TAINAN, Taiwan, Oct. 11, 2023 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today announced that mass production of its LTDI (Large Touch and Display Driver Integration) automotive display solution, HX83180 series, for leading vendors’ latest NEV models, commenced during the third quarter of 2023. LTDI design is particularly suitable for prevailing NEVs, known for their stylish smart cabins that feature large-sized display, panoramic view, free-form, curved design and in-cell touch functions. The Company has received a proliferation of inquiries regarding its LTDI solution which is now universally adopted by panel makers across the board.

The advancement of electric and autonomous vehicles has shifted the focus of the automotive industry from traditional metrics of engine efficiency and horsepower to prioritizing battery longevity and user-friendly interior cabin design. With the introduction of innovative display technology, car manufacturers have redefined the functionality of dashboards and central consoles, transforming them into an integrated, panoramic cockpit display with touch features. This transformative approach provides a consumer-electronics-inspired human-machine interface, delivering a futuristic and high-tech driving experience.

Himax is a pioneer in the industry, introducing the world-first LTDI technology back in 2021 meticulously designed to support such seamless, integrated large touch display panels, usually larger than 30 inches in size or spinning pillar-to-pillar across the entire width of the cockpit. Notably, Himax’s proprietary LTDI technology boasts the following features:

• Provides flexible design for various size / resolution / touch density: Outstanding capability to cascade up to 28 chips in series for a single, gigantic cockpit display in diverse sizes and resolutions up to 12K1K.
• Enables one-piece seamless panel design: Supports slim form, narrow bezel, curved shape with excellent display performance. LTDI makes possible the seamless one-piece molding of large-sized panels, a substantial improvement over conventional panels which are composed of tiled small displays.
• Employs distributed microprocessor architecture to shorten development time and save cost: Featuring state-of-the-art architecture that not only integrates display driver and touch sensor, but also adopts proprietary distributed touch microprocessors architecture significantly reducing development time and cost.
• Complies with leading automotive standards: Conforms to automotive AEC-Q100 reliability specifications and the latest automotive ISO 26262 functional safety requirements.

Himax’s cutting edge LTDI technology was first showcased at CES 2022 by a leading panel customer for its 30-inch panoramic view, in-cell touch display that provides seamless, intuitive and advanced tactile experience for future generation smart cabins. After its debut, customer inquiries and adoptions increased rapidly. Currently, two large touch display integrated panels with sizes of 35.6” and 44.8” have commenced mass production and are slated to be incorporated in the launch of new energy vehicles this season. In addition to the first generation LTDI with COF design, Himax also released a chip with COG design that can support even more channels and has gained several design-ins with global panel makers.

“Automotive display deployment is not only rapidly increasing in number, but also in size and feature complexity. Himax is optimistic about the trend of panoramic cockpits adoption inside vehicles, and we continue to expand our LTDI product line to better cater to customers’ needs for next generation vehicles,” said Ming-Cheng Chiu, Executive Vice President of Touch and Display Business Unit at Himax. “Our leadership as a pioneer in the LTDI market is a natural extension stemming from our dominant position in traditional display driver IC and TDDI for automotive displays. Given the rapid adoption of LTDI in new generation vehicles, and as a complementary offering to our automotive display line-up, we expect this trend to further strengthen our market share position in automotive and be a key driving force for us moving forward,” concluded Mr. Chiu.

About Himax Technologies, Inc.

Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and AMOLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye^TM Smart Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. While Himax optics technologies, such as diffractive wafer level optics, LCoS micro-displays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, AMOLED ICs, LED drivers, EPD drivers, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,838 patents granted and 376 patents pending approval worldwide as of September 30, 2023.

http://www.himax.com.tw

Forward Looking Statements

Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2022 filed with the SEC, as may be amended.

Company Contacts:

Eric Li, Chief IR/PR Officer
Himax Technologies, Inc.
Tel: +886-6-505-0880
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Karen Tiao, Investor Relations
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

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TOKYO, Oct. 11, 2023 (GLOBE NEWSWIRE) — The Global Metaverse Market Size accounted for USD 88 Billion in 2022 and is estimated to achieve a market size of USD 3,935 Billion by 2032 growing at a CAGR of 46.4% from 2023 to 2032.

The Metaverse Market is an integral part of the digital industry, focusing on the development, integration, and application of virtual and augmented realities through digital avatars. This market is witnessing substantial growth due to the increasing demand for online gaming, advancements in virtual reality (VR) and augmented reality (AR), and the development of user-friendly metaverse platforms. As the digital world continues to grow, the future of this market looks promising. Trends towards online gaming, blockchain technology, and personalized digital experiences are expected to shape the market dynamics, offering numerous opportunities for growth and innovation in the upcoming years.

Key Points and Statistics on the Metaverse Market:

• The Global Metaverse Market was valued at USD 88 billion in 2022 and is expected to reach USD 3,935 billion by 2032.
• North America held a dominant position in the market in recent years, with a value of around USD 42.3 billion in 2022.
• The Asia-Pacific region, especially countries like China and Japan, is expected to witness significant growth in the market due to the rapid expansion of online gaming and increasing tech-savvy consumers.
• Leading players in the market include ByteDance Ltd., Decentraland, Epic Games, Inc., Meta Platforms, Inc., Microsoft Corporation, and Tencent Holdings Ltd.

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Metaverse Market Coverage:

Metaverse Market Overview and Analysis:

The Metaverse Market is centered on creating platforms that allow individuals to immerse themselves in virtual and augmented realities. Continuous innovations are being made to enhance the accuracy, user experience, and integration of these platforms into the digital world. However, challenges such as technological complexities, increased privacy and security concerns, and high development costs can pose constraints to market growth. In simpler terms, the metaverse is a futuristic digital world where individuals can engage in various activities within entirely digital worlds. The demand for such solutions is growing due to the benefits they offer, but challenges like technological integration and user trust remain.

Latest Metaverse Market Trends and Innovations:

• Blockchain Integration: The metaverse is increasingly using blockchain technology to provide a more immersive experience for users.
• Mixed Reality (MR): Combines real and virtual worlds to provide new ways to interact with physical and digital environments.
• Virtual Reality (VR) & Augmented Reality (AR): In the metaverse, VR and AR are blended to create a sense of virtual presence.
• Asset Marketplaces: Increased investments in bitcoins, ethereum, NFTs, and other cryptocurrencies.

Major Growth Drivers of the Metaverse Market:

The metaverse is a new and exciting frontier that offers endless possibilities for users. It is a place where people can connect with others from all over the world, explore new worlds, and create their own experiences.

The metaverse is still in its early stages of development, but it is growing rapidly. This growth is being driven by the increasing popularity of virtual reality and augmented reality technologies.

The metaverse has the potential to revolutionize many industries, including gaming, education, healthcare, and business. As the metaverse continues to develop, it is likely to have a significant impact on our lives.

Key Challenges Facing the Metaverse Market:

Challenges in creating a unified system: The metaverse is a decentralized network of 3D virtual worlds that are interconnected. This means that there is no one central authority that controls the metaverse. This can make it difficult to create a unified system that is compatible with all devices and platforms.

Increased privacy and security concerns: The metaverse is a new and emerging technology, which means that there are still many privacy and security concerns that need to be addressed. For example, users may be concerned about how their data is collected and used in the metaverse.

High development costs: The metaverse is a complex and expensive technology to develop. This is because it requires the development of new hardware, software, and infrastructure. The development costs of the metaverse are likely to be a major barrier to entry for many businesses.

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Metaverse Market Segmentation:

Based on Component:

• Hardware
• Services
• Software

Based on Platform:

• Headsets
• Mobile
• Desktop

Based on Technology:

• Mixed Reality (MR)
• Blockchain
• Augmented Reality (AR)
• Virtual Reality (VR)

Based on End-use:

• Automotive
• BFSI
• Retail
• Media & Entertainment
• Aerospace & Defense
• Education

Overview by Region of the Metaverse Market:

North America, with its technological advancements and significant company presence, is a significant market for the metaverse. Asia-Pacific, with its tech-savvy consumers and large online gaming market, is also a major player. Europe and the Middle East & Africa are expected to see growth in the coming years due to the expansion of digital technologies and increasing technological adoption.

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List of Key Players in the Metaverse Market:

ByteDance Ltd., Decentraland, Epic Games, Inc., Meta Platforms, Inc., Microsoft Corporation, NetEase, Inc., Nvidia Corporation, Roblox Corporation, Tencent Holdings Ltd., The Sandbox, and Unity Technologies, Inc.

Browse More Research Topic on ICT Sector Related Reports:

The Global Generative AI Market Size accounted for USD 10.5 Billion in 2022 and is projected to occupy a market size of USD 208.8 Billion by 2032 growing at a CAGR of 35.1% from 2023 to 2032.

The Global Digital Twin Market gathered USD 9.5 Billion in 2022 and is expected to reach USD 274.2 Billion by 2032, growing at a CAGR of 40.5% from 2022 to 2032.

The Global Cloud Security Posture Management Market Size accounted for USD 4.6 Billion in 2022 and is projected to achieve a market size of USD 12.6 Billion by 2032 growing at a CAGR of 10.8% from 2023 to 2032.

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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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Get Help

NAPCO investors should visit us at https://claimsfiler.com/cases/nasdaq-nssc/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

NAPCO and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 18, 2023, post-market, the Company disclosed that “the Company’s previously issued unaudited interim financial statements for the fiscal quarters ended September 30, 2022, December 31, 2022 and March 31, 2023…should no longer be relied upon” and that “a material weakness existed in the Company’s internal controls over financial reporting for each of the first three quarters of fiscal 2023, rendering the Company’s disclosure controls and procedures ineffective at the end of each such quarter” due to “certain errors related to the Company’s calculation of cost of goods sold (“COGS”) and inventory for each of the first three quarters of fiscal 2023…[a]s a result, inventories were overstated and COGS was understated, resulting in overstated gross profit, operating income and net income for each period.”

On this news, shares of NAPCO fell $17.30, or 45.04%, to close at $21.11 on August 21, 2023, the next trading day.

The case is Zornberg v. Napco Security Technologies, Inc., et al., No. 23-cv-6465.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

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CommerceIQ Analysis of Prime Big Deals Day

PALO ALTO, Calif., Oct. 10, 2023 (GLOBE NEWSWIRE) — CommerceIQ, the leading retail ecommerce management (“REM”) platform, today released its analysis of the first 10 hours of Prime Big Deal Days 2023, which took place Oct. 10, 2023, from 12 a.m. to 10 a.m. PST.

Amongst the findings:

• Prime Big Deal Days 2023 (“PBDD23”) presents an incredible sales opportunity for brands, seeing upwards of a 4.59x increase in hourly ordered revenue and an increase of 4.87x to 20.76x in hourly glance views when compared to the preceding 28-day hourly average Sept. 12, 2023 to Oct. 9, 2023.
• Similar to last year when comparing Prime Day 2022 (“PD22”) to the Prime Early Access Sale 2022 (“PEAS22”), PBDD23 is a smaller event than Prime Day 2023 (“PD23”). In the first 10 hours of October 10, PBDD23 delivered 54.6% lower ordered revenue as compared to the first 10 hours of PD23 on July 11. Ordered Units and Glance Views are also pacing behind Prime Day 2023 by 36% and 52%, respectively, over the same time period.
• CommerceIQ has observed a 0.7% increase in Unit Conversion percentage in the first 10 hours of the day. Coupled with a decreased relative drop in Ordered Units, average selling prices appear to be higher for PBDD23 vs. PD23 as one potential key driver for this observation. This could be an indication of an increase in baseline prices or lower discount percentages during PBDD23.
• While revenue is down across the board when comparing PBDD23 to PD23, Beauty, Health & Personal Care, Pet Products, and Tools & Home Improvement can be considered “winners” as they have seen relatively lower declines than the overall average between these two tentpole events.
• Similarly, in terms of overall traffic, Beauty, Health & Personal Care, and Pet Products are seeing relatively lower declines in glance views when comparing PBDD23 to PD23.

The data is based on a compilation of anonymized data from the CommerceIQ REM Platform, which handles more than $30 billion of sales from global consumer brands that sell on retail ecommerce channels such as Amazon, Walmart.com and Instacart.

“While Prime Big Deal Days 2023 is pacing slower than Prime Day 2023 on sales and traffic, it remains one of just a handful of sales events throughout the year proven to boost sales incredibly for brands on Amazon,” said Guru Hariharan, CEO of CommerceIQ. “In fact, we are observing upwards of 4.59x increase in hourly sales when comparing to the rest of September, signaling to brands that Prime Big Deal Days is an event not to be missed in 2023.”

CommerceIQ will continue to deliver Prime Big Deal Days 2023 analysis in the following days and weeks. To stay up to date, please visit the CommerceIQ blog.

About CommerceIQ
CommerceIQ is the leading retail ecommerce management (REM) platform for consumer brands to plan, monitor and execute their businesses and profitably grow market share across 650+ global online retailers. CommerceIQ’s unified REM platform brings together every aspect of a brand’s retail ecommerce business: sales and operations, retail media management, content management, and digital shelf optimization, to create a single source of truth. CommerceIQ’s machine learning and automation enable brands to connect organizational silos, power team efficiencies, and drive measurable sales impact. More than 2,200 brands globally, including Nestle, Colgate, and Whirlpool, trust CommerceIQ to manage and grow their retail ecommerce businesses across global retailers including Amazon, Walmart, and Instacart. For more information, visit https://www.commerceiq.ai.

BOCA Communications for CommerceIQ
CommerceIQ@bocacommunications.com

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• Estimates GAAP diluted net earnings per share (“EPS”) for fiscal 2024 of $2.75 to $3.15
• Estimates non-GAAP diluted net EPS for fiscal 2024 of $3.25 to $3.65
• Estimates fiscal 2024 free cash flow of $3.1 to $3.6 billion
• Expects to return approximately 100% of fiscal 2024 free cash flow to shareholders through dividends and share repurchases
• Announces dividend increase of 5%
• Estimates $200 million increase in Future Ready plan annualized gross run rate structural cost savings, to $1.6 billion by the end of fiscal 2025.

PALO ALTO, Calif., Oct. 10, 2023 (GLOBE NEWSWIRE) — HP Inc. (NYSE: HPQ) Today at HP’s 2023 Securities Analyst Meeting (“SAM”), the company provided details on its strategy and opportunities for long-term growth, along with its financial outlook for fiscal 2024.

“HP is very well positioned to deliver long-term sustainable growth,” said Enrique Lores, President and Chief Executive Officer, HP Inc. “Our Future Ready plan is strengthening our core business, accelerating our expansion in services, building new operational capabilities, and improving our structural costs. Most importantly, we are innovating to meet the changing needs of our customers and we see attractive opportunities to drive profitable growth across our business.”

Fiscal 2024 outlook
For fiscal 2024, the company estimates GAAP diluted net EPS to be in the range of $2.75 to $3.15 and estimates non-GAAP diluted net EPS to be in the range of $3.25 to $3.65. Fiscal 2024 non-GAAP diluted net EPS estimates exclude $0.50 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related (credits)/charges, tax adjustments and the related tax impact on these items.  The company also expects a $200 million increase in its Future Ready plan annualized gross run rate structural cost savings, to $1.6 billion by the end of fiscal 2025, with no change to estimated restructuring and other charges of approximately $1.0 billion.

Based on the current environment, HP anticipates generating free cash flow of $3.1 to $3.6 billion for fiscal 2024.

For fiscal 2024, the company indicated that it expects to return approximately 100% of free cash flow through dividends and share repurchases. The HP Board of Directors has approved an increase to the planned annual dividend amount to $1.1024 per share, reflecting a 5% increase from the prior dividend. The balance is expected to be returned to shareholders through share repurchases.

“Our financial outlook reflects continued progress against our strategic priorities,” said Marie Myers, Chief Financial Officer, HP Inc. “We’re accelerating our three-year annualized gross structural cost savings target, and we’re confident in our plans to grow non-GAAP diluted net EPS and free cash flow in FY24 and beyond. Our disciplined financial plan and capital allocation strategy is designed to maximize growth and value creation.”

Webcast details
A webcast of today’s event, along with management presentations and other materials, is available at https://investor.hp.com/events/event-details/2023/HP-Securities-Analyst-Meeting/default.aspx. This news release contains only a summary of some of the information being presented at today’s event and should be read in conjunction with the management presentations and other materials made available on that website.

About HP Inc.
HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com.

HP Inc. Media Relations
MediaRelations@hp.com

HP Inc. Investor Relations
InvestorRelations@hp.com

Forward-looking statements
This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries which may differ materially from those expressed or implied by such forward-looking statements and assumptions.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, any statements regarding the impact of the COVID-19 pandemic; projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the fiscal 2023 plan), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions (including the recent acquisition of Plantronics, Inc. (“Poly”)); and any statements of assumptions underlying any of the foregoing. Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.

Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating to the impact of macroeconomic and geopolitical trends, changes and events, including the Russian invasion of Ukraine and tension across the Taiwan Strait and the regional and global ramifications of these events; recent volatility in global capital markets, increases in benchmark interest rates, the effects of inflation and instability of financial institutions; risks associated with HP’s international operations; the effects of the COVID-19 pandemic; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; the need to manage (and reliance on) third-party suppliers, including with respect to component shortages, and the need to manage HP’s global, multi-tier distribution network, limit potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; HP’s ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation; execution of planned structural cost reductions and productivity initiatives; HP’s ability to complete any contemplated share repurchases, other capital return programs or other strategic transactions; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy and business model changes and transformation; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends; successfully competing and maintaining the value proposition of HP’s products, including supplies; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; integration and other risks associated with business combination and investment transactions; the results of our restructuring plans (including the fiscal 2023 plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; the hiring and retention of key employees; disruptions in operations from system security risks, data protection breaches, cyberattacks, extreme weather conditions or other effects of climate change, medical epidemics or pandemics such as the COVID-19 pandemic, and other natural or manmade disasters or catastrophic events; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; our aspirations related to environmental, social and governance matters; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; the effectiveness of our internal control over financial reporting and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2022 and HP’s other filings with the Securities and Exchange Commission.

As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Annual Report on Form 10-K for the fiscal year ending October 31, 2023, Annual Report on Form 10-K for the fiscal year ending October 31, 2024, and HP’s other filings with the Securities and Exchange Commission. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

HP’s Future Ready plan includes HP’s efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP’s expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP’s evolving business models, future investment decisions, market environment and technology landscape.

HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

Use of non-GAAP financial information
To supplement HP’s consolidated condensed financial statements presented on a generally accepted accounting principles (“GAAP”) basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) financial measures. HP also provides forecasts of non-GAAP diluted net EPS and free cash flow. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in non-GAAP supplement available on HP’s investor relations website. In addition, an explanation of the ways in which HP’s management uses these non-GAAP measures to evaluate its business, the substance behind HP’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP’s management compensates for those limitations, and the substantive reasons why HP’s management believes that these non-GAAP measures provide useful information to investors is included under “Use of non-GAAP financial measures” below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for net revenue, operating expense, operating profit, operating margin, other income and expenses, tax rate, net earnings, diluted net EPS, cash provided by (used in) operating activities or cash, cash equivalents and restricted cash prepared in accordance with GAAP.

Use and economic substance of non-GAAP financial measures
Net revenue on a constant currency basis excludes the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly exchange rates from the comparative period and excluding any hedging impact recognized in the current period. Non-GAAP operating margin is defined to exclude the effects of any amounts relating to restructuring and other charges, acquisition and divestiture charges and amortization of intangible assets. Non-GAAP other income and expenses is defined to exclude any amounts relating to defined benefit plan settlement charges, non-operating retirement related (credits)/charges and debt extinguishment costs. Non-GAAP net earnings and non-GAAP diluted net EPS consist of net earnings or diluted net EPS excluding all of the foregoing items, as well as tax adjustments and the amount of additional taxes or tax benefits associated with each non-GAAP item.

HP’s management uses these non-GAAP financial measures for purposes of evaluating HP’s historical and prospective financial performance, as well as HP’s performance relative to its competitors. HP’s management also uses these non-GAAP measures to further its own understanding of HP’s segment operating performance. HP believes that excluding the items mentioned above for these non-GAAP financial measures allows HP’s management to better understand HP’s consolidated financial performance in relation to the operating results of HP’s segments, as HP’s management does not believe that the excluded items are reflective of ongoing operating results. More specifically, HP’s management excludes each of those items mentioned above for the following reasons:

• Restructuring and other charges are (i) costs associated with a formal restructuring plan and are primarily related to employee separation from service and early retirement costs and related benefits, costs of real estate consolidation and other non-labor charges; and (ii) other charges, which includes non-recurring costs including those as a result of information technology rationalization efforts and transformation program management and are distinct from ongoing operational costs. HP excludes these restructuring and other charges (and any reversals of charges recorded in prior periods) for purposes of calculating these non-GAAP measures because HP believes that these costs do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of HP’s current operating performance or comparisons to operating performance in other periods.

• HP incurs cost related to its acquisitions and divestitures, which it would not have otherwise incurred as part of its operations. The charges are direct expenses such as third-party professional and legal fees, integration and divestiture-related costs, as well as non-cash adjustments to the fair value of certain acquired assets such as inventory and certain compensation charges related to cash settlement of restricted stock units and performance-based restricted stock units towards acquisitions. These charges related to acquisitions and divestitures are inconsistent in amount and frequency and are significantly impacted by the timing and nature of HP’s acquisitions or divestitures. HP believes that eliminating such expenses for purposes of calculating these non-GAAP measures facilitates a more meaningful evaluation of HP’s current operating performance and comparisons to operating performance in other periods.

• HP incurs charges relating to the amortization of intangible assets. Those charges are included in HP’s GAAP earnings, operating margin, net earnings and diluted net EPS. Such charges are significantly impacted by the timing and magnitude of HP’s acquisitions and any related impairment charges. Consequently, HP excludes these charges for purposes of calculating these non-GAAP measures to facilitate a more meaningful evaluation of HP’s current operating performance and comparisons to operating performance in other periods.

• HP incurs debt extinguishment (benefit)/costs includes certain (gain)/loss related to repurchase of certain of its outstanding U.S. dollar global notes or termination of commitments under revolving credit facilities. These (gain)/loss resulting from debt redemption transactions are partially or more than offset by costs such as bond repurchase premiums, bank fees, unpaid accrued interests, etc. HP excludes these (benefit)/costs for the purposes of calculating these non-GAAP measures to facilitate a more meaningful evaluation of HP’s current operating performance and comparisons to operating performance in other periods.

• Non-operating retirement-related (credits)/charges includes certain market-related factors such as interest cost, expected return on plan assets, amortized actuarial gains or losses, associated with HP’s defined benefit pension and post-retirement benefit plans. The market-driven retirement-related adjustments are primarily due to the changes in the value of pension plan assets and liabilities which are tied to financial market performance and HP considers these adjustments to be outside the operational performance of the business. Non-operating retirement-related (credits)/charges also include certain plan curtailments, settlements and special termination benefits related to HP’s defined benefit pension and post-retirement benefit plans. HP believes that eliminating such adjustments for purposes of calculating non-GAAP measures facilitates a more meaningful evaluation of HP’s current operating performance and comparisons to operating performance in other periods.

• HP incurs defined benefit plan settlement charges relating to HP pension plans. The charges are associated with the net settlement and remeasurement resulting from voluntary lump sum payments offered to certain vested participants and transfer of certain pension obligations. HP excludes these charges for the purposes of calculating these non-GAAP measures to facilitate a more meaningful evaluation of HP’s current operating performance and comparisons to operating performance in other periods.

• HP recorded tax adjustments including tax expenses and benefits from internal reorganizations, realizability of certain deferred tax assets, various tax rate and regulatory changes, and tax settlements across various jurisdictions. HP excludes these adjustments for the purposes of calculating these non-GAAP measures to facilitate a more meaningful evaluation of HP’s current operating performance and comparisons to operating performance in other periods.

Free cash flow is a non-GAAP measure that is defined as cash flow (used in) provided by operations activities adjusted for net investment in leases and net investments in property, plant, and equipment. Gross cash is a non-GAAP measure that is defined as cash, cash equivalents and restricted cash plus short-term investments and certain long-term investments that may be liquidated within 90 days pursuant to the terms of existing put options or similar rights. HP’s management uses free cash flow and gross cash for the purpose of determining the amount of cash available for investment in HP’s businesses, repurchasing stock and other purposes. HP’s management also uses free cash flow and gross cash to evaluate HP’s historical and prospective liquidity. Because gross cash includes liquid assets that are not included in cash, cash equivalents and restricted cash, HP believes that gross cash provides a helpful assessment of HP’s liquidity. Because free cash flow includes net cash (used in) provided by operating activities adjusted for net investment in leases and net investments in property, plant and equipment. HP believes that free cash flow provides a more accurate and complete assessment of HP’s liquidity and capital resources. Net cash (debt) is defined as gross cash less gross debt after adjusting the effect of unamortized premium/discount on debt issuance, debt issuance costs and gains/losses on interest rate swaps.

Key Growth Areas
Key Growth Areas represent HP’s businesses which management expects to grow at a rate faster than HP’s core business with accretive margins in the longer term. HP’s Key Growth Areas are comprised of:

• Hybrid Systems: Video conferencing solutions, cameras, headsets, voice, and related software capabilities
• Gaming: Gaming PCs (Omen, Victus, etc.), HyperX and gaming accessories
• Workforce Solutions (previously Workforce Services & Solutions): Managed services (Managed Print Service and Device-as-a-Service), digital services and lifecycle services
• Consumer Subscriptions: Instant Ink, other consumer subscriptions and consumer digital services
• Industrial Graphics: Large Format Industrial, Page Wide Press (PWP), Indigo and Page Wide Industrial packaging solutions and supplies
• 3D & Personalization: Portfolio of additive manufacturing solutions and supplies including end-to-end solutions such as molded fiber, footwear and orthotics

Workforce Solutions (“WS”), now aligns to the newly created WS organization that is focused on enabling services led product offerings across Printing and Personal Systems. This now excludes hardware revenues for certain transactional deals with a service attach. Peripherals has been integrated into Gaming, and Hybrid systems including all products and solutions acquired from Plantronics, Inc. (“Poly”). Consumer Subscriptions was previously known as Consumer Services.

In fourth quarter of fiscal 2022, HP had disclosed full year Key Growth Areas revenues of “over $11 billion”. The changes to WS reduced the previously disclosed revenues to approximately $10 billion for the fiscal year 2022.

Material limitations associated with use of non-GAAP financial measures
These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

• Items such as amortization of intangible assets, though not directly affecting HP’s cash position, represent the loss in value of intangible assets over time. The expense associated with this change in value is not included in non-GAAP operating margin, non-GAAP net earnings and non-GAAP diluted net EPS, and therefore does not reflect the full economic effect of the change in value of those intangible assets.

• Items such as restructuring and other charges, acquisition and divestiture charges and amortization of intangible assets are excluded from non-GAAP operating margin. Non-operating retirement-related (credits)/charges, defined benefit plan settlement charges and debt extinguishment costs are excluded from non-GAAP other income and expenses. In addition, all of the foregoing items, tax adjustments and the amount of additional taxes or tax benefits associated with each non-GAAP item are excluded from non-GAAP net earnings and non-GAAP diluted net EPS. These items can have a material impact on the equivalent GAAP earnings measure and cash flows.

• HP may not be able to immediately liquidate the short-term and certain long-term investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure.

Other companies may calculate the non-GAAP financial measures differently than HP, limiting the usefulness of those measures for comparative purposes.

Compensation for limitations associated with use of non-GAAP financial measures
HP accounts for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. HP also provides reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within a non-GAAP supplement on HP’s investor relations website, and HP encourages investors to review those reconciliations carefully.

Usefulness of non-GAAP financial measures to investors
HP believes that providing net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) to investors in addition to the related GAAP financial measures provides investors with greater insight to the information used by HP’s management in its financial and operational decision making and allows investors to see HP’s results “through the eyes” of management. HP further believes that providing this information better enables HP’s investors to understand HP’s operating performance and financial condition and to evaluate the efficacy of the methodology and information used by HP’s management to evaluate and measure such performance and financial condition. Disclosure of these non-GAAP financial measures also facilitates comparisons of HP’s operating performance with the performance of other companies in HP’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.

The post HP Inc. Announces Fiscal 2024 Financial Outlook and Raises Annual Dividend by 5% to $1.10 per Share appeared first on The Tech Outlook.

LEWES, DE, Oct. 10, 2023 (GLOBE NEWSWIRE) — BAD Idea AI is pleased to announce a strategic partnership with Tangem, a leader in secure hardware wallets. According to a recent poll on X (formerly Twitter), 86.4% of our community expressed interest in a cold wallet solution, making this collaboration timely and relevant.

What Exactly is BAD Idea AI ($BAD)?

Artificial Intelligence (AI) is increasingly becoming a cornerstone in various sectors of society. BAD Idea AI ($BAD) aims to foster a symbiotic relationship between humans and AI by leveraging blockchain and DAO technologies to create a tokenized ecosystem for mutual benefit.

About Tangem

Tangem serves as a robust barrier against security threats to your cryptocurrency assets. Beyond being a simple, beautiful, and secure hardware wallet, Tangem offers a self-custodial cold wallet with innovative backup options, water and dust resistance, and seamless connectivity via an inbuilt NFC antenna.

Tangem and BAD Idea AI Collaboration

“We are thrilled to collaborate with Tangem to offer our community a secure and efficient way to store their $BAD tokens,” says Christopher Johnson, listings manager for BAD Idea AI and President of Lightspeed Crypto Services, LLC.

Key Features of $BAD-Branded Tangem Hardware Wallets

The $BAD-branded Tangem hardware wallet incorporates elements of BAD’s branding and Tangem’s design, featuring BAD’s AI avatar logo and a range of security features such as anti-counterfeit protection and innovative smart backups.

Why Choose a $BAD-Branded Tangem Hardware Wallet?

Opting for a $BAD x Tangem Wallet offers numerous advantages:
– Seamless crypto management
– One-tap transaction signing
– Self-custody and cold storage
– Industry-leading chip security: EAL6+
– 25+ years replacement warranty

Conclusion

This partnership marks a significant milestone for both BAD Idea AI and Tangem, offering unparalleled security and convenience for the $BAD community. Stay tuned for more updates on the new BAD Idea AI wallets powered by Tangem on their socials (Tangem, $BAD).

Risk Warning and Disclaimer

Disclaimer: The information provided in this press release is not a solicitation for investment, or intended as investment advice, financial advice, or trading advice. It is strongly recommended that you practice due diligence (including consultation with a professional financial advisor) before investing in or trading securities and cryptocurrency.

CONTACT: Christopher Johnson President Lightspeed Crypto Services, LLC listings at badidea.ai dbystrova at tangem.com

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.

The post BAD Idea AI and Tangem Announce Partnership to Launch Limited-Edition $BAD-Branded Hardware Wallets appeared first on The Tech Outlook.

NEW YORK, USA, Oct. 10, 2023 (GLOBE NEWSWIRE) — De.Fi started during DeFi Summer in 2020 as a group of passionate Yield Farmers, and during these last three years of development, they successfully led the resolution of multiple industry issues and grew our user base over 100X. 

Web3 is the Wild West as 90% of the tokens in Uniswap are considered rug pulls, and honeypot scams per academic research. Learning this is when the De.Fi team realized their mission was to save the *entire* crypto industry from itself that’s why we invented the World’s First Crypto Antivirus The jewel in our crown that now is responsible for protecting over 3 million users that big names like CoinGecko, Arbitrum, zkSync, and London and Montreal Universities trust to power their platforms.

De.Fi has already defused over 540,000 risk tokens—that’s $27 billion potentially saved because now you can find scams in the code before they happen!

John Izaguirre, the Former Director of Finance C., says: “Having closely followed the De.Fi Team for years, I can attest to their transformative impact on the cryptocurrency landscape. Their game-changing Web3 SuperApp & Crypto Antivirus set a new standard for enhancing Crypto Security. I will be looking forward to the unfolding of their future innovations in the dynamic world of DeFi!”

The De.Fi team is backed by the same early investors who brought Tesla and SpaceX to life, HOF Capital. Additionally, we received investment from OKX Ventures, Huobi Ventures, Mexc, and Directors from Coinbase and Binance.

And they are just getting started…

Today, after the invention of World’s First SuperApp & Crypto Antivirus, they have introduced De.Fi 2.0, the most comprehensive Ecosystem in Web3 that, includes:

1. De.Fi Connect, SocialFi 
2. De.Fi L2 Chain to scale and connect our Ecosystem
3. And De.Fi-Gpt that will help you make smarter crypto investment decisions

De.Fi has started a new Chapter of their journey. The De.Fi 2.0 Round has sold $1M worth of $DEFI tokens in just 6 hours.

About De.Fi

De.Fi 2.0 will enable onboarding the next Billion Users to Web3 with a 100X user growth for the industry. 

With the integration of these products in the De.Fi Ecosystem Suite, they are Revolutionizing Web3 like it’s never been done before.

Website: https://de.fi/
X (Twitter): https://twitter.com/DeDotFi
Telegram: https://t.me/DeDotFi

CONTACT: Artem D. team at de.fi

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.

The post De.Fi 2.0 Sold Out Instantly for a $1M Round. OKX, and Binance & Coinbase Directors are among their Investors appeared first on The Tech Outlook.

• Full Year 2023 revenue of $26.1 million, in line with guidance, with Fiscal Fourth Quarter 2023 revenue of $4.8 million
• Presto Voice gaining significant traction with annual revenue opportunity¹ reaching approximately $17 million (based on locations of franchisee customers with whom we have master service or pilot agreements in which Presto Voice has not been installed), as of September 30, 2023
• Inclusion in the broad-market Russell 3000^® Index and small-cap Russell 2000^® Index for 2023
• Increased ownership commitment by major existing shareholder Cleveland Avenue
• Lock-up agreement from certain existing shareholders extended to December 23, 2024
• Revised credit agreement with Metropolitan Partners Group
• New Interim CFO, Nathan Cook, joining effective today

“I am delighted to report, with our first full fiscal year as a public company, that our Presto Voice AI solution is gaining significant traction in the market,” said Xavier Casanova, CEO of Presto.

“We have developed strong relationships with new customers and are making great strides in developing our AI technology. We’re still in the early stages of capitalizing on the significant opportunity ahead of us and are implementing a focused plan for success in this growing and dynamic market. We are pleased that one of our major existing shareholders and existing lender have offered their continued support to us on this journey,” Mr. Casanova added.

“In addition, I am pleased to welcome Nathan Cook as our new CFO. Nathan brings a depth of experience to the role and will be a valuable partner to the rest of the management team in guiding our company toward financial success and delivering accelerated strategic and profitable growth.”

_______________
¹ Revenue opportunity is based on the number of locations for each restaurant brand or franchisee group with whom Presto has a master service or pilot agreement and at which Presto’s technology is not currently installed; based on the pricing contained in the master service or pilot agreement for such customers. Revenue opportunity does not represent contractually committed revenue or backlog.

Release of Full Year 2023 and Fiscal Fourth Quarter Financial Results

Presto today announced the financial results for its Full Year ended June 30, 2023, which were in line with guidance, and financial results for its Fiscal Fourth Quarter 2023.

Full Year 2023 Financial Summary

For the Full Year of 2023, compared to the Full Year of 2022:

• Revenue was $26.1 million, down 13.9 % compared to $30.4 million for 2022
• Net loss was $34.5 million, compared to a net loss of $56.3 million for 2022
• Adjusted EBITDA² was a loss of $39.1 million, compared to a loss of $27.9 million for 2022

Fiscal Fourth Quarter 2023 Financial Summary

For the Fiscal Fourth Quarter of 2023, compared to the Fiscal Fourth Quarter of 2022:

• Revenue was $4.8 million, down 38.9% compared to $7.9 million for 2022
• Net loss was $36.6 million, compared to a net loss of $22.3 million for 2022
• Adjusted EBITDA² was a loss of $9.1 million, compared to a loss of $10.8 million for 2022

_______________
² Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial Measures” and is reconciled to net income, the closest comparable GAAP measure at the end of this release.

Presto Voice Annual Revenue Opportunity Reaches $17 Million, with over $100 Million Opportunity if Fully Expanded Across Currently Engaged Restaurant Groups

Presto announced that as of September 30, 2023, those locations of customers with which it has master service or pilot agreements and in which Presto Voice has not been installed represent an estimated annual revenue opportunity¹ of approximately $17 million.

Presto also announced that as of September 30, 2023, the total locations of restaurant groups with whom they have master service or pilot agreements and in which Presto Voice has not been installed represent an estimated annual revenue opportunity¹ of over $100 million.

“We are excited by the market’s receptivity to Presto Voice. We are committed to growing our partnerships with some of the largest and most successful QSR brands and their franchisees as we continue working together to create delightful AI-powered guest experiences,” said Dan Mosher, President of Presto.

Inclusion in the broad-market Russell 3000^® Index and small-cap Russell 2000^® Index for 2023

Presto has joined the broad-market Russell 3000^® Index and the small-cap Russell 2000^® at the conclusion of the 2023 Russell Indexes annual reconstitution.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks, ranking them by total market capitalization. Membership in the US all-cap Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

Increased Ownership from a Major Existing Shareholder and Lock-up Commitment from Certain Existing Shareholders

Presto announced today that one of its existing major shareholders, Cleveland Avenue, has agreed to increase its ownership in the Company with a $3 million investment in Presto’s Common Stock at a price of $2.00 per share. The financing for its increased ownership is expected to close on or around October 16, 2023, subject to customary closing conditions.

In addition, today Presto announced that shareholders holding a total of 31,772,520 shares of its Common Stock, or approximately 53% of the shares issued, agreed not to offer, sell, transfer, contract to sell, pledge, or otherwise dispose of any shares until December 23, 2024.

Revised Credit Agreement with Metropolitan Partners Group

Presto announced today that it has entered a third amendment to its credit facility with Metropolitan Partners Group. The conditions to effectiveness of the amendment, which is expected on or around October 16, 2023, include the investment by Cleveland Avenue described above and the Company’s engagement of advisors approved by Metropolitan.

Upon satisfaction of the conditions to effectiveness, Metropolitan has agreed (1) to waive certain events of default currently existing under the credit facility, (2) to increase the size of the facility by an additional $3 million, (3) to exchange $6.0 million of accrued and previously capitalized interest for warrants to purchase 3,000,000 shares of common stock at an exercise price of $0.01 per share, and (4) to permit us to capitalize as principal interest for the interest periods ending September 30, 2023 through to January 31, 2024.

In addition, the third amendment removes the net leverage ratio covenant but retains a minimum unrestricted cash covenant and a covenant limiting the monthly decrease in operating cash. Based on the Company’s current business plan and forecasts, without the injection of further capital beyond the amounts disclosed in this press release, Presto anticipates being unable to comply with this minimum cash covenant in mid-December 2023.

“We are pleased that Metropolitan is continuing to support us as we pursue our growth strategy to penetrate this exciting market and path to profitability,” said Mr. Casanova.

In addition, Presto has undertaken to pursue renewals of Presto Touch with its existing customers with a transition to Presto’s next-generation technology and, if this is not achieved by December 31, 2023, to provide and implement a strategic wind-down plan that is reasonably acceptable to Metropolitan with respect to Presto Touch.

“Our Touch business has helped drive the success that we have achieved with Presto Voice,” said Mr. Casanova. “In the future, however, we expect an increasing portion of our revenues to come from Presto Voice and want to orient our business to focus on that opportunity. We have therefore agreed to assess our strategy for the Touch business with our lender.”

The Company’s cash and cash equivalents were $3.3 million as of September 30, 2023.

New Interim CFO, Nathan Cook, Joining Effective Today

Presto announced that Nathan Cook has been appointed as interim Chief Financial Officer effective today. After leading the Company as interim Chief Financial Officer, Stanley Mbugua will return to his role as Chief Accounting Officer. Mr. Cook has been specifically chosen due to his significant experience as an interim CFO making him well-suited to support the next phase of growth for Presto.

Mr. Cook is a Senior Managing Director at Teneo Capital LLC, a global advisory firm, a position that he has held since January 2023, where he provides accounting and financial consulting services. Prior to that, he held the position of Senior Managing Director at EY-Parthenon and Managing Director at AlixPartners and has also served as interim Chief Financial Officer for numerous companies during his career. Mr. Cook holds an MBA from the University of California, Los Angeles, and a Bachelor of Business Administration from the University of Michigan.

“I am excited to join Presto at this pivotal moment as the Company enters a pivotal moment targeting accelerated growth and a path to profitability,” said Nathan Cook, interim CFO. “Presto is a forerunner in introducing enterprise-grade AI and automation solutions to restaurants, and I am committed to contributing to its financial success and growth in the future.”

Presto Automation, Inc. Full Year and Fiscal Fourth Quarter 2023 Conference Call Details

A live audio webcast of the event will be available on the Presto Investor Relations website, https://investor.presto.com/. An archived replay of the webcast will also be available shortly after the live event on the Presto Investor Relations website.

About Presto

Presto (NASDAQ: PRST) provides enterprise-grade AI and automation solutions to some of the nation’s largest restaurant brands. Presto’s solutions are designed to decrease labor costs, improve staff productivity, increase revenue, and enhance the guest experience. Presto offers its AI solution, Presto Voice, to QSRs and its pay-at-table solution, Presto Touch, to casual dining chains. Some of the most recognized restaurants in the United States are among Presto’s customers including Applebee’s, Carl’s Jr., Checkers, Chili’s, Del Taco, Hardee’s, and Red Lobster. Founded in 2008, Presto is headquartered in Silicon Valley.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics, and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20.1 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. Except as otherwise required by applicable law, Presto disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Presto cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Presto. In addition, Presto cautions you that the forward-looking statements contained in this press release are subject to the following risks and uncertainties: our limited operating history in a new and developing market makes it difficult to accurately forecast our future results and may make it difficult to evaluate our current business and future financial results; our success depends on increasing the number of franchisees of our existing restaurant customers that use our solutions and, in particular, Presto Voice, and the timing of the deployments of contracted locations; we currently generate the substantial majority of our revenue from three Presto touch customers, and the loss or decline in revenue from any of these customers, or the failure of such customers to renew their existing agreements, would harm our business, results of operations, and financial condition; our sales cycles are long and unpredictable, and attracting new customers requires considerable investment of time and expense; our business may be adversely affected if we are unable to optimize the number of human agents required to operate our Presto Voice solution with our unit cost structure; changes in our senior management team have impacted our organization’s focus and we are dependent on the continued services and performance of our current senior management team; our ability to recruit, retain, and develop qualified personnel is critical to our success and growth; defects, errors or vulnerabilities in third party technology that is used in our solutions could harm our reputation and brand and adversely impact our business, financial condition, and results of operations; our pricing decisions and pricing models may adversely affect our ability to attract new customers and retain existing customers; changes to elements of our AI solutions could cause us to incur additional expenses and impact our product development program; we are subject to legal proceedings and government investigations which are costly and time-consuming to defend and may adversely affect our business, financial position, and results of operations; security breaches, denial of service attacks, or other hacking and phishing attacks on our systems or the systems with which our solutions integrate could harm our reputation or subject us to significant liability, and adversely affect our business and financial results; current liquidity resources raise substantial doubt about our ability to continue as a going concern and to comply with our debt covenants unless we raise additional capital to meet our obligations in the near term; our efforts to generate revenues and/or reduce our expenditures may not be sufficient and may make it difficult for us to implement our business strategy; we have faced challenges complying with the covenants contained in our credit facility and, unless we can raise additional capital, may need additional waivers which may not be forthcoming; we require additional capital, which additional financing may result in restrictions on our operations or substantial dilution to our stockholders, to support the growth of our business, and this capital might not be available on acceptable terms, if at all; unfavorable conditions in the restaurant industry or the global economy could limit our ability to grow our business and materially impact our financial performance; our results of operations may fluctuate from quarter to quarter and if we fail to meet the expectations of securities analysts or investors with respect to our results of operations, our stock price and the value of your investment could decline; our ability to use our net operating loss carryforwards and certain other tax attributes may be limited; recent turmoil in the banking industry may negatively impact our ability to acquire financing on acceptable terms if at all, and worsening conditions or additional bank failures could result in a loss of deposits over federally insured levels; the restaurant technology industry is highly competitive and we may not be able to compete successfully against current and future competitors; mergers of or other strategic transactions by our competitors, our customers, or our partners could weaken our competitive position or reduce our revenue; payment transactions processed on our solutions may subject us to regulatory requirements and the rules of payment card networks, and other risks that could be costly and difficult to comply with or that could harm our business; if we fail to adequately protect our intellectual property rights, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue and become subject to costly litigation to protect our rights; we are, and may in the future be, subject to claims by third parties of intellectual property infringement, which, if successful could negatively impact operations and significantly increase costs; we use open-source software in our platform, which could negatively affect our ability to sell our services or subject us to litigation or other actions; our senior management team has limited experience managing a public company, and regulatory compliance obligations may divert our attention from the day-to-day management of our business; we have identified material weaknesses in our internal control over financial reporting and, if we fail to remediate these material weaknesses, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence and the price of our common stock; and other economic, business, competitive and/or regulatory factors affecting Presto’s business generally as set forth in our filings with the Securities and Exchange Commission.

Contacts
Investors:
Adam Rogers
VP Investor Relations
investor@presto.com

Media:
Brian Ruby
media@presto.com

PRESTO AUTOMATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except per share and per share amounts)

PRESTO AUTOMATION INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share and par value)

PRESTO AUTOMATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)

PRESTO AUTOMATION INC.
Reconciliation from GAAP to Non-GAAP Results
(In thousands, except per share data, unaudited)

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PORTSMOUTH, N.H., Oct. 10, 2023 (GLOBE NEWSWIRE) — Blue Mantis, a leading digital strategy and services provider delivering managed services, cybersecurity, and cloud solutions, today announced the launch of its dedicated GitOps technology practice to help clients transform their software development lifecycle. As part of the announcement, the company introduced GitMantis, a new managed GitOps platform delivered as a service that expedites the delivery of modern software code to multi-cloud environments using Kubernetes containers.

GitOps, a modern approach to securely managing infrastructure and applications, combines the power of version control and declarative infrastructure management to streamline software delivery and operational efficiency. It has witnessed strong adoption by organizations aiming to improve collaboration and enhance the overall developer experience. With this dedicated practice and more than three decades of advanced technology leadership, Blue Mantis is well-positioned to help organizations unlock the full potential of GitOps.

“Our GitOps practice launch is driven by strong demand from organizations seeking to bridge the gap between development and operations by leveraging Git as a single source of truth for the entire software delivery processes,” said Jay Pasteris, CIO and CISO at Blue Mantis. “The world runs on software, and Blue Mantis believes that GitOps is not only a game-changer for developers but absolutely critical for a holistic security strategy. Through our GitOps practice and new GitMantis solution, we’re actively delivering the knowledge and advanced tools our clients need to succeed in their digital transformation journey.”

Blue Mantis’s GitOps technology practice comprises a team of experienced GitOps engineers and consultants. The team has a deep understanding of GitOps principles and practices, and they are experts in utilizing GitOps tools to automate the deployment and management of applications. Through its GitOps practice, Blue Mantis will deliver:

• Expert Guidance: Blue Mantis’ team of certified Kubernetes consultants provides expertise on unifying, simplifying, and securing GitOps workflows, best practices, and tools delivered as a managed service.
• Customized Solutions: A range of tailored consulting and training services to meet the specialized needs and goals of each organization, ensuring a seamless transition to GitOps.
• Security and Compliance: Expertise in integrating security and compliance audits and validation into GitOps pipelines to maintain a robust security posture.
• Continuous Improvement: Ongoing support and optimization services to continually improve GitOps practices, keeping pace with the ever-evolving Kubernetes landscape.

GitMantis: Improving application delivery and security
The GitMantis offering, now generally available, leverages technologies from Blue Mantis partners, CloudTruth, the DevSecOps platform company that helps enterprise development teams manage their cloud configurations, and Nethopper, the pioneer of Kubernetes Application Operations Platform as a Service (KAOPS). CloudTruth uses advanced digital twin technology to model workflows, manage configurations and fix leaked secrets from source code, deployment pipeline logs and security breaches. Nethopper is a cloud-native DevOps platform built for Kubernetes that allows development teams to securely manage any application in any cloud.

“For organizations building and deploying applications in the cloud, the ability to manage configuration settings and secrets in a centralized and secure manner is an absolute must,” said Christian Tate, CEO of CloudTruth. “We look forward to partnering with Blue Mantis to enable its clients to create print-perfect configurations every time and increase their deployment velocity by 50 percent with the GitMantis solution.”

“As Kubernetes adoption increases, so does the challenge of efficiently managing containerized applications at scale,” said Chris Munford, CEO of Nethopper. “By embracing GitOps, companies can automate deployment and enhance the overall reliability and resilience of their Kubernetes workloads. Nethopper’s extensible platform enables Blue Mantis to help clients implement customized DevOps approaches, migrate their applications to the cloud, and increase productivity with Kubernetes.”

For more information about Blue Mantis’ GitOps practice and services, please visit https://www.bluemantis.com/gitmantis-a-turnkey-managed-gitops-platform/.

About Blue Mantis
Blue Mantis is a leading strategic digital technology services provider with a 30+ year history of successfully helping clients achieve business modernization by applying next-generation technologies including managed services, cybersecurity and cloud. Headquartered in Portsmouth, New Hampshire, the company provides digital technology services and strategic guidance to ensure clients quickly adapt and grow through automation and innovation. Blue Mantis partners with more than 1,200 leading mid-market and enterprise organizations in a multitude of vertical industries and is backed by leading private equity firm, Abry Partners.

For more information, contact:
Sarah Foote
VP of Marketing
Blue Mantis
sarah.foote@bluemantis.com

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About Compass Digital Acquisition Corp.

The Company is a blank check company incorporated in the Cayman Islands on March 8, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

Forward Looking Statements

The information included herein may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact included in this document are forward-looking statements. When used in this document, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Forward-looking statements are not guarantees of future performance, and actual results could differ materially from those contemplated by the forward-looking statements, so undue reliance should not be placed on forward-looking statements. Forward-looking statements are subject to numerous conditions, risks, and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”), under the “Risk Factors” section in the definitive proxy statement (the “Proxy Statement”) in connection with the Meeting, filed by the Company with the SEC on September 29, 2023, and in other reports filed by the Company with the SEC. The Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Additional Information and Where to Find It

The Company urges investors, shareholders and other interested persons to read the Proxy Statement as well as other documents filed by the Company with the SEC, because these documents will contain important information about the Company and the Extension Amendment Proposal. Shareholders may obtain copies of the Proxy Statement, any amendments or supplements thereto and other documents containing important information about the Company, once such documents are filed with the SEC, without charge, at the SEC’s website at www.sec.gov or by directing a request to the Company’s proxy solicitor, Morrow Sodali LLC, at 33 Ludlow Street, 5th Floor, South Tower, Stamford, CT 06902, Toll-Free (800) 662-5200 or (203) 658-9400, Email: CDAQ.info@investor.morrowsodali.com.

Participants in Solicitation

The Company and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the Company’s shareholders in respect of the Extension Amendment Proposal. Information regarding the Company’s directors and executive officers is available in its annual report on Form 10-K filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are contained in Proxy Statement, which may be obtained free of charge from the sources indicated above.

Contact

Investor & Media Relations
Cody Slach
949-574-3860
CDAQ@gateway-grp.com

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