Otonomo to Announce Third Quarter 2021 Financial Results on November 12
Otonomo Technologies Ltd (OTMO) revised its fiscal year 2021 revenue guidance, expecting revenue between $1.4 million and $1.5 million. The company cited delays in automotive production and adoption of connected vehicles as reasons for falling short of original estimates. CEO Ben Volkow noted strong growth in sectors like smart cities and highlighted new agreements with major clients like Amazon and Salesforce, although benefits may take time to materialize. Otonomo's acquisition of Neura is viewed as a potential catalyst for future growth.
- Strong growth observed in smart cities and fleet sectors.
- New agreements with major companies like Amazon and Salesforce.
- Acquisition of Neura expected to drive future growth opportunities.
- Revised revenue guidance indicates potential shortfall for fiscal year 2021.
- Slowing global automotive production impacting revenue expectations.
- Delayed benefits from new agreements may affect near-term results.
Otonomo Updates 2021 Revenue Guidance
HERZLIYA, Israel and SAN JOSE, Calif., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Otonomo Technologies Ltd. (Otonomo) (Nasdaq: OTMO), a leading provider of a pioneering mobility intelligence platform, announced today that it expects to release its financial results for the third quarter (which ended on September 30, 2021) at 8:30 a.m. Eastern Time on Friday, November 12, 2021.
Ben Volkow, Otonomo’s CEO & CO-Founder, commented: “We see strong growth in various verticals of the business, including smart cities and fleets. Additionally, we are excited about our recently announced agreements with Amazon, Salesforce, Leaseplan and other customers. However, the benefits of these agreements will take additional time to be reflected in our financial results. With newly revised forecasts taking into account a slowing of worldwide automotive production attributable to the global pandemic, as well as, slower adoption of connected cars and delays with our OEM partners, we estimate that our near-term revenue will fall short of our original estimates for the year.”
“As we consider our future milestones, we view our recent acquisition of Neura, a provider of cutting-edge mobility analytics powered by patented artificial intelligence and machine learning technologies, as a catalyst for additional growth opportunities. Additionally, we remain bullish on our business and long-term vision. Otonomo will continue to lay the foundation for a mobility and automotive industry based on the power of data intelligence.”
Operational and financial results for the third quarter of 2021 will be included in a press release to be issued prior to the call on November 12.
In addition, based on preliminary results, Otonomo expects its revenue for fiscal year 2021 will be between
The updated revenue guidance for fiscal year 2021 included in this release is based on the preliminary information available to us at this time and may vary based upon completion of our financial closing procedures and final adjustments. It has not been audited or reviewed by our independent registered public accounting firm. Accordingly, you should not place undue reliance on this preliminary data.
Otonomo’s management will host a conference call to discuss the third quarter financial results on November 12 at 8:30 a.m. Eastern Time. Management team members on the call will include Ben Volkow, CEO & Co-Founder, Bonnie Moav, CFO, and Doron Simon, EVP of Strategy and Corporate Development.
Otonomo encourages participants to pre-register for the conference call using the following link: http://emea.directeventreg.com/registration/6576354.
Participants can choose to view the session via a live webcast from a link on Otonomo’s website at https://edge.media-server.com/mmc/p/f4oiarxe.
Participants can also choose to call-in. They will receive a unique dial-in number upon registration, which enables immediate access on the day of the call. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number. Participants may pre-register at any time, including up to and after the call start time.
The conference call will begin at:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time
A replay of the conference call will be available from November 12, 2021, at 12:00 p.m. Eastern Time on Otonomo’s website at https://investors.otonomo.io/news-events/events.
About Otonomo
Otonomo fuels a data ecosystem of OEMs, fleets, and more than 100 service providers spanning the transportation, mobility, and automotive industries. Our platform securely ingests more than 4 billion data points per day globally from over 40 million vehicles licensed on the platform as well as mobility demand data from multimodal sources, then reshapes and enriches it to accelerate time to market for new services that improve the mobility and transportation experience. We provide deeper visibility and actionable insights to empower strategic data-driven decisions – taking the guesswork out of mobility and transportation planning, deployment and operations. Privacy by design and neutrality are at the core of our platform, which enables GDPR, CCPA, and other privacy-regulation-compliant solutions using both personal and aggregate data. Use cases include emergency services, mapping, traffic management, EV management, subscription-based services, micro-mobility, parking, predictive maintenance, insurance, media, in-vehicle services, and dozens of smart city solutions. Otonomo has an R&D center in Israel and a presence in the United States and Europe.
More information is available at otonomo.io
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Forward-Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Otonomo, the anticipated technological capability of Otonomo, the markets in which Otonomo operates and Otonomo’s projected future financial and operational results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive data marketplace. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Otonomo’s final prospectus filed with the SEC on September 8, 2021 and other documents filed by Otonomo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Otonomo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Otonomo gives no assurance that it will achieve its expectations.
| Investor Relations Contact: | Company Contact: |
| Miri Segal | Jodi Joseph Asiag |
| MS-IR LLC | Otonomo |
| +1 (917)-607-8654 | +972 (54)-232-2082 |
| msegal@ms-ir.com | jodija@otonomo.io |
FAQ
What is Otonomo's updated revenue guidance for fiscal year 2021?
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