Welcome to our dedicated page for Cerence news (Ticker: CRNC), a resource for investors and traders seeking the latest updates and insights on Cerence stock.
Cerence Inc. (NASDAQ: CRNC), also known as Cerence AI, stands as a global leader at the forefront of artificial intelligence for the transportation industry. The company specializes in creating intuitive and seamless AI-powered experiences, primarily for the automotive sector and beyond. With decades of expertise in voice recognition, generative AI, and large language models, Cerence is dedicated to making journeys safer, more connected, and more enjoyable for drivers and passengers worldwide.
Cerence's core business revolves around its CaLLM™ (Cerence Automotive Large Language Model) family of language models, powering advanced in-car assistants. These solutions enable natural and intelligent conversations within vehicles, enhancing user experience through voice-activated controls, information access, and personalized interactions. The company's technology is deployed in over 500 million cars globally, demonstrating its significant market reach and the trust placed in its innovations by leading automakers and transportation OEMs.
Recent announcements highlight Cerence AI's ongoing growth and strategic initiatives. The company has solidified a multi-year agreement with JLR to co-develop the next generation of luxury in-car experiences, further cementing its position in the premium automotive segment. Furthermore, an expanded collaboration with NVIDIA leverages the NVIDIA AI Enterprise platform to optimize the performance and scalability of Cerence's CaLLM models, ensuring cutting-edge AI capabilities for its automotive partners. Financially, Cerence AI has demonstrated proactive cash management, as evidenced by the strategic repurchase of convertible senior notes, aimed at reducing debt and optimizing its balance sheet for long-term financial health.
The appointment of Tony Rodriquez as the permanent Chief Financial Officer underscores Cerence AI's commitment to strong financial leadership and strategic growth. Mr. Rodriquez brings extensive experience and a proven track record in financial management, strengthening the company's executive team. Cerence AI continues to focus on innovation, expanding its product offerings, and delivering value to its automaker customers through advanced AI solutions that redefine the in-car experience.
Headquartered in Burlington, Massachusetts, with a global presence, Cerence AI is committed to pushing the boundaries of AI innovation in transportation, shaping the future of connected and intelligent mobility.
Cerence (NASDAQ: CRNC) reported fiscal Q1 2022 results, achieving GAAP revenue of $94.4 million, a slight increase from $93.6 million in Q1 2021. The GAAP gross margin rose to 74.3%, with GAAP net income of $19.0 million ($0.47 per share). Despite strong bookings and initial revenue from new fitness products, Cerence has lowered its FY2022 guidance due to supply chain challenges and delays in new product revenue recognition. The revised revenue guidance is now $365-$385 million, a 9% decrease from prior estimates.
Cerence Inc. (NASDAQ: CRNC) announced the retirement of CFO Mark Gallenberger, effective March 11, 2022. He will remain in an advisory capacity until November 2022 to facilitate a smooth transition. Mitch Cohen has been appointed as interim CFO, bringing over 30 years of experience in finance and operations. Cerence is actively seeking a new CFO with the help of Heidrick & Struggles. Gallenberger's leadership was pivotal in Cerence's early public company journey, while Cohen's extensive background is expected to benefit the finance organization during the transition.
Cerence Inc. (NASDAQ: CRNC) is set to release its first quarter financial results for the period ending December 31, 2021, on February 7, 2022, at 7:30 a.m. EST. A conference call and webcast will follow at 8:30 a.m. EST for analysts and investors to discuss the results. Investors can join via dial-in or access the webcast on Cerence's investor relations page. The replay of the call will be available until February 14, 2022. Cerence is a leader in AI for mobility, with over 400 million vehicles equipped with its technology.
Cerence Inc. (NASDAQ: CRNC) will present at the Baird 2022 Vehicle Technology & Mobility Conference on January 25, 2022, at 9:05 a.m. ET. The presentation will take the format of a fireside chat featuring Stefan Ortmanns, CEO, and Mark Gallenberger, CFO. Interested parties can access the live webcast via the Investors section of the company's website. A replay of the event will also be available afterward. Cerence focuses on enhancing mobility experiences through innovative technology, boasting over 400 million cars equipped with its solutions.
Cerence Inc. (NASDAQ: CRNC) has announced a partnership with NIO to integrate its conversational AI into NIO's ES8 SUV as part of the automaker's expansion into Norway. This collaboration enhances NIO's premium electric vehicle experience with advanced voice and AI capabilities. The Cerence Automotive Platform offers a flexible structure allowing fast deployment. This innovative assistant will provide intuitive, personalized interactions, utilizing both on-board and cloud-based technologies for optimal performance even with limited connectivity.
Cerence Inc. (NASDAQ: CRNC) and VinFast have partnered to integrate the Cerence Connected Vehicle Digital Twin platform into VinFast's smart electric vehicles. This collaboration aims to enhance user experience through cloud connectivity and proactive AI notifications. VinFast will leverage real-time data to provide safety alerts, convenience features, and personalized services to drivers. The digital twin technology will allow for a comprehensive virtual representation of the vehicle, ensuring advanced functionalities and better operational performance as VinFast expands globally.
Cerence Inc. (NASDAQ: CRNC) will present at the 24th Annual Needham Virtual Growth Conference on January 11, 2022, at 10:00 a.m. Eastern Time. The presentation will feature a fireside chat with CEO Stefan Ortmanns and CFO Mark Gallenberger. Interested parties can access the webcast via the Investors section of the company's website. A replay will also be available thereafter. Cerence specializes in creating innovative mobility experiences, partnering with leading automakers, and has over 20 years of industry experience.
Cerence Inc. (NASDAQ: CRNC) has been named a CES 2022 Innovation Awards Honoree for its groundbreaking Cerence Co-Pilot, a proactive, multi-modal in-car voice assistant designed for connected and autonomous vehicles. This recognition reflects the product's exceptional design and engineering as evaluated by industry experts. Cerence Co-Pilot integrates voice, gaze, and gesture analytics with vehicle sensors to deliver timely, personalized information and actions, enhancing driver safety and productivity. The product will be showcased at CES in Las Vegas from January 5-8, 2022.
Cerence Inc. (NASDAQ: CRNC) has secured a record contract valued at $149 million with a major European automaker for its connected AI automotive assistant products. This deal signifies a strong validation of Cerence's ongoing OEM partnerships and its commitment to delivering custom-branded in-car experiences. CEO Stefan Ortmanns highlighted the milestone as a moment of growth and momentum for the company, reinforcing its role in the automotive sector.
Cerence Inc. (NASDAQ: CRNC) announces a partnership with Mercedes-Benz AG to enhance the MBUX multimedia system in the new EQS electric sedan. The collaboration introduces advanced features powered by conversational AI and Cerence Emergency Vehicle Detection. Drivers can interact with MBUX to access critical information regarding battery status, charging locations, and proactive notifications for emergency vehicles. This integration aims to improve the electric vehicle ownership experience, making it safer and more user-friendly.
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