Beamr Announces First Half 2023 Financial Results
01 August 2023 - 2:34PM
Beamr Imaging Ltd (NASDAQ: BMR), a leading provider of video
optimization solutions, today reported financial results for the
six months ended June 30, 2023.
Sharon Carmel, Beamr CEO stated “Since the IPO,
we shifted gears in building out our cloud-based SaaS solution
based on our video optimization technology. We have been hiring and
strengthening our team to meet our first milestone of launching the
beta version of our SaaS video optimization solution that was
released ahead of time in Q2 2023. We plan to continue releasing
updates to our SaaS solution with additional capabilities that will
include the already announced Nvidia acceleration and automation
tools for large scale video optimization and we believe we are on
time with a commercial launch in Q1 2024 as planned.”
First Half 2023 & Recent
Highlights
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Beamr teamed up with Wochit as a design partner for its upcoming
SaaS offering. |
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NVIDIA Corporation released Video Codec SDK 12.1, including new
APIs to support Beamr Content Adaptive Bit Rate (CABR) library, as
part of the new Nvidia Encoder (NVENC) features enabling enhanced
video processing use-cases on Nvidia GPUs. |
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Beamr released the first beta version of its video optimization
service. Beamr’s new file-to-file optimization service aims to
bring cutting-edge technology. |
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Beamr signed licensing agreement with TAG Video Systems, the world
leader in software-based integrated IP Multiviewing, Probing, and
Monitoring solutions, whereby TAG Video Systems plans to integrate
Beamr’s cutting-edge Beamr 5 HEVC encoder into their flagship
monitoring & visualization system. |
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Beamr closed its IPO on March 2, 2023, issuing
1,950,000 ordinary shares. Gross proceeds for the offering
were approximately $7.8 million prior to deducting underwriting
discounts and other offering expenses. |
First Half 2023 Financial
Results
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Revenues increased by $0.027 million, or 2.9% to $0.955 million for
the six months ended June 30, 2023, from $0.928 million for the six
months ended June 30, 2022. The increase was primarily due to
signing a new license agreement. |
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Cost of revenues were $0.05 million for the six months ended June
30, 2023 and 2022 with no material change during those
periods. |
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Research and development expenses decreased by $0.087 million, or
8.7% to $0.912 million for six months ended June 30, 2023, from
$0.999 million for the six months ended June 30, 2022. The decrease
was mainly due to a decrease in salaries resulting from the
termination of certain employees as the company focuses on building
its new SAAS solution. |
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Selling and marketing expenses decreased by $0.271 million, or
57.9% to $0.197 million for the six months ended June 30, 2023,
from $0.468 million for the six months ended June 30, 2022. The
decrease was primarily due to a decrease in salaries resulting from
the termination of certain employees and a decrease in professional
fees related to marketing vendors. |
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General and administrative expenses increased by $0.427 million, or
114% to $0.8 million for the six months ended June 30, 2023, from
$0.373 million for the six months ended June 30, 2022. The increase
was primarily due to increased service provider expenses related to
the Company becoming a public company listed on Nasdaq including
increased legal, insurance and accounting expenses. |
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Finance income decreased by $0.044 million, or 33.6% to $0.087
million for the six months ended June 30, 2023, from $0.131 million
for the six months ended June 30, 2022. The decrease was primarily
due to a decrease in the change of fair value of convertible
advanced investment offset by discount expenses relating to a loan
received from controlling shareholder, amortization of discount and
accrued interest relating to a straight loan received from a
commercial bank and a change in fair value of derivative warrant
liability. |
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Net loss for the six months ended June 30, 2023 was $0.924 million
or $0.10 basic net loss per ordinary share, compared to a net loss
of $0.836 million, or $0.32 basic net loss per ordinary share, in
the six months ended June 30, 2022. The increase in the net loss is
attributed mainly to above change in the operating expenses. |
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Beamr ended the second quarter of 2023 with $6.2 million in cash
and cash equivalents, compared to $0.7 million as of December 31,
2022. |
About Beamr
Beamr (Nasdaq: BMR) is a world leader in content
adaptive video solutions. Backed by 53 granted patents, and winner
of the 2021 Technology and Engineering Emmy® award and the 2021
Seagate Lyve Innovator of the Year award, Beamr’s perceptual
optimization technology enables up to a 50% reduction in bitrate
with guaranteed quality. www.beamr.com
Forward-Looking Statements
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. Forward-looking statements in this communication may
include, among other things, statements about Beamr’s strategic and
business plans, technology, relationships, objectives and
expectations for its business, the impact of trends on and interest
in its business, intellectual property or product and its future
results, operations and financial performance and condition. All
statements, other than statements of historical fact, contained in
this press release are forward-looking statements. Forward-looking
statements contained in this press release may be identified by the
use of words such as “anticipate,” “believe,” “contemplate,”
“could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,”
“plan,” “potential,” “predict,” “project,” “target,” “aim,”
“should,” “will” “would,” or the negative of these words or other
similar expressions, although not all forward-looking statements
contain these words. Forward-looking statements are based on the
Company’s current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict.
Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
For a more detailed description of the risks and uncertainties
affecting the Company, reference is made to the Company’s reports
filed from time to time with the Securities and Exchange Commission
(“SEC”), including, but not limited to, the risks detailed in the
Company’s annual report filed with the U.S. Securities and Exchange
Commission (the “SEC”) on April 24, 2023 and in subsequent filings
with the SEC. Forward-looking statements contained in this
announcement are made as of the date hereof and the Company
undertakes no duty to update such information except as required
under applicable law.
Investor Contact:
investorrelations@beamr.com
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