Federal Funding: A Vote of Confidence for the First Operational, Containerized Green Ammonia System in the World. FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the “Company” or “FuelPositive”) announced that it will receive a funding grant of up to $1.9 million through the Research and Innovation Stream of the Agriculture Clean Technology (ACT) Program, delivered by Agriculture and Agri-Food Canada (AAFC). AAFC has made this significant commitment to FuelPositive’s “Green NH3 Demonstration Phase Project” in support of the commercialization of the FP300 Green Ammonia system. The funding provided through the ACT Program will help the Company gather the information needed to continue to adapt its technology to the commercial needs of farmers. The Green Ammonia Demonstration Phase consists of building and testing three Green Ammonia demonstration systems. Each system represents an improvement to the intellectual property and technological advancement over the previous system, bringing the Company closer to achieving its efficient and sustainable, large-scale production objectives. Ammonia is essential for global food security. Today, approximately 80% of the ammonia produced goes towards the world's fertilizer needs.1 While ammonia is vital to feeding the world’s growing population, the current ammonia industry, which primarily produces grey ammonia, is highly carbon-intensive. As the world strives to achieve global food security utilizing grey ammonia fertilizers, it simultaneously pollutes the environment needed to grow food. This dilemma, in addition to unpredictable pricing and supply uncertainty, has frustrated and confounded farmers and governments alike. Until now, grey ammonia production was exclusively produced with fossil fuels. As a result, for every tonne of grey ammonia produced, 1.8 to 2.7 tonnes of harmful greenhouse gas (GHG) emissions are released into the atmosphere.2 Grey ammonia is then transported, often across continents, oceans, countries and cities, and finally to a distributor, before finding its way to each customer’s location. This current distribution process adds additional cost and substantial GHG emissions to an already carbon-intensive grey ammonia production process. FuelPositive’s decentralized Green Ammonia production takes fossil fuels out of the equation. FuelPositive’s Green Ammonia system consists of a nitrogen generator to produce nitrogen from the air, an electrolyzer to produce hydrogen and oxygen from water and a patent-pending Green Ammonia synthesis converter that operates with sustainable sources of electricity, eliminating the need for fossil fuels. About FuelPositive Corporation FuelPositive is a Canadian technology company committed to providing commercially viable and sustainable, “cradle to cradle” clean technology solutions, including an on-farm/onsite, containerized Green Ammonia (NH3) production system that eliminates carbon emissions from the production of Green Ammonia. Source: FuelPositive Corporation
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Company’s order intake up 130% in fiscal 2023 Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG, OTCQB: TMGEF), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results today for the fourth quarter and year ended May 31, 2023. All figures are in Canadian dollars. “The fourth quarter was one of our best quarters ever, setting new records for revenue and gross profit, and was a great finish to an excellent year,” said William Crossland, Thermal Energy CEO. “For the fiscal year, we had record gross profit and our second highest annual revenue and EBITDA. We saw a return in demand for our turn-key solutions, adding to the already strong growth we had in Custom Equipment. Additionally, our order intake and number of signed project development agreements in fiscal 2023 were higher than ever.” “We continue to see strong interest from companies looking to save money while reducing their carbon emissions. Since the end of our fiscal year, we’ve received $8.4 million in new orders, including a $4 million order from a multinational pharmaceutical company – our largest turn-key order since before the pandemic. Additionally, we have several active project development agreements that we expect to convert into orders, and we have a robust and growing business development pipeline, positioning us well for a solid fiscal 2024.” Fourth Quarter and Fiscal 2023 Financial Review
Fourth quarter revenue was $8.2 million, up 84% from the same quarter the year before. The growth was mainly due to the higher revenues from both Custom Equipment and Turn-key Heat Recovery Projects due to the increase in sales orders received in fiscal year 2023. Gross profit increased 101% to a quarterly record of $3.8 million, due to the growth in revenues. Operating expenses were $845 thousand more than the same quarter last year mainly due to staff's salary and incentive increase, change in foreign exchange gains and reduction in government subsidies received as compared to the last quarter of fiscal year 2022. Expenses are also up due to a number of growth-oriented investments being made such as additional project engineers, sales staff in new markets and a significant investment in the digitalization and automation of the key business processes, all of which are designed to increase efficiency, profitability and top line growth. Nonetheless, as a result of the increased revenues and gross profit, the net income and EBITDA for the quarter were $1.1 million and $967 thousand better than the fourth quarter last year, respectively. For the year ended May 31, 2023, revenue was $21.1 million, up 33% from last year. The increase in revenues was mainly due to increased sales orders received in fiscal year 2023. Gross profit for the year was $9.6 million, an increase of $2.8 million, or 42%, mainly due to the increased revenue from GEM. Operating expenses incurred for the year amounted to $8.3 million, $140 thousand more than last year mainly because of increased staff costs, investment in digitalization, less government subsidies received, offset by the reduction in acquisition costs in the amount of $188 thousand, and the increase in foreign exchange gains of $84 thousand. As a result, the Company achieved net income of $720 thousand and EBITDA of $1.7 million, both representing an increase of $2.5 million from the prior year. Business Outlook and Order Summary Orders received (“Order Intake”) during the year totalled $27.3 million, an increase of 130% compared to $11.8 million in the prior year and the highest 12-month order intake in the Company’s history. As a result, the Company ended the year with an order backlog of $13 million, up 166% from the $4.9 million at the end of the prior year. The Company has received $8.4 million in new orders subsequent to the May 31, 2023, year-end, bringing the current order backlog to $21.4 million as of September 26, 2023. A list and description of recent order highlights is available on page 15 of the Management’s Discussion and Analysis filed today. About Thermal Energy International Inc. Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy’s proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit the Company's investor website at https://investors-thermalenergy.com. Source: Thermal Energy International Highlights:
FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the “Company” or “FuelPositive”) announces third-party certification of initial ammonia output. FuelPositive, a leading Green Ammonia company, has successfully completed a pivotal milestone with its commercial model FP300 system start-up and activation of catalyst, making the FP300 the first decentralized, containerized, operational Green Ammonia system in the world. Over the past two weeks of operation and evaluation, the system operated flawlessly at maximum activation temperatures and pressures. The Company ensured its internal and industry safety protocols and risk mitigation practices were adhered to at every step. Five samples of produced ammonia were collected at random times during the evaluation period. The samples were collected at the takeoff point of the systems separator and sent to Ortech Consulting Inc., a third-party testing laboratory in Toronto, Canada. The third-party testing laboratory, Ortech Consulting Inc., confirmed FuelPositive’s internal mass spectrometer readings, indicating that each random sample of anhydrous ammonia was exactly on target. The results were consistent throughout the samples. Both the conversion rates and volume output exceeded the Company’s expectations. Nelson Leite, Chief Operating Officer and Director, stated, “We are excited to report that we have completed a key initial validation of our full-scale ammonia pilot system. For this initial evaluation period, to follow safety protocols, we ran one converter at 50% catalyst density, with a set target of anhydrous ammonia output. The results, which were internally and third-party validated, confirmed that our target conversion rates and volume output of anhydrous ammonia were exceeded by 17%.” Nelson Leite continued, “The next step for FuelPositive, currently underway, is to run the system at full catalyst density across all five converters to achieve the final stages of system validation. Once this step is completed, it will be third-party validated and disclosed. A Factory Acceptance Test (FAT) is the planned final step before farm readiness.” Ian Clifford, Chief Executive Officer and Chair, stated, “At this watershed moment, with great gratitude and pride, we celebrate our team for the successful initial output of anhydrous ammonia, making the FuelPositive FP-300 the first decentralized, containerized, commercial-scale system of its kind. This is the moment in the evolution of the Company we have all been working towards and we are overjoyed to share this news with all our supporters today.” Ian Clifford continued, “Everyone involved has been working tirelessly over the last several years to bring FuelPositive’s new technology from concept to commercialization. We are very proud to have successfully navigated and overcome Covid-related supply chain issues, challenging global capital markets and various delays brought on by regulatory approvals.” Ian Clifford concluded, “The production of traditional gray ammonia is one of the most polluting manufacturing and distribution processes on the planet;1 paradoxically, ammonia, as a nitrogen fertilizer, is needed to feed our ever-growing world population. FuelPositive understands global food security, and, as a result, we made conscious choices to lead toward a sustainable future in agriculture and other critical sectors. This is why FuelPositive’s decentralized Green Ammonia system and business model stands alone, reframing the status quo of a multi-billion-dollar commodity industry.” About FuelPositive FuelPositive is a Canadian technology company committed to providing commercially viable and sustainable, “cradle to cradle” clean technology solutions, including an on-farm/onsite, containerized Green Ammonia (NH3) production system that eliminates carbon emissions from the production of Green Ammonia. By focusing on technologies that are clean, sustainable, economically advantageous and realizable, the Company aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The FuelPositive on-farm/onsite, containerized Green Ammonia production system is designed to produce pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines, a practical alternative for fuel cells and a solution for grid storage. Green Ammonia is also considered a key enabler of the hydrogen economy. Source: FuelPositive Corporation Tantalus Systems (TSX: GRID) (“Tantalus” or the “Company”), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce the start of field trials for the TRUSense™ Fiber Gateway (“TFG”). The TRUSense Gateway serves as a multi-purpose socket-based device that accelerates the modernization of the distribution grid for utilities and delivers secure and interoperable integration of behind-the-meter DERs onto the distribution system. The TRUSense Gateway is available for multiple communications protocols, including fiber, ethernet and cellular.
The field trials of the TFG are being conducted at several utilities to evaluate and confirm use cases in real-world scenarios prior to product launch. As part of the field trials, participating utilities will confirm the effectiveness and functionality of important features of the TFG including:
Coupled with the high-resolution measurement of power delivery, transient power events and local conditions such as sags, swells, outages and phase information, utilities will be able to pinpoint vulnerable distribution equipment, such as transformers, understand the true impact of electric vehicles and other DERs on the distribution grid, build robust demand-side flexibility programs, and mitigate the frequency and duration of power outages. In conjunction with expanding cybersecurity requirements, the TRUSense Gateway is a highly secure platform using innovative VPN technologies, secure boot, encryption of data at rest, security-enhanced Linux and multiple firewalls to segregate consumers’ behind-the-meter devices data from utility operational data. “Commencing field trials of our TRUSense Fiber Gateway marks another major milestone for our team,” said Peter Londa, President & CEO of Tantalus Systems. “This innovative offering is mission-critical for utilities that want to tap into the power of data, take part in the unfolding energy transition and boost the resilience of their grids. We truly appreciate having the opportunity to work alongside utilities through our advisory committee that are participating in these field trials and taking an active role in helping Tantalus bring the TRUSense Gateway to market.” This solution comes at a time when utilities report that they are massively under-prepared to deal with the accelerating adoption of EVs, rooftop solar and other devices. Tantalus’ inaugural Utility of the Future study, released in January 2023, revealed that 69% of North American utilities surveyed reported being only a little or not at all prepared for the impact of EVs on their distribution grids. That same study showed that modernizing and digitizing the distribution grid—which includes access to interoperable data from behind the meter—was a priority for 93% of utilities surveyed. To learn more about the TRUSense Gateway solution, please check our website at https://www.tantalus.com/smart-grid-solutions/gateway-solutions/ or contact us at the following email address: TantalusInfo@Tantalus.com. About Tantalus Systems Holding Inc. (TSX: GRID) Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of utilities and the communities they serve. Our solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, deliver innovative solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements. Learn more at www.tantalus.com. Source: Tantalus Systems Holding Inc. Legend Power Clarifies Earlier News Release and Announces Proposed Second Tranche of Offering8/8/2023 Legend Power® Systems Inc. (TSX.V: LPS) (OTCQB: LPSIF) (“Legend Power” or the “Company”), a global leader in commercial electrical system solutions, announces it intends to close a second tranche of a non-brokered private placement, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the “LIFE Exemption“), by issuing units (each, a “Unit“) at a price of $0.18 per Unit (the “Offering“) on or before August 31, 2023. The Company closed the first tranche of the Offering on July 31, 2023 (see press release issued August 1, 2023) and filed a Form 45-106F19 offering document (the “Offering Document”) on July 18, 2023 related to the Offering, which may be accessed under Legend Power’s profile at www.sedarplus.ca and on the Company’s website at https://legendpower.com/investors/.
Pursuant to the Offering, each Unit is to consist of one common share in the capital of the Company (each, a “Common Share“) and one Common Share purchase warrant (each, a “Warrant“). Each Warrant entitles the holder to acquire one additional Common Share at $0.25 for a period of two years from the date of issuance, subject to an accelerated expiry provision, whereby in the event the daily volume weighted average trading price of the Company’s Shares on the TSX Venture Exchange, or such other stock exchange where the majority of the trading volume occurs (the “Exchange“), exceeds $0.40 for a period of 10 consecutive trading days, at the Company’s election, the period within which the Warrants are exercisable, will be reduced and the holders of the Warrants will be entitled to exercise their Warrants for a period of 30 days commencing on the day the Company provides notice, any outstanding Warrants not exercised during the 30 day period will expire. The Company intends to use the net proceeds from the Offering for general working capital purposes, fixed operating expenses, purchase order deposits, development expense and other related expenses, as more specifically detailed in the Offering Document. The Units issued in the Offering are not subject to a hold period, subject to limitations prescribed by the LIFE exemption. The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. About Legend Power® Systems Inc. Legend Power® Systems Inc. (https://legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend Power’s proven solutions support proactive executive decision-making in a complex and volatile business and energy environment. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend Power’s unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets. Source: Legend Power Systems Inc. Thermal Energy International Achieved Record Order Intake in Fiscal Year Ended May 31, 20237/11/2023 Order intake up 133% year-over-year; project development agreements also on the rise Ottawa, Ontario--(Newsfile Corp. - July 11, 2023) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, is pleased to announce record order intake1 for its fiscal year ended May 31, 2023. The Company received orders totalling $27.3 million during the twelve-month period, which was up 133% year-over-year. "The past year has witnessed a remarkable surge in orders for Thermal Energy, reflecting the importance that multinational corporations are placing on reducing their environmental impact," said William Crossland, Thermal Energy CEO. "By choosing our energy efficiency solutions, these forward-thinking companies are not only reducing their carbon emissions but also maximizing profitability through substantial energy cost savings and improving operational efficiency. Our record order intake in fiscal 2023 underscores our customers' confidence in Thermal Energy's expertise and ability to deliver impactful results. And while our custom equipment orders have been steadily on the rise for some time, we are excited to see a significant year-over-year increase in the number and value of signed project development agreements." The Company received 25 signed project development agreements ("PDA") in fiscal 2023 (including seven in the fourth quarter) compared to ten signed PDAs in the prior fiscal year. The combined value of the signed PDAs received in fiscal 2023 was 365% higher than the combined total of the PDAs received in fiscal 2022. While there is no guarantee that signed PDAs will result in completed turn-key projects, the Company considers PDAs to be a key metric in assessing the strength of its business development pipeline. "Improving energy efficiency is the fastest, cheapest, and easiest way to reduce industrial carbon emissions. The business case for what we do has never been better and we are working hard to make Thermal Energy the energy efficiency partner of choice for Fortune 500 and other large multinational companies." The Company's reported order intake above include the following recent orders:
1 Order Intake is the value of purchase orders received from customers during a stated period. Not all of these orders will have been fully revenued during the stated period. Nextech3D.AI (the “Company”) (formally “Nextech AR Solutions Corp'') (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to announce that the Company has filed to change its name to “Nextech3D.ai'' to better reflect its ongoing AI-powered business and intends to list its common shares on the NASDAQ Capital Market. The Company plans to keep its Canadian CSE listing and be dual-listed in the USA and Canada as well as in Frankfurt.
The Company is also pleased to announce a large enterprise customer that is part of the Wesfarmers, Stock symbol: WFAFY (OTCMKTS) one of Australia's largest listed companies whose businesses include Bunnings, Kmart Group, Officeworks and others, has renewed and expanded its contract for over 1,000+ 3D models. This renewal follows the renewal and expansion contract with a major ecommerce brand for 3000 3D models, as well as the enterprise renewal contract with an S&P 400 company for over 5000 3D models. The Company believes that these enterprise renewal contracts, in addition to its multi-year supply agreement with Amazon, strengthens Nextech3D.ai’s position in the 3D models for the ecommerce industry. About Nextech3D.ai Nextech3D.ai is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out. Source: Nextech3D.ai CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, is thrilled to announce that the Company has closed a CAD$6.6M strategic investment by world’s leading steel and mining company, ArcelorMittal S.A., through ArcelorMittal XCarb S.à r.l. (“ArcelorMittal”) and ArcelorMittal’s XCarb® Innovation Fund (the “Fund”). With a presence in 60 countries and primary steelmaking facilities in 16 countries, including ArcelorMittal Dofasco in Hamilton, Ontario, ArcelorMittal generated revenues of USD$79.8 billion in 2022.
CHAR also signed a Memorandum of Understanding under which ArcelorMittal Dofasco will purchase biocarbon produced at CHAR’s cutting-edge facility in Thorold, Ontario starting in 2023. CHAR’s proven technology transforms wood waste into renewable natural gas and biocarbon through a proprietary high-temperature pyrolysis cracking process. This marks a milestone achievement for the collaborative efforts of CHAR and ArcelorMittal Dofasco to develop a drop-in replacement biocarbon to reduce ArcelorMittal Dofasco’s consumption of fossil-based carbon sources. Under the agreement, CHAR’s biocarbon, the first in Canada for steelmaking, is targeted for trial in the Electric Arc Furnace (EAF) with the aim of reducing GHG emissions by 35,000 tonnes over four years. Biocarbon produced by CHAR Technologies has been tested in the Blast Furnace at ArcelorMittal Dofasco since 2021 and this agreement will enable larger scale trials in the EAF process. The XCarb® Innovation Fund’s global mandate is to invest in companies developing breakthrough technologies that will accelerate the steel industry’s transition to carbon neutral steelmaking. ArcelorMittal’s investment in CHAR marks the Fund’s seventh global investment and first ever in a Canadian company. This strategic partnership will be instrumental in propelling CHAR’s mission to revolutionize carbon-free solutions within heavy industries. The XCarb® Innovation Fund investment will be utilized to maximize the impact of the Canadian and Ontario governments’ December 2022 investment of CAD$12.8M in CHAR. It aims to accelerate the scale up of production as well as research and development initiatives at CHAR’s Thorold, Ontario facility. This investment will also enable CHAR to expedite the development of additional project sites. In accordance with a subscription agreement (the “Agreement”) entered into between CHAR and ArcelorMittal on July 4, 2023, the Company issued 11,000,000 units (each, a “Unit”) to ArcelorMittal by way of private placement at a price of CAD$0.60 per Unit, for aggregate cash consideration of CAD$6,600,000, with each Unit comprised of one common share in the capital of the Company (each, a “Common Share”) and one-quarter of one non-transferrable Common Share purchase warrant (each whole warrant, a “Warrant”) (collectively, the “Offering”). Each Warrant is exercisable for one Common Share at an exercise price of CAD$0.70 per share for a period of 24 months. Prior to the Offering, ArcelorMittal did not own or have control over any securities of CHAR, and following completion of the Offering, ArcelorMittal holds approximately 12.48% of the Company’s Common Shares on a non-diluted basis. ArcelorMittal is acquiring the Units for investment purposes. In the future, ArcelorMittal may, from time to time, increase or decrease its investment in CHAR through market transactions, private arrangements, treasury issuances or otherwise. CHAR intends to use the net proceeds of the Offering for general working capital needs, including to advance the development of both contracted and earlier stage projects. All securities issued under this Offering are subject to a statutory hold period ending four months and one day from the closing date of the Offering. No bonuses, finders’ fees or commissions were paid in connection with the Offering. The Offering is subject to final acceptance by the TSX Venture Exchange. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Commenting, Andrew White, CEO of CHAR Technologies Ltd., said: “The governments of Canada and Ontario called for innovative solutions to decarbonize the steel industry and I’m extremely proud to say that CHAR and ArcelorMittal S.A. have answered that call. Today’s announcement validates years of collaborative research & development with ArcelorMittal S.A., as we strive towards replacing metallurgical coal completely. Our strategic partnership lays the foundation to drive shareholder value as we continue to deliver on our commitment to reduce carbon emissions and promote a greener future.” Commenting, Irina Gorbounova, Head of ArcelorMittal’s XCarb® Innovation Fund, said: “I am especially pleased that not only are we investing in them, but we are already working alongside them, testing their product at one of our Canadian steel plants. This is one of the advantages of our Innovation Fund and our unique approach. We provide seed capital of course, but we also provide the industrial infrastructure and R&D collaboration that breakthrough technology companies need to bring their product to market." Source: CHAR Technologies Ltd D-BOX partners with Advanced SimRacing, a North American leading gear company in Simulated Racing6/16/2023 D-BOX Technologies Inc. (“D-BOX” or the "Corporation") (TSX: DBO), a world leader in haptic and immersive entertainment, and SimracingCanada Inc., also known as Advanced SimRacing (“ASR”), a North American racing simulation chassis manufacturer and digital motorsport equipment retailer, are pleased to renew a partnership that enables ASR’s fast-growing customer base the opportunity to build the ultimate racing simulator with D-BOX’s FIA-licensed haptic technology. The value of the haptic components to be sold by D-BOX pursuant to this agreement is expected at over $2.6 million CAD ($2 million USD) over the next year.
ASR has quickly forged a strong reputation in the market and their decision to once again work with D-BOX is part of its ongoing commitment to providing the best possible sim racing experiences for professionals and enthusiasts alike. ASR’s simulators are designed to replicate the feel of driving a real race car, and D-BOX’s G5 actuators further enhance the realism and the precision of the sim racing experience. ASR’s experience working with professional drivers from IMSA, F1, Lamborghini Super Trofeo, Porsche Cup, NASCAR, and other elite racing series has given them an unparalleled understanding of what it takes to create a truly immersive experience. Their team of experts is uniquely suited to install and calibrate a D-BOX unit for professional use and training. “There is no way to go around D-BOX when comes the time to talk about haptic feedback in sim racing. We are thrilled to announce this major commitment towards D-BOX, who has always been supportive of ASR since our inception,” mentioned Marc-André Ladouceur, Chief Marketing Officer & Co-Owner at ASR. “Together, we are taking sim racing to the next level, providing an unparalleled immersive experience for gamers and enthusiasts alike." "Our renewed partnership strengthens our presence in the simulation industry and allows us to provide a more immersive and realistic experience to the market,” said Sébastien Mailhot, President and CEO of D-BOX. “Through this partnership, we are able to integrate our cutting-edge motion technology with Advanced SimRacing's state-of-the-art simulators, resulting in a truly unparalleled simulation experience. We are confident that our collaboration with ASR will continue to bring significant benefits to both of our businesses as we work together to push the boundaries of racing simulation technology." ABOUT ADVANCED SIMRACING Founded in 2020, Advanced SimRacing is the fastest-growing North American racing simulation chassis manufacturer and digital motorsport equipment retailer. Owned and operated by passionate simracers, the company designs and builds the sturdiest and most durable aluminum profile racing simulation cockpits available in the market today. ABOUT D-BOX D-BOX creates and redefines realistic, immersive commercial and entertainment experiences by moving the body and sparking the imagination through effects: motion, vibration and texture. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, music, relaxation, virtual reality applications, metaverse experience, themed entertainment or professional simulation, D-BOX creates a feeling of presence that makes life resonate like never before. D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, USA and Beijing, China. Visit D-BOX.com. Source: D-BOX Technologies
On Thursday, February 9, 2023, D-BOX Technologies Inc. (TSX: DBO) a world leader in haptic and immersive experiences, reported financial results for the third quarter of fiscal 2023 ended December 31, 2022.
Compared to the same quarter a year earlier, total revenues grew 87% to $10.5 million and system sales revenues increased 143% to $8.4 million. Gross profit excluding amortization related to cost of goods sold increased to $5.0 million from $3.6 million for the same period last year. Gross margin excluding amortization decreased to 48% from 64%. The decrease was due to a higher proportion (market mix) of sales to theatrical exhibitors and themed entertainment system sales in the quarter. Theatrical exhibitor and themed entertainment system sales were also impacted by higher transportation costs. This was the company's sixth consecutive quarter of positive adjusted EBITDA* Accelerating into Sim Racing
While D-BOX is perhaps best known for their haptic movie theatre seats that help immerse the audience in popular cinema blockbusters, the company is quickly gaining traction in the sim racing market. When reporting their third quarter results, the company provided the following update on their sim racing business:
"During the quarter, Kindred Concepts opened its first state-of-the art F1 racing simulation center called F1 Arcade, featuring 60 D-BOX-equipped simulators in London, England, with 30 locations planned over the next five years; and we announced collaborations with leading sim racing equipment designers, manufacturers and marketers, RSEAT and Trak Racer. And last month, we announced our Mercedes-branded multipurpose haptic platform, which will be available for on-line purchase by the end of February." - Sébastien Mailhot, Chief Executive Officer.
The Mercedes and RSEAT modular motion platforms are compatible with most sim racing chassis manufacturers and can also be used in conjunction with chairs, sofas, fitness devices, and more in-home and commercial entertainment. They are also compatible with the D-BOX ecosystem, allowing users to benefit from a haptic experience for the more than 2,500 films and television series available in the content catalogue on D‑BOX PLUS.
Sim racing is an exciting market for D-BOX and one the company see lots of growth potential in.
* Adjusted EBITDA provides useful and complementary information, which can be used, in particular, to assess profitability and cash flows from operations. It consists of profit (loss) excluding amortization, financial expenses net of income, income taxes (recovery), impairment charges, share-based payments, foreign exchange (gain) loss and non-recurring expenses related to restructuring costs.
Source: D-BOX Technologies Inc. |
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