Cannabis
Active Geofencing Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)
New York, Aug. 18, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Active Geofencing Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06483721/?utm_source=GNW
The Active Geofencing Market size is expected to grow from USD 1.47 billion in 2023 to USD 4.19 billion by 2028, at a CAGR of 23.23% during the forecast period (2023-2028).
The active geofencing market is witnessing growth due to increased use of spatial data, improved real-time location technology, and higher adoption of location-based applications among consumers globally.
Key Highlights
Geofencing is a location-based service used by various end users in which an application or software uses technologies such as GPS, PFID, Wi-Fi, or cellular data to trigger a pre-programmed action when the specific device enters or exits a pre-defined virtual boundary in a geographical location which is known as a geofence.
The active geofence is used in various end-user industries, such as BFSI, defense, government, healthcare, retail, and many more, for uses such as marketing, user engagement, IoT, real-time location tracking for on-demand services, asset tracking, health and safety, and many more.
The advancements in active geofencing have increased with technological flexibility and functionality. Trends, such as mobile marketing, focal clustering, autonomous cars, increasing adoption of BYOD, etc., are driving the market’s growth. Thus, the market studied is expected to witness steady growth, with the high growth coming from market players.
The rising concerns and regulations related to location tracking can threaten active geofencing technology. Moreover, the implementation of active geofencing solutions is being restrained due to the lack of a regulatory body on privacy and data collection in various regions.
The COVID-19 pandemic resulted in an upsurge in adopting active geofence technology in various applications such as healthcare, industrial manufacturing, and many more. For instance, various companies needed an application to identify the staff on their premises and communicate with them directly and instantly. Active geofencing has played a crucial role in ensuring that immediate, targeted communications are delivered during a crisis.
Active Geofencing Market Trends
Retail Segment to Witness Significant Growth
Active geofencing enables retailers to recognize customers within a predetermined radius around a specific location and send them customized messages and special offers designed to encourage them to walk into the store and make a purchase. Additionally, with the advent of digitization across the retail sector, the demand for active geofencing is rapidly increasing in the retail industry. Further, active geofencing allows retailers to gain real-time insights into customers’ behavior and places where they are most likely to participate in certain activities. This data helps retailers target ads with precision and allows them to adapt their marketing strategy based on real-time consumer behaviors.
Further, market vendors are introducing innovative solutions to deliver more precise, relevant, and personalized messages at the right time and place for retailers. For instance, in August 2022, Alpine IQ, the leading data and marketing solutions provider for cannabis Retailers and Brands, expanded its suite of omnichannel messaging tools to include geofence messaging. This technology enables geofencing by using a customer’s latitude and longitude coordinates when using the Retailer or brand’s custom-built Alpine IQ native app to determine their location.
Moreover, in April 2022, fuel/convenience store operator Quality Oil announced the deployment of the Swipeby geofencing-based curbside pickup platform at five select locations of its Quality Mart banner in the Winston-Salem, N.C. market. The Swipeby platform is designed to help small-to-medium-sized convenience and food service retailers compete with larger, food-oriented drive-thru retailers by providing a geofenced “virtual drive-thru”solution. In addition to enabling convenience store retailers to seamlessly fulfill curbside pickup orders when customers arrive, the solution also allows users to acquire customer delivery data they can leverage to drive marketing efforts with existing and potential customers.
Further, in the future, combined with active geofencing and advanced technologies such as augmented reality (AR), as more mobile devices become wearables, customers expect a more digital-first, personalized shopping experience. This will further boost the adoption of active geofencing in retail over the forecast period. In addition, growing adoption among retailers for the promotion of their offers and marketing provides a promising future for the growth of the active geofencing market in the retail industry over the forecast period.
For instance, according to snap inc, according to a recent analysis on the trends that will determine the future of commerce, by 2025, around one-third of US buyers would have utilised AR-powered devices when purchasing things online. When purchasing online, AR technologies allow for virtual product browsing. According to the report, while the predicted use of AR was as high as 45% in countries such as Saudi Arabia and the United Arab Emirates, it was far lower in Europe. The use of AR in retail would create a opportunity for the studied market to grow.
North America is Expected to Hold the Major Share of the Market
North America is witnessing significant investments and innovations for Active Geofencing in various end users such as Healthcare, Transport, logistics, BFSI, defense, and many more. The market is driving toward the integration of spatial data and real-time location technology in the region. Moreover, most companies in the BFSI, retail, and transportation and logistics segments, which may use active geofencing, are in this region. In addition, North America has one of the most developed economies in the world in the form of the United States and Canada. It is also leading the market due to the region’s robust communication and internet infrastructure.
Further, owing to the broad adoption of digital technology and the growing need for business intelligence tools across various businesses, there has been increased adoption of automation tools that adopt various geofencing solutions. Active geofencing services and real-time location systems provide manufacturers with tools such as real-time object tracking, process tracking, and personnel tracking. With large manufacturer concentrations in the country, the demand for these solutions is high. The increased use of LBS in healthcare is also a driving factor for the market’s growth. The healthcare industry in the United States is booming and is adopting automation and IoT technologies quickly.
In the healthcare sector, these services offer reliable and effective solutions, including patient tracking, process tracking, and other features. With the increasing demand for high-quality healthcare, the industry has seen an elevated demand for these services. LBS is increasingly incorporated in healthcare to monitor patients, staff, and valuable medical equipment in case of emergency. Such applications are increasing in the country, owing to the existing infrastructure to support such developments. Many retail companies increasingly use active geofencing across the region to enhance customer loyalty through mobile offers and promotions. This can also help retail owners understand where customers go before and after they visit a particular shop.
The players in the market are developing new solutions to cater to a wide range of needs of customers. For instance, in May 2022, Geofencing, an artificial geographical boundary, is being tested by Ford Motor Co. in connected car technologies, which could eliminate the need for speed limit signs. Ford’s Geofencing Speed Limit Control system may assist drivers in avoiding unintentionally receiving speeding tickets. In addition, it may enhance the aesthetics of the roadside and potentially make streets safer for pedestrians and other drivers.
Further, in February 2022, Location Data Startup Radar announced the closure of series C funding of USD 55 million. Insight Partners led this round of funding along with participation from existing investors such as Accel, Two Sigma, and Heavybit. The funding aims to develop ways to help brands become more relevant with how they use location information. The penetration of active geofencing technology is expected to increase significantly during the forecast period due to the heavy investment made by various players in active geofencing technologies.
Active Geofencing Industry Overview
The active geofencing Market is moderately fragmented owing to the presence of large vendors like Bluedot Innovation Pty Ltd, Infillion Inc. (GIMBLE), IBM Corporation, Microsoft Corporation, Radar Labs Inc., etc. The key players are involved in various strategies, such as acquisitions and partnerships, to improve their market share and enhance their profitability in the market studied.
In August 2022, Olo, an on-demand restaurant commerce platform, partnered with Radar, a geofencing tool. The improved integration and strategic relationship will provide trip-tracking functionality, which will improve the digital order fulfillment process and off-premise experience for Olo and Radar’s major restaurant brands and their customers. Radar uses advanced geofencing technology to automatically transfer orders placed through a restaurant’s bespoke app, powered by Olo, to a brand’s kitchen when customers are near to arriving, ensuring that the food is available when it is needed.
In August 2022, Asiaray targeted on-the-go audiences by activating Gojek’s “GOTOMALLS”campaign on DOOH screens around TEL. Asiaray Media Group, based in Hong Kong, is known for its massive transport advertising media management, which includes airports, metro lines, and high-speed rail lines. The firm recently completed a programmatic DOOH (pDOOH) campaign in collaboration with independent pDOOH ad-tech company Hivestack.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06483721/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
__________________________
TORONTO, Sept. 29, 2023 (GLOBE NEWSWIRE) — Tilray Brands, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis and consumer packaged goods company, today announced the launch of its expanded product lineup by its quintessentially Canadian cannabis lifestyle brand, CANACA. Introducing its new ‘Let ‘Er Rip’ Campaign, a curated collection of products crafted to elevate intensity while offering flavourful and aromatic consumption experiences. As part of the new campaign, CANACA highlights two product lines, unveiling exciting new offerings just in time for fall, including additional whole flower and Crumble Cones™ pre-rolls.
“We are excited to launch this campaign, which demonstrates CANACA’s redefined brand narrative, emphasizing the innovative enhancements we’ve incorporated into our processes, thereby elevating our product quality,” said Michelle Morin, Senior Brand Manager at Tilray Brands. “Innovation is at the core of the brand’s evolution; it drives us to craft cannabis products that not only meet but exceed consumer expectations.”
CANACA delivers this experience by placing a renewed emphasis on meticulous production. The refined growing and processing techniques, including hang drying, hand trimming, and a 14-day curing period, are distinctly reflected in the quality of our whole flower products. Moreover, our innovative technologies, such as the proprietary process for creating the full spectrum extract, deliver extra smooth smoke in our Crumble Cones.
In select stores, consumers will have the opportunity to explore new educational resources, delving into how each format is offered by CANACA. Immersing themselves in the vibrant visual assets encapsulating the feeling delivered by CANACA products: Let ‘Er Rip!
CANACA’s high-quality whole flower includes:
- Afghaniskunk: For those that love a good skunk strain that’s sour yet sweet, this strain is a cross between Afghan #1 and Skunk, only available in 7g in Ontario and 28g flower in Alberta, Manitoba, and Saskatchewan.
- Ghost Gelato: Nothing like Gelato #9 and Ghost Train Haze to bring you the ultimate sour, fruity and citrus notes to enjoy, available in 7g and 28g flower, along with 14 x 0.35g pre-roll multi-packs.
- Headbanger: One of CANACA’s latest new Fall releases, headbanger brings a trifecta of goodness, featuring fruit, earth, and gas aromas, thanks to its blend of Biker Kush and Sour Diesel. Available in 7g in Ontario and 28g flower in Alberta, Manitoba, and Saskatchewan.
- Alien Guy: A CANACA classic – a blend of Jean Guy and Alien Dawg bringing you citrus, lemon and pine aromas, embracing classically Canadian notes, available 7g and 28g flower, and 14 x 0.35g pre-roll multi-packs.
With boosted potency and smoothness, CANACA also introduces two additional Crumble Cones offerings:
- Grandpa’s Stash: Grandpa’s Stash Crumble Cones combine ground Grandpa’s Stash sativa flower with butane hash oil (BHO) crumble to create infused pre-rolls that embrace sweet, spicy and dank aromas from the dominant caryophyllene, humulene and limonene terpenes from this Super Skunk x OG Kush x Afghan Kush cross with an amped-up BHO infusion. Grab Grandpa’s Stash Crumble Cones in a 3 x 0.5g pack.
- Ghost Gelato: Ghost Gelato Crumbles Cones combines Ghost Gelato indica flower with butane hash oil (BHO) crumble to create infused pre-rolls, achieving higher THC. Experience the power of these pre-rolls with citrus, sour, and earthy aromas from the dominant limonene, caryophyllene, and myrcene terpenes, derived from a cross of Ghost Train Haze x Gelato #9 and amped-up BHO infusion. Grab Ghost Gelato Crumble Cones in a 1 x 1g pack.
CANACA’s ‘Let Er’ Rip’ campaign signifies a new chapter, showcasing products meticulously crafted for enhanced intensity and focusing on potency and aroma. This reinforces our commitment to offering ‘true north strong’ products, introducing additional potent options for consumers.
Our products are available across select regions and retailers throughout Canada.
About CANACA
CANACA is a proudly Canadian brand that indulges your unapologetic love for Canada and cannabis. We’re all about elevated adventures and expanding your horizons. The ones where you’re enjoying the journey, not just the destination. We’re passionate about crafting cannabis that’s consistent, reliable, and full of character — just like the people we serve.
Our products are curated and designed to serve the unique and ever-evolving cannabis needs and wants of Canadians. We’re proud of our work and the people and places that produce our products. That’s why CANACA is grown, produced, and packaged in small-town Canada and always will be. We’re potently Canadian, and dang proud of it.
For more information on CANACA, follow @CANACAyourbud on Instagram.
About Tilray Brands
Tilray Brands, Inc. (Nasdaq: TLRY and TSX: TLRY) is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people’s lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.
For more information on Tilray Brands, visit www.Tilray.com and follow @Tilray
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and 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, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, the Company’s ability to commercialize new and innovative products worldwide. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.
Contacts:
Tilray Brands
Kaitlin Macapagal
news@tilray.com
Investors
Raphael Gross
203-682-8253
Raphael.Gross@icrinc.com
LAS VEGAS, NV, Sept. 28, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Hemp, Inc. (OTC PINK: HEMP) is perfectly positioned at the forefront of the industrial hemp industry as demand increases and opportunities abound. The recent release of a comprehensive research report, Global Industrial Hemp Market (2023-2031), says the global industrial hemp market is forecast to grow to $134.6 billion by 2030. The report covers trends, investments, tech advancements, and some of the major players in the industry. Of particular interest in this report are the factors that are influencing the market because these are the things creating exponential growth opportunities for industry businesses. For example, did you know hemp seeds are known as a “complete” protein source? By complete, we mean the nine essential amino acids your body typically needs on a daily basis.
These amino acids are essential because they can only be derived from your diet. Let’s delve a little deeper into what those essential amino acids are. They are histidine, isoleucine, leucine, lysine, methionine, phenylalanine, threonine, tryptophan, and valine. Quite a mouthful but quite essential. In fact, in the plant world, there are only five other plants considered a complete protein source (amaranth, buckwheat, chia seeds, quinoa, and soy). More and more people are becoming aware of such benefits and there’s a growing consumer demand for a nutrition-rich diet.
As one of the most rapidly growing plants on the planet, hemp is used to make a variety of products. It can be shifted into rope, paper, textiles, clothing, disposable polymers, paint, insulation, food, and animal feed. (Source) Hemp, Inc. discovered its grounded kenaf hemp blend is the perfect substrate to grow healthy and/or medicinal mushrooms and has the capability to make and/or provide the raw materials to produce hemp-based products such as hempcrete, horse bedding, hemp bio-plastics, and more. With the “growing legalization of industrial hemp farming around the world, the demand for industrial hemp has been exponential. There’s been a rapid expansion of various R&D activities that will benefit the market and the beneficial properties of hemp seed oil and hemp seeds are also significantly influencing the industrial hemp market.” (Source)
With over 14 years of experience in hemp cultivation and processing, Hemp, Inc. plays a pivotal role in the industrial hemp industry. The company’s product line includes CBD, CBDA, CBG, CBGA, and CBN, all derived from hemp and known for their therapeutic properties. Hemp, Inc. distinguishes itself by using pharmaceutical-grade beta-cyclodextrin in combination with cannabinoids for rapid absorption and efficacy. Notably, their CBD/CBG coffee enhancer is highly potent, rapidly absorbed, and competitively priced, offering consumers a premium coffee experience.
Needless to say, Hemp, Inc. continues to have a strong foothold in the market with an invaluable roster of manufacturers and vendors across the country and abroad to see meteoric growth curves on a domestic and international scale and its e-portal (www.hempinc.com) to its CBD products is primed and poised to capture a large share of the marketplace on a global scale.
The Company’s superb lineup of CBD/CBG/CBN products includes a CBD-CBG Topical Pain Relief Roll-on (THC-free with 1,460mg of CBD and 630mg of CBG totaling 2,090mg of cannabinoids in 5ml), CBD/CBG Natural Coffee Enhancers, CBD/CBG Tinctures, and, CBDa/CBGa/CBD/CBG/CBN Capsules.
Hemp has and will continue to play a vital role in maintaining good health and well-being. Read on for how Hemp, Inc.’s current product line is a step above the rest.
About Hemp, Inc.’s Current Product Line
The product line contains CBD, CBDA, CBG, CBGA, and CBN (non-psychoactive compounds found in cannabis plants). These are active ingredients in cannabis that are derived from the hemp plant, which is widely known for pain relief, relaxation, and anxiety relief. A recipe is only as good as its ingredients and how those ingredients are blended. Hemp, Inc. is the only company in America that uses pharmaceutical-grade beta-cyclodextrin (a carbohydrate used during the manufacturing process) which is combined with all the cannabinoids for rapid absorption and uptake. The Company’s CBD, CBDA, CBG, CBGA, and CBN product lines are highly potent therapeutic doses that have received rave reviews.
Hemp, Inc. has also pushed the boundaries with its CBD/CBG coffee enhancer. This powerhouse product is super potent, absorbs rapidly in coffee, and is 4 times more potent (at a fraction of the price) than other hemp-derived coffee enhancers currently on the market. Its high-quality ingredient combination offers 30 servings per bottle and contains a total of 10,000mg of cannabinoids (7,500mg CBD and 2,500mg CBG) in an MCT oil base. Per serving, that’s 250mg CBD and 83mg CBG remarkably mixed in a wonderfully rich cup of coffee.
The CBD/CBG coffee enhancer comes in plain (natural) and vanilla flavors. The plain (natural) coffee enhancer is available now and the vanilla flavor will be available by the end of this month. A single container (7-day supply) retails for $27.95 and a bottle (30-day supply) retails for $99.95. Wholesale bulk orders are single-use packages, available through select restaurants.
For more information on Hemp, Inc.’s products, click here. Catch up on Hemp, Inc.’s latest news below.
Hemp, Inc. Reports: Global Natural Fiber Composites (Hemp, Kenaf, and Flax) Market Set to Reach $424 Million by 2028
Hemp, Inc. Profiled as Key Player in Latest Industrial Hemp Industry Report on Emerging Trends, Growth, and Future Scope by 2027
Hemp, Inc. Reports Higher Education Aims to Harness Hemp’s Full Potential From Field to Fabric
Hemp, Inc. Reports: Hemp Seed and Hemp Fiber Set to Flourish on a Global Scale
Hemp, Inc. Reports: Hemp-Based Product Sales Expected to Reach $16.2 Billion by 2033
Hemp, Inc. Reports: Hemp Recognized as Specialty Crop with US Department of Agriculture
Significant Increase in Revenue Proving 2023 to be a Banner Year for Hemp, Inc.
Hemp, Inc. Reports: Industrial Hemp Act 2023
New Look, New Feel for Hemp, Inc.’s Hempinc.com
Hemp Inc.’s Year-to-Date Sales Increase 315% Over Last Year
Hemp Inc. Reports Third Quarter Results and Removal of “Yield” Sign
Hemp Inc. Reveals Stunning Results of its Hemp Research
Hempcrete Approved for U.S. Residential Construction
Hemp Inc. See Significant Increase in Revenue Over the Last 3 Quarters
Hemp, Inc. Offers CBD-CBG Topical Pain Relief Roll-On
Hemp, Inc.’s Chief Visionary Consultant Bruce Perlowin Brings Opportunity to Hemp, Inc. (August 8, 2022)
Hemp Inc.’s CBDA and CBGA Products on Sale Now (July 19, 2022)
Hemp Inc.’s Chief Visionary Consultant Bruce Perlowin talks with Stock Day podcast about Hemp Inc.’s super potent line of CBD/CBG/CBN Products (July 7, 2022)
Healthy Products for Healthy Living: A Look into Hemp, Inc.’s Pure, Premium, and Potent CBD and Wellness Products (June 16, 2022)
Hemp, Inc. Releases New High Potency CBD/CBG Vanilla Flavored Coffee Enhancer (June 9, 2022)
Hemp, Inc.’s King of Hemp CBD-CBG-CBN Natural Sleep Aid Capsules in Stock and On Sale (May 26, 2022)
King of Hemp Natural and Vanilla-Flavored CBD/CBG “Super” Tinctures Now in Stock (May 12, 2022)
About Hemp, Inc.
With more than 14 years of experience in growing and processing hemp in North America, Hemp, Inc. has an established network of industry professionals in every segment of the industrial hemp industry. Its mission of providing green solutions that help make the world a better place continues to flourish as the company advances an ever-growing portfolio of revenue and value-generating synergistic businesses. Hemp may be the salvation in retooling America for greener, more sustainable domestic manufacturing.
The Company will continue to keep its shareholders up to date on all pertinent material events, product releases, production plans, and inventory availability. Those interested in distributing on a large-scale basis should email sales@hempinc.com or call 877-436-7564 for more information. The entire product line includes tinctures, gummies, capsules, and edibles in a variety of sizes, potencies, flavors, and formulas with a future focus on healthy foods for healthy living.
Forward-Looking Statements
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. The Securities and Exchange Commission (SEC) requires issuers to provide “adequate current information”. Financials for Hemp, Inc. are listed on the OTC Exchange. More information can also be found on the Hemp, Inc. website by visiting www.hempinc.com/financial-disclosures/. The material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements involve risks and uncertainties.
Contact:
Hemp, Inc.
Investor Relations
(720) 220-0037
ir@hempinc.com
AUSTIN, Texas, Sept. 28, 2023 (GLOBE NEWSWIRE) — Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the fiscal year ended June 30, 2023.
Financial Highlights & Fiscal Year Developments
- Astrotech’s consolidated balance sheet remains strong with $42.1 million in cash and cash equivalents and liquid investments which is anticipated to support our research and development, organic growth, and potential acquisition targets.
- Gross margin increased to 41% for the year compared to 22% in the prior period, due to a higher proportion of recurring revenue.
- We appointed Bob McFarland to the Board of Directors to bring his domestic and international executive management and sales experience, as well as his experience working with and for the federal government.
- We appointed Thomas B. Pickens III to the role of Chief Technology Officer. He has consistently demonstrated his proficiency in identifying new applications that can “profit” from our Astrotech Mass Spectrometer Technology™ (the “AMS Technology”) and is key in the design of innovative sample collection, software user interface, and quantitation techniques. Mr. Pickens is also integral in creating value by identifying and integrating OEM suppliers of certain sample collection and chromatography technologies.
- Our 1st Detect subsidiary’s commercial sales of the ECAC-certified TRACER 1000™ explosive trace detector (ETD), consumables and recurring maintenance services has continued leading to $750 thousand in total revenue during the fiscal year ended June 30, 2023. Additionally, 1st Detect has been successful in securing an order for 17 Tracer 1000 units to a Romanian based security and telecommunications company with the majority of these units being delivered in early fiscal year 2024.
- Our AgLAB subsidiary released results from the ongoing field trials of the AgLAB Maximum Value Process™ solution (AgLAB MVP). AgLAB which uses the Company’s proprietary AgLAB 1000-D2™ mass spectrometer has been proven to improve distillation oil yields and bottom-line profits for hemp and cannabis producers. During our field trials, we were able to improve ending-weight yields by an average of 30%.
- Our BreathTech subsidiary continues to collect breath samples from both COVID-19 positive and negative patients as part of the ongoing development of the library for the BreathTest-1000™ lung disease screening instrument. The BreathTest-1000 is a breath analysis tool designed to screen for volatile organic compound metabolites found in a person’s breath that could indicate they may have a bacterial or viral infection. Testing is being done following FDA required regulations.
- On December 5, 2022, the Company effected a reverse stock split primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on The Nasdaq Stock Market LLC. On December 19, 2022, the Company received written notice from the Listing Qualifications Department of Nasdaq stating that the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on The Nasdaq Capital Market. Numbers presented in the financial statements presented have been adjusted to reflect the reverse stock split.
“The Company’s gross profit grew in fiscal year 2023 as recurring revenue related to our TRACER 1000 was a larger proportion of our sales. After having lost traction with passenger airport sales during the pandemic, the Company is very excited about our most recent 17-unit order to Romania. These sales and our recurring revenue should result in an increase in our topline revenue during the next fiscal year,” stated Thomas B. Pickens, III, Astrotech’s Chairman, Chief Executive Officer and Chief Technology Officer.
During fiscal year 2023 we continued to develop and enhance our AMS Technology. This not only benefits our existing platforms but also provides additional versatility for the future.
“In addition, our AgLAB 1000-D2 field trials with potential customers have proven that the AgLAB MVP solution is an effective tool to improve potency and yields for any distiller of hemp or cannabis. We believe this technology has the ability to directly increase processors’ bottom line. We are actively demonstrating the AgLAB MVP solution to several potential customers and are hopeful to secure our first deployments of the AgLAB 1000-D2” stated Thomas B. Pickens, III.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB develops and sells chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to screen for volatile organic compounds that could indicate bodily infections and critical conditions. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
About the AgLAB 1000™ and the BreathTest-1000™
This press release contains information about our new products under development, AgLAB 1000 and BreathTest-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the adverse impact of recent inflationary pressures, including significant increases in fuel costs, global economic conditions and events related to these conditions, including the ongoing war in Ukraine and the COVID-19 pandemic, the Company’s use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, whether the market will accept our products and services and whether we are successful in identifying, completing and integrating acquisitions, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the Company’s most recent Annual Report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to correct or update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Company Contact: Jaime Hinojosa, Chief Financial Officer, Astrotech Corporation, (512) 485-9530.
Tables follow
| ASTROTECH CORPORATION | ||||||||
| Consolidated Statements of Operations and Comprehensive Loss | ||||||||
| (In thousands, except per share data) | ||||||||
| (Unaudited) | ||||||||
| Years Ended | ||||||||
| June 30, | ||||||||
| 2023 | 2022 | |||||||
| Revenue | $ | 750 | $ | 869 | ||||
| Cost of revenue | 444 | 677 | ||||||
| Gross profit | 306 | 192 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 5,775 | 6,006 | ||||||
| Research and development | 5,591 | 2,781 | ||||||
| Total operating expenses | 11,366 | 8,787 | ||||||
| Loss from operations | (11,060 | ) | (8,595 | ) | ||||
| Other income and expense, net | 1,418 | 265 | ||||||
| Loss from operations before income taxes | (9,642 | ) | (8,330 | ) | ||||
| Income tax benefit | — | — | ||||||
| Net loss | $ | (9,642 | ) | $ | (8,330 | ) | ||
| Weighted average common shares outstanding: | ||||||||
| Basic and diluted | 1,620 | 1,590 | ||||||
| Basic and diluted net loss per common share: | ||||||||
| Net loss per common share | $ | (5.95 | ) | $ | (5.24 | ) | ||
| Other comprehensive loss, net of tax: | ||||||||
| Net loss | $ | (9,642 | ) | $ | (8,330 | ) | ||
| Available-for-sale securities | ||||||||
| Net unrealized losses, net of zero tax expense | (254 | ) | (1,176 | ) | ||||
| Total comprehensive loss | $ | (9,896 | ) | $ | (9,506 | ) | ||
| ASTROTECH CORPORATION | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands, except share and per share data) | ||||||||
| (Unaudited) | ||||||||
| June 30, | ||||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 14,208 | $ | 26,453 | ||||
| Short-term investments | 27,919 | 26,173 | ||||||
| Accounts receivable | 225 | 56 | ||||||
| Contract Asset | — | 2 | ||||||
| Inventory, net: | ||||||||
| Raw materials | 1,379 | 864 | ||||||
| Work-in-process | 243 | 136 | ||||||
| Finished goods | 373 | 518 | ||||||
| Income tax receivable | 1 | — | ||||||
| Prepaid expenses and other current assets | 365 | 748 | ||||||
| Total current assets | 44,713 | 54,950 | ||||||
| Property and equipment, net | 2,670 | 1,098 | ||||||
| Operating lease right-of-use assets, net | 262 | 162 | ||||||
| Other assets, net | 30 | 11 | ||||||
| Total assets | $ | 47,675 | $ | 56,221 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 546 | $ | 169 | ||||
| Payroll related accruals | 633 | 816 | ||||||
| Accrued expenses and other liabilities | 1,170 | 961 | ||||||
| Income tax payable | — | 2 | ||||||
| Term note payable – related party | — | 500 | ||||||
| Lease liabilities, current | 316 | 234 | ||||||
| Total current liabilities | 2,665 | 2,682 | ||||||
| Lease liabilities, net of current portion | 291 | 303 | ||||||
| Total liabilities | 2,956 | 2,985 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at June 30, 2023 and 2022, respectively | — | — | ||||||
| Common stock, $0.001 par value, 250,000,000 shares authorized at June 30, 2023 and 2022 respectively; 1,692,045 and 1,685,595 shares issued and outstanding at June 30, 2023 and 2022, respectively; 1,681,729 and 1,685,595 outstanding at June 30, 2023 and 2022, respectively | 190,643 | 190,642 | ||||||
| Treasury shares, 10,316 shares and no shares at June 30, 2023 and 2022, respectively | (119 | ) | — | |||||
| Additional paid-in capital | 81,002 | 79,505 | ||||||
| Accumulated deficit | (225,354 | ) | (215,712 | ) | ||||
| Accumulated other comprehensive loss | (1,453 | ) | (1,199 | ) | ||||
| Total stockholders’ equity | 44,719 | 53,236 | ||||||
| Total liabilities and stockholders’ equity | $ | 47,675 | $ | 56,221 | ||||
-
Cannabis2 weeks agoHemp, Inc.’s Creative Visionary Consultant, Bruce Perlowin, to be Interviewed Live on the Quantum Energy, Health, and Information Call Today
-
Cannabis2 weeks ago
New Report Reveals Pre-Rolls Emerge As The Second-Largest Product Category In Canada, Poised to Overtake Flower as the Leading Category
-
Cannabis2 weeks agoIM Cannabis Announces CFO Departure
-
Cannabis2 weeks agoCannabidiol (CBD) Market Size ($ 15978.16 Billion by 2030 at CAGR of 18.36% CAGR) – which is Booming Strong Growth in the Globe till 2030
-
Cannabis2 weeks agoEndexx Announces Amended Consolidated 10-Q/A: Quarterly Report for The Quarter Ending March 31, 2023, Increasing Year-Over-Year 1013%
-
Cannabis2 weeks agoLegal Cannabis Commercialization Bolsters Vacuum Oven Demand; Essential Role in Processing Extracts and Enhancing Safety Recognized
-
Cannabis2 weeks agoCBD Skin Care Market Size is projected to reach USD 6466.43 million by 2030, growing at a CAGR of 32.15%: Straits Research
-
Cannabis1 week agoNew to The Street Announces its Five Corporate Interviews, airings on Newsmax and FOX Business Network