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CalAmp Corp. (Nasdaq: CAMP) is a pioneering leader in the Internet of Things (IoT) revolution, offering a rich portfolio of intelligent communication devices, a robust cloud platform, and bespoke software applications. The company specializes in helping customers optimize their operations by collecting, monitoring, and efficiently reporting critical data and intelligence from high-value remote assets.
With over five million devices connected to its IoT cloud, CalAmp serves a diverse range of markets including transportation, oil and gas, and public safety. The company’s technology enables organizations to make actionable decisions based on mission-critical data. Its Telematics Systems segment provides Mobile Resource Management (MRM) products and applications, while the Software & Subscription Services segment delivers cloud-based application enablement and telematics service platforms.
Recent achievements highlight CalAmp's commitment to innovation and financial stability. In its latest financial quarter, the company generated a positive cash flow from operations amounting to $7.1 million and achieved a robust Adjusted EBITDA of $5.9 million. New product releases such as Vision 2.0 and ELD solutions have been key drivers of growth. Furthermore, CalAmp recently secured a $45 million term loan to support its transformative business strategies.
CalAmp's strategic initiatives include a focus on enhancing operational efficiencies and capturing new market opportunities, despite facing revenue headwinds in specific segments like TSP. The company continues to work closely with its partners to navigate competitive pressures and align inventory levels with market demand.
Looking forward, CalAmp aims to return to profitable growth by leveraging its strong product portfolio, including over 10 million active edge devices and more than 275 approved or pending patents. The company’s significant investment in R&D ensures that it remains at the forefront of telematics innovation, providing dependable solutions that improve efficiency, safety, and compliance for both commercial and government organizations worldwide.
For more information, please visit www.calamp.com.
CalAmp (CAMP) reported an 8% increase in total revenue to $78.9 million for Q3 FY2023, outperforming expectations due to improved supply and backlog shipment. Software and Subscription Services (S&SS) revenue rose 11% to $49.3 million, accounting for 62% of total revenue. The remaining performance obligations increased 20% to $252 million. Although gross margin declined to 33.7% due to higher component costs, the company expects improvements in Q4. A net loss reduced to $4.7 million from $7.5 million in the prior quarter.
CalAmp (Nasdaq: CAMP) plans to release its fiscal 2023 third quarter financial results on December 20, 2022, after market close. A conference call will follow at 5:00 p.m. Eastern to discuss the results, accessible via a webcast on CalAmp's website. The call can also be joined by phone. The company boasts over 10 million active edge devices and 275+ patents, serving over 14,000 organizations globally in telematics solutions.
CalAmp (Nasdaq: CAMP) announced that Jikun Kim will join the company as Senior Vice President and Chief Financial Officer effective January 9, 2023. Kim's extensive experience in financial leadership, including roles at Momentus, Formlabs, and EMCORE, positions him to drive CalAmp's growth in the telematics sector. Xiaolian Zhang will transition from Interim CFO to Senior Vice President, while Erik Schulz remains as Vice President. Kim emphasized the evolving telematics market's role in asset tracking in light of global supply chain challenges.
CalAmp (NASDAQ: CAMP) reported a 13% increase in total consolidated revenue to $72.8 million for Q2 FY2023, with Software and Subscription Services contributing $44.5 million, or 61% of total revenue. Telematics Products also saw a 13% growth to $28.3 million. Adjusted EBITDA rose to $4.8 million, marking a 7% margin. Despite the growth, the company recorded a net loss of $7.5 million or $0.21 per share, and cash reserves decreased to $47.7 million.
The outlook for Q3 indicates expected low to mid-single-digit revenue growth.
Blackline Safety has appointed Jason W. Cohenour, former President and CEO of Sierra Wireless, to its Board of Directors. Cohenour brings over 30 years of leadership experience in IoT and mobile communications, having led Sierra Wireless in a successful turnaround that grew revenue by nearly 800% to over CAD $1 billion. His expertise is expected to significantly contribute to Blackline's growth as it continues to innovate in connected safety technology.
CalAmp (Nasdaq: CAMP) will release its fiscal 2023 second quarter financial results after market close on September 22, 2022. A conference call is scheduled for 5:00 p.m. Eastern to discuss the results, accessible via webcast or phone. CalAmp supports over 14,000 organizations globally, with over 10 million active devices and a strong patent portfolio of 275+ patents, underlining its leadership in telematics. For those interested, a replay of the call will be available for 90 days after.
CalAmp (Nasdaq: CAMP) announced that Kurt Binder will step down as CFO effective September 30, 2022, to pursue another opportunity. The company is currently seeking a successor, and should none be appointed by October 1, 2022, Cindy Zhang, SVP of Financial Planning, will take over as interim CFO. Under Binder's leadership since 2017, CalAmp evolved its telematics strategy significantly. The company remains focused on long-term growth and profitability, with over 1.2 million software subscribers and 10 million edge devices deployed worldwide.
CalAmp (Nasdaq: CAMP) announced that its Executive Vice President and CFO, Kurt Binder, will participate in the Oppenheimer 25th Annual Technology, Internet and Communications Conference. The virtual event is scheduled for August 10, 2022, with Binder's presentation at 4:35 p.m. ET. Investors can request meetings through Oppenheimer representatives. A live webcast and recorded replay will be accessible on CalAmp's Investor Relations website. The company leverages data-driven solutions to enhance operational performance across various sectors, with over 1.2 million subscribers and 10 million edge devices deployed globally.
CalAmp (CAMP) reported a 13% increase in Software and Subscription Services revenue, totaling $40 million and representing 61% of total revenue for Q1 FY2023. Overall revenue was $64.7 million, down from $68.4 million in the prior quarter. Remaining Performance Obligations rose 57% year-over-year to $215 million. The company faced challenges from supply chain constraints, which impacted earnings. A GAAP net loss of $12.2 million or $0.34 per share was reported. CalAmp aims for all eligible customers to transition to software subscriptions by the end of FY2023.
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