo’s quarter-end financial close process and preparation of financial statements for the quarter that are subject to risks and uncertainties that could cause results to be materially different than expectations. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in Inuvo, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed on March 10, 2023, and our other filings with the SEC. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo’s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information, which appears on our websites and our social media platforms is not part of this press release.Inuvo Company Contact: Wally Ruiz Chief Financial Officer Tel (501) 205-8397 [email protected] Relations:David Waldman / Natalya RudmanCrescendo Communications, LLCTel: (212) [email protected] (Tables follow)Reconciliation of Operating Loss to EBITDA and Adjusted EBITDA We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as Net loss plus (i) interest expense, (ii) depreciation, and (iii) amortization. We further define Adjusted EBITDA as EBITDA plus (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
|
0001120970-24-000048:exhibit991-2024x4x29genmat.htm
|
0001120970-24-000048
| 1,120,970
| 1,120,970
|
Comstock Inc. (LODE) (CIK 0001120970)
|
['LODE']
|
8-K
|
8-K
|
2024-04-30
|
2024-04-25
|
001-35200
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-35200&action=getcompany
| 24,897,558
|
EX-99.1
|
EX-99.1
|
1.01,9.01
|
https://www.sec.gov/Archives/edgar/data/1120970/000112097024000048
|
https://www.sec.gov/Archives/edgar/data/1120970/000112097024000048/0001120970-24-000048-index.html
|
https://www.sec.gov/Archives/edgar/data/1120970/000112097024000048/exhibit991-2024x4x29genmat.htm
|
EX-99.1 3 exhibit991-2024x4x29genmat.htm EX-99.1 DocumentExhibit 99.1COMSTOCK’S PHYSICS-BASED AI INVESTMENT EMERGES FROM STEALTHAchieves Key Technical Milestones; Comstock Realigns Investment to Enable Third Party FinancingVIRGINIA CITY, NEVADA, April 29, 2024 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the realization of a series of key milestones by Comstock’s strategic investee, Quantum Generative Materials LLC (“GenMat”), including commencement of early adopter sales, qualifying GenMat for significant additional financing at increased valuations that capitalizes on broadly increased investment interest in developers of generative artificial intelligence technologies. Comstock and GenMat have accordingly entered into an agreement that realigns existing equity investment agreements while simplifying and positioning GenMat for accelerated growth.Key Highlights•GenMat’s physics-based AI software for high throughput materials discovery is now proven to simulate tens of thousands of new material properties with unique structures at upwards of more than 98% accuracy, dramatically reducing trial and error cycles and accelerating months of development time down to hours.•GenMat is in discussions with several early adopters, including globally recognized stakeholders in high value applications, for commercializing across several industries starting with batteries and semiconductors.•GenMat’s hyperspectral orbital imaging satellite the GENMAT-1 successfully launched into Low Earth Orbit (LEO) and has established continuous contact with GenMat’s proprietary Mission Control Software (MCS).•GenMat developed ready for use generative AI-based software that predicts relevant information pertaining to precious mineral deposits, validated on USGS and Comstock data, and is also currently commercializing.•GenMat’s realization of these and other confidential technical milestones by GenMat’s world-class technical team mark a pivotal moment in GenMat’s evolution from conception to maturity, as GenMat’s technology transitions to a technology readiness level of 6 (prototype demonstration in relevant environments).•Comstock’s prior investment agreements called for a milestone-based investment of $50,000,000 for 50% of GenMat’s fully diluted equity, of which approximately $15,000,000 has now been paid.•Comstock and GenMat have agreed to realign the investment agreement based on GenMat’s significant achievements to date and current strategic, technical, and commercial development plans as follows:oComstock’s previously paid $15,000,000 at a circa-2021 post-money valuation of about $46,000,000, now represents approximately 32% of GenMat’s fully diluted equity;oComstock has committed up to another $25,000,000 over four years at a current post-money valuation of $200,000,000, increasing Comstock’s stake to up to 40% of GenMat’s fully diluted equity, until such time as GenMat accesses outside capital (expected for later this year); and,oComstock’s overall commitment is reduced from $50,000,000 to $40,000,000, with participation and drag-along rights on future financing and liquidity events by GenMat.•Comstock will license GenMat’s technologies on a modified non-exclusive early adopter basis in mining applications and on an exclusive early adopter basis for biofuels development and applications.Maturing RapidlyOpenAI's ChatGPT employs a generative large language model to generate new, valuable information for a wide range of use cases at orders of magnitude faster than what was previously possible. GenMat's AI operates similarly, but instead of generating words and language for a wide range of use cases, it generates new atoms, molecules, and physical systems for a wide range of materials applications, harnessing aspects of humanity's collective knowledge of physics and chemistry combined with proprietary synthetic datasets to discover new materials in an exponentially shorter time than traditional methods have allowed. To put this into perspective, new material discovery typically takes decades and tens to hundreds of millions of dollars. GenMat's AI can simulate tens of thousands of unique new materials in some cases at more than 98% precision and accuracy within just a matter of hours.“GenMat has built an exceptional team, a remarkable data infrastructure and platform, and achieved a series of critical technical milestones and readiness surrounding its physics-based AI, simulation, engineering, and satellite remote sensing technology, remarkably, with less than $15 million to date, and they are now actively commercializing its solutions with sophisticated, industry leading technical, industrial and governmental partners,” said Corrado De Gasperis, Comstock Executive Chairman and Chief Executive Officer. “GenMat’s technologies are maturing much faster than anticipated when we first invested in 2021, qualifying GenMat for significant additional financing at increased valuations that capitalize on broadly increased investment interest in developers of generative AI-based technologies. The realignment and simplification of our investment agreements positions GenMat to accelerate its commercialization and monetization efforts in every way while we retain our rights in the biofuels and mining fields.”Comstock’s operations primarily involve the innovation, development, commercialization, and monetization of intellectual properties and related assets, with teams focused on each core function in dedicated lines of business. Comstock also makes, owns, and manages investments in strategic technology developers to support its businesses, as recently demonstrated with significant realized and unrealized gains in Comstock’s metals investments.Comstock’s investment in GenMat was and remains highly strategic to the expansion and monetization of our mineral estate and the advancements in the production of breakthrough renewable replacements for fossil crude at cost parity.About Quantum Generative Materials LLCQuantum Generative Materials LLC (“GenMat”) was founded in 2021 to develop and commercialize generative artificial intelligence models for the discovery of new materials and minerals. GenMat is a strategic investee of Comstock Inc. (NYSE: LODE), an innovator of technologies that enable systemic decarbonization and net zero circularity. GenMat is expanding the advancement of simulation and manipulation of matter for the discovery and development of new materials and minerals. GenMat has also built next generation physics software libraries that, when coupled with our generative AI, can dramatically accelerate materials development. These libraries and preloaded physics-models are customized, scaling and evolving. To learn more, please visit www.genmat.xyz.About Comstock Inc.Comstock Inc. (NYSE: LODE) commercializes innovative technologies that contribute to global decarbonization by efficiently converting under-utilized natural resources, primarily, woody biomass into net zero renewable fuels, end-of- life metal extraction, and generative AI-enabled advanced materials synthesis and mineral discovery. To learn more, please visit www.comstock.inc.Comstock Social Media PolicyComstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.CONTACTS:For investor inquiries:RB Milestone Group LLCTel (203) [email protected] media inquiries or questions:Comstock Inc., Zach SpencerTel (775) [email protected] Looking StatementsThis press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuers.
|
0001104659-24-108087:tm2426034d1_ex99-2.htm
|
0001104659-24-108087
| 1,864,531
| 1,864,531
|
VSEE HEALTH, INC. (VSEE, VSEEW) (CIK 0001864531)
|
['VSEE', 'VSEEW']
|
8-K
|
8-K
|
2024-10-11
|
2024-10-08
|
001-41015
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-41015&action=getcompany
| 241,368,116
|
EX-99.2
|
EXHIBIT 99.2
|
7.01,9.01
|
https://www.sec.gov/Archives/edgar/data/1864531/000110465924108087
|
https://www.sec.gov/Archives/edgar/data/1864531/000110465924108087/0001104659-24-108087-index.html
|
https://www.sec.gov/Archives/edgar/data/1864531/000110465924108087/tm2426034d1_ex99-2.htm
|
EX-99.2 3 tm2426034d1_ex99-2.htm EXHIBIT 99.2 Exhibit 99.2 VSee Health Co-CEO Among Keynote Speakers at iA-MED 2024: Future of Artificial Intelligence Symposium for healthcare professionals assembles international experts to discuss digital health and AI applications to transform the practice of healthcare BOCA RATON, Fla., October 09, 2024 -- VSee Health, Inc. (Nasdaq: VSEE), a provider of comprehensive telehealth services that customize workflow streams and enhance patient care, announced today that co-CEO Milton Chen, PhD, will be a keynote speaker at iA-Med 2024, a groundbreaking symposium dedicated to exploring the latest advancements in artificial intelligence (AI) for healthcare professionals Presented by ProntoMedic, an early-stage incubator, the event will take place at Auditorio FEPADE in San Salvador on October 16, 2024. Attendees include a diverse audience of physicians, nurses, administrative health professionals, students and representatives from hospitals, pharmaceutical companies and laboratories. iA-MED 2024 is sponsored by Banco Agrícola, Applaudo Studios and VSee Health, and aims to promote innovation, collaboration and decision-making by healthcare professionals in the age of AI. Held under the theme of integrating AI into modern healthcare, the symposium will address key topics including predictive diagnostics, personalized treatments and the future of AI-driven healthcare solutions. Event Highlights: Keynote Speakers ·Milton Chen, PhD, founder of VSee Health. Dr. Chen is a leading voice in telemedicine technology, impacting underserved communities globally through humanitarian efforts and high-profile collaborations with organizations including NASA and McKesson. ·Jesús Seáñez, PhD, co-founder of Hera Diagnostics, a pioneer in using optoelectronics and AI for early cancer detection. With over a decade of experience, Dr. Seáñez’s innovative devices, such as InstaPAP® and HeraFem®, are revolutionizing cancer diagnostics. ·Alejandro Castillo, technology business leader and entrepreneur with over 20 years of experience working with Fortune 100 companies and tech startups. Mr. Castillo is MIT-Certified AI for Business and holds a postgraduate degree in AI from the University of Texas, Austin. Agenda ·The Present and Future of Healthcare: An introduction to healthcare trends, future predictions and the growing role of AI. ·Introduction to AI: An overview of machine learning, deep learning and generative AI with a specific focus on healthcare applications. ·AI in Healthcare: A session on the impact of AI on diagnostics, treatment plans and patient outcomes, covering real-world examples as well as critical issues like data privacy and cybersecurity. ·Expert Panel Discussion: A lively discussion on the ethical and practical implications of AI in healthcare, followed by an audience Q&A session. ·Generative AI Applications in Healthcare**: A look at how generative AI is transforming the healthcare discovery process. Date: October 16, 2024 Time: 3:00 p.m. - 6:00 p.m. Location: Auditorio FEPADE, San Salvador For more information and to purchase tickets, please scan the QR code or contact: [email protected] About ProntoMedic ProntoMedic is an early-stage incubator of innovative digital healthcare solutions, strategically positioned at the crossroads of Latin American and global healthcare systems. With operational hubs in Austin, Texas, and San Salvador, El Salvador, we are dedicated to advancing the future of healthcare through generative AI and machine learning technologies. Our mission is to develop cutting-edge, culturally attuned solutions that meet the unique needs of the Latin American population, while bridging the gap between regional healthcare systems and international standards. About VSee Health VSee Health is a software-as-a-service (SaaS) platform that enables clinicians and enterprises to create their telehealth workflows without programming. VSee Health’s system allows a telehealth mobile app to be created or a telehealth system to be integrated into existing hospital operations in days. With a focus on patient disease state telemedicine and turnkey billing services, VSee Health has integrated an intensive care, critical care and neuro solution, powered by iDoc Telehealth Solutions, as its initial module for the VSee Health software platform. This technology encompasses a set of integrated telehealth technologies and a team of neurointensivists, neurologists, and tele-radiologists that treat and coordinate care for acutely ill patients 24/7/365 in the neurointensive care unit (Neuro-ICU), cardiac surgery intensive care unit (CS-ICU) and the intensive care unit (ICU) for stroke, brain trauma and a wide range of neurological conditions. For more information, please visit www.vseehealth.com. Contacts Investor Contact: LHA Investor Relations Tirth T. Patel 212-201-6614 [email protected] Media Contact: VSee Health Anne Chang Media Coordinator 626-513-1824 [email protected]
|
0001157523-23-001401:a53550258_ex991.htm
|
0001157523-23-001401
| 713,425
| 713,425
|
AMERICAN SOFTWARE INC (AMSWA) (CIK 0000713425)
|
['AMSWA']
|
8-K
|
8-K
|
2023-09-07
|
2023-09-05
|
000-12456
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=000-12456&action=getcompany
| 231,241,061
|
EX-99.1
|
EXHIBIT 99.1
|
1.01,7.01,9.01
|
https://www.sec.gov/Archives/edgar/data/713425/000115752323001401
|
https://www.sec.gov/Archives/edgar/data/713425/000115752323001401/0001157523-23-001401-index.html
|
https://www.sec.gov/Archives/edgar/data/713425/000115752323001401/a53550258_ex991.htm
|
EX-99.1 3 a53550258_ex991.htm EXHIBIT 99.1 Exhibit 99.1 Logility Acquires AI Forecasting Pioneer Garvis “Exhibit 99.1” Combination of Generative AI and Machine Learning Insights Delivers New Supply Chain Planning Paradigm ATLANTA – September 7, 2023 – Logility, Inc., a leader in prescriptive supply chain planning solutions, today announced it has signed a definitive agreement to acquire Garvis, a visionary SaaS startup that combines large language models (ChatGPT) with AI-native demand forecasting. The combined organization will enable a new supply chain planning paradigm with DemandAI+ that moves beyond conventional methods to plan demand and inventory at the speed of the market. Instead of relying on traditional models, Garvis designed from the ground up an AI-first forecasting solution now called DemandAI+. Fusing Generative AI with machine learning algorithms, DemandAI+ creates a modern, more inclusive, and intuitive planning paradigm that quickly digitizes supply chain relationships and exposes that data to any stakeholder across the organization. By simply asking questions planners, executives, and non-planners alike get answers to unanticipated queries in real-time, providing transparency for more informed decisions that saves precious planning time. DemandAI+, built for the cloud, will be embedded into the Logility® Digital Supply Chain Platform as the solution for demand forecasting. The acquisition, which is expected to be accretive within 12 months, advances Logility as the only supply chain planning platform leveraging Generative AI, advanced AI-driven algorithms, and machine learning. This innovative approach addresses base demand, promotional lift, causal forecasts, external data, and user insights within a single solution improving forecast accuracy and aligning organizations in today’s dynamic market. “We are at the precipice of a significant transformation in supply chain planning with advancements in technology, generational shifts of planners, and the significant speed of market changes and disruptions,” said Allan Dow, president of Logility. “With an AI-driven approach at their core, Garvis revolutionized the way companies forecast demand in very dynamic market. We’re bringing them into Logility’s portfolio to accelerate our shared vision to break the boundaries of traditional myopic supply chain planning solutions.” Proven over 70 implementations, clients have been translating buying behavior, market dynamics, and other events into forecasts across products, locations, and customers. DemandAI+ allows companies to understand how to react to changes as they happen – ultimately improving forecast accuracy and service levels, even for heavily promoted, highly seasonal, or intermittent products. “Our clients have realized epic results by using AI-driven algorithms and natural language interfaces to gain insights into the peaks and troughs of demand and quickly communicate that knowledge to the rest of the organization,” said Piet Buyck, CEO, Garvis. “Results have included a 70% savings of weekly planning time, 15-30% reduction in forecast error and improved inventory management – all with ridiculously fast implementation times,” continued Buyck. Logility clients have the immediate opportunity to leverage the ability of AI-driven insights for supply chain planning. To learn more about this opportunity to achieve a rapid return on investment, visit https://www.logility.com/logility-acquires-ai-forecasting-pioneer-garvis. Worldwide Headquarters | 470 East Paces Ferry Road, N.E. | Atlanta, Georgia 30305 | 800.762.5207 | www.logility.com About Logility Logility’s Digital Supply Chain Platform delivers prescriptive demand, inventory, manufacturing, and supply plans – helping to provide executives the confidence and control to increase margins and service levels, while delivering sustainable supply chains. Designed for speed and agility, Logility’s (SaaS) cloud-based platform provides an innovative blend of artificial intelligence (AI) and predictive analytics to help deliver integrated planning and operations across the end-to-end supply chain. Our engineered approach drives team alignment for over 800 customers in 80 countries with prioritized outcomes that assure demonstrable value. Logility is a wholly-owned subsidiary of American Software, Inc. (NASDAQ: AMSWA). Learn more at logility.com. About Garvis Founded in 2020 in Antwerp, Belgium, Garvis is a revolutionary SaaS company on a mission to change demand planning by leveraging artificial intelligence to make forecasting easy, accessible, and explainable while keeping it in the planners’ control. Using Generative AI, external data, and AI-driven algorithms, Garvis challenges the industry to re-think the process, re-start the design, and re-build the solution all while delivering a rapid ROI. By translating customer behavior, market dynamics and other events into digital components and relationships Garvis helps clients in consumers goods, food and beverage, chemicals, pharmaceuticals, and other industries better understand and react to changes as they happen. If you’re interested in a new approach to demand planning, visit www.garvis.ai. Forward-Looking Statements This press release contains forward-looking statements that are subject to substantial risks and uncertainties. References below to the company means Logility, Inc. There are a number of factors that could cause actual results or performance to differ materially from what is anticipated by statements made herein. These factors include, but are not limited to, continuing U.S. and global economic uncertainty and the timing and degree of business recovery; the irregular pattern of the Company’s revenues; dependence on particular market segments or clients; competitive pressures; market acceptance of the Company’s products and services; technological complexity; undetected software errors; potential product liability or warranty claims; risks associated with new product development; the challenges and risks associated with integration of acquired product lines, companies and services; uncertainty about the viability and effectiveness of strategic alliances; American Software, Inc.’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; as well as a number of other risk factors that could affect the Company’s future performance. For further information about risks the Company and American Software could experience as well as other information, please refer to American Software, Inc.’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Kevin Liu, American Software, Inc., (626) 657-0013 or email [email protected]. Logility® is a registered trademark of Logility, Inc. Other products mentioned in this document are registered, trademarked or service marked by their respective owners. Contact: Heather Coyle [email protected] Worldwide Headquarters | 470 East Paces Ferry Road, N.E. | Atlanta, Georgia 30305 | 800.762.5207 | www.logility.com
|
0001213900-23-081931:ea187563ex99-1_realphatech.htm
|
0001213900-23-081931
| 1,859,199
| 1,859,199
|
reAlpha Tech Corp. (AIRE) (CIK 0001859199)
|
['AIRE']
|
8-K
|
8-K
|
2023-11-01
|
2023-11-01
|
001-41839
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-41839&action=getcompany
| 231,366,592
|
EX-99.1
|
PRESS RELEASE, DATED NOVEMBER 1, 2023
|
8.01,9.01
|
https://www.sec.gov/Archives/edgar/data/1859199/000121390023081931
|
https://www.sec.gov/Archives/edgar/data/1859199/000121390023081931/0001213900-23-081931-index.html
|
https://www.sec.gov/Archives/edgar/data/1859199/000121390023081931/ea187563ex99-1_realphatech.htm
|
EX-99.1 2 ea187563ex99-1_realphatech.htm PRESS RELEASE, DATED NOVEMBER 1, 2023 Exhibit 99.1 reAlpha Announces Commercial Launch of GENA, a Product for Property Listing Descriptions Powered by Generative-AI Dublin, OHIO (November 1, 2023) – reAlpha Tech Corp. (“reAlpha”) (NASDAQ: AIRE), a real estate technology company focused on developing, utilizing and commercializing real estate-focused artificial intelligence to drive efficiency, sustainability and growth, today announced the commercial launch of GENA, formerly known as BnBGPT, a novel tool that enhances residential property listings in multiple online real estate marketplaces through the integration of personalized generative AI descriptions. In an increasingly competitive residential real estate market, property owners, agents and managers are seeking innovative technology solutions to support their businesses and drive positive outcomes. As an owner of, and investor in, residential real estate, reAlpha understands the complexities involved in marketing properties efficiently and effectively, including the time it takes to develop property listing descriptions for platforms such as Airbnb. To that end, reAlpha developed GENA, which leverages reAlpha’s industry knowledge and generative AI technology to enhance or create property descriptions. “Introducing GENA advances our long-term strategy to deliver transformative real estate AI solutions that have the potential to redefine the broader real estate landscape,” said Giri Devanur, CEO of reAlpha. “With GENA, we were able to synergize our existing proprietary AI model with the latest advancements in large language models to create a groundbreaking product that meets the need of a large and growing market. In addition to our organic growth initiatives, we are also evaluating potential strategic acquisitions to enhance our capabilities.” GENA is capable of crafting descriptions that accurately reflect the unique characteristics of each property, allowing residential real estate owners and investors to save time, achieve differentiation and facilitate entry into the market. GENA caters to a diverse spectrum of real estate needs, serving short-term rentals, long-term rentals and residential sales. Whether a property is included in marketplaces such as Airbnb, VRBO, Zillow, Realtor or MLS, GENA can tailor detailed descriptions for each platform, as applicable. “Our AI has analyzed an incredible amount of data tied to property listings, giving us valuable insights into what works and what doesn’t,” said Jorge Aldecoa, COO of reAlpha. “By revolutionizing the property description creation process with AI, we are helping GENA’s end-users bolster their prospects for success by keeping pace with the evolving market and ensuring their listings captivate their desired audiences.” To celebrate the commercial launch of GENA and its recent public listing, reAlpha’s executive team will ring the NASDAQ Stock Market Closing Bell this afternoon. For more information on GENA, visit gena.realpha.com. About reAlpha reAlpha Tech Corp. (NASDAQ: AIRE) is a real estate technology company with a mission to develop, utilize and commercialize real-estate focused artificial intelligence to drive efficiency, sustainability and growth. Founded with a focus on short-term rental properties, reAlpha’s strategy involves developing and buying technologies aimed at democratizing access to this asset class. In addition to providing individual investors with access to short-term rentals, reAlpha plans to make some of its technologies available for commercial use on a licensing fee basis, pay-per-use basis or other fee arrangements. For more information about reAlpha, visit www.realpha.com. Forward-Looking Statements The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about: reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence (“AI”) industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include, without limitation, statements regarding the satisfaction of required conditions for the listing of the reAlpha common stock. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; the inability to maintain and strengthen reAlpha’s brand and reputation; the inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s U.S. Securities and Exchange Commission (“SEC”) filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Media ICR on behalf of reAlpha [email protected]
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0001907982-24-000088:exh991.htm
|
0001907982-24-000088
| 1,907,982
| 1,907,982
|
D-Wave Quantum Inc. (QBTS, QBTS-WT) (CIK 0001907982)
|
['QBTS', 'QBTS-WT']
|
8-K
|
8-K
|
2024-07-29
|
2024-07-29
|
001-41468
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-41468&action=getcompany
| 241,148,825
|
EX-99.1
|
EX-99.1
|
7.01,9.01
|
https://www.sec.gov/Archives/edgar/data/1907982/000190798224000088
|
https://www.sec.gov/Archives/edgar/data/1907982/000190798224000088/0001907982-24-000088-index.html
|
https://www.sec.gov/Archives/edgar/data/1907982/000190798224000088/exh991.htm
|
EX-99.1 2 exh991.htm EX-99.1 DocumentExhibit 99.1D-Wave Announces Roadmap To Extend Leap Quantum Cloud Service For AI/MLIncluding support for quantum-enhanced and energy efficient AI model training as well as integrating AI and optimization to address important customer use casesPALO ALTO, Calif. – July 29, 2024 – D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave” or the “Company”), a leader in quantum computing systems, software, and services and the world’s first commercial supplier of quantum computers, today announced it is strengthening the connection between quantum optimization, artificial intelligence (AI), and machine learning (ML), by extending its product development roadmap with enhancements to the Leap™ quantum cloud service that will bring new Quantum AI solutions to market. The roadmap is intended to help customers address a variety of AI/ML workloads including pre-training optimization, more accurate and efficient model training, and opening new AI business use cases that require the integration of AI and business optimization, such as quantum supply chain optimization to support AI-predicted product demand requirements.In response to growing demand from its customers, D-Wave’s Quantum AI development initiative comes at a time when the broader AI industry is confronting a computing crunch. The amount of compute and the associated energy costs needed to satisfy a growing set of use cases is rapidly escalating. D-Wave’s Quantum AI solutions aim to leverage annealing quantum computing’s unique capability in solving optimization problems to help customers discover better, faster and more energy efficient AI and ML workloads.D-Wave is announcing a new Quantum AI extension to its product development roadmap, focused on three key development areas:•Quantum Distributions for Generative AI: Development in this area is focused on designing novel, modern generative AI architectures that directly use quantum processing unit (QPU) samples from quantum distributions that cannot be generated classically. Initially focused on molecular discovery use cases, we believe there is immense potential in harnessing quantum distributions for a broad array of generative AI applications.•Restricted Boltzmann Machine (RBM) Architectures: A growing set of customers are exploring new RBM architectures that directly leverage D-Wave’s QPU for applications ranging from cybersecurity to drug discovery and high-energy physics data analysis, which could potentially lead to reduced energy consumption in training and running AI models. D-Wave plans to ensure that the quantum and hybrid-quantum solvers available in the Leap cloud service support these emerging applications.•GPU Integration with the Leap Quantum Cloud Service: D-Wave is augmenting the Leap quantum cloud service by incorporating additional graphics processing unit (GPU) resources for the training and support of AI models alongside optimization workloads. In addition, efforts are underway to further reduce latency between QPUs and classical computing resources, a critical step in enabling hybrid-quantum technology for AI/ML.Specific customer use cases related to D-Wave’s Quantum AI solutions include:•As a pioneering example of improving biological data analysis, researchers in Julich, Germany, used D-Wave’s quantum technology to develop a machine learning tool that predicts protein-DNA binding with greater accuracy than traditional methods. The team integrated quantum computing with support vector machines to achieve improved results in various metrics, significantly enhancing classification performance. •TRIUMF, Canada's particle accelerator center, and its partner institutions, are showing significant speed-ups of D-Wave’s QPU over classical approaches for simulating high-energy particle-calorimeter interactions – potentially leading to major efficiencies where the AI model is used to create synthetic data. •Honda Innovation Lab and Tohoku University developed a method to fine-tune D-Wave’s quantum computers to generate highly accurate samples for training RBMs. This approach yielded better results than traditional algorithms and significant improvements in model performance.“We’re seeing early evidence that annealing quantum computing could play a key role in helping AI/ML with more efficient model training, reduced energy consumption and faster time-to-solution,” said Dr. Alan Baratz, CEO of D-Wave. “With results demonstrating our annealing quantum computer’s ability to outperform classical techniques, coupled with rapidly increasing demand from our customers for Quantum AI solutions that integrate with their business optimization requirements, we believe the impact of D-Wave’s Quantum AI solutions could be transformative, bringing a powerful new set of new computing tools for generative AI.”About D-Wave Quantum Inc.D-Wave is a leader in the development and delivery of quantum computing systems, software, and services, and is the world’s first commercial supplier of quantum computers—and the only company building both annealing quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave’s technology has been used by some of the world’s most advanced organizations including Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.Forward-Looking StatementsCertain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.Media Contact:D-WaveAlex [email protected]
|
0000950170-25-096670:phun-ex99_1.htm
|
0000950170-25-096670
| 1,665,300
| 1,665,300
|
Phunware, Inc. (PHUN) (CIK 0001665300)
|
['PHUN']
|
8-K
|
8-K
|
2025-07-17
|
2025-07-13
|
001-37862
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-37862&action=getcompany
| 251,131,556
|
EX-99.1
|
EX-99.1
|
1.01,5.02,7.01,9.01
|
https://www.sec.gov/Archives/edgar/data/1665300/000095017025096670
|
https://www.sec.gov/Archives/edgar/data/1665300/000095017025096670/0000950170-25-096670-index.html
|
https://www.sec.gov/Archives/edgar/data/1665300/000095017025096670/phun-ex99_1.htm
|
EX-99.1 4 phun-ex99_1.htm EX-99.1 EX-99.1 Phunware Announces Updates to Senior Leadership TeamJeremy Krol Appointed as Interim Chief Executive Officer and Rahul Mewawalla Appointed as Executive Chairman and Chief AI ArchitectAUSTIN, TX – July 14, 2025 – Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or the “Company”), today announced a leadership update, effective immediately. The Board has appointed Mr. Jeremy Krol, the Company’s current Chief Operating Officer, as its new Interim CEO, effective today, replacing Mr. Stephen Chen. Mr. Krol has spent his career optimizing business operations, integrating technology with market needs, and leading high-performing teams through complex transitions. He has served as the Company’s fractional Chief Operating Officer from June 2024 to February 2025, at which time he joined the Company in a full-time capacity as Chief Operating Officer. From 2019 to 2024, Mr. Krol served as a startup advisor for Platform Calgary, which is a technology accelerator hub for technology startups.In addition, the Company has appointed Mr. Rahul Mewawalla, a member of the Company’s Board of Directors, as the Company’s Executive Chairman and Chief Artificial Intelligence (AI) Architect. In this dual role, Mr. Mewawalla as Executive Chairman will focus on working along with the Company’s interim CEO on high-priority strategic and operational matters and as Chief AI Architect, on advancing the Company’s artificial intelligence priorities and overall AI enterprise activities.Mr. Mewawalla is a technology, digital, product, and business leader with extensive strategic and operational leadership experience with enterprise and consumer companies across artificial intelligence, computing, technology, internet, telecom, financial services, and digital markets. He has served as a Nasdaq-listed public company chairman, public company CEO, public company President, EVP of platforms and technology businesses, and has held leadership positions at a number of global technology companies such as Yahoo, Nokia, and General Electric Company. Mr. Mewawalla is a frequent speaker and panelist at global artificial intelligence (AI) summits and a regular author on AI and accelerated computing in publications such as Forbes and Fast Company.“We are confident that with Jeremy as interim CEO and Rahul as Executive Chairman and as Chief AI Architect, advancing our AI priorities, the Company is well positioned for enhanced innovation and continued growth,” said Elliot Han, Chair of the Compensation Committee and Quyen Du, Chair of the Nominating and Governance Committee, on behalf of the Company’s Board of Directors. These updates reflect the Company’s continued commitment to strengthening its leadership team, advancing its capabilities, and accelerating execution of the Company’s long-term vision and strategic goals.About PhunwarePhunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, and market participants. Phunware is poised to expand its software products and services audience through a new Generative AI platform which is in development, utilize and monetize its patents and other intellectual property, and focus on serving its enterprise customers and partners.For more information on Phunware, please visit www.phunware.com. To better understand and leverage generative AI and Phunware’s mobile app technologies, visit ai.phunware.com.Safe Harbor / Forward-Looking StatementsThis press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements. For example, Phunware is using forward-looking statements when it discusses the adoption and impact of emerging technologies and their use across mobile engagement platforms.The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.Investor Relations Contact:Chris Tyson, Executive Vice PresidentMZ Group - MZ North [email protected] Phunware Media Contact:Joe McGurk, Managing [email protected]
|
0001213900-24-069319:ea021150801ex99-1_realpha.htm
|
0001213900-24-069319
| 1,859,199
| 1,859,199
|
reAlpha Tech Corp. (AIRE) (CIK 0001859199)
|
['AIRE']
|
8-K
|
8-K
|
2024-08-15
|
2024-08-15
|
001-41839
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-41839&action=getcompany
| 241,210,524
|
EX-99.1
|
PRESS RELEASE, DATED AUGUST 15, 2024
|
8.01,9.01
|
https://www.sec.gov/Archives/edgar/data/1859199/000121390024069319
|
https://www.sec.gov/Archives/edgar/data/1859199/000121390024069319/0001213900-24-069319-index.html
|
https://www.sec.gov/Archives/edgar/data/1859199/000121390024069319/ea021150801ex99-1_realpha.htm
|
EX-99.1 2 ea021150801ex99-1_realpha.htm PRESS RELEASE, DATED AUGUST 15, 2024 Exhibit 99.1 reAlpha Tech Corp. Launches reAlpha AI Labs New research and development initiative empowers startups with potential funding and strategic partnerships Dublin, Ohio, August 15, 2024 – reAlpha Tech Corp. (“reAlpha”), (Nasdaq: AIRE) a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, today announced the launch of reAlpha AI Labs, a research and development initiative to develop, partner with and potentially invest in AI startups. This strategic initiative will provide a platform for early-stage companies, enabling them to accelerate their growth. We expect that the products and services developed by the incubated startups will be used to enhance Claire, reAlpha’s generative AI-powered, commission-free home buying platform. The AI sector saw a remarkable $25.2 billion global investment in generative AI in 20231, nearly nine times that of 2022, highlighting the accelerating interest and heightened development pace in this industry. As the AI world advances towards “Artificial General Intelligence,” reAlpha AI Labs will drive innovation through four key stages: (1) developing foundational AI infrastructure; (2) pioneering generative AI for real estate; (3) leveraging “Internet of Things,” or IoT, and advanced analytics for smarter property acquisition solutions; and (4) integrating blockchain and fintech tools and solutions for enhanced transaction security and efficiency when acquiring a property. By working through these four key stages, reAlpha AI Labs intends to foster a culture of continuous innovation and technological advancement, which reAlpha believes will advance their goal to be at the forefront of AI-driven real estate solutions. Additionally, reAlpha plans to partner with universities through reAlpha AI Labs to further enhance its research and development capabilities, as well as to foster collaboration and drive forward-thinking initiatives in the real estate industry. “We are committed to pushing the boundaries of AI advancements. The rapid pace of innovation in the AI industry presents unparalleled opportunities for us to stay ahead and continuously enhance our product offerings,” said Mike Logozzo, Chief Operating Officer, President and Interim Chief Financial Officer of reAlpha. “We remain dedicated to continue working towards the development of emerging technologies and acceleration of progress in the industry.” “Our goal is to create an ecosystem where innovative startups can thrive by leveraging our resources and established market presence,” said Vinayak Grover, Associate Vice President at reAlpha. “By focusing on strategic partnerships and investments, we intend to drive growth and innovation throughout our entire portfolio of product offerings.” Startups interested in partnering with reAlpha AI Labs are invited to connect with reAlpha and explore collaborative opportunities. For more details and to discover how to get involved in driving AI innovation, visit the reAlpha AI Labs website at https://ai-labs.realpha.com/. 1https://www.lexology.com/library/detail.aspx?g=e246c259-d962-450c-8bb9-029101f5d207#:~:text=Unsurprisingly%2C%20AI%20investment%20skewed%20heavily,times%20the%20amount%20in%202019. About reAlpha Tech Corp. reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership. For more information, visit www.realpha.com. About Claire Claire, announced on April 24, 2024, is reAlpha’s generative AI-powered, zero-commission homebuying platform. The tagline: No fees. Just keys.TM – reflects reAlpha’s dedication to eliminating traditional barriers and making homebuying more accessible and transparent. Claire’s introduction aligns with major shifts in the real estate sector after the National Association of Realtors (“NAR”) agreed to settle certain lawsuits upon being found to have violated antitrust laws, resulting in inflated fees paid to buy-side agents. This development is expected to result in the end of the standard six percent sales commission, which equates to approximately $100 billion in realtor fees paid annually. Claire offers a cost-free alternative for homebuyers by utilizing an AI-driven workflow that assists them through the home buying process. Homebuyers can use Claire’s conversational interface to guide them through every step of their journeys, from property search to closing the deal. By offering support 24/7, Claire is poised to make the homebuying process more efficient, enjoyable and cost-efficient. Claire matches buyers with their dream homes using over 400 data attributes and provides insights into market trends and property values. Additionally, Claire can assist with questions, booking property tours, submitting offers, and negotiations. Currently, Claire is under limited availability for homebuyers located in Palm Beach, Miami-Dade and Broward counties in South Florida, but reAlpha is actively seeking new MLS and brokerage licenses that will enable expansion into more U.S. states. For more information on Claire, please visit www.reAlpha.com. 2 Forward-Looking Statements The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about the reAlpha AI Labs initiative; the anticipated benefits of the reAlpha AI Labs; reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to leverage reAlpha AI Labs’ initiative into its existing business and the anticipated demand for reAlpha AI Labs collaborations and partnerships; the inability to maintain and strengthen reAlpha’s brand and reputation; the inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s U.S. Securities and Exchange Commission (“SEC”) filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Media irlabs on behalf of reAlpha Fatema Bhabrawala [email protected] 3
|
0001193125-23-229092:d539142dex992.htm
|
0001193125-23-229092
| 1,843,714
| 1,843,714
|
Andretti Acquisition Corp. (ZPTA, ZPTAW) (CIK 0001843714)
|
['ZPTA', 'ZPTAW']
|
8-K
|
8-K
|
2023-09-06
|
2023-09-06
|
001-41218
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-41218&action=getcompany
| 231,237,838
|
EX-99.2
|
EX-99.2
|
1.01,7.01,9.01
|
https://www.sec.gov/Archives/edgar/data/1843714/000119312523229092
|
https://www.sec.gov/Archives/edgar/data/1843714/000119312523229092/0001193125-23-229092-index.html
|
https://www.sec.gov/Archives/edgar/data/1843714/000119312523229092/d539142dex992.htm
|
EX-99.2 5 d539142dex992.htm EX-99.2 EX-99.2 Exhibit 99.2 The Industrial Generative AI Company ZAPATA COMPUTING INC. Cautionary Notes This presentation (“Presentation”) is provided for informational purposes only and has been prepared to assist interested Forward Looking Statements parties in making their own evaluation with respect to a potential business combination between Andretti Acquisition Corp. (“Andretti”) and Zapata Computing, Inc. (“Zapata AI”, “we”, “us” or ”our”) and related transactions (the “Business Certain statements included in this Presentation that are not historical facts are forward-looking statements for Combination”) and for no other purpose. This Presentation does not constitute (i) a solicitation of a proxy, consent or purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. authorization with respect to any securities or in respect of the proposed Business Combination, or (ii) an offer to sell, or Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” the solicitation of an offer to buy, or a recommendation to purchase, any securities, nor shall there be any sale of “continue,” “anticipate” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem” “seek” “future” securities in any states or jurisdiction in which such offer, solicitation or sale would be unlawful. “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Neither the Securities and Exchange Commission (the “SEC”) nor any securities commission of any other U.S. or non- U.S. jurisdiction has approved or disapproved of the Business Combination, or determined that this Presentation is These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of truthful or complete. No representations or warranties, express or implied, are given in, or in respect of, this financial and performance metrics and projections of market opportunity. These statements are based on various Presentation. To the fullest extent permitted by law, in no circumstances will Zapata AI, Andretti or any of their respective assumptions, whether or not identified in this Presentation, and on the current expectations of the management of subsidiaries, stockholders, affiliates, representatives, directors, officers, employees, advisers or agents be responsible or Zapata AI and Andretti, as the case may be, and are not predictions of actual performance. These forward-looking liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither and circumstances are beyond the control of Zapata AI and Andretti. These forward-looking statements are subject to Zapata AI nor Andretti has independently verified the data obtained from these sources and cannot assure you of the a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political data’s accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all- and legal conditions, the inability of Zapata AI or Andretti to successfully or timely consummate the Business inclusive or to contain all of the information that may be required to make a full analysis of Zapata AI or the Business Combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to Combination. Viewers of this Presentation should each make their own evaluation of Zapata AI and of the relevance and unanticipated conditions that could adversely affect the expected benefits of the Business Combination, the adequacy of the information and should make such other investigations as they deem necessary. References in this occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and Presentation to our “partners” or “partnerships” with technology companies, governmental entities, universities or others any subsequent definitive agreements with respect to the Business Combination; the outcome of any legal do not denote that our relationship with any such party is in a legal partnership form but rather is a generic reference to proceedings that may be instituted against Andretti, Zapata AI, the combined company or others following the our relationship with such party. announcement of the Business Combination and any definitive agreements with respect thereto; the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Andretti, the ability to meet stock exchange listing standards following the consummation of the Business Combination; the risk that the Business Combination disrupts current plans and operations of Zapata AI as a result of the announcement and consummation of the Business Combination, failure to realize the anticipated benefits of the Business Combination, risks relating to the uncertainty of the projected financial information, risks related to the performance of Zapata AI’s business and the timing of expected business or revenue milestones, and the effects of competition on Zapata AI’s business. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect Zapata AI’s expectations, plans or forecasts of future events and views as of the date of this Presentation. Zapata AI anticipates that subsequent events and developments will cause Zapata AI’s assessments to change. Neither Andretti nor Zapata AI undertakes or accepts any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. These forward-looking statements should not be relied upon as representing Andretti’s or Zapata AI’s assessments of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. ZAPATA COMPUTING INC. Cautionary Notes (continued) Use of Data No Offer or Solicitation The data contained herein is derived from various internal and external sources. No representation is made as to This presentation is for informational purposes only and shall not constitute a proxy statement or solicitation of a proxy, the reasonableness of the assumptions made within or the accuracy of completeness of any projects or consent, or authorization with respect to any securities or in respect of the Business Combination. This presentation modeling or any other information contained herein. Any data on past performance or modeling contained herein shall also not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale, is not an indication as to future performance. Neither Andretti nor Zapata AI assumes no obligation to update the issuance, or transfer of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful information in this Presentation except as may be required by law. prior to registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, Additional Information About the Business Combination and Where to Find It as amended, or an exemption therefrom. In connection with the contemplated transaction, Andretti intends to file a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement/prospectus, with the SEC. Additionally, Andretti will file other relevant materials with the SEC in connection with the transaction. A definitive proxy statement/final prospectus will also be sent to the stockholders of Andretti, seeking any required stockholder approval. This Presentation is not a substitute for the Registration Statement, the definitive proxy statement/final prospectus, or any other document that Andretti will send to its stockholders. Before making any voting or investment decision, investors and security holders of Andretti are urged to carefully read the entire Registration Statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC as well as any amendments or supplements to these documents, because they will contain important information about the transaction. Stockholders will also be able to obtain copies of such documents, without charge, once available, at the SEC’s website at www.sec.gov. In addition, the documents filed by Andretti may be obtained free of charge from Andretti at andrettiacquisition.com. Alternatively, these documents, when available, can be obtained free of charge from Andretti upon written request to Andretti Acquisition Corp., 7615 Zionsville Road, Indianapolis, Indiana 46268, or by calling (317) 872-2700. The information contained on, or that may be accessed through, the websites referenced in this Presentation is not incorporated by reference into, and is not a part of, this Presentation. Participants in the Solicitation Andretti, Andretti’s sponsors, Zapata AI and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Andretti, in connection with the Business Combination. Information regarding Andretti’s directors and executive officers is contained in Andretti’s Annual Report on Form 10-K for the year ended December 31, 2023, which is filed with the SEC. Additional information regarding the interests of those participants, the directors and executive officers of Zapata AI and other persons who may be deemed participants in the transaction may be obtained by reading the Registration Statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described above. ZAPATA COMPUTING INC. Industrial Software for the Generative AI Revolution ORIGIN Spun out of Harvard in 2017 Industrial solutions that uniquely process both text and numbers 1. Zapata AI Prose™ for Large Language Models (LLMs) GENERATIVE AI 2. Zapata AI Sense™ for complex mathematical models OFFERING ® Orquestra full-stack software platform to build, train, fine-tune, and deploy Industrial Generative AI applications Customers have leveraged proprietary Generative AI/ML, optimization, and quantum algorithms and models CUSTOMERS Integrations and Alliances across the AI and Quantum Computing ecosystem PARTNERS 4 ZAPATA COMPUTING INC. Oversubscribed $230M SPAC IPO (NYSE: “WNNR”) • Former Chairman of the National Ready-Mixed Concrete Association Led by Legendary Andretti Racing Family and Best • Independent Director at Comfort Systems USA (NYSE: FIX) and Knife River Corporation (NYSE: KNF) in Class Public Company Executives • Former Chairman & CEO of U.S. Concrete (NASDAQ: USCR) William J. (Bill) Sandbrook Chairman and Co-Chief Executive Officer • Management has decades of public company operating and acquisition experience along with a history of producing long-term value creation • IndyCar World Champion • Founder, CEO, and Chairman of Andretti Autosport • During U.S. Concrete CEO tenure, Bill Sandbrook produced 25x • Founder of Andretti Technologies market value creation, grew EBITDA 24x, executed 35+ Michael Andretti • Investor and Advisor for DUZY, a Video Technology acquisitions (17 with Matt Brown) Co-Chief Executive Officer and Director • Merger partner gets access to vast network of relationships, industry connectivity, proprietary deal flow, and can • Former CEO of Rocky Mountain Industrials leverage Andretti brand • Former EVP and CFO of Forterra (NASDAQ: FRTA) • The Andretti brand is well recognized • Former SVP and CFO of U.S. Concrete (NASDAQ: USCR) • Andretti Autosport has portfolio of 120+ world-class sponsors, William M. (Matt) Brown • Former U.S. Navy SEAL Officer President and Chief including Honda, Konica Minolta, Accura, Group 1001 and Financial Officer AutoNation • Curated Board, including Current CEO of McLaren Racing, • One of the most successful drivers in the history of motorsports, Andretti is one Current Chief Audit Executive of AT&T, Former CEO of 7-Eleven, of only three drivers to have won races in Formula One, IndyCar, the World Former President of NYSE Euronext Sportscar Championship, and NASCAR Mario Andretti Special Advisor 5 ZAPATA COMPUTING INC. Companies are racing to find the “killer apps” for Generative AI Healthcare Chatbots and applications can provide simple language descriptions of medical information and treatment Customer Service Education recommendations. Improve chatbot intent Create personal learning identification, summarize experience, like tutors. Gartner Poll Finds 45% of Executives conversations, answer Generate learning plans and customer questions from a custom learning materials. search, directing customers to Say ChatGPT Has Prompted an Increase resources. 1 in AI Investment INDUSTRY EXAMPLES 70% of Organizations Currently in Exploration Sales & Marketing Software Development 2 Mode with Generative AI Engage with potential Engage with potential customers on website or in a customers on website or in a chatbot. Provide chatbot. Provide recommendations. Provide recommendations. Provide product descriptions. product descriptions. Personal Assistants Customize emails. Customize emails. Manage schedules, summarize emails, compose emails (and chains), replies, and summaries, draft common documents. Notes: 1. Gartner Press Release, Gartner Poll Finds 45% of Executives Say ChatGPT has Prompted an Increase in AI Investment, May 3, 2023. 2. Gartner Webinar, Beyond the Hype: Enterprise Impact of ChatGPT and Generative AI, March 2023. 6 ZAPATA COMPUTING INC. Problems with LLMs and other Generative AI models INCONSISTENT TOO BIG (AND COSTLY) OTHER CHALLENGES Data privacy and model security Training data quality and bias Integration with existing systems Continuous monitoring and feedback loop Ethical and legal considerations Focus on Language 7 ZAPATA COMPUTING INC. Industrial Generative AI: enterprise software that harnesses language and numerical models for domain-specific, industrial-scale applications. ZAPATA COMPUTING INC. Big Tech makes one-size-fits-all Generative AI (e.g. ChatGPT). Zapata AI adapts language and text models for Industry GENERATIVE AI INDUSTRIAL GENERATIVE AI Unreliable; trained on general data Accurate; trained on customer-specific data Privacy issues Customer’s private environment Massive, costly, inefficient models Models optimized for speed, cost, accuracy Locked into vendor’s compute & cloud choice(s) Flexibility to choose best models, hardware, clouds Language models not useful for numerical problems Translates numerical data into accurate prose Leverages quantum generative models Uses classical machine learning and statistics and their statistical advantages over classical 9 ZAPATA COMPUTING INC. Our team has worked on Generative AI since founding Encoding equality First-ever high-resolution images Synergy between quantum constraints in tensor Generator-enhanced First quantum generative generated on a quantum device using circuits and tensor network generative optimization of 1 3 5 7 9 Generative AI techniques networks models manufacturing plants AI IP filing 2019 2020 2021 2022 2023 First gate model quantum heuristic Generator enhanced Improved generalization Novel generative AI- Quantum-enhanced 2 4 8 for generative modeling optimization (GEO) metrics for generative inferred automotive data generative models for drug 6 10 models molecule design Notes: Timeline not to scale.1 US20200410384A1 - Hybrid quantum-classical generative models for learning data distributions - Google Patents 2. Anschuetz & Cao, Realizing Quantum Boltzmann Machines Through Eigenstate Thermalization, March 2019. 3. Generation of High-Resolution Handwritten Digits with an Ion-Trap Quantum Computer, Dec 2020. 4. Alcazar et. al., GEO: Enhancing Combinatorial Optimization with Classical and Quantum Generative Models, Jan 2021. 5. Rudolph et. al., Synergy Between Quantum Circuits and Tensor Networks, Aug 2022. 6. Perdomo-Ortiz et. al., Evaluating generalization in quantum and classical generative models, Jan 2022. 7. Perdomo-Ortiz et. Al., Evaluating Generalization in Classical and Quantum Generative Models, Jan 2022. 8. Andretti Autosport customer work. 9. Banner et. al., Quantum Inspired Optimization for Industrial Scale Problems, May 2023. 10. Cao et. al., Exploring the Advantages of Quantum Generative Adversarial Networks in Generative Chemistry, May 2023. 10 ZAPATA COMPUTING INC. Quantum statistics for AI are superior to classical statistics— and don’t require quantum hardware Quantum models can outperform classical models in two ways: 1. GENERALIZATION: Better at extrapolating missing information 2. EXPRESSIBILITY: Greater range of possible solutions QUANTUM MODEL DISTRIBUTIONS CLASSICAL MODEL Zapata AI has proprietary methods built from our deep quantum expertise. 11 ZAPATA COMPUTING INC. Globally ranked IP portfolio includes Industrial Generative AI and other advanced enterprise computing algorithms #5 most active in Quantum-inspired AI patent One of world’s largest quantum software patent portfolios: + 2 applications between 2020-2021. We have 50 US patent families & applications (100 worldwide). 1 created Generative AI IP since 2018. BREAKDOWN FOR MOST ACTIVE APPLICATIONS RELATED TO QUANTUM COMPUTING AND ARTIFICIAL INTELLIGENCE/MACHINE LEARNING, FOR 2020-2021 Generative AI Differential 30% Equations & Optimization 22% PATENT PORTFOLIO 10% Hardware Optimization 38% Algorithms & Software Notes: 1. European Patent Office, Quantum Computing Insight Report, January 2023. Link to report. 2. Intellectual Property as of June 2023. 12 ZAPATA COMPUTING INC. Zapata AI compresses Large Language Models (LLMs) to reduce 1 compute costs, shrink carbon footprints, and speed up runtimes Compressed models are more accurate than — and show better generalization with unseen uncompressed models of the same size validation data. 0.9 0.8 0.81 0.7 0.805 0.6 0.8 0.5 0.4 0.795 0.3 0.79 0.2 0.785 0.1 0 0.78 459 918 1377 1836 2295 2754 3213 3672 4131 4590 0.775 TRAINING STEP GPT2-Small GPT2-XL Compressed GPT2-XL GPT2-Small GPT2-XL Compressed GPT2-XL MODEL As this chart shows, the compressed model has the most stable performance during GPT2-Small and Compressed GPT2-XL are the same size, but the compressed version of GPT2-XL is more accurate. training, achieving more consistent accuracy with fewer training steps. Compressed GPT2-XL requires 300x fewer tokens to achieve the same performance as GPT2-XL. Notes: 1. Zapata data. 13 ZAPATA COMPUTING INC. F1 MEASURE (ACCURACY) F1 MEASURE (ACCURACY) Zapata AI’s technology gets 8,400x speedup and better accuracy in 1 large models Faster alternative to Monte Carlo simulation • Model converges faster than traditional Monte Carlo approach by orders of magnitude, especially for multi-asset problems. • Plot shows European options pricing with 10 assets. Similar behavior for 20 assets. Notes: 1. Zapata data. 14 ZAPATA COMPUTING INC. Industrial Generative AI for Andretti Autosport’s next-generation 1 race analytics Industrial Generative AI predicts behavior that cannot be measured directly, generating “virtual sensors” in automotive and other industries. 2 ANDRETTI USE CASES ANALOGOUS USE CASES SYNTHETIC GENERATED DATA COMPARES WELL WITH REAL DATA (GROUND TRUTH) Tire Logistics, Supply Degradation Chain, Manufacturing – Real Data – Synthetic Data GENERATIVE AI-INFERRED CHANNEL Race Finance, Energy & Strategy Utilities Predictive Modeling Finance, Insurance, IT Notes: Labels removed for confidentiality. 1. Zapata Data 2. Error less than 1%. This plot indicates the data generated by our generative AI model was almost indistinguishable from the actual car data. 15 ZAPATA COMPUTING INC. Zapata AI’s Industrial Generative AI optimization solutions apply to use 1 cases across industries Generator Enhanced Optimization (GEO), uses generative AI to suggest solutions to complex optimization problems that classical methods alone do not. 2 PORTFOLIO OPTIMIZATION EXAMPLE : GEO generated lower-risk financial portfolios than state-of-the-art optimizers. Notes: 1. Zapata Data 2. Alcazar and Perdomo-Ortiz. GEO: Enhancing Combinatorial Optimization with Quantum Generative Models (arXiv2101.06250). 16 ZAPATA COMPUTING INC. Optimizing BMW´s manufacturing plant scheduling with Industrial Generative AI Challenge: Optimize worker schedule to achieve production targets while minimizing idle hours. Approach: Zapata AI’s GEO algorithm tied or outperformed state-of-the-art solvers 1 in 71% of configurations . 2% 2.5% 5% 1.5% 100% 2% 2.5% 5% 100% noDEV noDEV noDEV yesDEV noDEV yesDEV yesDEV yesDEV yesDEV SOLUTION SPACE SIZE IN COLLABORATION WITH GEO outperformed seed optimizer GEO tied seed optimizer Notes: 1. Banner et. al. Quantum-Inspired Optimization for Industrial Scale Traditional optimizer outperformed GEO GEO had best performance for problem configuration (column). Problems (arXiv:2305.02179). 17 ZAPATA COMPUTING INC. SEED OPTIMIZER PT SA GAU GA2 GA1 ® Orquestra : The full-stack software platform for Industrial Generative AI 1 1 Notes: 1. Compatible with these systems. 18 ZAPATA COMPUTING INC. Value proposition: Faster, cheaper, and more accurate Generative AI FASTER & CHEAPER Smaller Large Language Models (LLMs) with comparable performance. MODELS 1 Demonstrating over 1000x speed-up on complex computational models. MORE ACCURATE Generative AI to create novel solutions to enterprise problems that get better results (e.g., MODELS model fit) than existing solutions. PROPRIETARY Globally competitive patent portfolio of quantum-inspired Generative AI algorithms. TECHNIQUES Massive-scale, full-stack model development and deployment. PLATFORM Train models with customer data, in customer-controlled environments. Notes: 1. Zapata Data. 19 ZAPATA COMPUTING INC. Industrial Generative AI and advanced algorithms have potential to create significant business value in key verticals Existing and Prospective Case Studies Potential to use LLMs to generate FDA forms Applying Generative AI for predictive analytics from clinical trial data using advanced automotive sensor data In development Generative AI & ML for materials discovery, value Risk optimization for derivative pricing chain optimization Generative AI for optimizing manufacturing Optimizing downstream R&D plant scheduling Optimizing sales, scheduling and delivery 2 DARPA awards to benchmark utility of quantum operations computing Notes: Case studies available at: https://zapata.ai/customer-case-studies/ 20 ZAPATA COMPUTING INC. Zapata AI participates in an enormous potential TAM where we believe we can create substantial value for Industry Generative AI Software and its adjacencies have the potential Value of potential disruption for enterprise estimated 3 to provide an extensive addressable market opportunity. up to $4.4T. Estimated Total Addressable Market and BUSINESS FUNCTION EST. GLOBAL P&L IMPACT- $B * 1 Low – High Serviceable Obtainable Market (SOM) by 2032: Sales & Marketing 760 1,200 Software Engineering 580 1,200 Supply Chain & $1.3T 550 Operations 290 470 Customer Operations 340 420 Product R&D 230 260 Risk & Legal 180 a 260 Strategy & Finance 120 90 Talent & Organization 60 2 $366B 50 Corporate IT 40 $2.6T $4.4T McKinsey estimates 63 generative AI use cases spanning 16 business functions across industries could deliver P&L impact in the range of $2.6-$4.4 trillion, before accounting for productivity gains. Notes: 1. Bloomberg Intelligence, Generative AI to Become a $1.3 Trillion Market by 2032, Research Finds, June 2023. 2. Zapata AI’s potential SOM is not limited to these estimates. Estimated SOM projections include $280B Generative AI Software and $86B Generative AI IT Services. 3. McKinsey, The Economic Potential of Generative AI, June 2023. *Estimated numbers are rounded. 21 ZAPATA COMPUTING INC. Revenue Model and Sales Strategy Expand Two Sales Channels Land 1. DIRECT • Initial Industrial Generative AI • Contracts deliver recurring multi- • C-level relationships application year subscription revenue • Global sales force, plans to expand • 6+ month agreements• Expand average revenue per account (ARPA) 2. PARTNER ECOSYSTEM EXAMPLES: • Consulting & Services Top 5 Global Consultancy Bundled Offering of Software and Scientific Algorithm Expertise Contracts recognized ratably (recurring revenue) • Software, Cloud & Networking Microsoft Azure, Nvidia • Hardware IBM, IonQ • Academia & Research MIT, University of Toronto 22 ZAPATA COMPUTING INC. Pioneering a new category: Industrial Generative AI ESTABLISH CATEGORY & THOUGHT LEADERSHIP BUILD BRAND THROUGH CUSTOMER SUCCESS STORIES CASE STUDIES Automotive SUPPORT EXPANSION White Papers & IN KEY VERTICALS Reports Chemicals & Materials Social Defense Web & Email INDUSTRIAL Energy & GENERATIVE AI Utilities Event Keynotes Finance Logistics Analysts, Media, PR Pharma Notes: Depicts immediate Go-to-market strategy; We expect Demand Generation and Product Marketing will increase in the future if current is proven successful using defined metrics. 23 ZAPATA COMPUTING INC. Transaction Summary Transaction Highlights Implied Sources & Uses Sources ($M) Uses • $283M pro forma enterprise value ($M) Cash in Trust $50 Cash to Balance Sheet $48 • Implied pre-money equity value of $200M 3 Bridge Financing $20 Transaction Expenses $12 • Implied pro-forma equity value of $331M Zapata Rollover $200 Zapata Rollover $200 • $48M of cash held on the pro-forma balance sheet Growth Capital $10 • Zapata shareholders rolling 100% of their equity, will own ~61% of the combined Total company Total $270 $270 1 Pro Forma Valuation Pro Forma Ownership Shares % 4 Pro-Forma Equity Value ($M) $331 (M) Own. 7.2% Zapata Rollover Equity 1 20.0 61.0% 3 (+) Existing Debt $0 2 Public Shareholders 4.7 14.3% 17.5% (-) PF Cash $48 2 3 Founder Shares 5.8 17.5% Pro Forma Ownership 3 61.0% Pro-Forma Enterprise Value ($M) $283 4 Bridge Investors 2.4 7.2% 14.3% 2 1 Notes: 1. $10/share shown for all holders is illustrative, and the SPAC cash in trust of $84.2M and 7.9M shares implies $10.66/share for public SPAC holders. 2. Andretti Acquisition Corp.’s sponsors and certain investors that own or have the right to receive founder shares will own a combined 5.8 million shares. 3. Bridge investors are providers of a convertible note priced at 15% discount to DeSPAC; does not account for PIK interest accruing ahead of conversion at DeSPAC. Assumed issuance of up to $14.5M in convertible notes, exclusive of $5.5M of Zapata convertible debt currently outstanding Note: pro forma ownership excludes impact of warrants; assumes 40% redemption from cash in trust. SPAC cash amount subject to change depending on the actual redemption levels and interest earned in the trust 24 ZAPATA COMPUTING INC. World-class team with deep expertise across Generative AI, quantum science, enterprise software and management 2 LEADERSHIP BOARD OF DIRECTORS INVESTORS Alan Aspuru-Guzik, Ph.D.* Rhonda Germany Christopher Savoie, Ph.D., Chief Executive Officer* Ballintyn Zapata Scientific Advisor, Two decades of experience in the technology industry; inventor of the Natural Language Professor, Univ. of Toronto, Former Chief Strategy & Understanding (NLU) behind Apple’s Siri Canada 150 Research Chair, Marketing Officer, Honeywell CIFAR AI Chair Clark Golestani Dana Jones Managing Director, C Sensei CEO, RealPage, Former Group, Former Global CIO, CEO, Sparta Systems Merck Yudong Cao, Ph.D. Mimi Flanagan Tim Stanley Nicole Fitchpatric Chief Technology Officer* Chief Financial Officer Vice President, Global Sales General Counsel, Ethics & Compliance Officer Mark Cupta Gil Beyda Ten years of experience in Two decades of experience 25+ years of sales strategy & Managing Director, Founder, Managing Partner, various areas of AI & across executive finance roles Twelve years experience in execution in enterprise Prelude Ventures Genacast Ventures, Former quantum computing; 2.4K+ in the technology industry architecture, data protection, various industries Managing Director, Comcast citations; 30 patents & connected workplace, ERP, Ventures applications CRM, SCM; active in Space Force and National Guard community Jeff Huber William Klitgaard Founding CEO of GRAIL, Former CIO & CFO, Covance, Former SVP of Google Ads, now LabCorp Apps, Maps and Google X 1 3 60 Employees // 41 Scientists & Engineers // 24 PhDs // ~85K Citations $64M raised to date Notes: 1. Employee breakdown as of August 28, 2023. Total headcount of all full-time employees and contractors in countries where Zapata does not have a legal entity. Does not include interns. 2. In addition to Christopher. 3. Includes approximately 57.5K Citations attributable to Alan Aspuru-Guzik, a Zapata AI founder and scientific advisor. * Zapata founders in addition to Peter Johnson, Ph.D., Jonny Olson, Ph.D., and Jhonathan Romero Fontalvo, Ph.D. 25 ZAPATA COMPUTING INC. Summary: Opportunity to invest in transformational Generative AI technology Large and rapidly growing total addressable market (TAM) for AI/ML (Artificial Intelligence/Machine Learning) 1 software, with a focus in Generative AI. Proprietary Generative AI techniques and algorithms for today’s most advanced classical and high- performance compute hardware. Demonstrating up to 10X-1000X speed-up on Large Language Models and 2 1 other complex computational models. ® Orquestra : Proprietary full-stack software platform that is hardware- and cloud-agnostic to enable Industrial 3 Generative AI solutions across multiple end markets. Substantial potential near-term enterprise revenue opportunity with Large Language Models and other large 4 models in AI, simulation, optimization. 5 Pioneering, founder-led, and visionary management team with track record of innovation and execution. Notes: 1. Zapata Data. Magnitude of speedup depends on additional implementation factors. 26 ZAPATA COMPUTING INC. ZAPATA COMPUTING INC.
|
0001628280-23-040913:ex991-fy24xq2earnings.htm
|
0001628280-23-040913
| 1,577,526
| 1,577,526
|
C3.ai, Inc. (AI) (CIK 0001577526)
|
['AI']
|
8-K
|
8-K
|
2023-12-06
|
2023-12-06
|
001-39744
|
https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-39744&action=getcompany
| 231,470,334
|
EX-99.1
|
EX-99.1
|
2.02,9.01
|
https://www.sec.gov/Archives/edgar/data/1577526/000162828023040913
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https://www.sec.gov/Archives/edgar/data/1577526/000162828023040913/0001628280-23-040913-index.html
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https://www.sec.gov/Archives/edgar/data/1577526/000162828023040913/ex991-fy24xq2earnings.htm
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EX-99.1 2 ex991-fy24xq2earnings.htm EX-99.1 DocumentC3 AI Announces Second Quarter Fiscal 2024 Financial ResultsRevenue accelerated 17% year-over-year; Increased traction in C3 Generative AICustomer engagement increased 81% year-over-yearREDWOOD CITY, Calif. — December 6, 2023 — C3.ai, Inc. (“C3 AI,” “C3,” or the “Company”) (NYSE: AI), the Enterprise AI application software company, today announced financial results for its fiscal second quarter ended October 31, 2023.“It was a solid quarter, with total revenue growing 17% year-over-year to $73.2 million, and customer engagement growing by 81% year-over-year. We saw unprecedented interest and traction in our generative AI offerings. Importantly, we are seeing a return to accelerating revenue growth as we continue our transition to a consumption-based pricing model,” said C3 AI CEO and Chairman Thomas M. Siebel. “In the trailing four quarters, we have seen top line year-over-year revenue growth increase from -4% in Q3 FY23, to 0% in Q4 FY23, to 11% in Q1 FY24, to 17% in Q2 FY24.”Fiscal Second Quarter 2024 Financial Highlights•Revenue: Total revenue for the quarter was $73.2 million, an increase of 17% compared to $62.4 million one year ago.•Subscription Revenue: Subscription revenue for the quarter was $66.4 million, constituting 91% of total revenue, an increase of 12% compared to $59.5 million one year ago.•Gross Profit: GAAP gross profit for the quarter was $41.1 million, representing a 56% gross margin. Non-GAAP gross profit for the quarter was $50.4 million, representing a 69% non-GAAP gross margin.•Net Loss per Share: GAAP net loss per share was $(0.59). Non-GAAP net loss per share was $(0.13).•Cash Reserves: $762.3 million in cash, cash equivalents, and investments.•Customer Engagement: Customer Engagement for the quarter was 404, an increase of 81% compared to 223 one year ago. [See FY23-Q4 Investor Supplemental for more details on Customer Engagement methodology.]Key CustomersDuring the quarter, C3 AI closed 62 agreements including 36 pilots. •The Company entered into new agreements with GSK, Indorama, and First Business Bank, and expanded agreements with Con Edison, Roche, Nucor Corporation, and Hewlett Packard Enterprise, among others.•C3 AI’s federal business continues to show significant strength with federal bookings representing almost half of total bookings, up nearly 187% from the year prior. C3 AI signed 20 new federal agreements, including five agreements for C3 Generative AI.•The Company closed new and expanded deals with the U.S. Navy, the Office of the Director of National Intelligence, Joint Staff J8, the Defense Logistics Agency, and the Administration for Children & Families, a division of the Department of Health & Human Services.Customer Success Stories•Building on its success in the manufacturing sector, C3 AI continues to work with Nucor to optimize production schedules across several mills, expanding the largest U.S. steel producer’s AI program. This expansion with Nucor also included two new use cases initiated in Q2: AI to improve forecasting, and generative AI targeted at facilitating proper health and safety procedures.•Con Edison, a customer since 2017, continues to expand its use of C3 AI applications, most recently with C3 Generative AI to help workers quickly find answers to questions and analysis related to smart meter, service, and infrastructure data. In the second quarter, Con Edison completed two pilots of the newest application, which have since converted to production.•C3 AI also converted two pilots and expanded its federal business within the U.S. Department of Defense at the Defense Logistics Agency (“DLA”), which provides logistical, acquisition, and technical support for the Army, Navy, Air Force, Marine Corps and other federal agencies and allies. C3 AI is helping the DLA improve efficiency, visibility, and readiness across the supply chain predicting consumption, inventory, and transportation of critical goods such as parts, components, and fuel.•In Q2, the Administration for Children and Families (“ACF”), a division of the U.S. Department of Health and Human Services, has made the first order to C3 AI under a $90 million blanket purchase agreement. As a critical civilian agency, the ACF works to help unaccompanied children who cross the U.S. border find temporary shelter or permanent homes. The ACF will use the C3 AI Platform to perform complex data analysis more efficiently, examining the scope and resource landscape for children within the agency’s care, including staffing needs and how long these children are with their case managers — and ultimately use the resulting insights to inform decision makers on resource allocation and needs.Key News•The C3 AI partner ecosystem continues to drive significant growth. In Q2, the Company closed 40 agreements through its partner network, which partner network includes AWS, Baker Hughes, Booz Allen, Google Cloud, and Microsoft. The qualified opportunity pipeline with partners has increased by 75% in the past year.•C3 AI and AWS expanded their Strategic Collaboration Agreement (“SCA”). Under the expanded SCA, C3 AI and AWS will focus on continuing to offer advanced generative AI solutions for enterprises.•To meet market demand, C3 AI has announced and released a no-code, self-service generative AI application in AWS Marketplace, C3 Generative AI: AWS Marketplace Edition.•In Q2, C3 AI was recognized multiple times for its innovation in the AI space. C3 AI has been named to Fortune 50 AI Innovators list and was recognized as a top 10 AI partner by Everest Group in its inaugural ‘Artificial Intelligence Top 50’ list of global market-leading AI-first technology providers.•For the fourth year in a row, Constellation Research named C3 AI as a “solution to know” on its ShortListTM for Artificial Intelligence and Machine Learning Cloud Platforms in Q3 2023.Pilot GrowthDuring the quarter, C3 AI closed 62 agreements including 36 pilots. The 36 pilots represented an increase from 24 pilots in the first quarter and 13 pilots in the year-ago quarter. Notably, 20 of these pilots were Generative AI pilots, an increase from eight in the first quarter.Consumption PricingIn Q1 FY23, C3 AI introduced a transition to a consumption-based pricing model to fuel growth, which the Company believes it is becoming the standard among enterprise SaaS companies in the industry. The consumption-based pricing model is based on vCPU/hour, in line with industry-standard cloud software pricing standards. The transition has been met with great reception among C3 AI’s prospects, customers, and partners. Since this transition, the Company has closed over 100 pilots on the new consumption pricing model. The Company believes traction with C3 Generative AI: AWS Marketplace Edition will further accelerate the Company’s consumption pricing adoption and customer engagement metrics.C3 Generative AIRecent estimates suggest that the market for Enterprise AI applications is bigger and expanding faster than certain experts previously anticipated. Bloomberg Intelligence estimates that generative AI will become a $1.3 trillion market by 2032. Goldman Sachs predicts that AI could increase corporate profits by 30% in the next decade, and that generative AI alone could raise the global GDP by 7%. C3 AI believes it is in a prime position to see a significant increase in opportunities for Enterprise AI, and the Company is also well-positioned to accelerate growth, gain market share, attain sustainable non-GAAP profitability and establish a market-leading position globally. As such, the Company plans to further accelerate its investment in generative AI, deepening its investments in lead generation, branding, market awareness, and customer success.C3 AI closed 20 new agreements for C3 Generative AI in the second quarter. C3 Generative AI is addressing use cases across multiple industries including manufacturing, financial services, and defense & intelligence.•The generative AI qualified pipeline grew to over 225 in Q2, an increase of more than 55% from Q1.•C3 AI has announced a no-code, self-service generative AI application in AWS Marketplace, C3 Generative AI: AWS Marketplace Edition, allowing users of all technical levels to begin using generative AI in minutes in their enterprise. The application provides a starting point for customers and can be quickly scaled across the enterprise and can be used together with all other C3 AI applications. C3 Generative AI: AWS Marketplace Edition is now available under a 14-day free trial in AWS Marketplace via private preview. Financial Outlook:The Company’s guidance includes GAAP and non-GAAP financial measures.The following table summarizes C3 AI’s guidance for the third quarter of fiscal 2024 and full-year fiscal 2024:(in millions)Third Quarter Fiscal 2024GuidanceFull Year Fiscal 2024 GuidanceTotal revenue$74.0 - $78.0$295.0 - $320.0Non-GAAP loss from operations$(40.0) - $(46.0)$(115.0) - $(135.0)A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP results included in this press release. Our fiscal year ends April 30, and numbers are rounded for presentation purposes.Conference Call Details What:C3 AI Second Quarter Fiscal 2024 Financial Results Conference CallWhen:Wednesday, December 6, 2023Time:2:00 p.m. PT / 5:00 p.m. ETParticipant Registration:https://register.vevent.com/register/BIe37b9b099bea488eb9570b24243fce69 (live call)Webcast:https://edge.media-server.com/mmc/p/zc6c5s27/ (live and replay)Investor Presentation DetailsAn investor presentation providing additional information and analysis can be found at our investor relations page at ir.c3.ai.Statement Regarding Use of Non-GAAP Financial MeasuresThe Company reports the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.•Non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, and non-GAAP net loss per share. Our non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, and non-GAAP net loss per share exclude the effect of stock-based compensation expense-related charges and employer payroll tax expense related to employee stock-based compensation. We believe the presentation of operating results that exclude these non-cash items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP financial measures.Use of Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including our market leadership position, anticipated benefits from our partnerships and investments, financial outlook, our expectations relating to our new consumption-pricing model and the impact to our results of operations, the expected benefits of our offerings (including the potential benefits of our C3 Generative AI offerings), our business strategies, plans, and objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including difficulties in evaluating our prospects and future results of operations given our operating history, our dependence on a limited number of existing customers that account for a substantial portion of our revenue, our ability to attract new customers and retain existing customers, market awareness and acceptance of enterprise AI solutions in general and our products in particular, and our history of operating losses. Some of these risks are described in greater detail in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q for the fiscal quarters ended July 31, 2023 and, when available, October 31, 2023, although new and unanticipated risks may arise. The future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations.About C3.ai, Inc.C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 AI Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications, C3 AI applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally, and C3 Generative AI, a suite of domain-specific generative AI offerings for the enterprise.Investor [email protected] AI Public RelationsCheryl [email protected]: C3.ai, Inc.C3.AI, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)(Unaudited)Three Months Ended October 31,Six Months Ended October 31,2023202220232022RevenueSubscription(1)$66,449 $59,508 $127,801 $116,534 Professional services(2)6,780 2,900 17,790 11,182 Total revenue73,229 62,408 145,591 127,716 Cost of revenueSubscription30,937 19,165 61,371 33,257 Professional services1,179 1,587 2,558 5,901 Total cost of revenue32,116 20,752 63,929 39,158 Gross profit41,113 41,656 81,662 88,558 Operating expensesSales and marketing(3)49,895 44,936 93,780 87,923 Research and development50,399 50,051 101,267 105,928 General and administrative20,215 18,635 40,104 39,882 Total operating expenses120,509 113,622 235,151 233,733 Loss from operations(79,396)(71,966)(153,489)(145,175)Interest income10,480 4,224 20,602 6,762 Other (expense) income, net(638)(945)(877)(1,966)Loss before provision for income taxes(69,554)(68,687)(133,764)(140,379)Provision for income taxes226 163 374 342 Net loss$(69,780)$(68,850)$(134,138)$(140,721)Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(0.59)$(0.63)$(1.15)$(1.30)Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted118,656 108,876 117,125 107,885 (1) Including related party revenue of $10,581 and $35,568 for the six months ended October 31, 2023 and 2022, respectively, and $19,238 for the three months ended October 31, 2022.(2) Including related party revenue of $5,804 and $150 for the six months ended October 31, 2023 and 2022, respectively, and $21 for the three months ended October 31, 2022.(3) Including related party sales and marketing expense of $810 and $7,031 for the six months ended October 31, 2023 and 2022, respectively, and $3,531 for the three months ended October 31, 2022.C3.AI, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except for share and per share data)(Unaudited)October 31, 2023April 30, 2023AssetsCurrent assetsCash and cash equivalents$149,009 $284,829 Marketable securities613,260 446,155 Accounts receivable, net of allowance of $359 and $359 as of October 31, 2023 and April 30, 2023, respectively(1)143,153 134,586 Prepaid expenses and other current assets(2)25,662 23,309 Total current assets931,084 888,879 Property and equipment, net92,651 84,578 Goodwill625 625 Long-term investments— 81,418 Other assets, non-current(3)46,754 47,528 Total assets$1,071,114 $1,103,028 Liabilities and stockholders’ equityCurrent liabilitiesAccounts payable(4)$25,740 $24,610 Accrued compensation and employee benefits37,648 46,513 Deferred revenue, current(5)40,486 47,846 Accrued and other current liabilities(6)10,280 17,070 Total current liabilities114,154 136,039 Deferred revenue, non-current68 4 Other long-term liabilities45,616 37,320 Total liabilities159,838 173,363 Commitments and contingenciesStockholders’ equityClass A common stock116 110 Class B common stock3 3 Additional paid-in capital1,856,307 1,740,174 Accumulated other comprehensive loss(775)(385)Accumulated deficit(944,375)(810,237)Total stockholders’ equity911,276 929,665 Total liabilities and stockholders’ equity$1,071,114 $1,103,028 (1) Including amounts from a related party of $74,620 as of April 30, 2023.(2) Including amounts from a related party of $4,983 as of April 30, 2023.(3) Including amounts from a related party of $11,279 as of April 30, 2023.(4) Including amounts from a related party of $2,200 as of April 30, 2023.(5) Including amounts from a related party of $249 as of April 30, 2023.(6) Including amounts from a related party of $2,448 as of April 30, 2023.C3.AI, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)Six Months Ended October 31,20232022Cash flows from operating activities:Net loss$(134,138)$(140,721)Adjustments to reconcile net loss to net cash used in operating activitiesDepreciation and amortization6,220 2,413 Non-cash operating lease cost454 1,101 Stock-based compensation expense104,049 112,643 Accretion of discounts on marketable securities(8,755)(582)Other— 186 Changes in operating assets and liabilitiesAccounts receivable(1)(8,567)(14,668)Prepaid expenses, other current assets and other assets(2)(665)(3,204)Accounts payable(3)(2,918)(28,197)Accrued compensation and employee benefits(2,551)(1,050)Operating lease liabilities7,804 650 Other liabilities(4)1,709 (882)Deferred revenue(5)(7,296)(18,534)Net cash used in operating activities(44,654)(90,845)Cash flows from investing activities:Purchases of property and equipment(16,631)(39,978)Capitalized software development costs(2,750)(1,000)Purchases of marketable securities(489,871)(384,024)Maturities and sales of marketable securities412,554 455,534 Net cash (used in) provided by investing activities(96,698)30,532 Cash flows from financing activities:Proceeds from issuance of Class A common stock under employee stock purchase plan5,055 — Proceeds from exercise of Class A common stock options10,163 1,782 Taxes paid related to net share settlement of equity awards(9,686)(3,375)Net cash provided by (used in) financing activities5,532 (1,593)Net decrease in cash, cash equivalents and restricted cash(135,820)(61,906)Cash, cash equivalents and restricted cash at beginning of period297,395 352,519 Cash, cash equivalents and restricted cash at end of period$161,575 $290,613 Cash and cash equivalents$149,009 $277,622 Restricted cash included in other assets12,566 12,566 Restricted cash included in prepaid expenses and other current assets— 425 Total cash, cash equivalents and restricted cash$161,575 $290,613 Supplemental disclosure of cash flow information—cash paid for income taxes$281 $136 Supplemental disclosures of non-cash investing and financing activities:Purchases of property and equipment included in accounts payable and accrued liabilities$7,293 $18,361 Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives)$778 $— Unpaid liabilities related to intangible purchases$— $1,500 Vesting of early exercised stock options$294 $561 (1)Including changes in related party balances of $12,444 and $18,023 for the six months ended October 31, 2023 and 2022, respectively.(2)Including changes in related party balances of $(810) and $(2,431) for the six months ended October 31, 2023 and 2022, respectively.(3)Including changes in related party balances of $248 and $(16,396) for the six months ended October 31, 2023 and 2022, respectively.(4)Including changes in related party balances of $(2,448) and $(2,510) for the six months ended October 31, 2023 and 2022, respectively.(5)Including changes in related party balances of $(46) and $255 for the six months ended October 31, 2023 and 2022, respectively.C3.AI, INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(In thousands, except percentages)(Unaudited)Three Months Ended October 31,Six Months Ended October 31,2023202220232022Reconciliation of GAAP gross profit to non-GAAP gross profit:Gross profit on a GAAP basis$41,113$41,656$81,662$88,558Stock-based compensation expense (1)8,9935,96517,50911,308Employer payroll tax expense related to employee stock-based compensation (2)297186838572Gross profit on a non-GAAP basis$50,403$47,807$100,009$100,438Gross margin on a GAAP basis56%67%56%69%Gross margin on a non-GAAP basis69%77%69%79%Reconciliation of GAAP loss from operations to non-GAAP loss from operations:Loss from operations on a GAAP basis$(79,396)$(71,966)$(153,489)$(145,175)Stock-based compensation expense (1)53,16956,013104,049112,643Employer payroll tax expense related to employee stock-based compensation (2)1,2749913,7743,033Loss from operations on a non-GAAP basis$(24,953)$(14,962)$(45,666)$(29,499)Reconciliation of GAAP net loss per share to non-GAAP net loss per share:Net loss on a GAAP basis$(69,780)$(68,850)$(134,138)$(140,721)Stock-based compensation expense (1)53,16956,013104,049112,643Employer payroll tax expense related to employee stock-based compensation (2)1,2749913,7743,033Net loss on a non-GAAP basis$(15,337)$(11,846)$(26,315)$(25,045)GAAP net loss per share attributable common shareholders, basic and diluted$(0.59)$(0.63)$(1.15)$(1.30)Non-GAAP net loss per share attributable common shareholders, basic and diluted$(0.13)$(0.11)$(0.22)$(0.23)Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted118,656 108,876 117,125 107,885 (1)Stock-based compensation expense for gross profits and gross margin includes costs of subscription and cost of professional services as follows. Stock-based compensation expense for loss from operations includes total stock-based compensation expense as follows:Three Months Ended October 31,Six Months Ended October 31,2023202220232022Cost of subscription$8,514 $5,486 $16,570 $9,758 Cost of professional services479 479 939 1,550 Sales and marketing18,226 19,080 35,005 35,859 Research and development16,685 23,905 33,718 49,122 General and administrative9,265 7,063 17,817 16,354 Total stock-based compensation expense$53,169 $56,013 $104,049 $112,643 (2) Employer payroll tax expense related to employee stock-based compensation for gross profits and gross margin includes costs of subscription and cost of professional services as follows. Employer payroll tax expense related to employee stock-based compensation for loss from operations includes total employer payroll tax expense related to employee stock-based compensation as follows:Three Months Ended October 31,Six Months Ended October 31,2023202220232022Cost of subscription$282 $170 $791 $456 Cost of professional services15 16 47 116 Sales and marketing463 356 1,468 886 Research and development415 386 1,232 1,329 General and administrative99 63 236 246 Total employer payroll tax expense$1,274 $991 $3,774 $3,033
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0001213900-24-070890:ea021184801ex99-1_realph.htm
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0001213900-24-070890
| 1,859,199
| 1,859,199
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reAlpha Tech Corp. (AIRE) (CIK 0001859199)
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['AIRE']
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8-K
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8-K
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2024-08-20
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2024-08-20
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001-41839
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https://www.sec.gov/cgi-bin/browse-edgar/?filenum=001-41839&action=getcompany
| 241,222,554
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EX-99.1
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PRESS RELEASE, DATED AUGUST 20, 2024
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7.01,8.01,9.01
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https://www.sec.gov/Archives/edgar/data/1859199/000121390024070890
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https://www.sec.gov/Archives/edgar/data/1859199/000121390024070890/0001213900-24-070890-index.html
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https://www.sec.gov/Archives/edgar/data/1859199/000121390024070890/ea021184801ex99-1_realph.htm
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EX-99.1 2 ea021184801ex99-1_realph.htm PRESS RELEASE, DATED AUGUST 20, 2024 Exhibit 99.1 reAlpha Launches AI-Powered Real Estate Super AppTM on Tailwinds of Effectiveness of NAR Rule Changes on August 17, 2024 Recent NAR rule changes make buying a home using a traditional buyer’s agent more expensive. reAlpha brings their end-to-end commission-free homebuying platform to mobile devices, aiming to provide an easy and affordable way to buy a home completely by phone. Dublin, Ohio—reAlpha Tech Corp. (Nasdaq: AIRE) (“reAlpha”), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, announces today the launch of reAlpha (previously, “Claire”) (the “Super App”) for mobile devices. The Super App brings an end-to-end, commission-free, real estate experience to users’ mobile devices in addition to its online version, combining Claire, reAlpha’s generative-AI buyer’s agent, licensed human agent support and a suite of homebuying tools, which currently includes title and escrow agent services. In connection with the launch of the Super App for mobile devices, reAlpha changed the name of the Super App from “Claire,” to “reAlpha.” Claire will remain as the generative-AI buyer’s agent that will be integrated within the Super App, while providing the same services it did for users utilizing the platform under its previous name. The Super App will continue to be available online in addition to its mobile app version. This launch is timed to coincide with the real estate industry's shift in light of the National Association of Realtors’ (“NAR”) recent settlement to eliminate the standard six percent sales commission when purchasing a home. These rule changes went into effect August 17, and reAlpha believes such changes make its commission-free offering to be even more compelling for property buyers. AI-Driven Homebuying Experience The Super App brings reAlpha’s AI-powered capabilities to home buyers, allowing users to search for and purchase homes through their mobile phone. Key features include: ●Commission-free homebuying: The Super App does not charge buyer’s commission fees, making home ownership more affordable and transparent. ●Claire, the AI Real Estate Agent: Users can interact with Claire, a generative AI-powered buyer’s agent, to receive 24/7 real-time support and answers to questions related to purchasing a property. ●AI-Generated Search and Recommendations: The Super App utilizes AI algorithms to provide personalized property matches and recommendations, further assisting users to find their ideal home. Also, with Claire’s natural language search, you can describe your perfect home, and it will quickly find matches, with no filters needed. ●AI Document Review and Analysis: The Super App’s “Review with Claire” feature allows homebuyers to get clear, concise summaries of detailed real estate documents like inspection and settlement reports, making complex information easier to understand and navigate through. ●Expert Guidance: For customized needs, users will be able to rely on a dedicated team of licensed real estate agents, on a no-cost and no-obligation basis, who will provide personalized support and guidance. These agents step in to augment Claire’s AI capabilities, allowing homebuyers to be confident in their decisions when buying a home, while also building trust between the agents and buyers throughout their home purchasing journey. ●End-to-end Transactions: All steps of a standard homebuying process can be completed in the Super App, even if the Super App does not provide the services itself, as reAlpha’s licensed real estate agents will be available to step in and assist in those steps until the Super App integrates those services within the platform. Buyers will be guided through finding their home, negotiating an offer, getting a mortgage, among others, all the way through title services and closing. One Platform for All Homebuying Needs Following the acquisition of Hyperfast, announced July 29, 2024, reAlpha now offers integrated title services, allowing the Super App to offer those services directly to its users. While our licensed real estate agents can assist homebuyers if they need assistance with certain services the Super App does not currently provide, reAlpha plans to expand the Super App’s capabilities to integrate every aspect of a standard homebuying process in this one platform by eventually providing mortgage brokerage services and home insurance to buyers utilizing the Super App, whether online or via mobile device. “At reAlpha, we know buying a home is the biggest and most important decision many people will ever make. We believe in leveraging AI to create a more personalized and supportive homebuying experience,” said Mike Logozzo, President and Chief Operating Officer of reAlpha. “The reAlpha Super App is designed to provide homebuyers with all the tools and support they may need to find their dream home, at a great price and with the best experience, all from their mobile device.” As reAlpha continues to work towards innovating the real estate industry, the launch of the Super App for mobile devices marks a significant milestone in the company's mission to bring the real estate industry to the digital era. By integrating its generative-AI technology and homebuying services, reAlpha believes the Super App can transform the way people buy homes, while making the process more intuitive and efficient. The Super App is now available for download on iOS devices. For more information and to download the Super App, please visit our App Store page. 2 About reAlpha reAlpha (previously called “Claire”), announced on April 24, 2024, is reAlpha’s generative AI-powered, commission-free, homebuying platform. The tagline: No fees. Just keys.TM – reflects reAlpha’s dedication to eliminating traditional barriers and making homebuying more accessible and transparent. reAlpha’s introduction aligns with major shifts in the real estate sector after the NAR agreed to settle certain lawsuits upon being found to have violated antitrust laws, resulting in inflated fees paid to buy-side agents. This development is expected to result in the end of the standard six percent sales commission, which equates to approximately $100 billion in realtor fees paid annually. reAlpha offers a cost-free alternative for homebuyers by utilizing an AI-driven workflow that assists them through the home buying process. Homebuyers using reAlpha’s conversational interface will be able to interact with Claire, reAlpha’s AI buyer’s agent, to guide them through every step of their homebuying journey, from property search to closing the deal. By offering support 24/7, Claire is poised to make the homebuying process more efficient, enjoyable, and cost-efficient. Claire matches buyers with their dream homes using over 400 data attributes and provides insights into market trends and property values. Additionally, Claire can assist with questions, booking property tours, submitting offers, and negotiations. Currently, reAlpha is under limited availability for homebuyers located in 20 counties in Florida, but reAlpha is actively seeking new MLS and brokerage licenses that will enable expansion into more U.S. states. For more information, please visit www.reAlpha.com. About reAlpha Tech Corp. reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership. For more information, visit www.reAlpha.com. 3 Forward-Looking Statements The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about the NAR rule changes; the anticipated benefits of the NAR rule changes; statements about the Super App; the anticipated demand for the Super App in mobile devices and online; reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to capitalize on the NAR rules change development to create more demand for its products and services, including the Super App; reAlpha’s ability to generate revenues through the Super App and services provided therein; reAlpha’s ability to acquire, collaborate with and/or partner with mortgage brokerage firms and home insurance providers, as well as other service providers to further enhance the Super App’s capabilities and services provided therein; reAlpha’s ability to generate revenue through its title services and any other services it may offer to Super App users in the future, both in mobile devices and online; the inability to maintain and strengthen reAlpha’s brand and reputation; the inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s U.S. Securities and Exchange Commission (“SEC”) filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investor Relations Contact [email protected] Media irlabs on behalf of reAlpha Fatema Bhabrawala [email protected] 4
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0001045810-24-000113:q1fy25pr.htm
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0001045810-24-000113
| 1,045,810
| 1,045,810
|
NVIDIA CORP (NVDA) (CIK 0001045810)
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['NVDA']
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8-K
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8-K
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2024-05-22
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2024-05-22
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000-23985
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https://www.sec.gov/cgi-bin/browse-edgar/?filenum=000-23985&action=getcompany
| 24,973,579
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EX-99.1
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Q1FY25 PRESS RELEASE
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2.02,8.01,9.01
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https://www.sec.gov/Archives/edgar/data/1045810/000104581024000113
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https://www.sec.gov/Archives/edgar/data/1045810/000104581024000113/0001045810-24-000113-index.html
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https://www.sec.gov/Archives/edgar/data/1045810/000104581024000113/q1fy25pr.htm
|
EX-99.1 2 q1fy25pr.htm Q1FY25 PRESS RELEASE DocumentFOR IMMEDIATE RELEASE:NVIDIA Announces Financial Results for First Quarter Fiscal 2025 •Record quarterly revenue of $26.0 billion, up 18% from Q4 and up 262% from a year ago•Record quarterly Data Center revenue of $22.6 billion, up 23% from Q4 and up 427% from a year ago•Ten-for-one forward stock split effective June 7, 2024•Quarterly cash dividend raised 150% to $0.01 per share on a post-split basisSANTA CLARA, Calif.—May 22, 2024―NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 28, 2024, of $26.0 billion, up 18% from the previous quarter and up 262% from a year ago.For the quarter, GAAP earnings per diluted share was $5.98, up 21% from the previous quarter and up 629% from a year ago. Non-GAAP earnings per diluted share was $6.12, up 19% from the previous quarter and up 461% from a year ago.“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” said Jensen Huang, founder and CEO of NVIDIA. “AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.“Our data center growth was fueled by strong and accelerating demand for generative AI training and inference on the Hopper platform. Beyond cloud service providers, generative AI has expanded to consumer internet companies, and enterprise, sovereign AI, automotive and healthcare customers, creating multiple multibillion-dollar vertical markets.“We are poised for our next wave of growth. The Blackwell platform is in full production and forms the foundation for trillion-parameter-scale generative AI. Spectrum-X opens a brand-new market for us to bring large-scale AI to Ethernet-only data centers. And NVIDIA NIM is our new software offering that delivers enterprise-grade, optimized generative AI to run on CUDA everywhere — from the cloud to on-prem data centers and RTX AI PCs — through our expansive network of ecosystem partners.”NVIDIA also announced a ten-for-one forward stock split of NVIDIA’s issued common stock to make stock ownership more accessible to employees and investors. The split will be effected through an amendment to NVIDIA’s Restated Certificate of Incorporation, which will result in a proportionate increase in the number of shares of authorized common stock. Each record holder of common stock as of the close of market on Thursday, June 6, 2024, will receive nine additional shares of common stock, to be distributed after the close of market on Friday, June 7, 2024. Trading is expected to commence on a split-adjusted basis at market open on Monday, June 10, 2024.NVIDIA is increasing its quarterly cash dividend by 150% from $0.04 per share to $0.10 per share of common stock. The increased dividend is equivalent to $0.01 per share on a post-split basis and will be paid on Friday, June 28, 2024, to all shareholders of record on Tuesday, June 11, 2024.Q1 Fiscal 2025 SummaryGAAP($ in millions, except earnings per share)Q1 FY25Q4 FY24Q1 FY24Q/QY/YRevenue$26,044$22,103$7,192Up 18%Up 262%Gross margin78.4 %76.0 %64.6 %Up 2.4 ptsUp 13.8 ptsOperating expenses$3,497$3,176$2,508Up 10%Up 39%Operating income$16,909$13,615$2,140Up 24%Up 690%Net income$14,881$12,285$2,043Up 21%Up 628%Diluted earnings per share$5.98$4.93$0.82Up 21%Up 629%Non-GAAP($ in millions, except earnings per share)Q1 FY25Q4 FY24Q1 FY24Q/QY/YRevenue$26,044$22,103$7,192Up 18%Up 262%Gross margin78.9 %76.7 %66.8 %Up 2.2 ptsUp 12.1 ptsOperating expenses$2,501$2,210$1,750Up 13%Up 43%Operating income$18,059$14,749$3,052Up 22%Up 492%Net income$15,238$12,839$2,713Up 19%Up 462%Diluted earnings per share$6.12$5.16$1.09Up 19%Up 461%OutlookNVIDIA’s outlook for the second quarter of fiscal 2025 is as follows:•Revenue is expected to be $28.0 billion, plus or minus 2%.•GAAP and non-GAAP gross margins are expected to be 74.8% and 75.5%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.•GAAP and non-GAAP operating expenses are expected to be approximately $4.0 billion and $2.8 billion, respectively. Full-year operating expenses are expected to grow in the low-40% range.•GAAP and non-GAAP other income and expense are expected to be an income of approximately $300 million, excluding gains and losses from non-affiliated investments.•GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.HighlightsNVIDIA achieved progress since its previous earnings announcement in these areas:Data Center•First-quarter revenue was a record $22.6 billion, up 23% from the previous quarter and up 427% from a year ago.•Unveiled the NVIDIA Blackwell platform to fuel a new era of AI computing at trillion-parameter scale and the Blackwell-powered DGX SuperPOD™ for generative AI supercomputing.•Announced NVIDIA Quantum and NVIDIA Spectrum™ X800 series switches for InfiniBand and Ethernet, respectively, optimized for trillion-parameter GPU computing and AI infrastructure.•Launched NVIDIA AI Enterprise 5.0 with NVIDIA NIM inference microservices to speed enterprise app development.•Announced TSMC and Synopsys are going into production with NVIDIA cuLitho to accelerate computational lithography, the semiconductor manufacturing industry’s most compute-intensive workload.•Announced that nine new supercomputers worldwide are using Grace Hopper Superchips to ignite new era of AI supercomputing.•Unveiled that Grace Hopper Superchips power the top three machines on the Green500 list of the world’s most energy-efficient supercomputers.•Expanded collaborations with AWS, Google Cloud, Microsoft and Oracle to advance generative AI innovation.•Worked with Johnson & Johnson MedTech to bring AI capabilities to support surgery.Gaming and AI PC•First-quarter Gaming revenue was $2.6 billion, down 8% from the previous quarter and up 18% from a year ago.•Introduced new AI gaming technologies at GDC for NVIDIA ACE and Neural Graphics.•Unveiled new AI performance optimizations and integrations for Windows to deliver maximum performance on NVIDIA GeForce RTX AI PCs and workstations.•Announced more blockbuster games that will incorporate RTX technology, including Star Wars Outlaws and Black Myth Wukong.•Added support for new models, including Google’s Gemma, for ChatRTX, which brings chatbot capabilities to RTX-powered Windows PCs and workstations.Professional Visualization•First-quarter revenue was $427 million, down 8% from the previous quarter and up 45% from a year ago.•Introduced NVIDIA RTX™ 500 and 1000 professional Ada generation laptop GPUs for AI-enhanced workflows.•Unveiled NVIDIA RTX A400 and A1000 GPUs for desktop workstations, based on the NVIDIA Ampere architecture, to bring AI to design and productivity workflows.•Introduced NVIDIA Omniverse™ Cloud APIs to power industrial digital twin software tools, including an expanded Siemens partnership, and a new framework for the Apple Vision Pro.•Announced the adoption of the new Earth-2 cloud APIs by The Weather Company and the Central Weather Administration of Taiwan for high-resolution global climate simulations.Automotive and Robotics•First-quarter Automotive revenue was $329 million, up 17% from the previous quarter and up 11% from a year ago.•Announced BYD, XPENG, GAC’s AION Hyper, Nuro and others have chosen the next-generation NVIDIA DRIVE Thor™ platform, which now features Blackwell GPU architecture, to power their next-generation consumer and commercial electric vehicle fleets.•Revealed U.S. and China electric vehicle makers Lucid and IM Motors are using the NVIDIA DRIVE Orin™ platform for vehicle models targeting the European market.•Announced an array of partners are using NVIDIA generative AI technologies to transform in-vehicle experiences.•Introduced the Project GR00T foundation model for humanoid robots and major Isaac robotics platform updates.CFO CommentaryCommentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.Conference Call and Webcast InformationNVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2025.Non-GAAP MeasuresTo supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.About NVIDIANVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.###For further information, contact:Simona JankowskiMylene MangalindanInvestor RelationsCorporate CommunicationsNVIDIA CorporationNVIDIA [email protected]@nvidia.comCertain statements in this press release including, but not limited to, statements as to: companies and countries building AI factories with NVIDIA accelerated computing to produce artificial intelligence; accelerating demand for generative AI training and inference on the Hopper platform; the expanding reach of generative AI; generative AI expanding to consumer internet companies, and enterprise, sovereign AI, automotive, and healthcare customers, creating multiple multibillion-dollar vertical markets; NVIDIA being poised for the next wave of growth; the Blackwell platform in full production and forming the foundation for trillion-parameter-scale generative AI; Spectrum-X opening a brand-new market for NVIDIA to bring large-scale AI to Ethernet-only data centers; NVIDIA NIM as NVIDIA’s new software offering that delivers enterprise-grade, optimized generative AI run on CUDA everywhere — from the cloud, to on-prem data centers and RTX AI PCs — through NVIDIA’s expansive network of ecosystem partners; NVIDIA's forward stock split; NVIDIA’s next quarterly cash dividend; gross margins being in the mid-70% range for the full year; full-year operating expenses growing in the low-40% range; and NVIDIA’s financial outlook and expected tax rates for the second quarter of fiscal 2025 are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products or technologies when integrated into systems, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce NOW, NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA RTX and NVIDIA Spectrum are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.NVIDIA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In millions, except per share data)(Unaudited) Three Months Ended April 28,April 30,20242023Revenue$26,044 $7,192 Cost of revenue 5,638 2,544 Gross profit20,406 4,648 Operating expensesResearch and development 2,720 1,875 Sales, general and administrative777 633 Total operating expenses3,497 2,508 Operating income16,909 2,140 Interest income359 150 Interest expense(64)(66)Other, net75 (15)Other income (expense), net370 69 Income before income tax17,279 2,209 Income tax expense2,398 166 Net income$14,881 $2,043 Net income per share:Basic$6.04 $0.83 Diluted$5.98 $0.82 Weighted average shares used in per share computation:Basic2,462 2,470 Diluted2,489 2,490 NVIDIA CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited)April 28,January 28,20242024ASSETSCurrent assets:Cash, cash equivalents and marketable securities$31,438 $25,984 Accounts receivable, net12,365 9,999 Inventories5,864 5,282 Prepaid expenses and other current assets4,062 3,080 Total current assets53,729 44,345 Property and equipment, net4,006 3,914 Operating lease assets1,532 1,346 Goodwill4,453 4,430 Intangible assets, net986 1,112 Deferred income tax assets7,798 6,081 Other assets 4,568 4,500 Total assets$77,072 $65,728 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable$2,715 $2,699 Accrued and other current liabilities11,258 6,682 Short-term debt1,250 1,250 Total current liabilities15,223 10,631 Long-term debt8,460 8,459 Long-term operating lease liabilities1,281 1,119 Other long-term liabilities2,966 2,541 Total liabilities27,930 22,750 Shareholders' equity49,142 42,978 Total liabilities and shareholders' equity$77,072 $65,728 NVIDIA CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three Months EndedApril 28,April 30,20242023Cash flows from operating activities: Net income$14,881 $2,043 Adjustments to reconcile net income to net cashprovided by operating activities:Stock-based compensation expense1,011 735 Depreciation and amortization410 384 Realized and unrealized (gains) losses on investments in non-affiliated entities, net(69)14 Deferred income taxes(1,577)(1,135)Other(145)(34)Changes in operating assets and liabilities, net of acquisitions:Accounts receivable(2,366)(252)Inventories(577)566 Prepaid expenses and other assets(726)(215)Accounts payable(22)11 Accrued and other current liabilities4,202 689 Other long-term liabilities323 105 Net cash provided by operating activities15,345 2,911 Cash flows from investing activities:Proceeds from maturities of marketable securities4,004 2,512 Proceeds from sales of marketable securities149 — Purchases of marketable securities(9,303)(2,801)Purchase related to property and equipment and intangible assets(369)(248)Acquisitions, net of cash acquired(39)(83)Investments in non-affiliated entities(135)(221)Net cash used in investing activities(5,693)(841)Three Months EndedApril 28,April 30,20242023Cash flows from financing activities:Proceeds related to employee stock plans285 246 Payments related to repurchases of common stock(7,740)— Payments related to tax on restricted stock units(1,752)(507)Dividends paid(98)(99)Principal payments on property and equipment and intangible assets(40)(20)Net cash used in financing activities(9,345)(380)Change in cash and cash equivalents307 1,690 Cash and cash equivalents at beginning of period7,280 3,389 Cash and cash equivalents at end of period$7,587 $5,079 NVIDIA CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited) Three Months Ended April 28,January 28,April 30,202420242023GAAP gross profit$20,406 $16,791 $4,648 GAAP gross margin78.4 %76.0 %64.6 %Acquisition-related and other costs (A)119 119 119 Stock-based compensation expense (B)36 45 27 Other (C)(1)4 8 Non-GAAP gross profit$20,560 $16,959 $4,802 Non-GAAP gross margin78.9 %76.7 %66.8 %GAAP operating expenses$3,497 $3,176 $2,508 Stock-based compensation expense (B)(975)(948)(708)Acquisition-related and other costs (A)(21)(18)(54)Other (C) — — 4 Non-GAAP operating expenses$2,501 $2,210 $1,750 GAAP operating income$16,909 $13,615 $2,140 Total impact of non-GAAP adjustments to operating income1,150 1,134 912 Non-GAAP operating income$18,059 $14,749 $3,052 GAAP other income (expense), net$370 $491 $69 (Gains) losses from non-affiliated investments(69)(260)14 Interest expense related to amortization of debt discount1 1 1 Non-GAAP other income (expense), net$302 $232 $84 GAAP net income$14,881 $12,285 $2,043 Total pre-tax impact of non-GAAP adjustments1,082 875 927 Income tax impact of non-GAAP adjustments (D)(725)(321)(257)Non-GAAP net income $15,238 $12,839 $2,713 Three Months EndedApril 28,January 28,April 30,202420242023Diluted net income per shareGAAP$5.98 $4.93 $0.82 Non-GAAP $6.12 $5.16 $1.09 Weighted average shares used in diluted net income per share computation2,489 2,490 2,490 GAAP net cash provided by operating activities$15,345 $11,499 $2,911 Purchases related to property and equipment and intangible assets(369)(253)(248)Principal payments on property and equipment and intangible assets(40)(29)(20)Free cash flow$14,936 $11,217 $2,643 (A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and are included in the following line items:Three Months Ended April 28,January 28,April 30,202420242023Cost of revenue$119 $119 $119 Research and development$12 $12 $12 Sales, general and administrative$8 $6 $42 (B) Stock-based compensation consists of the following:Three Months EndedApril 28,January 28,April 30,202420242023Cost of revenue$36 $45 $27 Research and development$727 $706 $524 Sales, general and administrative$248 $242 $184 (C) Other consists of IP-related costs and assets held for sale related adjustments.(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).NVIDIA CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP OUTLOOKQ2 FY2025Outlook($ in millions)GAAP gross margin74.8 %Impact of stock-based compensation expense, acquisition-related costs, and other costs0.7 %Non-GAAP gross margin75.5 %GAAP operating expenses$3,950 Stock-based compensation expense, acquisition-related costs, and other costs(1,150)Non-GAAP operating expenses$2,800
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