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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) 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.
CalAmp (Nasdaq: CAMP), a leader in connected intelligence, announced participation in two upcoming virtual investor conferences:
- Craig-Hallum 12th Annual Alpha Select Conference on November 16, 2021, featuring 1x1 conference calls with management.
- ROTH 10th Annual Technology Event on November 18, 2021, also with management calls.
Portfolio managers and analysts can arrange calls through their sales representatives or CalAmp's investor relations.
CalAmp (Nasdaq: CAMP) announced a partnership with FAIRWAYiQ to integrate its CalAmp Telematics Cloud and edge devices into FAIRWAYiQ's golf course management platform. This collaboration enables real-time tracking and monitoring of golf carts, optimizing course operations and player experiences. Key features include GPS-enabled tracking devices for location monitoring, Bluetooth Low Energy key fobs for identification, and geofencing capabilities to protect turf. This deployment not only enhances operational efficiency but also reduces costs for golf course operators, demonstrating the versatility of CalAmp's solutions.
On October 6, 2021, CalAmp (NASDAQ: CAMP) announced the launch of its iOn™ fleet and asset management software in the U.K. through its subsidiary Tracker Network (UK) Limited. The software provides commercial fleet operators with tools to improve driver behavior tracking and asset management from a single platform. Key benefits include enhanced workflow efficiency, improved safety measures, cost savings, and better visibility of assets. The launch reflects CalAmp's commitment to expanding its innovative solutions internationally, following successful implementations in the U.S.
CalAmp (Nasdaq: CAMP) reported Q2 fiscal 2022 revenues of $79 million, a 6% increase year-over-year, driven by a record $41 million in Software and Subscription Services (S&SS) revenue, up 24%. However, Telematics Products revenue declined by 16% due to supply chain issues. Gross margin improved to 42%, while the net loss narrowed to $5.4 million, or $0.15 per share. Adjusted EBITDA was $8.3 million, representing 11% of revenue. The company ended with $101.1 million in cash and 988,640 S&SS subscribers, a 4% increase. The outlook remains uncertain due to ongoing global component shortages.
CalAmp (Nasdaq: CAMP) has partnered with Hyundai Translead to introduce HT LinkSense, a groundbreaking open-platform smart trailer solution. This technology provides fleet operators with enhanced visibility into trailer health, usage, and safety, addressing current supply chain constraints. The solution integrates various sensors to deliver real-time data through the CalAmp iOn™ application, improving operational efficiencies. Key features include Tire Pressure Monitoring System (TPMS) and Wheel End Temperature Systems (WETS), which aim to enhance safety and maximize resource utilization.
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