SANTA CLARA, Calif., Nov. 29, 2023 /PRNewswire/ — Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading IoT cloud development platform, today announced its unaudited financial results for the third quarter ended September 30, 2023. 

Third Quarter 2023 Financial Highlights

Total revenue was US$61.1 million, up approximately 35.7% year over year (3Q2022: US$45.0 million). IoT platform-as-a-service ("PaaS") revenue was US$45.8 million, up approximately 48.1% year over year (3Q2022: US$30.9 million). Software-as-a-service ("SaaS") and others revenue was US$8.5 million, down approximately 5.0% year over year (3Q2022: US$8.9 million). Overall gross margin increased to 46.7%, up 3.1 percentage points year over year (3Q2022: 43.6%). Gross margin of IoT PaaS increased to 44.6%, up 7.4 percentage points year over year (3Q2022: 37.2%). Operating margin was negative 30.3%, improving by 59.5 percentage points year over year (3Q2022: negative 89.8%). Non GAAP operating margin was negative 5.7%, improving by 47.0 percentage points year over year (3Q2022: negative 52.7%). Net margin was negative 8.0%, improving by 64.5 percentage points year over year (3Q2022: negative 72.5%). Non-GAAP net margin was 16.5%, improving by 51.9 percentage points year over year (3Q2022: negative 35.4%). Net cash generated from operating activities was US$16.1 million (3Q2022: net cash used in operating activities of US$13.5 million). Total cash and cash equivalents, and time deposits recorded as short-term and long- term investments were US$961.0 million as of September 30, 2023, compared to US$952.0 million as of December 31, 2022.

For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."

Third Quarter 2023 Operating Highlights

IoT PaaS customers[1] for the third quarter 2023 were approximately 2,100 (3Q2022: approximately 2,700). Total customers for the third quarter 2023 were approximately 3,000 (3Q2022: approximately 3,100). The Group’s implementation of key-account strategy has enabled it to be more focused on serving strategic customers. Premium IoT PaaS customers[2] for the trailing 12 months ended September 30, 2023 were 263 (3Q2022: 265). In the third quarter 2023, the Group’s premium IoT PaaS customers contributed approximately 83.5% of its IoT PaaS revenue (3Q2022: approximately 79.8%). Dollar-based net expansion rate ("DBNER")[3] of IoT PaaS for the trailing 12 months ended September 30, 2023 was 78% (3Q2022: 63%). Registered IoT device and software developers ("registered developers") were over 909,000 as of September 30, 2023, up 28.5% from approximately 708,000 developers as of December 31, 2022. The Group defines an IoT PaaS customer for a given period as a customer who has directly placed orders for IoT PaaS with the Group during that period. The Group defines a premium IoT PaaS customer as a customer as of a given date that contributed more than US$100,000 of IoT PaaS revenue during the immediately preceding 12-month period. The Group calculates DBNER of IoT PaaS for a trailing 12-month period by first identifying all customers in the prior 12-month period (i.e., those have placed at least one order for IoT PaaS during that period), and then calculating the quotient from dividing the IoT PaaS revenue generated from such customers in the current trailing 12-month period by the IoT PaaS revenue generated from the same group of customers in the prior 12-month period. The Group’s DBNER may change from period to period, due to a combination of various factors, including changes in the customers’ purchase cycles and amounts and the Group’s customer mix, among other things. DBNER indicates the Group’s ability to expand customer use of the Tuya platform over time and generate revenue growth from existing customers.

Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, "In the third quarter of 2023, Tuya achieved a pivotal milestone, reporting $61.1 million in total revenue, a year-over-year growth of 35.7%, marking a significant rebound. Our comprehensive improvements across key performance metrics, including enhanced margin profiles, robust cash flow, and strong cash positions, reflect our dynamic response and strategic recalibration to recent challenges. Our advancements in IoT device technology underscore our unwavering commitment to innovation and meeting customer needs. As we emerge from the industry’s cyclical downturn, our focus remains on broadening our high-quality customer base, bolstering product strength, and exploring new markets beyond consumer electronics. Looking forward, we aim to balance growth with profitability, thereby creating sustained value for our customers, shareholders, and the wider industry."

Ms. Yao (Jessie) Liu, Director and Chief Financial Officer of Tuya, added, "We achieved a return to year-over-year revenue growth in the third quarter, fueled by a 48.1% increase in IoT PaaS revenue and a 32.1% increase in IoT Smart device distribution revenue. We also sustained our gross margin at record levels, demonstrating resilience and strategic acumen amidst challenging times. These financial results are a testament to our focused efforts on our customers, products, and operational efficiency. In addition, our financial discipline is evident in our reduced non- GAAP operating expenses, down 26.2% year-over-year, and our improved profitability, with a significant increase in non-GAAP net profit to $10.1 million. While we remain cautious in the face of market uncertainties, we are confident in our ability to continue delivering strong results. As we progress through the final stages of inventory normalization and observe the stabilization of the IoT consumer electronics sector, our persistent efforts will support our growth in the quarters and years ahead."

Third Quarter 2023 Unaudited Financial Results

REVENUE

Total revenue in the third quarter of 2023 increased by 35.7% to US$61.1 million from US$45.0 million in the same period of 2022, mainly due to the increase in IoT PaaS revenue and smart device distribution revenue, partially offset by the decrease in SaaS and others revenue. This growth was in part affected by an adverse impact of US$3.3 million, or 7.3 percentage points, caused by fluctuations in foreign exchange rate compared to the same period of 2022.

IoT PaaS revenue in the third quarter of 2023 increased by 48.1% to US$45.8 million from US$30.9 million in the same period of 2022. This recovered year-over-year growth was due to the relief of downstream inventory backlog and a global economic improvement compared with the same period of 2022, along with the effective strategies the Company adopted to navigate through the macroeconomic headwinds. Sequentially, the global economy is still undergoing a gradual recovery, thus enterprise customers’ purchases and discretionary electronic consumer spendings remained a cautious and deliberate approach. Correspondingly, the Group’s DBNER of IoT PaaS for the trailing 12 months ended September 30, 2023 was 78% compared to previous periods. SaaS and others revenue in the third quarter of 2023 decreased by 5.0% to US$8.5 million from US$8.9 million in the same period of 2022, primarily due to the adverse foreign exchange translating pressures and the decrease in revenue from specific development services, such as "OEM APP", which is aligned with the Company’s customer-focus strategy compared to the same period of 2022, partially offset by a notable increase in revenue from cloud value-added services and software products, including SaaS solutions and Cube solution. The Group remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers. Smart device distribution revenue in the third quarter of 2023 increased by 32.1% to US$6.8 million from US$5.2 million in the same period of 2022, primarily due to the increase in revenue from IoT device solutions and the variations in the timing and volume of customer demands and purchases.

COST OF REVENUE

Cost of revenue in the third quarter of 2023 increased by 28.4% to US$32.6 million from US$25.4 million in the same period of 2022, generally in line with the increase in the Group’s total revenue.

GROSS PROFIT AND GROSS MARGIN

Total gross profit in the third quarter of 2023 increased by 45.2% to US$28.5 million from US$19.6 million in the same period of 2022 and gross margin increased to 46.7% in the third quarter of 2023 from 43.6% in the same period of 2022.

IoT PaaS gross margin in the third quarter of 2023 was 44.6%, compared to 37.2% in the same period of 2022. The improved gross margin was primarily due to the changes in product mix and the significant decrease in provision recorded for certain slow-moving IoT chips and raw materials compared to the third quarter of last year. SaaS and others gross margin in the third quarter of 2023 was 73.9%, remaining consistent sequentially across quarters, compared to 83.7% in the same period of 2022 which was higher primarily due to variations in service and product mix. Smart device distribution gross margin in the third quarter of 2023 was 26.9%, compared to 12.9% in the same period of 2022, primarily due to higher-value product solutions we provided to our customers during the third quarter of 2023.

OPERATING EXPENSES

Operating expenses decreased by 21.7% to US$47.0 million in the third quarter of 2023 from US$60.1 million in the same period of 2022.

Non-GAAP operating expenses, defined as operating expenses excluding share-based compensation expenses and credit-related impairment of long-term investments, decreased by 26.2% to US$32.0 million in the third quarter of 2023 from US$43.4 million in the same period of 2022. Share-based compensation expenses in the third quarter of 2023 were US$14.9 million, compared to US$16.7 million in the same period of 2022. Credit-related impairment of long-term investments was US$0.1 million in the third quarter of 2023, compared to nil in the same period of 2022.

Research and development expenses in the third quarter of 2023 were US$24.9 million, down 22.9% from US$32.3 million in the same period of 2022, primarily because of the strategic streamlining of the Group’s research and development team and operations. During this quarter, average salaried employee headcount of the Group’s research and development team was down approximately 33.8% year over year, compared to the same quarter in last year. Non-GAAP adjusted research and development expenses in the third quarter of 2023 were US$21.8 million, compared to US$29.3 million in the same period of 2022. Sales and marketing expenses in the third quarter of 2023 were US$9.4 million, down 33.3% from US$14.1 million in the same period of 2022, primarily due to (i) the strategic streamlining of the Group’s sales and marketing team, and (ii) the Group’s efforts to control expenditure and improve sales and marketing efficiency. Non-GAAP adjusted sales and marketing expenses in the third quarter of 2023 were US$8.7 million, compared to US$12.4 million in the same period of 2022. General and administrative expenses in the third quarter of 2023 were US$15.8 million, down 2.0% compared to US$16.2 million in the same period of 2022, remained generally stable. Non-GAAP adjusted general and administrative expenses in the third quarter of 2023 were US$4.8 million, compared to US$4.3 million in the same period of 2022. Other operating income, net in the third quarter of 2023 was US$3.2 million, primarily due to the receipt of software value-added tax refunds and various general subsidies for enterprises.

LOSS FROM OPERATIONS AND OPERATING MARGIN

Loss from operations in the third quarter of 2023 narrowed by 54.3% to US$18.5 million from US$40.4 million in the same period of 2022. Non-GAAP loss from operations in the third quarter of 2023 narrowed by 85.3% to US$3.5 million from US$23.7 million in the same period of 2022.

Operating margin in the third quarter of 2023 was negative 30.3%, improving by 59.5 percentage points from negative 89.8% in the same period of 2022. Non-GAAP operating margin in the third quarter of 2023 was negative 5.7%, improving by 47.0 percentage points from negative 52.7% in the same period of 2022.

NET LOSS/PROFIT AND NET MARGIN

Net loss in the third quarter of 2023 narrowed by 85.0% to US$4.9 million from US$32.6 million in the same period of 2022. The difference between loss from operations and net loss in the third quarter of 2023 was primarily because of a US$13.1 million interest income achieved mainly due to well implemented treasury strategies on the Group’s cash and bank deposits recorded as short- term and long-term investment.

The Group had a non-GAAP net profit of US$10.1 million in the third quarter of 2023, compared to a non-GAAP net loss of US$15.9 million in the same period of 2022, demonstrating the Group’s ability to sustain profitability on a non-GAAP basis.

Net margin in the third quarter of 2023 was negative 8.0%, improving 64.5 percentage points from negative 72.5% in the same period of 2022. Non-GAAP net margin in the third quarter of 2023 was 16.5%, improving 51.9 percentage points from negative 35.4% in the same period of 2022.

BASIC AND DILUTED NET LOSS/PROFIT PER ADS

Basic and diluted net loss per ADS was US$0.01 in the third quarter of 2023, compared to US$0.06 in the same period of 2022. Each ADS represents one Class A ordinary share.

Non-GAAP basic and diluted net profit per ADS was US$0.02 in the third quarter of 2023, compared to non GAAP basic and diluted net loss of US$0.03 in the same period of 2022.

CASH AND CASH EQUIVALENTS, AND TIME DEPOSITS RECORDED AS SHORT- TERM AND LONG-TERM INVESTMENTS

Cash and cash equivalents, and time deposits recorded as short-term and long-term investments were US$961.0 million as of September 30, 2023, compared to US$952.0 million as of December 31, 2022, which the Group believes is sufficient to meet its current liquidity and working capital needs.

NET CASH GENERATED FROM OPERATING ACTIVITIES

Net cash generated from operating activities for the third quarter of 2023 was US$16.1 million, compared to net cash used in operating activities US$13.5 million in the same period of 2022. The net cash generated from operating activities for the third quarter of 2023 improved mainly due to the significant decrease in operating expenses, particularly employee-related costs, and working capital changes in the ordinary course of business.

For further information on non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."

Business Outlook

In the third quarter of 2023, we observed a moderately declining yet persisting overall inflation. Going forward, in the fourth quarter, we anticipate a gradual recovery in discretionary consumer electronics demand, continually influenced by ongoing cautiousness in end-consumer spending amid the current economic situation. On the supply chain front, we expect downstream inventory levels to be normalizing, providing downstream smart device manufacturers, brands, and retail channels with greater flexibility and resilience to adapt their operational and procurement plans as necessary, revitalizing their investment in smart business. Overall, discretionary consumer electronic spending alongside enterprise procurement are expected to remain prudent, with a focus on cost-effectiveness, reflecting a balanced approach widely adopted in the current economic climate.

In response to this evolving market environment, the Group will remain committed to continuously iterating its products and services, further enhancing software and hardware capabilities, expanding key customer base, investing in innovations and new opportunities, diversifying revenue streams, and further optimizing operating efficiency. At the same time, the Group understands that future trajectories may encounter challenges, including shifting consumer spending patterns, regional economic disparities, inventory management, foreign exchange rate volatility, and broader geopolitical uncertainties.

Conference Call Information

The Company’s management will hold a conference call at 07:30 P.M. Eastern Time on Tuesday, November 28, 2023 (08:30 A.M. Beijing Time on Wednesday, November 29, 2023) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including a conference access code, a PIN number (personal access code), the dial-in number, and an e-mail with detailed instructions to join the conference call.

Online registration:  https://www.netroadshow.com/events/login?show=9ce5867d&confId=57437

The replay will be accessible through December 5, 2023 by dialing the following numbers:

International:

+1-929-458-6194

United States:

+1-866-813-9403

Access Code:

601527

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.tuya.com. 

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading IoT cloud development platform with a mission to build an IoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built IoT cloud development platform that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS, to businesses and developers. Through its IoT cloud development platform, Tuya has enabled developers to activate a vibrant IoT ecosystem of brands, OEMs, partners and end users to engage and communicate through a broad range of smart devices.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as non- GAAP operating expenses, non-GAAP loss from operations (including non-GAAP operating margin), non-GAAP net (loss)/profit (including non-GAAP net margin), and non-GAAP basic and diluted net (loss)/profit per ADS, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company defines non-GAAP measures by excluding the impact of share-based compensation expenses and credit-related impairment of long-term investments from the respective GAAP measures. The Company presents the non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitates investors’ assessment of its operating performance.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using the aforementioned non-GAAP financial measures is that they do not reflect all items of expenses that affect the Company’s operations. Share-based compensation expenses and credit-related impairment of long-term investments have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Tuya’s non-GAAP financial measures to the most comparable U.S. GAAP measures are included at the end of this press release.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and the Company disclaims any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

Investor Relations Contact

Tuya Inc.
Investor Relations Email: [email protected]

The Blueshirt Group Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: [email protected]

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2022 AND SEPTEMBER 30, 2023
(All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted)

As of December 31,

As of September 30,

2022

2023

US$

US$

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

133,161

166,274

Short-term investments

821,134

612,541

Accounts receivable, net

12,172

12,630

Notes receivable, net

2,767

4,055

Inventories, net

45,380

32,843

Prepayments and other current assets, net

8,752

10,914

Total current assets

1,023,366

839,257

Non-current assets:

Property, equipment and software, net

3,827

2,676

Operating lease right-of-use assets, net

9,736

6,480

Long-term investments

18,031

199,731

Other non-current assets, net

1,179

895

Total non-current assets

32,773

209,782

Total assets

1,056,139

1,049,039

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

9,595

10,494

Advance from customers

27,633

27,355

Deferred revenue, current

6,821

6,758

Accruals and other current liabilities

33,383

30,538

Income tax payables

–

726

Lease liabilities, current

3,850

3,062

Total current liabilities

81,282

78,933

Non-current liabilities:

Lease liabilities, non-current

5,292

3,504

Deferred revenue, non-current

394

470

Other non-current liabilities

7,004

4,669

Total non-current liabilities

12,690

8,643

Total liabilities

93,972

87,576

Shareholders’ equity:

Class A ordinary shares

25

25

Class B ordinary shares

4

4

Treasury stock

(86,438)

(62,490)

Additional paid-in capital

1,584,764

1,608,985

Accumulated other comprehensive loss

(22,115)

(21,029)

Accumulated deficit

(514,073)

(564,032)

Total shareholders’ equity

962,167

961,463

Total liabilities and shareholders’ equity

1,056,139

1,049,039

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2022

2023

2022

2023

Revenue

45,015

61,090

162,886

165,579

Cost of revenue

(25,368)

(32,567)

(93,649)

(89,387)

Gross profit

19,647

28,523

69,237

76,192

Operating expenses:

Research and development expenses

(32,341)

(24,946)

(117,150)

(79,471)

Sales and marketing expenses

(14,120)

(9,418)

(44,459)

(29,503)

General and administrative expenses

(16,172)

(15,843)

(51,332)

(56,909)

Other operating incomes, net

2,572

3,197

8,348

7,491

Total operating expenses

(60,061)

(47,010)

(204,593)

(158,392)

Loss from operations

(40,414)

(18,487)

(135,356)

(82,200)

Other income/(loss)

Other non-operating incomes, net

778

779

2,125

2,335

Financial income, net

6,763

13,066

8,312

31,841

Foreign exchange gain/(loss), net

1,017

(251)

2,543

652

Loss before income tax expense

(31,856)

(4,893)

(122,376)

(47,372)

Income tax expense

(767)

(12)

(1,069)

(2,127)

Net loss

(32,623)

(4,905)

(123,445)

(49,499)

Net loss attributable to Tuya Inc.

(32,623)

(4,905)

(123,445)

(49,499)

Net loss attribute to ordinary shareholders

(32,623)

(4,905)

(123,445)

(49,499)

Net loss

(32,623)

(4,905)

(123,445)

(49,499)

Other comprehensive (loss)/income

Changes in fair value of long-term investments

–

(1,417)

(1,146)

(2,470)

Transfer out of fair value changes of long-term investments

–

–

–

8,050

Foreign currency translation

(8,982)

760

(17,032)

(4,494)

Total comprehensive loss attributable to Tuya Inc.

(41,605)

(5,562)

(141,623)

(48,413)

Net loss attributable to Tuya Inc. 

(32,623)

(4,905)

(123,445)

(49,499)

Net loss attributable to ordinary shareholders

(32,623)

(4,905)

(123,445)

(49,499)

Weighted average number of ordinary shares used in
computing net loss per share, basic and diluted 

553,043,213

555,782,518

553,327,332

554,914,108

Net loss per share attributable to ordinary shareholders,
basic and diluted 

(0.06)

(0.01)

(0.22)

(0.09)

Share-based compensation expenses were included in:

Research and development expenses

3,078

3,165

10,660

11,288

Sales and marketing expenses

1,714

758

5,214

3,984

General and administrative expenses

11,891

11,025

35,635

34,008

TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2022

2023

2022

2023

Net cash (used in)/generated from operating activities

(13,543)

16,070

(70,516)

4,683

Net cash (used in)/generated from investing activities

(294,131)

55,027

(548,920)

32,692

Net cash generated from/(used in) financing activities

13,495

(318)

(35,150)

(2,385)

Effect of exchange rate changes on cash and cash equivalents,
restricted cash

(5,136)

953

(10,092)

(1,877)

Net (decrease)/increase in cash and cash equivalents,
restricted cash

(299,315)

71,732

(664,678)

33,113

Cash and cash equivalents, restricted cash at the beginning of period

599,213

94,542

964,576

133,161

Cash and cash equivalents, restricted cash at the end of period

299,898

166,274

299,898

166,274

TUYA INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES
(All amounts in US$ thousands ("US$"), except for share and per share data, unless otherwise noted)

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2022

2023

2022

2023

Reconciliation of operating expenses to non-GAAP
operating expenses

Research and development expenses

(32,341)

(24,946)

(117,150)

(79,471)

Add: Share-based compensation expenses

3,078

3,165

10,660

11,288

Adjusted Research and development expenses

(29,263)

(21,781)

(106,490)

(68,183)

Sales and marketing expenses

(14,120)

(9,418)

(44,459)

(29,503)

Add: Share-based compensation expenses

1,714

758

5,214

3,984

Adjusted Sales and marketing expenses

(12,406)

(8,660)

(39,245)

(25,519)

General and administrative expenses

(16,172)

(15,843)

(51,332)

(56,909)

Add: Share-based compensation expenses

11,891

11,025

35,635

34,008

Add: Credit-related impairment of long-term investments

–

52

–

8,102

Adjusted General and administrative expenses

(4,281)

(4,766)

(15,697)

(14,799)

Reconciliation of loss from operations to non-GAAP
loss from operations

Loss from operations

(40,414)

(18,487)

(135,356)

(82,200)

Operating margin

-89.8 %

-30.3 %

-83.1 %

-49.6 %

Add: Share-based compensation expenses

16,683

14,948

51,509

49,280

Add: Credit-related impairment of long-term investments

–

52

–

8,102

Non-GAAP Loss from operations

(23,731)

(3,487)

(83,847)

(24,818)

Non-GAAP Operating margin

-52.7 %

-5.7 %

-51.5 %

-15.0 %

Reconciliation of net loss to non-GAAP net (loss)/profit

Net loss

(32,623)

(4,905)

(123,445)

(49,499)

Net margin

-72.5 %

-8.0 %

-75.8 %

-29.9 %

Add: Share-based compensation expenses

16,683

14,948

51,509

49,280

Add: Credit-related impairment of long-term investments

–

52

–

8,102

Non-GAAP Net (loss)/profit

(15,940)

10,095

(71,936)

7,883

Non-GAAP Net margin

-35.4 %

16.5 %

-44.2 %

4.8 %

Weighted average number of ordinary shares used in computing
non-GAAP net loss per share

– Basic

553,043,213

555,782,518

553,327,332

554,914,108

– Diluted

553,043,213

586,434,725

553,327,332

586,533,052

Non-GAAP net (loss)/profit per share attributable to ordinary
shareholders

– Basic

(0.03)

0.02

(0.13)

0.01

– Diluted

(0.03)

0.02

(0.13)

0.01

Source : Tuya Reports Third Quarter 2023 Unaudited Financial Results

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SYDNEY, Nov. 29, 2023 /PRNewswire/ — Humanforce, an Australian-borne global provider of human capital management (HCM) solutions, today announced a new strategic partnership with Pinpoint HRM, leading HR technology project experts in the A/NZ region.

L-r: Clayton Pyne, CEO of Humanforce and Craig Aunger, Managing Director at Pinpoint HRM.

This strategic partnership brings together Humanforce’s HCM solutions with Pinpoint HRM’s HR tech project expertise to deliver an enhanced customer experience for Australian organisations embarking on cloud HCM projects for shift-based and frontline workforces.

Humanforce supports over 650,000 employees across the globe with its full stack HCM suite, comprising of workforce management (WFM), HR, payroll and wellbeing solutions. Pinpoint HRM works with more than 300 customers annually and has successfully delivered over 650 HR technology projects across Australia and New Zealand.

"This significant collaboration marks Humanforce’s first agreement with a well-established advisory and customer success services provider, highlighting our dedication to delivering unparalleled customer experiences and an integrated and composable best-in-one HCM solution," said Clayton Pyne, CEO of Humanforce.

As a partner, Pinpoint will manage business transformation and technology implementations for the Humanforce product suite, ensuring that larger and more complex customers who work with Humanforce have access to world-class HR tech project expertise and outcomes.

Frontline and flexible workforces will be able to build a full stack, integrated HR tech ecosystem with any combination of Humanforce’s WFM, HR, Payroll and Thrive Wellbeing products alongside market-leading talent management solutions from Pinpoint’s partner network including Cornerstone OnDemand (CSOD) and Oracle HCM Cloud.

"The Pinpoint and Humanforce partnership will help accelerate customer adoption and optimisation of Humanforce, maximising value realisation and enhancing return on investment.", Pyne added.

"Given the demand for the breadth of requirements in organisations wanting to digitally evolve the way frontline and flexible staff are managed, there was a strong business rationale for establishing a Humanforce practice," said Craig Aunger, Managing Director at Pinpoint HRM. "We’re developing a robust in-house team of Humanforce specialists, who will complement our existing capability to deliver highly successful transformation projects. Our focus is to offer customers the right fit options to complete their HR tech stack, including Pinpoint seamlessly delivering and deploying them. Our new Humanforce capability provides us with the ability to appeal to a much broader audience."

"In today’s rapidly evolving business landscape, strong partnerships like these are more crucial than ever. We’re excited about what the future holds with Pinpoint HRM by our side, ensuring our customers always have access to the best solution options and project outcomes," concluded Pyne.

About Humanforce

Humanforce provides the market leading, employee-centred, intelligent and compliant HCM suite for frontline and flexible workforces, offering highly configurable, best-in-one WFM, HR and Payroll – without compromise. Our vision is to make work easier and life better by focusing on the employee experience (EX), and the efficiency and optimisation of businesses.

Founded in 2002, Humanforce has a 2300-strong customer base and over 650,000 users worldwide. Today, we have offices across Australia, New Zealand, and the UK.

Customers include Story House Early Learning, Flight Centre, Southern Cross Care, Howard Smith Wharves, Delaware North and more. https://humanforce.com

About Pinpoint HRM

Known as ‘The HR Tech Project Experts’, Pinpoint HRM work with clients locally and globally across the full lifecycle of people technology transformation – from vendor selection and preparation, to go live and well beyond. Since 2004, Pinpoint HRM have delivered more than 650 HR technology projects and are currently working with over 100 customers in supporting and optimising their people tech ecosystem. https://pinpointhrm.com.au/ 

Source : Humanforce Announces Strategic Partnership with Pinpoint HRM: Delivering Exceptional Customer Experiences for Frontline Workforces

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Picklebet has fully subscribed $15M AUD of growth capital, at a post-money valuation of $105M AUD. Led by online gambling specialist fund Discerning Capital, alongside Drive by DraftKings, Manifest Investment Partners, and Jeff Sagansky. Picklebet has experienced rapid growth, with Net Gaming Revenue (NGR) up 494% Year-over-Year (YoY).

BRISBANE, Australia, Nov. 28, 2023 /PRNewswire/ — Picklebet, the Australian next gen betting and media company at the nexus of esports, sports, and internet culture, has closed a $15M AUD Series A round of financing.

The financing round was led by Discerning Capital, a growth stage investment firm that sits at the intersection of online gambling, sports, media, and technology. Sports technology and entertainment leaders Drive by DraftKings, and media investors Manifest Investment Partners participated in the round. The round also included follow-on investment from seasoned wagering and media investor Jeff Sagansky.

"After a particularly strong 12 months of growth which saw NGR up 494% YoY and favorable unit economics on new customer cohorts, this investment validates our innovative in-house betting product and organic media strategy, and the value it delivers to the next generation of betting customers." said Picklebet CEO Nick Heaney. "We look forward to utilising the funds raised to accelerate customer acquisition in Australia, continued innovation of our proprietary in-house technology platform and media capabilities, and fund our initial international expansion."

Picklebet’s gaming product is a proprietary Online Sports Betting ("OSB") platform that delivers a fun, focused and forward-facing product experience geared toward tomorrow’s betting customer. Initially a leading esports OSB, Picklebet has expanded into sports and racing to meet customer demand; offering singles, parlays, same game / race parlays, and outrights. Currently licensed and operating in Australia, Picklebet plans to expand its modular platform internationally in 2024.

Picklebet’s media division, Pickle Studios, is a rapidly growing sports betting media brand domestically and internationally, focused predominantly on in-house original and short form humorous, culturally relevant, and engaging sports and esports content. Pickle Studios and collaborators surpassed 60 million impressions so far in 2023 on trending social media channels (TikTok, Instagram, YouTube). Pickle Studio’s content provides efficient brand awareness and low customer acquisition costs for Picklebet’s OSB product, positioning the company to develop market leading unit economics.

Heaney continued, "We have the ideal strategic partners in Discerning Capital, the leading growth stage online sports betting and gaming investors in the market, to support us as we scale the next phase of our growth and product development. We will be leaning on their industry insights and expertise as we expand beyond Australia’s shores, and deliver on our mission to reimagine betting and entertainment for the next generation."

"We have evaluated online sportsbook deals all around the world and we felt that Picklebet’s unique blend of in-house technology, in-house content arm, fast growth, and efficient user acquisition made it a highly compelling opportunity. We have been working closely with the team and have the utmost confidence in their ability to execute on their vision." said Davis Catlin, Managing Partner at Discerning Capital.

About Picklebet

Picklebet is a racing, sports and esports betting entertainment co. based in Australia, and built for a global audience. Founded in 2020, Picklebet is building a betting and entertainment experience for tomorrow’s customer.

About Discerning Capital

Discerning Capital is a Nevada-based investment firm focused on the intersection of online gambling, sports, media, and technology. The partners have 20+ years of collective experience as investors into casinos & online gambling companies while working at both an investment firm and for a large casino development company. The firm seeks to lead or co-lead minority equity investments into growth stage businesses primarily in the regulated gambling industry. 

About Drive by DraftKings

Drive by DraftKings is a multi-stage venture capital firm investing in SportsTech and Entertainment. The firm partners with founders pushing the frontier of new markets and categories revolutionizing sports, gaming and media.

Picklebet Media Contact

Name: Matthew Keogh
Email: [email protected] 

Discerning Capital Contact

Name: Davis Catlin
Email: [email protected] 

Source : Australian next gen betting company Picklebet fully subscribed for $15M AUD Series A, led by industry specialists Discerning Capital

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CUPERTINO, Calif., Nov. 29, 2023 /PRNewswire/ — Ambow Education Holding Ltd. ("Ambow" or the "Company") (NYSE American: AMBO), a technology-driven educational company with primary operations in the United States, today announced its unaudited financial and operating results for the three-month and six-month periods ended June 30, 2023.

"We are at the forefront of emerging trends in education, indicating a shift towards an integrated, AI-driven hybrid model encompassing both education and workforce training," said Dr. Jin Huang, President, Chief Executive Officer, and acting Chief Financial Officer of Ambow. "Over the last six months, we have closed underperforming business units and redirected our focus toward the development and deployment of our HybriU AI solution. As a result, in the first half of 2023, we witnessed a substantial improvement in profit margins, successfully narrowing our operating loss by an impressive 50%. Since its official launch in July, the HybriU AI digital education solution has been successfully deployed in classrooms throughout NewSchool Architecture & Design in San Diego, Calif., facilitating a seamless, cutting-edge AI hybrid learning model. Looking ahead, we are actively expanding our HybriU initiatives with partnerships in various institutions, leading colleges, universities, and corporations to drive the next stage of Ambow’s growth. We are optimistic about our prospects for the next year. Our turnaround efforts are yielding results as the HybriU AI solution continues to gain traction, and we expect to achieve operating profitability in 2024."

Second Quarter 2023 Financial Highlights

Net revenues for the second quarter of 2023 decreased by 46.0% to $2.7 million from $5.0 million for the same period of 2022. The decrease was primarily due to the permanent closure of Bay State College at the end of the 2022-2023 academic year. Gross profit for the second quarter of 2023 decreased by 20.0% to $1.2 million from $1.5 million for the same period of 2022. Gross profit margin was 44.4%, compared with 30.0% for the second quarter of 2022. Operating expenses for the second quarter of 2023 decreased by 47.4% to $2.0 million from $3.8 million for the same period of 2022. The decrease was primarily due to the Company’s issuance of 5.2 million shares of fully vested restricted stock units to senior management and key employees as compensation during the second quarter of 2022, and stringent expense controls to improve operating efficiency. Operating loss for the second quarter of 2023 was $0.8 million, compared to an operating loss of $2.3 million for the same period of 2022. Net loss attributable to ordinary shareholders from continuing operations for the second quarter of 2023 was $1.0 million, or $0.02 per basic and diluted share, compared with a net loss from continuing operations of $2.5 million, or $0.05 per basic and diluted share, for the same period of 2022. As of June 30, 2023, Ambow maintained strong cash resources of $12.4 million, comprising cash and cash equivalents of $6.9 million and restricted cash of $5.5 million.

First Six Months 2023 Financial Highlights

Net revenues for the first six months of 2023 decreased by 37.1% to $6.1 million from $9.7 million for the same period of 2022. The decrease was primarily due to the permanent closure of Bay State College at the end of the 2022-2023 academic year. Gross profit for the first six months of 2023 decreased by 16.7% to $2.0 million from $2.4 million for the same period of 2022. Gross profit margin was 32.8%, compared with 24.7% for the same period of 2022. Operating expenses for the first six months of 2023 decreased by 40.0% to $3.9 million from $6.5 million for the same period of 2022. The decrease was primarily due to the Company’s issuance of 5.2 million shares of fully vested restricted stock units to senior management and key employees as compensation during the three months ended June 30, 2022, and stringent expense controls to improve operating efficiency. Also, the permanent closure of Bay State College at the end of the 2022-2023 academic year has led to lower expenses. Operating loss for the first six months of 2023 was $1.9 million, compared to an operating loss of $4.1 million for the same period of 2022. Net loss attributable to ordinary shareholders from continuing operations for the first six months of 2023 was $2.2 million, or $0.04 per basic and diluted share, compared with a net loss from continuing operations of $4.4 million, or $0.10 per basic and diluted share, for the same period of 2022.

The Company’s financial and operating results for the second quarter and first half of 2023 can also be found on its Report of Foreign Private Issuer on Form 6–K, to be furnished with the U.S. Securities and Exchange Commission at www.sec.gov.

Exchange Rate Information

Historically, Ambow presented its financial results in Renminbi. Starting on January 1, 2023, Ambow changed its reporting currency from Renminbi to U.S. dollars, as the majority of Ambow’s revenues and expenses are now denominated in U.S. dollars. Ambow believes the alignment of the reporting currency with its underlying operations better illustrates its operational results for each period. Ambow has applied the change of reporting currency retrospectively to its historical results of operations and financial statements included in this press release.

Bay State College Closure

On January 19, 2023, the New England Commission of Higher Education ("NECHE") informed Bay State College ("BSC") of its intention to withdraw BSC’s accreditation as of August 31, 2023. Following the rejection of Ambow’s appeal, on April 11, 2023, the Board of Trustees voted to permanently close Bay State College at the end of the 2022-2023 academic year. Accordingly, this permanent closer has been completed. The College provided academic support and transitional services to students through August 31, 2023, and signed agreements with several area universities to provide program completion pathways to Bay State students, often with enhanced transfer and other opportunities.

Subsequent Events

Ambow received a continued listing deficiency notice (the "Notice") from the NYSE American LLC (the "NYSE American") dated September 21, 2023, stating that the Company’s securities had been selling for a low price per share for a substantial period of time and the Company is not in compliance with the continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide ("Company Guide"). NYSE American staff determined that Ambow’s continued listing is predicated on it effecting a reverse stock split of its common stock or otherwise demonstrating sustained price improvement no later than March 21, 2024. The Company intends to complete a reverse stock split in order to regain compliance with the NYSE American’s continued listing standards set forth in the Company Guide in a timely manner.

About Ambow

Ambow Education Holding Ltd. is an AI technology-driven educational company with primary operations in the United States. Through the operation of its for-profit colleges and dynamic patented open platform technology, Ambow offers high-quality, individualized, and dynamic career education services and products. For more information, visit Ambow’s website at https://www.ambow.com/.

Follow us on Twitter:@Ambow_Education

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Ambow and the industry. All information provided in this press release is as of the date hereof, and Ambow undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Ambow believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

For more information, please contact:

Ambow Education Holding Ltd.
E-mail: [email protected]

or

Piacente Financial Communications
Tel: +1–212–481–2050
E-mail: [email protected]

AMBOW EDUCATION HOLDING LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

As of December 31,

As of June 30,

2022

2023

$

$

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

3,276

6,913

Restricted cash

4,320

5,490

Accounts receivable, net

1,958

3,690

Prepaid and other current assets

6,119

4,230

Total current assets

15,673

20,323

Non-current assets:

Property and equipment, net

274

19

Intangible assets, net

532

527

Operating lease right-of-use asset

6,842

5,946

Other non-current assets

1,951

1,944

Total non-current assets

9,599

8,436

Total assets

25,272

28,759

LIABILITIES

Current liabilities:

Short-term borrowings

3,000

5,439

Accounts payable

2,409

1,957

Accrued and other liabilities

3,702

6,080

Income taxes payable

523

510

Operating lease liability, current

2,197

2,451

Total current liabilities

11,831

16,437

Non-current liabilities:

Operating lease liability, non-current

5,688

4,900

Total non-current liabilities

5,688

4,900

Total liabilities

17,519

21,337

EQUITY

Preferred shares

($0.003 par value;1,666,667 shares authorized, nil issued and outstanding as of December
31, 2022 and June 30, 2023)

—

—

Class A Ordinary shares

($0.003 par value; 66,666,667 and 66,666,667 shares authorized, 47,419,109 and
52,419,109 shares issued and outstanding as of December 31, 2022 and June 30, 2023,
respectively)

131

146

Class C Ordinary shares

($0.003 par value; 8,333,333 and 8,333,333 shares authorized, 4,708,415 and 4,708,415
shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively)

13

13

Additional paid-in capital

515,182

517,031

Accumulated deficit

(507,573)

(509,768)

Accumulated other comprehensive income

—

—

Total equity

7,753

7,422

Total liabilities and equity

25,272

28,759

AMBOW EDUCATION HOLDING LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(All amounts in thousands, except for share and per share data)

For the six months ended 

For the three months ended 

June 30,

June 30,

2022

2023

2022

2023

$

$

$

$

NET REVENUES

Educational programs and services

9,724

6,097

4,955

2,728

COST OF REVENUES

Educational programs and services

(7,364)

(4,082)

(3,449)

(1,508)

GROSS PROFIT

2,360

2,015

1,506

1,220

Operating expenses:

Selling and marketing

(1,170)

(425)

(486)

(148)

General and administrative

(5,288)

(3,449)

(3,273)

(1,829)

Total operating expenses

(6,458)

(3,874)

(3,759)

(1,977)

OPERATING LOSS

(4,098)

(1,859)

(2,253)

(757)

OTHER EXPENSES

Interest expense, net

(72)

(33)

(33)

(26)

Foreign exchange loss, net

—

(9)

—

(9)

Other expense, net

(134)

(281)

(87)

(196)

Loss on disposal of subsidiaries

(173)

—

(173)

—

Total other expense

(379)

(323)

(293)

(231)

LOSS BEFORE INCOME TAX AND NON-CONTROLLING
INTEREST

(4,477)

(2,182)

(2,546)

(988)

Income tax benefit (expense)

34

(13)

34

(13)

LOSS FROM CONTINUING OPERATIONS

(4,443)

(2,195)

(2,512)

(1,001)

Loss from discontinued operations, net of income tax

(9,467)

—

(8,642)

—

NET LOSS

(13,910)

(2,195)

(11,154)

(1,001)

-Less: Net loss attributable to non-controlling interests from
continuing operations

—

—

—

—

-Less: Net loss attributable to non-controlling interests from
discontinued operations

(180)

—

(134)

—

NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS
FROM CONTINUING OPERATIONS

(4,443)

(2,195)

(2,512)

(1,001)

NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS
FROM DISCONTINUED OPERATIONS

(9,287)

—

(8,508)

—

NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS

(13,730)

(2,195)

(11,020)

(1,001)

OTHER COMPREHENSIVE LOSS, NET OF TAX

Foreign currency translation adjustments

(166)

—

(90)

—

Other comprehensive loss

(166)

—

(90)

—

TOTAL COMPREHENSIVE LOSS

(14,076)

(2,195)

(11,244)

(1,001)

Net loss from continuing operations per share – basic and diluted

(0.10)

(0.04)

(0.05)

(0.02)

Net loss from discontinued operations per share – basic and diluted

(0.20)

—

(0.18)

—

Weighted average shares used in calculating basic and diluted net loss per share

46,756,368

55,525,314

46,825,968

57,127,524

Source : Ambow Education Announces Second Quarter and First Half of 2023 Financial Results

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Ray Dalio took the stage at Asset Abu Dhabi and praised the Falcon Economies of the GCC region as ‘Renaissance States’. Ahead of COP28, during the special session of ‘The rise of the falcon economy’, notable economic leaders like Dr. Nasser Saidi called for the establishment of a ‘climate bank’. Fadi Ghandour, Executive Chairman of Wamda Capital emphasised increasing regional capital deployment by SWFs into major infrastructure and tech projects

ABU DHABI, United Arab Emirates, Nov. 29, 2023 /PRNewswire/ — Abu Dhabi Finance Week (ADFW) presented by Abu Dhabi Global Market (ADGM) progressed into its next key conference today, conducting the 2023 edition of Asset Abu Dhabi. The event hosted a selective group of investment market leadership, who gathered at ADFW to analyse the evolving investment strategies of hedge funds, private equity houses, venture capital giants and family offices across the global markets, explore returns from evolving asset classes and investment frontiers, responses to inflationary pressures, and observe on the future and prospects of regional and global economies amid the current transition era.

Asset Abu Dhabi 2023 organised with theme partners, Mubadala and BTG Pactual, showcased a line-up of some of the strongest global private market leaders, hosting thousands of senior investors from 100+ countries, from the investment and financial industry who collectively manage more than USD 30 trillion of assets. The list of top financial investment institutions that attended the conference included top names such as Morgan Stanley, BNY Mellon, Goldman Sachs, Brevan Howard and Franklin Templeton amongst others.

Asset Abu Dhabi started with a special opening session led by Ruchir Sharma, the Chairman of Rockefeller International, who presented his analysis of key political, economic, technological and social signals that shape a nation’s future. Diving into the principle of wealth management, Jenny Johnson the President and CEO of Franklin Templeton spoke insightfully on the utility of technology to rising asset classes, sustainable investing, and interpreting changing global markets.

The rise of the Falcon Economy remains a major focus of Asset Abu Dhabi and ADFW to explore the drivers of the ongoing growth of the UAE and other regional economies and shed light on government plans, policies and efforts to realize long-term economic visions.

Other key sessions included a unique conversation on ‘The Keys to Managing Money & Risk’ between George Osborne the former UK Chancellor and Alan Howard the founder of Brevan Howard, and a special roundtable focused on ‘Forecast to 2030’ with the Chairman of Hong Kong Exchanges & Clearing and C-suites of Goldman Sachs, Circle and Tikehau Capital.

Salem Mohammed Al Darei, CEO of ADGM Authority said, "With ADGM as a home to a global collection of asset managers, Abu Dhabi Finance Week continues to be a pivotal platform for them through Asset Abu Dhabi to share insights and chart the course for the ever-evolving world of investment. The 2023 edition of Asset Abu Dhabi not only offers a unique opportunity to analyse the rapidly shifting investment landscape but also showcases the next era of digital assets and provides invaluable guidance on the prospects of regional and global economies within the transition era. With a stellar lineup of global private market leaders and senior investors representing a staggering USD 30 trillion in assets under management, Asset Abu Dhabi exemplifies ADGM’s commitment to fostering collaboration and innovation in the financial industry."

Abu Dhabi has become a destination of choice for global asset and fund management entities as the numbers have been growing drastically in the past few years while ADGM is also experiencing remarkable growth in the asset management sector reflecting 52% growth in Q3, compared to the same period last year.

The conference hosted two other events.  The International Family Office Congress 2023 was organised in partnership with the Abu Dhabi Chamber, Abu Dhabi IPO Fund and Emirates Family Office Association, in addition to the Turnaround, Restructuring & Insolvency (T.R.I.) Forum 2023.

Source : Abu Dhabi's Rapidly Changing Investment Landscape Debated at the Second Edition of "Asset Abu Dhabi" Hosted at ADFW 2023

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Collaboration focused on discovering oral inhibitors of protein-protein interaction (PPI) targets by leveraging PRISM BioLab’s proprietary PepMetics® technology. PRISM BioLab receives upfront payments and up to $660 million in total milestones, plus royalties on net sales.

TOKYO, Nov. 29, 2023 /PRNewswire/ — PRISM BioLab, Co. Ltd. ("PRISM"), a leading discovery and development biotechnology company designing small molecule inhibitors of protein-protein interaction (PPI) targets, today announced that it has entered into a License and Collaboration Agreement with Eli Lilly and Company ("Lilly").

Under the agreement, PRISM and Lilly will collaborate to discover small molecule inhibitors of a PPI target selected by Lilly utilizing PRISM’s proprietary PepMetics® technology. Lilly has the option to add up to two more targets to the collaboration and is responsible for the clinical development and commercialization of resulting products. PRISM will receive upfront payments and is eligible to receive up to $660 million in pre-clinical, clinical and commercial development milestones payments, as well as royalties on product sales.

"We are very excited to enter into this collaboration with Lilly as we apply our technology to expand the field of drug discovery into a novel approach to drug the PPI targets," said Dai Takehara, President and Chief Executive Officer of PRISM Biolab. "Our PepMetics® technology holds promise to change the current paradigm in drug discovery by turning previously undruggable PPIs into targets readily druggable with small molecules. This collaboration with Lilly, an innovative global pharma company, could help us realize this vision and expand the field of druggable targets for the benefit of patients."

About PRISM BioLab

PRISM BioLab is a discovery and development biotechnology company utilizing proprietary PepMetics® technology to discover orally available small molecule inhibitors of protein-protein interaction (PPI) targets and transform lives of patients suffering from cancer, autoimmune, fibrosis and other diseases. PepMetics® are a unique class of small molecules that mimic three-dimensional structures of alpha-helix and beta-turn, the peptide structures commonly found in intracellular PPI interphases and receptor-ligand interactions. By combining proprietary chemistry, know-how around PPI targets and AI-supported design, PepMetics® technology can deliver inhibitors of challenging PPI targets. The technology holds promise to expand the field of drug discovery by turning previously undruggable PPIs into targets readily druggable with small molecules and by generating oral small molecule alternatives for injectable biologics.

PRISM BioLab is collaborating on new PPI targets with global and Japanese pharmaceutical companies. PepMetics® targeting CBP/beta-catenin PPIs licensed to Eisai and Ohara Pharmaceuticals are in clinical development for cancer and liver disease, respectively.

www.prismbiolab.com

Media Contact: Yuka Shimashita, y.shimashita@prismbiolab.jp

Source : PRISM BioLab and Lilly Enter into a Drug Discovery Collaboration on a Protein-Protein Interaction Target

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FRANKFURT, Germany, Nov. 28, 2023 /PRNewswire/ — Angel Yeast, (SH600298), the world’s leading yeast manufacturer, is highlighting its food solutions for the future to Fi Europe & Hi 2023, the premium exhibition in the food and health ingredients sector which is being held from November 28 to 30 at the Messe Frankfurt in Germany.

Fi Europe & Hi 2023 is a leading professional platform for prominent industry players and innovators in the European market, and more than 21,000 guests from 135 countries are participating in the event.

Angel Yeast is exhibiting at booth 4.0G121 under the theme of "Taste Future." Angel Yeast is committed to developing tastier, healthier, and more sustainable solutions for the global food and beverage industry.

"Angel Yeast is excited to participate in Fi Europe 38 Hi 2023 and showcase our latest technologies, products, and solutions," said Eric Ao, General Manager of Angel Yeast Europe. "We are committed to sustainable development and will continue to bring innovative products to global consumers. We aim to meet manufacturers’ flavor customization needs. We have introduced a new range of yeast-based product series called Taste Solutions, including AngeoPrime, Angeoboost, Angeotide, AngeoPro, Angearom, and Angeocell, to help clients fully understand the product features and make the correct selections," Ao added.

Designing the taste solutions for the future

Consumers today are growing more aware of embracing a healthy lifestyle and supporting a sustainable future, this trend has propelled the rapid growth of the vegan food market, and sustainable protein solution in dairy beverage and vegan food is the key.

"Yeast protein has emerged as the ideal choice to replace whey proteins, animal proteins, and plant proteins. Angel Yeast’s yeast extract (YE) and yeast protein are sustainable, natural, and vegan food flavoring ingredients widely applied in the different sectors of the food industry to season and guarantee food flavor stability," said  Ao.

At Fi Europe & Hi 2023, Angel Yeast is highlighting AngeoPro, a 100% naturally fermented yeast protein with all nine essential amino acids and 80% protein content. Not only is it GMO-free, but it is also free from allergens and gluten, making it suitable for a wide range of dietary needs. This versatile ingredient is commonly used to enhance the flavor and nutritional profile of vegan cheese, ice cream, dairy products, protein drinks, protein bars, cheese-flavored crackers, whole wheat bread, and vegan meat.

Another standout product from Angel Yeast is Angeoboost, a YE with a strong umami flavor profile, compared to other flavorings it contributes to salt reduction without compromising the great taste. It’s rich in natural nucleotides and intensifies the overall flavor of food products, a perfect clean-label ingredient and natural substitute for MSG.

Angeotide, a peptide yeast extract, offers a delightful and enduring sensory experience by infusing richness and depth into food. Abundant in ribonucleic acid and flavor peptides, it effectively harmonizes and enhances the fundamental tastes of various dishes.

Healthier Lifestyle: Baking Solutions and Sports Nutrition

Angel Yeast is also presenting high-protein whole wheat bread using AngeoPro that elevates flavors, improves the nutritious qualities, and provides healthier options that mutually benefit both the bakeries and consumers. Besides, more baking solutions are being showcased at the event, including chilled dough, and frozen dough solutions.

The yeast protein bar is specifically developed for fitness enthusiasts, athletes, vegetarians/vegans, and individuals with inadequate protein intake. Additionally, with its mild flavors that appeal to a wider audience, this high-protein product crucially aids in muscle repair, enhances muscle strength, and facilitates muscle recovery.

Another highly coveted material exhibited at the show is Polyhydroxyalkanoate (PHA), which finds extensive application in biodegradable food packaging. Notably, PHA is both marine degradable and biocompatible.

Angel Yeast, with over 30 years of experience, has become a trusted partner for yeast extract. The company operates multiple plants in China and an overseas factory in Egypt, guaranteeing a reliable supply for our partners worldwide. Furthermore, Angel Yeast is committed to sustainable development and looks forward to future collaborations as a trustworthy partner.

Source : Angel Yeast Brings Sustainable Food Solutions for the Future to FI Europe & Hi 2023

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Explore Beyond Your Limits with Powerplus Capability

World’s First Portable Expandable Power Station with Unique Accessories

NEW YORK, Nov. 28, 2023 /PRNewswire/ — Explore Beyond Your Limits. That’s the slogan behind ROMOSS X1000, a brand dedicated to delivering outstanding and free charging experiences globally while ensuring the highest quality standards in the industry. With the increasing demand for reliable portable power stations in various charging applications, the new ROMOSS X1000 is designed to provide a variable and reliable power source for all scenarios such as off-grid life, emergency/backup, and outdoor explorations. With the ability to boost both power and capacity freely, the X1000 can provide a fresh and unprecedented charging choice for users.

ROMOSS X1000 Portable Power Station

For Emergencies

With today’s power becoming more and more unreliable and expensive as a result of power outages, natural disasters, and other unforeseen events, it’s necessary to have a stable and economic backup system in place. With the right system, people can keep their necessities available, from a refrigerator or freezer to a fan and climate controls. The ROMOSS X1000 is an excellent choice for those who want to be prepared for emergencies. Its large capacity, long battery life, UPS uninterrupted power supply, and DIY customizable power supply design make it a trustworthy companion to have on hand during power outages. Users will never be left in the dark with its [Powerplus] capacity.

For Outdoor Activities

Meanwhile, the increasing popularity of outdoor recreation has led to a growing demand for high-capacity portable power stations with fast charge, and that’s why ROMOSS is going to offer this new type of portable power station with expandable functions to meet the [Powerplus] needs. Outdoor recreation has become increasingly popular globally. The pandemic played a significant role in this increase, as outdoor spaces became a refuge for people to safely socialize, improve physical and mental health, connect with family, and recover from screen fatigue.

With a capacity of up to 16kWh and a fast charge of 80% in 1 hour, the X1000 is useful for outdoor activities such as camping, hiking, and fishing. With robust hardware and compact design, it can provide a safe source of electricity for devices when people are away from home while offering a sense of portability. It is also environmentally friendly as it does not emit harmful fumes or noise like fuel-run generators compared to traditional gas generators. Designed as the world’s first portable expandable power station with unique accessories, X1000 provides a wide range of power voltages and multi-functional spaces for more creative outdoor explorations such as outdoor filming, busking, and live shows. In a word, more power and broader compatibility come with the [free plus] lifestyle.

[ROMOSS’s Mission]

ROMOSS adheres to the brand vision of "Charging for a better life" during the past decade. This time, ROMOSS is dedicated to a bigger mission to offer the power that can help customers enjoy life in the dark, explore beyond the limits, and embrace all life possibilities despite all the odds. Charge A New Future.

[ROMOSS New Launch – Powerplus portable power station]

The market for portable power stations and power solutions is constantly growing, offering an abundance of options in various versions, packages, and capacities. But when it comes to finding a reliable all-in-one solution for homes that can be used during emergencies and real-world scenarios, only a few products meet the criteria. The ROMOSS X1000 is one of these products, providing a sustainable and flexible [Powerplus] solution that users can count on.

The modular design allows users to manage 4 units of X1000 and 12 units of extra batteries freely to obtain as high as 4000W power and 16kWh total capacity, which sets the users free from the anxiety between capacity and portability. Besides, the X1000 is an all-around device with a built-in magnet system, which allows them to easily attach a few magnetic accessories, such as a selfie stick light, projector holder, trolley, and fan. The compatibility significantly improves convenience and functionality. With the plus power and accessories, buyers can achieve a colorful lifestyle with more freedom.

[Where to Buy]

If you’re looking for a power supply system that offers flexibility, reliability, and durability, you might want to check out ROMOSS X1000. The ROMOSS X1000 portable power station is coming soon on Kickstarter, where you can get early bird discounts and exclusive rewards. Don’t miss this opportunity to get your hands on this fantastic device that can change your charging life. Sign up now on the website or follow us on social media to get notified when the campaign goes live. Be one of the first backers of the ROMOSS X1000 and join the exploration revolution.

https://www.romoss.com/ROMOSSX1000

About X1000：

ROMOSS X1000「Powerplus」Portable Power Station (Will be available on Kickstarter in November)

Product Name

ROMOSS X1000 1008Wh 1000W Portable Power Station

Features

Expandable Up to 16kWh via PowerPlus Tech Power Surge at 4000W with 4 X1000s via R-Rise Tech 1h to 80% Fast Charging via HyperCharge Tech 10ms Auto Switch via R-UPS Tech Modular Design, Customizable Power Solution for 99% Appliances Rated Power 1000W, Peak Power 2000W with R-Max Tech Simultaneously Charges Up to 10 Devices LiFePO₄ Car-Grade Battery, 10-Year Lifespan 3000 Cycles Compatible with Various Magnetic Accessories Advanced BMS (* Battery Management System) Auto ECO Mode Faster Cooling in 20 mins

Price

$999

Specs

Product Name

ROMOSS RX1000 1008Wh 1000W Portable Power Station

Battery Type

LiFePO₄

Material

ABS + PC (V0 fire-retardant grade)

Capacity

1008Wh (22.4V 45Ah)

≈ 315000mAh (3.2V)

Parallel Capacity
(with Extra Battery)

max. 16kWh

Power

Rated

1000W

Peak

2000W

Combined

Max. 4000W

LCD Display

battery level, R-MAX constant power mode, ECO mode, remaining charging
time, current input power, AC/DC input status, high-temperature warning,
current temperature status, R-RISE parallel mode, Bluetooth connection status
(reserved), Wi-Fi connection status (reserved), fan running status, remaining
usage time, current output power, USB output status, AC/DC output status, low
voltage warning

LED Light

1 * 2W

Flashlight (SOS)

1 * 2W

Input

AC Input (220–240V~50Hz 5A MAX)

wall charging port/220V/600W

DC Input (Anderson/12–60V/400W MAX)

solar charging port/12–60V/400W

car charging port/12V/100W

Output

2 * AC outlet: each 1000W (max. 2000W)

3 * DC outlet: 1 * car socket + 2 * DC5525, max. 120W

2 * USB-A (QC3.0): 5V/3.4A, 9V/2A, 12V/1.5A, max. 18W

2 * Type-C (PD3.0): 5V/3A, 9V/3A, 12V/3A, 15V/3A, 20V/3A  (20V/5A), max.
60W (100W)

1 * magnetic wireless charging station: max. 15W (small circle magnet for
iPhone; large circle magnet for portable fan, light, etc.)

AC Parallel Port

220–240V/50Hz, 4.55A, 1000W MAX

Expansion Battery Port

19–25V, 50A MAX

Buttons

2-in-1 light button

main power button

ECO button

AC outlet/parallel button

DC output button

Temperature Range

Recharge

0–40℃/32–104℉

Discharge

-10–40℃/14–104℉

Safety Standards

UL, FCC, CE, RoHS, UN38.3, SGS, MSDS

Battery Life

3000 cycles

Operating Life

10 years

Dimensions

366 × 220 × 260 mm/14.4 × 8.7 × 10.2 in

Weight

13 kg/28 lbs/10.6 oz

What’s in the Box?

1 * ROMOSS RX1000 portable power station

1 * AC charging cable

1 * car charging cable

1 * user manual

About ROMOSS

Charge A New Future

ROMOSS Technology Co., Ltd. is a company that specializes in energy techs and consumer electronics, such as power banks, outdoor power systems, data cables, power adapters, car chargers, and power strips. ROMOSS was established in Shenzhen to deliver outstanding charging experiences globally while ensuring the highest quality standards in the industry. ROMOSS has developed a range of products, including the power bank, power station, charger, charging cable, which contains the ULTRA, the MAGNETIC, the LINE, the SENSE, the X  explore, the S speed, the NEO and the CYCLES, to cater to the diverse needs of its users over the past decade. ROMOSS products are sold in over 120 countries with over 600 technology patents.

The X1000 power station is a testament to ROMOSS’s commitment to innovation and customer satisfaction. At ROMOSS, we believe that everyone deserves a convenient and enjoyable charging life, and the X1000 is designed to make that possible for you. With the RX1000, you can stay connected and powered up, no matter where you are. In addition to being a power station, the X1000 is your ultimate charging solution.

Follow ROMOSS：

ROMOSS Official Website: https://www.romoss.com/ROMOSSX1000
Facebook: https://www.facebook.com/romossglobalpage
Instagram: https://www.instagram.com/romoss_global/
Tiktok: https://www.tiktok.com/@romossofficial
Youtube: https://www.youtube.com/@RomossGlobal/videos

ROMOSS PR

Leo Wu             Global Marketing Director          [email protected]
Vion Zhang       Global Branding Director           [email protected]
Amy Wang        Senior Marketing Manager         marketingteam@romoss.com

Source : ROMOSS's Evolutionary Freestyle Energy Solution is Coming Soon

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network