Welcome to our dedicated page for mCloud Technologies news (Ticker: MCLD), a resource for investors and traders seeking the latest updates and insights on mCloud Technologies stock.
mCloud Technologies Corp. (symbol: MCLD) is a forward-thinking provider of cloud technology solutions that aims to optimize the performance, reliability, and sustainability of energy-intensive assets. Headquartered in San Francisco, mCloud's innovative technology focuses on uniting people, data, and knowledge to enhance the health and performance of critical equipment.
The company’s core business revolves around its AssetCare® platform, which leverages cloud-based digital twins, artificial intelligence, and advanced analytics. This suite of tools empowers asset owners and operators in various industries, including oil and gas, wind energy, and commercial facilities, to maximize energy production, reduce energy waste, and minimize harmful emissions.
Recent developments at mCloud include the formation of a special committee to explore strategic alternatives aimed at maximizing shareholder value. This includes the potential separation of its industrial and commercial business from its aerospace and defense sector, focusing on NGRAIN, a subsidiary acquired in 2018 that provides specialized solutions for military and defense applications. This restructuring aims to ensure NGRAIN's standalone operation remains highly regulated and continues to secure long-standing, multi-year engagements with high-profile clients.
The company is also working closely with various stakeholders and financial advisors, such as ATB Capital Markets Inc., to explore potential transactions, including asset sales and recapitalization. Recent approvals from the special committee will potentially involve the sale of mCloud's broader industrial and commercial assets, allowing for a more focused approach in each business segment. The anticipated cash proceeds from these sales are intended to address current financial obligations.
mCloud’s common shares are traded on the Nasdaq and the TSX Venture Exchange under the symbol MCLD. The company maintains a global presence with offices across North America, Europe, the Middle East, and the Asia-Pacific region.
For more details, visit the official website at mcloudcorp.com.
mCloud Technologies Corp. has signed a significant three-year agreement with a global wind power developer to utilize its AssetCare solution for wind turbine performance analytics. This deployment marks the company's first major asset management project since pandemic restrictions were eased in Europe. The AssetCare for Wind solution will optimize the performance of turbines across over 40 wind farms, totaling approximately 1,200 MW capacity. By leveraging AI and digital twins, mCloud aims to enhance reliability, reduce downtime, and increase long-term production for its client.
mCloud Technologies Corp. (Nasdaq: MCLD) announced a successful US$15 million funding closure for the implementation of its AssetCare EV solutions at auto dealerships in New York and California. This follows their partnership with Carbon Royalty Corp, which provides full funding for the projects. The company aims to onboard 45 dealerships by the end of 2022 and anticipates an additional $3 million in annual recurring revenue (ARR) as a result. Positive reception at the New York Auto Show strengthens plans for further expansion and scaling operations.
mCloud Technologies Corp. (Nasdaq: MCLD) has launched AssetCare Mobile, an all-in-one connected worker solution for the digital oilfield, aimed at enhancing productivity and safety. The solution integrates hardware, software, and support, and is offered on a subscription basis starting at US$99 per month. It allows workers to access real-time data, collaborate remotely, and streamline workflows. Field trials indicate companies can achieve significant efficiency improvements, including 30% faster task completion and 96% first-time job accuracy. mCloud showcases AssetCare Mobile at the IQPC Oil and Gas Summit in Houston, Texas.
mCloud Technologies Corp. (Nasdaq: MCLD) has signed a 20-year agreement with Carbon Royalty Corp to fund 30 AssetCare solutions aimed at enhancing electric vehicle (EV) charging efficiency at auto dealerships across New York and California. This partnership, announced on March 28, 2022, will equally share tax incentives and carbon credits. Following a successful initial contract with the Vail Buick Dealership, mCloud plans to expand its operations to over 500 dealerships by the end of 2023.
mCloud Technologies Corp. (NASDAQ: MCLD) has announced that CEO Russ McMeekin will present at the 2022 Virtual Growth Conference from March 28th to 30th, hosted by Maxim Group and M-Vest. Investors will gain insights into diverse sectors including clean energy and technology. Additionally, mCloud will disclose its fourth quarter and year-end 2021 financial results on March 30, followed by a conference call on March 31 at 10:00 AM ET. The company’s AI-powered AssetCare™ platform optimizes energy-intensive assets, showcasing its significant impact in energy management.
mCloud Technologies Corp. announced a 17-year agreement to implement its AssetCare solution at Vail Buick Dealership in Bedford Hills, NY, aimed at enhancing energy efficiency amid rising EV charging demands. Leveraging AI, solar power, and battery storage, the solution is projected to reduce energy costs by over 50% and minimize carbon footprints. Additionally, mCloud has signed Letters of Intent for 15 more dealerships in New York with a cumulative value exceeding $14 million. The company is targeting over 2,000 dealerships in New York and California, expanding its reach in the EV transition.
mCloud Technologies Corp. (Nasdaq: MCLD) has announced that warrants from its public offering will commence trading on Nasdaq under the symbol MCLDW. A total of 2,415,000 Warrants have been issued, allowing acquisition of shares at US$4.75 until November 29, 2026. The company also projects significant growth with plans to add over 10,000 AssetCare™ oil and gas assets in 2022, aiming for over 90,000 connected assets by year-end. Expected revenues for 2022 are between C$43 million and C$54 million, with a gross margin of 60-65%, showcasing anticipated strong growth aligned with ESG initiatives.
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