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On July 25, 2022, Quanergy Systems (NYSE: QNGY) received notice from the NYSE regarding non-compliance with listing standards, citing average market capitalization and shareholders' equity below
Quanergy Systems announced that its M-Series 3D LiDAR sensors have been integrated into PARIFEX’s speed enforcement solution, now certified by a French testing body. This certification marks the first compliant speed enforcement system utilizing 3D LiDAR technology, approved for French law enforcement. The Double-Side VIGIE solution monitors multiple traffic lanes to accurately detect and classify speeding vehicles. This partnership aims to enhance road safety and replace traditional Doppler systems with advanced 3D LiDAR functionalities.
Quanergy Systems (NYSE:QNGY) has appointed Lori Sundberg as Chief Human Resources Officer (CHRO). With over 30 years of HR experience, she aims to enhance hiring productivity, foster a communication-rich culture, and oversee compensation programs. Sundberg has previously held senior roles at notable firms such as Western Digital and Jacobs. CEO Kevin Kennedy expressed confidence in her ability to attract and retain top talent to meet business goals. Quanergy is known for its innovative LiDAR solutions for various industries, serving nearly 400 customers globally.
Quanergy Systems, a provider of LiDAR sensors, received a notice from the NYSE on June 17, 2022, indicating that its stock price has fallen below the $1.00 per share requirement. As of June 16, 2022, the average closing price was $0.85, giving the company a six-month period to regain compliance. Despite this notice, the company's business operations and SEC reporting remain unaffected. Quanergy is actively monitoring its stock price and considering options to improve compliance with NYSE standards.
Quanergy Systems (NYSE: QNGY) has been selected by Audio Technology to enhance perimeter security at a critical military site in Egypt. Utilizing Quanergy's M-Series sensors and QORTEX DTC™ software, this solution provides real-time tracking and reduces false alarms in any lighting conditions, covering 7.7 km of fencing. The deployment aims to improve safety for key infrastructure facilities globally. Quanergy's technology integrates with existing camera systems to ensure reliable protection while minimizing costly false alerts.
Quanergy Systems, Inc. (NYSE: QNGY) reported a remarkable 257% year-over-year revenue increase to $1.4 million for Q1 2022, surpassing prior guidance. However, the company faced a significant GAAP net loss of $104.7 million, largely due to $51.6 million in non-cash compensation expenses. The negative gross profit of $486 thousand reflected a negative margin of 35.6%. Despite these challenges, Quanergy aims for Q2 revenues between $1.1 - $2.1 million and a full-year target of $14 - $18 million.
Quanergy Systems is set to release its Q1 financial results for the period ending March 31, 2022 on May 16, 2022, before market opening. Following the release, management will host a conference call at 8:30 AM Eastern time to discuss the results and provide a business outlook. The call can be accessed via telephone and live webcast. Quanergy specializes in OPA-based solid-state LiDAR sensors and solutions for various sectors, serving around 400 customers globally, enhancing safety and operational efficiency.
Quanergy Systems, listed on NYSE:QNGY, has achieved a significant milestone by successfully testing its Optical Phased Array (OPA) technology, reaching a range detection of 250 meters. This marks a 2.5 times increase from previous tests conducted 15 months ago. The S3 Series LiDAR sensor, designed for cost-effective production, is aimed at mass-market use in advanced mobility applications, including autonomous vehicles. Founded on a solid-state, CMOS manufacturing process, this technology promises high reliability with over 100,000 hours of mean time between failures.
Quanergy Systems (NYSE: QNGY) announces an integration with Mirasys, enhancing physical security solutions across government, retail, and gaming sectors. The collaboration combines Quanergy's 3D LiDAR technology with Mirasys' Video Management Systems (VMS) for advanced analytics. This integration allows users to gather real-time data on object location, direction, and type, ensuring high accuracy in various environments. With nearly 400 global customers, Quanergy aims to expand its market reach and provide detailed data for security applications.
Quanergy Systems, Inc. (NYSE: QNGY) announces the successful deployment of its 3D LiDAR Flow Management solution by the San Francisco Municipal Transportation Agency (SFMTA). This project led to a remarkable reduction in travel time for light rail vehicles by 66 seconds, equating to a 16% decrease in travel time. Additionally, the likelihood of trains hitting green lights at intersections rose from 62.1% to 85.8%. The project demonstrates the potential of LiDAR technology in enhancing urban traffic flow and supporting smart city initiatives.
