Cerence Inc. - CRNC STOCK NEWS

Cerence Inc. has appointed Iqbal Arshad as its new Chief Technology Officer. Arshad brings over 20 years of executive leadership roles at global technology companies like Motorola, Google, and Lenovo. He will lead Cerence's global technology, engineering, and product development organization, focusing on the company's technology vision and accelerating its product roadmap for new business opportunities.

Cerence Inc. (NASDAQ: CRNC) has announced significant enhancements to its Cerence Car Knowledge, utilizing generative AI to improve in-car assistant intelligence for drivers. These advancements will allow for real-time, contextually accurate answers to drivers' inquiries about their vehicles. The new system leverages Cerence’s deep learning technology and OEM data, providing personalized information through various channels, including voice and companion apps. Currently operational with a large North American OEM and a major German OEM, these enhancements are set to be deployed in existing and new programs. Cerence continues to lead in AI-powered automotive solutions, emphasizing seamless integration for OEMs and enhanced user experiences.

Cerence Inc. (NASDAQ: CRNC) has partnered with Banma to enhance in-car experiences for automakers including Shanghai Volkswagen Automotive Co. and FAW-Volkswagen by integrating advanced conversational AI and voice recognition technologies. The collaboration aims to offer safer and more convenient driving experiences with multilingual support in Chinese, Cantonese, and English. By embedding Cerence's AI solutions into vehicle head units, the partnership allows automotive suppliers to leverage powerful computing capabilities for unique customer interactions. This partnership highlights Cerence's strategic expansion in China and underscores its commitment to innovation in automotive technology.

Cerence Inc. (NASDAQ: CRNC) has launched a next-generation, AI-powered biometrics engine within its Cerence Assistant, enhancing personalization and security for drivers and passengers in vehicles. This technology, available in multiple languages, offers a frictionless experience with improved accuracy for user identification. Key features include proactive voice enrollment, secure payment authorizations, and multimodal identification, allowing seamless interactions like voice-based payments and facial recognition. Major automakers are adopting this solution, marking a significant advancement in the automotive industry.

BURLINGTON, Mass., March 01, 2023 – Cerence (NASDAQ: CRNC) announced its participation in the Morgan Stanley Technology, Media & Telecom Conference on March 6, 2023, at 12:10 p.m. ET. The CEO, Stefan Ortmanns, will engage in a fireside chat during the event. This presentation will be available via webcast on Cerence's website under the 'Events' section. The replay will also be accessible on the site following the event. Cerence, a leader in mobility technology, has over 20 years of experience and has shipped more than 450 million cars equipped with its solutions. For more information, visit www.cerence.com.

Cerence Inc. (NASDAQ: CRNC) has partnered with Yanfeng Visteon to integrate its AI-powered In-Car Communication (ICC) system into the Buick CENTURY infotainment system for SAIC-GM. This innovation is expected to enhance communication among passengers by allowing clear voice transmissions throughout the vehicle, minimizing distractions for the driver. The ICC uses advanced technology to optimize conversations, ensuring a luxurious in-car experience. This collaboration marks a significant advancement in voice technologies within the automotive sector, particularly in China, where SAIC-GM aims to set a new standard in luxury vehicles.

Cerence Inc. (CRNC) reported its Q1 FY2023 results with a GAAP revenue of $83.7 million, down from $94.4 million in Q1 FY2022. GAAP gross margin decreased to 68.7% from 74.3%, while GAAP operating margin fell to -2.4%. The company recorded a GAAP net loss of $2.2 million compared to a profit of $19.0 million in the prior year. Non-GAAP measures showed net income of $14.2 million. The outlook for Q2 FY2023 projects revenue between $64 million to $68 million and adjusted EBITDA of $1 million to $4 million. The full-year revenue guidance was revised upward to $275 million to $290 million.