Technology

Allot Announces Fourth Quarter & Full Year 2023 Financial Results

Published

2 years ago

February 15, 2024

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,

2023

2022

2023

2022

(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

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,

2023

2022

2023

2022

(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)

–

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)

(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

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)

(0.01)

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,

2023

2022

2023

2022

(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)

–

$ (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,

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,

2023

2022

2023

2022

(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

116

Decrease in other assets

636

196

302

775

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

(305)

(13)

(712)

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

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)

(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)

–

251

Issuance of convertible debt

–

39,404

Net cash provided by (used in) financing activities

(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

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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SOURCE Allot Ltd.

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Meridian Singapore Immigration Launches New Website to Simplify the PR Application Journey for Foreigners in Singapore

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New online platform provides clear, structured guidance for Employment Pass and S Pass holders navigating Singapore’s residency and Permanent Residency pathways

SINGAPORE, April 30, 2026 /PRNewswire/ — Meridian Singapore Immigration Pte. Ltd. has officially launched its new website at meridianimmigration.sg, a resource built specifically for foreigners living and working in Singapore who are exploring Permanent Residency or long-term residency options.

The platform arrives at a time when Singapore’s expatriate and foreign professional community is growing rapidly, yet many EP and S Pass holders report struggling to find clear, reliable information on the PR application process. Singapore’s immigration framework is among the most structured in Southeast Asia, with eligibility criteria, documentation requirements, and submission windows that change frequently. For individuals navigating this process without professional guidance, the stakes are high and the margin for error is narrow.

Meridian’s website was built to address that gap directly. The platform offers detailed explanations of available immigration pathways, structured consultation options, and educational resources developed by the firm’s team of immigration specialists. Rather than presenting a services catalogue, the site walks users through the considerations relevant to their specific situation, whether they hold an Employment Pass, S Pass, or are planning for their family’s long-term residency in Singapore.

“We built this platform because we saw how overwhelming and confusing the immigration process can be for people who genuinely want to build their lives here,” said a spokesperson for Meridian Singapore Immigration. “Our goal is to be the trusted partner that walks them through every step with clarity and integrity.”

Singapore’s continued attractiveness as a regional hub for multinational corporations, financial institutions, and technology firms means the pipeline of foreigners seeking long-term residency options remains substantial. At the same time, the ICA’s PR application framework has grown more nuanced, with factors such as economic contributions, family ties, and community integration weighed during assessment. Applicants who proceed without a clear understanding of these criteria often submit applications that are either premature or structurally incomplete.

Meridian’s approach centres on preparation and transparency, helping applicants understand where they stand before they apply and what supporting documentation strengthens their case.

Meridian Singapore Immigration Pte. Ltd. is a professional immigration consultancy dedicated to guiding individuals and families through Singapore’s immigration process. Specialising in Permanent Residency (PR) applications, residency pathways, and compliance support, Meridian offers clear, structured solutions tailored to each client’s unique circumstances. Founded on the values of Guidance, Integrity, and Success, Meridian is committed to making immigration simple, transparent, and accessible for everyone. For more information, visit meridianimmigration.sg or contact info@meridianimmigration.sg / +65 8873 1113.

View original content:https://www.prnewswire.com/apac/news-releases/meridian-singapore-immigration-launches-new-website-to-simplify-the-pr-application-journey-for-foreigners-in-singapore-302757392.html

SOURCE Meridian Singapore Immigration Pte. Ltd.

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TOKYO, April 30, 2026 /PRNewswire/ — Socomec, a century-old electrical group specialising in mission-critical energy, and Japan’s Daitron, an electronics components distributor, have signed a partnership to deliver power conversion solutions and service backup power and electrical-switching systems across Japan.

The deal combines Socomec’s equipment with Daitron’s on-the-ground engineering team, which has more than 74 years of experience in the Japanese market. The two companies will handle everything from project delivery to ongoing maintenance and spare parts.

The partnership covers three product areas: uninterruptible power supplies (UPS), which keep facilities running during outages; power conversion systems, which ensure the availability and continuity of high-quality energy; and static transfer switches, which automatically reroute power loads between sources without interruption.

Beyond equipment sales, the agreement includes training, spare parts, long-term service contracts and a full range of expert services covering prevention, measurement and analysis, consultancy, deployment and optimisation. Socomec will provide product and technical training to Daitron’s team, while Daitron handles installation, servicing and day-to-day client support in Japan.

The target market spans data centres, semiconductor plants, industrial facilities, hospitals and green buildings, all areas where even brief power interruptions can prove costly. Data center demand in particular is surging, driven by the rapid expansion of artificial intelligence infrastructure, with colocation and enterprise facilities among the primary targets.

“Daitron knows the Japanese market inside and out. They have the people, the relationships, and the hands-on experience, and we bring the technology to match,” said Socomec Asia-Pacific CEO O’Niel Dissanayake. “It’s a natural fit, and together we can offer something neither company could deliver alone.”

“Japan’s data centres, chip factories and industrial plants all require power systems they can count on,” said Masaharu Kato, corporate officer of Daitron. “Socomec’s technology is exactly what these customers need, and our job is to make sure it’s installed, maintained and supported properly. That’s what we do best.”

The partnership comes as Japan faces a step change in power demand. Electricity consumption is expected to grow 5.3% over the next decade, driven by data centres and semiconductor factories, according to the country’s grid operator. Industrial energy demand alone is forecast to rise 18.3% over the same period.

That growth is creating strong demand for reliable power infrastructure. Data centres, for example, run around the clock and cannot afford downtime, making backup power and efficient energy management essential. Socomec’s systems are designed to reduce power consumption without sacrificing reliability, a balance that is becoming increasingly important as operators look to manage both costs and environmental commitments.

Both companies say project planning and bids are already underway, with a long-term goal of expanding the partnership’s reach across Japan as demand grows.

About Daitron

Daitron Co., Ltd. is a Japanese engineering and trading company founded in 1952 and headquartered in Osaka. Listed on the Tokyo Stock Exchange (TYO: 7609), Daitron sells and manufactures electronic components, semiconductor processing equipment and power supply systems. The company has more than seven decades of experience serving Japan’s electronics and manufacturing industries.

SOCOMEC: When energy matters

Founded in 1922, SOCOMEC is an independent industrial group of more than 4,800 experts spread across the world in 30 subsidiaries. Our vocation: design, manufacture and sale of electrical equipment, with a strong expertize in critical power applications. In 2025, SOCOMEC achieved a turnover of 997 million euros (not yet audited).

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SOURCE Socomec

Technology

Multi-Destination Travel Surges Across Asia-Pacific This Labour Day, Trip.com Group Data Shows

Published

4 hours ago

April 30, 2026

Multi-city travel across Asia-Pacific grew 35% year-on-yearMulti-city travel outpaces single-destination growth by more than 2xSoutheast Asia sees strong double-digit growth, with Thailand up to 52% YoY

SINGAPORE, April 29, 2026 /CNW/ — Multi-city travel across Asia-Pacific grew 35% year-on-year this Labour Day period, according to data from Trip.com Group. Several Asia-Pacific markets including Japan, South Korea, parts of Southeast Asia and Mainland China celebrate Labour Day, driving strong cross-border and domestic travel flows across the region.

Over 30% of international trips now span multiple destinations, highlighting a continued shift towards more complex, itinerary-led travel. This shift reflects a growing preference to maximise time and value with multiple destinations within a single trip rather than a single location.

Multi-destination trips become a defining travel pattern

While single-destination travel continues to account for most bookings, growth is increasingly driven by more complex itineraries. Multi-destination bookings are growing at more than twice the pace of single-destination travel, reflecting stronger demand for flexibility and deeper exploration.

Travellers are increasingly structuring trips across multiple cities to maximise both time and value, with popular combinations including:

Tokyo – Osaka – Kyoto (Japan)Seoul – Busan (South Korea)Bangkok – Phuket (Thailand)

These itineraries reflect a growing preference for multi-stop journeys that blend urban experiences with leisure destinations.

Southeast Asia sees fast growth in multi-destination travel

Across Southeast Asia, demand for multi-destination travel is rising steadily, with strong growth across key markets of Thailand: 52%, Malaysia: 40%, and Singapore: 17%, according to Trip.com Group data.

Top outbound destinations across Southeast Asian markets include Japan (Tokyo, Osaka), South Korea (Seoul), China (Shanghai, Beijing), Thailand (Bangkok), Indonesia (Bali).

In other parts of Asia such as Hong Kong SAR, multi-destination travel also grew by over 50% year-on-year, highlighting growing preference for more complex itineraries over traditional single-destination trips, particularly in well-connected urban markets.

In Mainland China, domestic travel remains a strong base, while overseas journeys are increasingly shaped by multi-destination itineraries, with over 40% of outbound trips spanning multiple destinations and continuing to grow.

This suggests that travellers in this region are increasingly combining multiple cities within a single trip, supported by strong regional connectivity.

Japan’s domestic travel momentum on the rise

Japan is also seeing shifts in domestic travel behaviour, even as outbound demand continues to grow.

In Japan, domestic travel is growing rapidly, indicating rising interest in travelling within the country, accounting for one-quarter of all flight bookings, and to cities such as Tokyo, Sapporo and Okinawa.

Intra-Asia travel dominates Labour Day demand

The Labour Day holiday period continues to be driven by regional travel within Asia-Pacific, with travellers favouring destinations that offer ease of access, diverse experiences, and flexible itineraries.

The Group’s data highlights the continued strength of short-haul travel, supported by strong connectivity and shorter flight durations.

More broadly, the way people travel across Asia-Pacific is evolving. Travellers taking a more deliberate approach to how they plan their trips. While cross-border journeys are increasingly shaped by multi-city itineraries, domestic travel remains a strong and steady part of the landscape. Together, these patterns point to a more flexible and value-conscious mindset, as travellers look to make the most of both time and budget.

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.