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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 (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.
CalAmp (Nasdaq: CAMP) announced a partnership with Bristlecone to enhance supply chain visibility through AI-powered analytics and edge computing. This collaboration aims to develop solutions utilizing CalAmp’s data-driven sensors and Bristlecone’s expertise in supply chain transformation. The partnership will help enterprises improve logistics efficiency, prevent losses, and optimize costs, particularly for perishable goods. CalAmp's ecosystem, which includes various industry partners, will further support this initiative, enabling smart tracking and real-time decision-making in complex supply chains.
CalAmp (Nasdaq: CAMP) announced the appointment of Wes Cummins to its Board of Directors, effective immediately. Cummins, the CEO of B. Riley Asset Management, brings over 20 years of experience in technology investment. This move reflects CalAmp's commitment to integrating shareholder perspectives as it continues its transformation and focuses on profitability in the telematics sector. Cummins expressed enthusiasm about enhancing the company’s strategic direction during this pivotal period.
CalAmp (Nasdaq: CAMP) has partnered with assured Techmatics to offer the apollo Electronic Logging Device (ELD) solution. This device aids commercial fleet operators in complying with transportation regulations in the U.S., Canada, and Mexico. The apollo ELD ensures accurate tracking of Hours of Service (HOS), vehicle inspections, and fuel usage, enhancing safety and compliance. Approved by regulatory bodies, the system integrates vital data with CalAmp’s SaaS and PaaS solutions, benefiting fleet managers and drivers by improving operational efficiency and road safety.
CalAmp (Nasdaq: CAMP) will release its fiscal 2023 first quarter financial results post-market on June 23, 2022. The company will also host a conference call at 5:00 p.m. Eastern time the same day to discuss these results. Interested investors can access the call via webcast or by phone using the provided conference ID. CalAmp provides a data-driven solutions ecosystem aiming to enhance operational performance for organizations in sectors like transportation and logistics, with over one million software subscribers and 10 million edge devices deployed globally.
CalAmp (Nasdaq: CAMP) announced the appointment of Brennen Carson as Chief Revenue Officer (CRO) to enhance growth in the transportation and logistics market. Carson, with over 15 years of experience in SaaS sales, previously served as Senior VP of Sales at Idelic, where he significantly increased revenue. His appointment aims to accelerate revenue streams and implement customer-centric sales strategies. CEO Jeff Gardner remarked on Carson's expertise in fleet telematics as a great asset for driving revenue growth.
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