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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) announced a strengthened partnership with NG Bailey to enhance fleet safety and efficiency. Tracker Network (UK) Limited, a CalAmp subsidiary, will implement new dashcam technology across NG Bailey's 240 service vans. This initiative aims to reduce accidents and insurance costs while improving driver behavior, with previous telematics already achieving a 65% reduction in incidents. The collaboration aims to further decrease fuel usage and maintenance costs, showcasing the benefits of innovative fleet management solutions.
Toyota Spain has partnered with LoJack España, a subsidiary of CalAmp, to enhance stolen vehicle recovery services for its customers. The collaboration will allow Toyota's dealer network to market LoJack SVR services directly, utilizing advanced tracking technology capable of functioning in challenging environments. The service aims to improve customer security and offers 24/7 support from a dedicated control center. This partnership also extends to Toyota's leasing and insurance services, further integrating LoJack into their offerings for various models.
CalAmp has appointed Mark Gaydos as its new chief marketing officer, effective immediately. Gaydos, with over 25 years of experience in enterprise software marketing, will oversee the company's global marketing strategy and efforts to boost demand for its connected intelligence solutions. His previous roles include leading marketing at Nlyte Software and Engine Yard, where he achieved significant revenue growth. CalAmp aims to enhance its position as a leading software-as-a-service provider in the transportation and logistics sectors, capitalizing on increasing cloud-connected operations.
CalAmp (Nasdaq: CAMP) announced that its President and CEO, Jeff Gardner, along with CFO Kurt Binder, will present at the 24th Annual Needham Growth Conference on January 11, 2022, at 2:45 a.m. ET. The event will be held virtually, allowing management to engage with investors throughout the day. Interested parties can request a meeting via email. A live webcast and archived presentation will be available on CalAmp's Investor Relations website following the event. CalAmp specializes in providing connected intelligence solutions across various industries.
CalAmp (CAMP) has appointed Basudeb Chatterjee as Chief Digital Information Officer (CDIO). With over 15 years of experience in digital transformations across industries, Chatterjee will oversee IT functions globally, focusing on data, infrastructure, and information security. His role includes guiding technology adoption and enhancing CalAmp's connected intelligence solutions. CEO Jeff Gardner expressed confidence in Chatterjee's ability to drive innovations that will strengthen competitiveness. Chatterjee aims to foster agile teams dedicated to maximizing the value of CalAmp's SaaS offerings.
CalAmp (Nasdaq: CAMP) has announced the departure of Arym Diamond, SVP and Chief Revenue Officer, effective January 14, 2022. Maurizio Iperti, President of EMEA, will take over as interim CRO. Iperti has a successful track record in transforming SaaS companies, which will aid in maintaining business operations during the transition. CEO Jeff Gardner expressed confidence in Iperti's capabilities to provide market-leading insights and solutions while the search for a permanent CRO begins.
CalAmp (CAMP) reported its Q3 FY2022 results, revealing a 12% decline in total revenue to $69 million year-over-year, primarily due to global component shortages. While Software and Subscription Services (S&SS) revenue increased by 7% to $37 million, Telematics Products revenue fell by 14% to $32 million. The company faced a net loss of $11 million or $0.30 per share, compared to a loss of $3.7 million the prior year. Despite challenges, CalAmp maintains a strong customer backlog and ended the quarter with $91 million in cash.
CalAmp (Nasdaq: CAMP) will release its fiscal 2022 third quarter financial results after market close on December 21, 2021. A conference call is scheduled for 5:00 p.m. Eastern on the same day to discuss the results, accessible via the company's website or by phone. The call will provide crucial insights into the company's performance, with a replay available for 90 days. Established in 1983 and based in Irvine, California, CalAmp specializes in connected intelligence solutions, boasting nearly one million subscribers and over 20 million products installed globally.
On December 1, 2021, CalAmp (Nasdaq: CAMP) announced a partnership between its subsidiary, LoJack España, and the car subscription service Bipi, enhancing Bipi's fleet operations with connected car solutions. This collaboration aims to improve preventative fleet maintenance and facilitate stolen vehicle recovery through advanced technologies. Bipi, which has served over 10,000 customers in three years, offers flexible, all-inclusive car subscriptions without long-term commitments. This partnership positions Bipi for future growth amidst vehicle shortages across Europe.
CalAmp (Nasdaq: CAMP) provided a business update regarding supply chain constraints and the transition to software subscriptions. CEO Jeff Gardner announced a 10% decline in projected revenues for Q3 FY2022, ending November 30, due to reduced telematics product shipments and lower software revenues from a completed retrofit project. Despite short-term challenges, customer demand remains strong, with ongoing progress in transitioning telematics clients to subscription-based contracts. Financial results will be disclosed on December 21, 2021.
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