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Allot Announces Fourth Quarter & Full Year 2023 Financial Results

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3 years ago

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HOD HASHARON, Israel, Feb. 15, 2024 /PRNewswire/ — Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited fourth quarter and full-year 2023 financial results.

Financial Highlights

Fourth quarter revenues were $24.3 million and full-year 2023 revenues were $93.2 million;SECaaS revenues were $3.2 million for Q4 and $10.6 million for FY 2023, up 41.5% and 48.4% year-over-year respectively.December 2023 SECaaS ARR* was $12.7 million;Q4 GAAP net loss was $18.3 million and non-GAAP net loss was $16.4 million, including a credit loss provision for 2 specific customers of approximately $9 million; the full year 2023 GAAP net loss was $62.8 million and non-GAAP net loss was $53.3 million, including a credit loss provision of approximately $23 million;

Financial Outlook

Looking ahead to 2024, management expectations are as follows:

Full-year 2024 non-GAAP operating profit and free cash flow breakevenContinued double-digit growth of SECaaS revenues and ARR

Management Comment

Erez Antebi, President & CEO of Allot, commented, “2023 represented a year with significant challenges on multiple fronts. While the macro economic environment and service provider spending remain challenging, we are controlling what we can control. As we announced in prior quarters, we have taken aggressive actions to align our expense footprint with the expected revenue level going ahead. Our goal is to bring the business back to profitability  while investing in our long-term growth engine, Security as a Service (SECaaS).”

The Company also announces that Mr. Manuel Echanove is stepping down from the Board to focus on other opportunities.

Q4 2023 Financial Results Summary

Total revenues for the fourth quarter of 2023 were $24.3 million, a decrease of 26.3% compared to $33.0 million in the fourth quarter of 2022.

Gross profit on a GAAP basis for the fourth quarter of 2023 was $11.4 million (gross margin of 46.8%), a 47.9% decline compared with $21.9 million (gross margin of 66.3%) in the fourth quarter of 2022.

Gross profit on a non-GAAP basis for the fourth quarter of 2023 was $12.6 million (gross margin of 51.7%), a 43.7% decline compared with $22.4 million (gross margin of 67.7%) in the fourth quarter of 2022. The fourth quarter gross margin level was negatively impacted by a one-time write-off.

Net loss on a GAAP basis for the fourth quarter of 2023 was $18.3 million, or $0.48 per basic share, compared with a net loss of $6.7 million, or $0.18 per basic share, in the fourth quarter of 2022.

Net loss on a non-GAAP for the fourth quarter of 2023 was $16.4 million, or $0.43 per basic share compared with a non-GAAP net loss of $4.9 million, or $0.13 per basic share, in the fourth quarter of 2022. A credit loss provision for 2 specific customers of approximately $9 million increased the fourth quarter expenses.

Full Year 2023 Financial Results Summary

Total revenues for 2023 were $93.2 million, a 24.1% decrease compared to $122.7 million in 2022.

Gross profit on a GAAP basis for 2023 was $52.7 million (gross margin of 56.6%), a 36.5% decline compared with $82.9 million (gross margin of 67.5%) in 2022.

Gross profit on a non-GAAP basis for 2023 was $55.5 million (gross margin of 59.6%), a 34.4% decline compared with $84.7 million (gross margin of 69%) in 2022.

Net loss on a GAAP basis for 2023 was $62.8 million, or $1.66 per basic share, compared with a net loss of $32.0 million, or $0.87 per basic share, in 2022.

Net loss on a non-GAAP basis for 2023 was $53.3 million, or $1.41 per basic share, compared with a net loss of $23.2 million, or $0.63 per basic share, in 2022. A credit loss provision of approximately $23 million increased the 2023 expenses.

Cash, short-term bank deposits, and investments as of December 31, 2023, totaled $54.9 million, compared to $86.4 million as of December 31, 2022.

Conference Call & Webcast:

The Allot management team will host a conference call to discuss its fourth quarter and full year 2023 earnings results today, February 15, 2024, at 8:30 am ET, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:

US:  1-888-642-5032, UK: 0-800-917-5108, Israel: +972-3-918-0610

A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: http://investors.allot.com/index.cfm 

About Allot

Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot’s multi-service platforms are deployed by over 500 mobile, fixed, and cloud service providers and over 1,000 enterprises. Our industry-leading network-based security as a service solution is already used by many millions of subscribers globally. Allot. See. Control. Secure.

For more information, visit www.allot.com

Performance Metrics

* Total ARR – Support & Maintenance ARR (measures the current annual run rate of support & maintenance revenues, which is calculated based on the expected revenues for the fourth quarter of 2023, excluding one-time items, and multiplied by 4) and SECaaS ARR (measures the current annual run rate of SECaaS revenues, which is calculated based on estimated revenues for the month of Dec. 2023 and multiplied by 12).

GAAP to Non-GAAP Reconciliation:

The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, deferred tax asset adjustment and changes in taxes-related items.

These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company’s core business and management uses the non-GAAP measures internally to evaluate the Company’s ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company’s operating performance.

Safe Harbor Statement

This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our accounts receivables, including our ability to collect outstanding accounts and assess their collectability on a quarterly basis; our ability to meet expectations with respect to our financial guidance and outlook; our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors; government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:

EK Global Investor Relations

Ehud Helft

+1 212 378 8040

allot@ekgir.com

 

 

Public Relations Contact:

Seth Greenberg, Allot Ltd.

+972 54 922 2294

sgreenberg@allot.com

 

 

   

 

TABLE  – 1

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

(Audited)

Revenues

$       24,342

$       33,029

$       93,150

$     122,737

Cost of revenues

12,941

11,134

40,464

39,831

Gross profit  

11,401

21,895

52,686

82,906

Operating expenses:

Research and development costs, net

7,942

12,371

39,115

49,800

Sales and marketing

12,057

12,881

43,850

49,393

General and administrative

10,316

3,703

34,656

15,982

Total operating expenses

30,315

28,955

117,621

115,175

Operating loss

(18,914)

(7,060)

(64,935)

(32,269)

Financial and other income, net

661

796

3,215

2,134

Loss before income tax expenses

(18,253)

(6,264)

(61,720)

(30,135)

Tax expenses

96

474

1,084

1,895

Net Loss

(18,349)

(6,738)

(62,804)

(32,030)

 Basic net loss per share

$         (0.48)

$         (0.18)

$         (1.66)

$         (0.87)

 Diluted net loss per share

$         (0.48)

$         (0.18)

$         (1.66)

$         (0.87)

Weighted average number of shares used in 

computing basic net loss per share

38,293,808

37,325,971

37,911,214

36,975,424

Weighted average number of shares used in 

computing diluted net loss per share

38,293,808

37,325,971

37,911,214

36,975,424

 

 

TABLE  – 2

ALLOT LTD.

AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS

(U.S. dollars in thousands, except per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

GAAP cost of revenues

$        12,941

$        11,134

$       40,464

$         39,831

 Share-based compensation (1) 

(162)

(323)

(1,219)

(1,133)

 Amortization of intangible assets (2)** 

(1,024)

(157)

(1,606)

(613)

Non-GAAP cost of revenues

$        11,755

$        10,654

$       37,639

$         38,085

 GAAP gross profit 

$        11,401

$        21,895

$       52,686

$         82,906

 Gross profit adjustments 

1,186

480

2,825

1,746

 Non-GAAP gross profit 

$        12,587

$        22,375

$       55,511

$         84,652

 GAAP operating expenses 

$        30,315

$        28,955

$     117,621

$       115,175

 Share-based compensation (1) 

(1,449)

(1,966)

(7,626)

(8,032)

 Amortization of intangible assets (2)** 

–

–

–

–

 Income related to M&A activities (3) 

699

274

699

274

 Changes in taxes and headcount related items (4)

–

325

–

325

 Non-GAAP operating expenses 

$        29,565

$        27,588

$     110,694

$       107,742

 GAAP financial and other income 

$              661

$             796

$         3,215

$           2,134

 Exchange rate differences* 

(50)

(85)

(378)

(442)

 Expenses related to M&A activities (3) 

–

4

43

4

 Non-GAAP Financial and other income 

$              611

$             715

$         2,880

$           1,696

 GAAP taxes on income 

$                96

$             474

$         1,084

$           1,895

 Changes in tax related items 

(25)

(25)

(100)

(100)

 Non-GAAP taxes on income 

$                71

$             449

$            984

$           1,795

 GAAP Net Loss 

$      (18,349)

$        (6,738)

$     (62,804)

$       (32,030)

 Share-based compensation (1) 

1,611

2,289

8,845

9,165

 Amortization of intangible assets (2)** 

1,024

157

1,606

613

 Income related to M&A activities (3) 

(699)

(270)

(656)

(270)

 Changes in taxes and headcount related items (4)

–

(325)

–

(325)

 Exchange rate differences* 

(50)

(85)

(378)

(442)

 Changes in tax related items 

25

25

100

100

 Non-GAAP Net income (loss) 

$      (16,438)

$        (4,947)

$     (53,287)

$       (23,189)

 GAAP Loss per share (diluted) 

$           (0.48)

$          (0.18)

$         (1.66)

$            (0.87)

 Share-based compensation 

0.04

0.06

0.23

0.25

 Amortization of intangible assets** 

0.03

0.01

0.05

0.02

 Income related to M&A activities 

(0.02)

(0.01)

(0.02)

(0.01)

Changes in taxes and headcount related items

–

(0.01)

–

(0.01)

 Exchange rate differences* 

(0.00)

(0.00)

(0.01)

(0.01)

 Non-GAAP Net income (loss) per share (diluted) 

$           (0.43)

$          (0.13)

$         (1.41)

$            (0.63)

Weighted average number of shares used in 

computing GAAP diluted net loss per share

38,293,808

37,325,971

37,911,214

36,975,424

Weighted average number of shares used in 

computing non-GAAP diluted net loss per share

38,293,808

37,325,971

37,911,214

36,975,424

* Financial income or expenses related to exchange rate differences in connection with revaluation of assets and

 liabilities in non-dollar denominated currencies. 

 ** While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired  

 companies is reflected in the measures and the acquired assets contribute to revenue generation. 

 

 

TABLE  – 2 cont.

ALLOT LTD.

AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS

(U.S. dollars in thousands, except per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

(1) Share-based compensation:

Cost of revenues

$              162

$             323

$         1,219

$           1,133

Research and development costs, net

597

775

3,010

3,168

Sales and marketing

473

684

2,651

2,943

General and administrative

379

507

1,965

1,921

$           1,611

$          2,289

$         8,845

$           9,165

 (2) Amortization of intangible assets 

Cost of revenues

$           1,024

$             157

$         1,606

$               613

$           1,024

$             157

$         1,606

$               613

 (3) Expenses (Income) related to M&A activities 

General and administrative 

$            (699)

$                –

$          (699)

$                  –

Research and development costs, net

–

(274)

–

(274)

Finanacial expensees (income)

–

4

43

4

$            (699)

$           (270)

$          (656)

$             (270)

 (4) Changes in taxes and headcount related items  

Sales and marketing

$                 –

$           (325)

$                –

$             (325)

$                 –

$           (325)

$                –

$             (325)

 

 

TABLE  – 3

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED  BALANCE  SHEETS

(U.S. dollars in thousands)

December 31,

December 31,

2023

2022

(Unaudited)

(Audited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$                14,192

$           12,295

Short-term bank deposits

10,000

68,765

Restricted deposits

1,728

1,050

Available-for-sale marketable securities

28,853

4,293

Trade receivables, net (net of allowance for credit losses of
$25,253 and $2,908 on December 31, 2023 and December
31, 2022, respectively)

14,828

44,167

Other receivables and prepaid expenses

8,422

7,985

Inventories

11,874

13,262

Total current assets

89,897

151,817

LONG-TERM ASSETS:

Restricted deposit

158

–

Severance pay fund

395

371

Operating lease right-of-use assets

3,057

5,387

Trade receivables, net

–

4,934

Other assets 

562

864

Total long-term assets

4,172

11,556

PROPERTY AND EQUIPMENT, NET

11,189

14,236

GOODWILL AND INTANGIBLE ASSETS, NET

32,748

35,344

Total assets

$              138,006

$         212,953

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Trade payables

$                     969

$           11,661

Deferred revenues

14,892

20,825

Short-term operating lease liabilities

1,453

2,542

Other payables and accrued expenses

21,937

25,573

Total current liabilities

39,251

60,601

LONG-TERM LIABILITIES:

Deferred revenues

7,437

7,285

Long-term operating lease liabilities

702

2,579

Accrued severance pay

1,080

940

Convertible debt

39,773

39,575

Total long-term liabilities

48,992

50,379

SHAREHOLDERS’ EQUITY

49,763

101,973

Total liabilities and shareholders’ equity

$              138,006

$         212,953

 

 

TABLE  – 4

ALLOT LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(U.S. dollars in thousands)

Three Months Ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

(Unaudited)

(Unaudited)

(Audited)

Cash flows from operating activities:

Net Loss

$      (18,349)

$     (6,738)

$      (62,804)

$        (32,030)

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation

1,638

2,287

5,536

6,406

Stock-based compensation

1,611

2,288

8,845

9,165

Amortization of intangible assets

1,766

241

2,596

946

Increase in accrued severance pay, net

37

57

116

92

Decrease in other assets

636

196

302

775

Decrease (Increase) in accrued interest and  amortization of premium on marketable securities 

(305)

(13)

(712)

71

Changes in operating leases, net

(164)

979

(636)

(5)

Decrease (Increase) in trade receivables

9,784

(7,189)

34,273

(11,629)

Decrease (Increase) in other receivables and prepaid expenses

(698)

(338)

476

(55)

Decrease (Increase) in inventories

2,165

(586)

1,388

(2,170)

Increase (Decrease) in trade payables

(2,857)

5,608

(10,692)

7,721

Increase (Decrease) in employees and payroll accruals

1,115

1,873

(4,130)

(385)

Decrease in deferred revenues

(2,806)

(6,815)

(5,781)

(9,970)

Increase (Decrease) in other payables, accrued expenses and other long term liabilities

1,200

(1,586)

1,289

(1,668)

Amortization of issuance costs of Convertible debt

50

50

198

171

Net cash used in operating activities

(5,177)

(9,686)

(29,736)

(32,565)

Cash flows from investing activities:

Decrease (Increase) in restricted deposit

(804)

50

(836)

430

Redemption of (Investment in) short-term deposits

3,600

15,350

58,765

(7,830)

Purchase of property and equipment

(621)

(1,507)

(2,489)

(5,642)

Acquisitions, net of Cash acquired, and other

–

(500)

–

(500)

Investment in available-for sale marketable securities

(12,064)

–

(46,742)

–

Proceeds from redemption or sale of available-for sale marketable securities

7,750

–

22,935

7,030

Net cash provided by (used in) investing activities

(2,139)

13,393

31,633

(6,512)

Cash flows from financing activities:

Proceeds from exercise of stock options

(1)

1

–

251

Issuance of convertible debt

–

–

–

39,404

Net cash provided by (used in) financing activities

(1)

1

–

39,655

Increase (Decrease) in cash and cash equivalents

(7,317)

3,708

1,897

578

Cash and cash equivalents at the beginning of the period

21,509

8,587

12,295

11,717

Cash and cash equivalents at the end of the period

$        14,192

$     12,295

$        14,192

$          12,295

 

 

Other financial metrics (Unaudited)

U.S. dollars in millions, except number of full time employees, % of top-10 end-
customers out of revenues and number of shares

Q4-2023

FY 2023

FY 2022

Revenues geographic breakdown

Americas

3.8

16 %

16.6

18 %

21.8

18 %

EMEA

14.4

59 %

56.1

60 %

71.2

58 %

Asia Pacific

6.1

25 %

20.5

22 %

29.7

24 %

24.3

100 %

93.2

100 %

122.7

100 %

Revenue breakdown by type

Products

10.7

44 %

37.6

40 %

61.1

50 %

Professional Services

1.1

5 %

6.1

7 %

11.6

9 %

SECaaS (Security as a Service)

3.2

13 %

10.6

11 %

7.2

6 %

Support & Maintenance

9.3

38 %

38.9

42 %

42.8

35 %

24.3

100 %

93.2

100 %

122.7

100 %

Revenues per customer type

CSP

19.7

81 %

75.1

81 %

98.3

80 %

Enterprise

4.6

19 %

18.1

19 %

24.4

20 %

24.3

100 %

93.2

100 %

122.7

100 %

Security revenues

21.7

28.5

Backlog (end of period)

58.8

87.7

% of top-10 end-customers out of revenues

63 %

47 %

44 %

Total number of full time employees 

559

559

749

(end of period)

Non-GAAP Weighted average number of basic shares  (in
millions)

38.3

37.9

37.0

Non-GAAP weighted average number of fully diluted
shares  (in millions)

40.5

40.3

39.5

 

 

SECaaS (Security as a Service) revenues– U.S. dollars in millions (Unaudited)

Q4-2023:

3.2

Q3-2023:

2.8

Q2-2023:

2.4

Q1-2023:

2.3

Q4-2022:

2.2

SECaaS ARR* (annualized recurring revenues)- U.S. dollars in millions (Unaudited)

Dec. 2023:

12.7

Dec. 2022:

9.2

Dec. 2021:

5.2

Dec. 2020:

2.7

*ARR: annualized recurring SECaaS revenues, calculated based on the monthly revenues multiplied by 12

 

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Organised by the Innovation and Technology Commission of the Hong Kong SAR Government, the InnoCarnival 2026 runs from today through 1 November at Hong Kong Science Park (HKSP) with the theme of “Lead with I&T, Dream to Fly High “, offering the public an opportunity to experience the transformative power and I&T vibrancy.

Ir Dr Ted Suen, Chief Executive Officer of ASTRI, stated: “Innovation is not just about breakthroughs in the lab – it’s about putting technology into practice, empowering industries, and benefiting society as a whole. At ASTRI, we align closely with the government’s priorities in advancing AI development and accelerating new industrialisation. Through our participation in the InnoCarnival, we showcase various state-of-the-art technologies, some of which have been co-developed with industry partners and are already in commercial rollout. These innovations demonstrate the tangible benefits of technology in daily life and inspire the public to explore their curiosity about science and innovation.”

He highlighted the InnoCarnival as a key platform to bridge the I&T community with the public. “This annual landmark event motivates young people to explore their potential and encourages them to pursue careers in Hong Kong’s growing I&T sector,” he added.

ASTRI’s booth (A08), located at the HKSP’s Atrium Link, features interactive games powered by its groundbreaking technologies “5G-SAT Link” and “Omniguard-All-Weather Multispectral Surveillance System” technologies. Visitors can also explore other advanced solutions on display, including the dual-purpose “SafeStop Dual-purpose Impact Dissipation Bollard”, the “Hybrid-Powered Asset Tracker”, and the award-winning “NIR Secure Anti-Counterfeit Solutions”, which received gold award at the prestigious Edison Awards.

1. 5G-SAT Link
ASTRI’s “5G-SAT Link” technology delivers seamless, comprehensive communications coverage—even in remote areas, emergency scenarios where infrastructure is compromised, or at sea and in the air.

2. Omniguard: All-Weather Multispectral Surveillance System
The “Omniguard” is equipped with exceptional fog penetration capabilities, superior contrast, and crystal-clear signal quality. Leveraging its advanced shortwave and longwave infrared sensors, the system can even detect non-metallic vessels that are difficult for radar systems to identify in harsh coastal environments.

3. SafeStop Dual-purpose Impact Dissipation Bollard
Developed by ASTRI, the “SafeStop Bollard” features a unique material design inspired by the retractable claw structure of cats. Its 3D tension-expansion composition allows it to effectively dissipate kinetic energy from moving vehicles, providing dual protection by blocking vehicles while minimising potential harm to occupants. Certified to meet international crash-test standards, the bollard’s shallow foundation design makes it ideal for fast and efficient installation in high-traffic urban locations.

4. Hybrid-Powered Asset Tracker
The “Hybrid-Powered Asset Tracker” enables efficient, real-time management of airport equipment such as baggage carts over extended periods. Supported by the Airport Authority Hong Kong, the tracker is compatible with airport wireless networks and utilises automatic Bluetooth-GPS switching for seamless indoor and outdoor location updates. With a long-lasting battery combined with an efficient, low-light solar panel, the tracker extends its lifespan from under two years to five years.

5. NIR Secure Anti-Counterfeit Solutions
The “NIR Secure Anti-Counterfeit Solutions” offer an innovative authentication system by embedding covert near-infrared (NIR) absorbing materials into product packaging. Users can verify product authenticity instantly using a smartphone, paired with an NIR reader and mobile app. Highly scalable and robust, this solution combats counterfeit goods while preserving the original product design and production workflow. Co-developed with Zhuhai Print-Rite New Materials Corporation Ltd., this technology sets a new benchmark in secure authentication.

Photos Download: https://bit.ly/4iguifh

About ASTRI

Founded in 2000 by the HKSAR Government, Hong Kong Applied Science and Technology Research Institute (ASTRI) is the city’s largest government-funded R&D centre. Committed to transforming high-impact research into practical innovations, ASTRI drives market-driven, interdisciplinary advancements across sectors, including Smart City, FinTech, Digital Health and Life Sciences, New Industrialisation and Intelligent Manufacturing, Application-Specific Integrated Circuits (ASIC) and Advanced Electronics, New Energy and Energy Storage, and Green and ESG Technologies. Following its merger with the Nano and Advanced Materials Institute, ASTRI has further strengthened its capabilities, with over 1,500 patents and 2,200 successful cases of technology transfer. Recognised with numerous international awards, ASTRI continues to nurture top I&T talent and foster collaborations among the I&T ecosystem, contributing to Hong Kong’s high-value economic development. For more information, please visit: https://www.astri.org 

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SOURCE Hong Kong Applied Science and Technology Research Institute (ASTRI)

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Best Magnetic Stand Cases for iPhone 18 Pro & iPhone 18 Pro Max in 2026: TORRAS Recognized as a Top Choice by Expert Consumers

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October 24, 2026

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NEW YORK, Oct. 24, 2026 /PRNewswire/ — Expert Consumers has recognized the TORRAS Magnetic Stand Case as a top choice for iPhone 18 Pro and iPhone 18 Pro Max users seeking built-in stand functionality, magnetic accessory support, and everyday convenience. The recognition highlights TORRAS’s Q-series and O-series lineup, including Q3 Spin, O3 Fitness, Q3 Silicone, Q3 Wind, Q3 VegSkin, and Q3 Air Essential.

Best MagSafe Cases:

TORRAS – offers magnetic stand cases with rotating and adjustable viewing mechanisms, support for compatible MagSafe accessories, and different materials and grip designs. Its Ostand lineup provides options for desk work, entertainment, fitness, travel, and everyday smartphone use.

As smartphones become increasingly central to video calls, navigation, streaming, and mobile work, the role of a phone case has expanded beyond protection. For consumers researching the best MagSafe case, the ability to position a phone hands-free, connect compatible accessories, and maintain comfortable everyday handling can make a meaningful difference.

Expert Consumers examined the features that matter when choosing a magnetic stand case, including stand practicality, viewing flexibility, magnetic functionality, charging compatibility, material feel, and documented durability features. The review highlights how TORRAS addresses these priorities through multiple stand configurations and case designs.

TORRAS Ostand Series Combines Stand and Magnetic Functionality

The TORRAS Ostand lineup integrates stand mechanisms into magnetic phone cases, reducing the need for separate hands-free viewing accessories. Rather than offering one universal configuration, the Q-series and O-series address different preferences for stand movement, grip, materials, and everyday use.

The TORRAS Q3 Spin features a 360-degree rotating ring stand that folds flat when not in use. The design supports flexible positioning for portrait video calls, landscape streaming, and desk use. For the iPhone 18 Pro version, TORRAS specifies an 18N magnetic holding force for compatible accessories and states that the stand mechanism has been tested through 30,000 rotations.

The TORRAS O3 Fitness offers additional adjustment for users who frequently move between handheld and hands-free activities. Available for iPhone 18 Pro and Pro Max, its aluminum stand provides 360-degree rotation, up to 180-degree tilt, and grip functionality. TORRAS lists 38 N56 magnets arranged in a Halbach array, delivering up to 18N of magnetic force. The design is particularly relevant for workouts, filming, travel, and video calls.

For users prioritizing a softer case feel, the TORRAS Q3 Silicone combines a liquid silicone exterior with a 360-degree rotating stand. Its documented iPhone 18 Pro Max version uses N52 magnets in a Halbach array for compatible magnetic charging and accessories. A microfiber interior and reinforced construction complement the soft-touch finish, supporting comfortable everyday handling.

The TORRAS Q3 Wind takes a related approach to comfort while offering a different stand configuration. Its iPhone 18 Pro Max version features 360-degree rotation and an opening range of up to 180 degrees. The stand can also function as a finger grip. TORRAS specifies N56 magnets in a Halbach array with an 18N magnetic holding force, combining flexible viewing with magnetic accessory support.

The TORRAS Q3 VegSkin emphasizes material finish alongside everyday functionality. Available for iPhone 18 Pro and Pro Max, it features an organic silicone-leather exterior and a 360-degree rotating aluminum stand. Its N56 Halbach magnetic system provides a stated 18N holding force. The combination makes it suitable for meetings, commuting, presentations, and users who prefer a more refined case appearance.

The TORRAS Q3 Air Essential combines rotating stand functionality with textured handling surfaces and Air Pro cushioning. Available in dedicated iPhone 18 Pro and Pro Max versions, it features a 360-degree rotating stand for hands-free viewing and a stated magnetic holding force of up to 18N. Its textured exterior is designed to support grip during everyday use, while cushioning provides an additional protective element.

Together, these models demonstrate how integrated stand cases can accommodate different routines without requiring users to rely on separate stands or grips.

Practical Features for Everyday Phone Use

A magnetic stand case becomes more useful when its design matches the way a phone is used. The TORRAS lineup includes configurations suited to several everyday situations:

Desk work and streaming: Q3 Spin provides a rotating ring stand for changing between portrait and landscape viewing.Fitness and filming: O3 Fitness combines 360-degree rotation, up to 180-degree tilt, and grip functionality for flexible positioning.Comfortable everyday handling: Q3 Silicone and Q3 Wind combine soft-touch finishes with adjustable stand mechanisms.Office use and commuting: Q3 VegSkin offers rotating stand functionality with a leather-inspired exterior.Travel and hands-free viewing: Q3 Air Essential combines a rotating stand with textured grip and cushioning.

Magnetic functionality is another shared consideration. The featured models support compatible MagSafe chargers and accessories, including magnetic mounts and wallets. However, magnet grades, arrangements, and attachment specifications differ between models.

These distinctions allow buyers to consider not only whether a case supports MagSafe accessories, but also how its stand mechanism and exterior design suit everyday habits.

Evaluating Durability, Handling, and Design

Expert Consumers’ evaluation considers the practical trade-offs of integrated stand cases. A built-in stand can reduce the need for additional accessories, but it also introduces a moving component that should be evaluated for convenience, durability, and comfort.

Stand construction varies across the lineup. Q3 Spin uses a rotating ring mechanism, while O3 Fitness offers additional tilt adjustment. Q3 Wind combines rotation with a wider opening range, and Q3 Silicone, Q3 VegSkin, and Q3 Air Essential provide their own approaches to rotating stand functionality.

Material choice also affects handling. The TORRAS magnetic stand case lineup includes soft silicone finishes, leather-inspired textures, and textured cushioning designs intended to address different preferences for grip and everyday carrying.

Manufacturer-stated testing offers additional product context. TORRAS reports 30,000 rotations for the Q3 Spin stand mechanism, although such figures should not be treated as guarantees of performance under every condition.

Protection features should also be considered separately from stand durability. Raised edges, cushioning, and reinforced construction may contribute to a case’s protective design, but the best choice ultimately depends on the intended phone model, handling preferences, and frequency of hands-free use.

A Complementary Screen-Protection Option

TORRAS also offers the SunView AR Ultra Screen Protector for iPhone 18 Pro and Pro Max, as well as iPhone 17 Pro and Pro Max.

The protector incorporates seven anti-reflective layers and two anti-fouling layers. TORRAS specifies film-only reflectance below 0.8%, light transmittance above 95%, and approximately 97% coverage through its 2.5D silk-screened glass.

Designed to reduce distracting reflections and fingerprint oils, the protector offers a complementary option for users who frequently check maps, messages, workout information, or camera previews outdoors.

Choosing a Magnetic Stand Case

Expert Consumers’ recognition of TORRAS highlights the growing importance of integrated stand functionality in everyday phone accessories. Rather than selecting a case solely for its appearance or magnetic attachment, buyers can consider viewing flexibility, stand construction, material feel, charging compatibility, and intended use.

The TORRAS Ostand lineup provides several approaches to these priorities. Q3 Spin emphasizes rotating viewing positions, O3 Fitness adds movement and grip flexibility, Q3 Silicone and Q3 Wind focus on comfortable handling, Q3 VegSkin combines functionality with a refined finish, and Q3 Air Essential balances adjustable viewing with textured grip and cushioning.

For consumers comparing magnetic stand cases for iPhone 18 Pro and iPhone 18 Pro Max, the most suitable option depends on viewing preferences, magnetic accessory compatibility, and everyday handling. Shoppers can explore the TORRAS Magnetic Stand Case to learn more about its integrated stand functionality and magnetic features.

The full review, including detailed product comparisons and buying considerations, is available at the Expert Consumers site.

About TORRAS

TORRAS creates technology accessories that combine protection, thoughtful engineering, and practical everyday function. Across the Q3 Air, Q3 Air Pro, and Ostand product lines, the brand challenges the idea that better protection must mean more bulk, while using Ostand to make hands-free use and spontaneous content capture part of daily life.

About ExpertConsumers.org: Expert Consumers delivers news and insights on consumer products and services. As an affiliate, Expert Consumers may earn commissions from sales generated using links provided.

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SOURCE ExpertConsumers.org

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2026 China Marine Economy Expo Kicks Off: Embarking Together on a Journey Toward Digital and Smart Ocean

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October 24, 2026

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SHENZHEN, China, Oct. 24, 2026 /PRNewswire/ — On October 22, Shenzhen World Exhibition & Convention Center was illuminated in a deep ocean blue as the 2026 China Marine Economy Expo—themed “Digital and Smart Ocean: Co-creating a Sustainable Future”—officially opened. Spanning an exhibition area of 50,000 square meters, the expo hosts over 350 enterprises and is expected to attract 25,000 professional visits. It focuses on core marine sectors and cutting-edge fields, featuring eight exhibition zones including integrated deep-sea and far-sea energy development and application, green shipping and low-carbon logistics, marine electronic information, marine ecology and sustainable development, offshore applications of the low-altitude economy, full-space marine monitoring and disaster early warning, marine biomedicine, and modern marine services and coastal cultural tourism, as well as three specialized exhibition zones dedicated to international participation, industrial clusters, and accelerated technological innovation, which together present the complete ecosystem of marine industries across their entire value chain.

The international zone stands as one of the most prominent core zones. For the first time, China Marine Economy Expo has introduced a Guest Country of Honor mechanism, with France serving as the inaugural honoree. France pavilion offers an immersive experience of its Mission Neptune, and showcases the achievements of Sino-French cooperation in deep-sea research, polar affairs, marine engineering, digital marine technologies, etc. in collaboration with Deep Blue Voyager 2035 global ocean expedition (an international cooperation initiative under UN Ocean Decade spearheaded by China Ocean Mineral Resources R&D Association) and Fujian Ocean Innovation Center.

Hainan, as the inaugural Guest Province of Honor, has brought its leading enterprises to the expo. The enterprises unveil solutions in deep-sea oil and gas, marine renewable energy, deep-sea equipment manufacturing, marine tourism, fisheries, modern marine services, marine biomedicine, subsea embodied-AI robots, large AI models for marine application, quantum-based marine communication and navigation, as well as progress in the development of service and support bases for South China Sea resource exploration, and maritime search and rescue facilities.

Many leading Chinese enterprises, industry front runners and emerging companies are present to demonstrate their capabilities.

Enterprises including China Merchants Group, China Communications Construction Group, China International Marine Containers, and Shenzhen Mawan Smart Port present innovations in smart shipping, offshore engineering and port operations. Tech companies like China Telecom, Huawei, Hikvision and China Unicom introduce cross-industry solutions covering large marine AI models, open sea networked communications, subsea cables and underwater connectors, and digital twin technology for the marine environment.

Underwater robotics section offers a particularly immersive experience. Companies such as CRRC SMD, Boya Gongdao, VVLAI, Sealien Robotics, Seahi, T-SEA Tech, QYSEA Technology, Chasing Innovation, and Wujiang Ocean showcase a diverse range of equipment from consumer-grade robots to 6,000 m industrial-grade submersibles, deep-sea trenching gear, and autonomous underwater exploration and imaging installations. Shenzhen Energy Group highlights a project integrating seawater electrolysis for hydrogen production with offshore wind power generation. SANYA Oceanographic Laboratory presents its Magic Needle large AI model for the South China Sea. ZJU-Hengyi Global Innovation Research Center, Zhejiang University features Haihong II deep-sea unmanned submersible.

There is also a wealth of standout innovations in marine materials and parts. Exhibits such as heavy plates for offshore engineering from Baosteel Zhanjiang Steel, deep-sea robotic arms from KathayBot, deep-sea optoelectronic connectors from Lansuo Technology, pressure resistant spherical hulls from Yancheng Huida Glass Instrument, and solid buoyancy materials from T21 offer visitors a glimpse into the essential materials and parts that underpin China’s major national equipment. Professional service organizations including China Classification Society, China Rescue & Salvage, and Shenzhen Court of International Arbitration provide expertise in areas ranging from testing and certification to emergency response, commercial arbitration, and legal services. Additionally, regional delegations from Guangdong, Hainan, Shanghai, Zhejiang, Shenzhen’s Dapeng and Bao’an districts, Huizhou, and Shantou stage a diverse array of marine projects and technological innovations.

Meanwhile, the 2026 Shenzhen Global Marine Economy Forum, serving as a premier platform for international exchanges within China Marine Economy Expo, took place from October 22 to 23. Nearly 50 high-level representatives and professionals from more than 10 countries and regions engaged in in-depth discussions to advance initiatives related to ecological conservation, the resilience of coastal cities, the value of blue carbon, blue finance, and sustainable urban development.

Industry matchmaking and investment promotion efforts also advance steadily, exemplified by events including International Shipping and Cross-Border Trade Matchmaking, Inaugural Greater Bay Area Blue Ocean Summit on University Sci-Tech Innovation and Capital, investment and financing roadshows by marine SMEs, and Investment Promotion for Shenzhen’s Marine Industries. Notably, the 2026 Investment Promotion for Shenzhen’s Marine Industries—held on October 23 and co-hosted by the Shenzhen Municipal Bureau of Marine Development and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, with the support of Bao’an, Longgang and Guangming districts—attracted representatives from around 100 enterprises and organizations specializing in high-end shipping, new energy vessels, deep-sea equipment and other related sectors.

From the technological feast inside exhibition halls to forums covering global ocean governance, blue finance and APEC regional cooperation, and further to city-wide ocean week, yacht shows and public science outreach activities, this edition of China Marine Economy Expo boasts both in-depth professional content for the marine sector and inclusive public experiences with a humanistic touch. It serves not only as a vivid microcosm of the transformation and advancement of China’s marine industries, but also as a vital link for deepening global maritime cooperation and venturing into deep ocean. By gathering guests from all over the world for a journey toward digitally-empowered smart ocean governance, the event ushers in a new chapter of high-quality development in the global marine economy.

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SOURCE 2026 China Marine Economy Expo (CMEE)

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