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Cheetah Mobile Announces Second Quarter 2024 Unaudited Consolidated Financial Results

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2 years ago

on

BEIJING, Sept. 13, 2024 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the second quarter ended June 30, 2024.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “In Q2, Cheetah Mobile achieved solid revenue growth of 12.3% year-over-year, with AI and others contributing around 40% of total revenue. Our service robotics business, both domestically and internationally, continues to drive growth. Customers choose us for our superior product experience, after-sales services, and strong AI capabilities, including far field speech recognition. With a team that brings extensive experience from the PC and mobile eras, we are investing in developing the best products to capture opportunities in the service robotics and LLMs markets. We remain focused on expanding our robotics use cases, advancing product innovation with LLMs, and growing our global presence. Rather than pursuing short-term gains, we are committed to achieving high-quality, long-term growth. We are confident in our ability to capture long-term opportunities ahead.”

Mr. Thomas Ren, Chief Financial Officer of Cheetah Mobile, stated, “In this quarter, we were able to reduce our operating loss compared to the previous quarter by strategically focusing on AI and service robots. Our operating margin, excluding share-based compensation expense for our legacy internet business, increased by 6.9 percentage points year over year and 4.5 percentage points quarter over quarter. Although Cheetah Mobile is still incurring losses, we generated more than RMB218 million in cash from operating activities in the second quarter, showcasing strong capabilities in cash generation and management. Moving forward, we are committed to continuing to enhance our operational efficiency and cash generation capabilities.”

Second Quarter 2024 Financial Highlight

Total revenues accelerated to a year-over-year growth of 12.3%, reaching RMB187.4 million (US$25.8 million) in the second quarter of 2024, driven by an increase in the delivery of the Company’s service robots in both domestic and international markets.

Revenues from internet business remained relatively flat year over year at RMB113.7 million (US$15.7 million) in the second quarter of 2024. In the second quarter of 2024, revenues generated from the internet business accounted for 60.7% of total revenues, compared to 69.1% in the same period last year.Revenues from AI and others increased by 42.8% year over year to RMB73.7 million (US$10.1 million) in the second quarter of 2024. The growth was primarily driven by an increase in the delivery of the Company’s service robots, following the acquisition of a controlling stake in Beijing OrionStar. In the second quarter of 2024, revenues generated from AI and others accounted for 39.3% of total revenues, compared to 30.9% in the same period last year.

Operating loss was RMB77.5 million (US$10.7 million) in the second quarter of 2024, compared to RMB65.6 million in the same period of last year. Non-GAAP operating loss was RMB62.5 million (US$8.6 million) in the second quarter of 2024, compared to RMB48.3 million in the same period of last year.

The increase in operating losses on a year-over-year basis was due to the Company’s investments in AI, which have helped it enhance the product experience of its service robots. As previously mentioned in the past earnings releases, Cheetah Mobile’s year-over-year costs and expenses increased, particularly associated with headcount and hardware.

Cost of revenues increased by 15.2% year over year to RMB65.9 million (US$9.1 million) in the second quarter of 2024, primarily resulting from the rise in the hardware-related costs for the Company’s service robots. Non-GAAP cost of revenues increased by 14.8% year over year to RMB65.5 million (US$9.0 million) in the second quarter of 2024.Research and development expenses increased by 14.5% year over year to RMB54.3 million (US$7.5 million) in the second quarter of 2024, primarily due to 1) amortization of intangible assets resulting from the acquisition of a controlling stake in Beijing OrionStar, 2) higher R&D personnel-related expenses following the acquisition of Beijing OrionStar. Non-GAAP research and development expenses increased by 3.3% year over year to RMB48.0 million (US$6.6 million) in the second quarter of 2024.Selling and marketing expenses increased by 17.3% year over year to RMB73.4 million (US$10.1 million) in the second quarter of 2024, primarily due to 1) increased marketing and promotion expenses related to our user acquisition for certain products of our internet business; and 2) increased personnel-related expenses as the Company increased its sales personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP selling and marketing expenses increased by 16.7% year over year to RMB72.8 million (US$10.0 million) in the second quarter of 2024.General and administrative expenses increased by 8.0% year over year to RMB71.6 million (US$9.9 million) in the second quarter of 2024, primarily due to increased personnel-related expenses as the Company increased the number of its G&A personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP general and administrative expenses increased by 26.9% year over year to RMB63.8 million (US$8.8 million) in the second quarter of 2024.

In terms of sequential performance, the Company was able to reduce its operating loss from RMB80.6 million in the first quarter of 2024 to RMB77.5 million in this quarter, and its non-GAAP operating loss from RMB66.4 million in the first quarter of 2024 to RMB62.5 million in this quarter. Notably, operating margin, excluding share-based compensation expense for the internet business, was 12.4% in the second quarter of 2024, an improvement from 7.9% in the first quarter of 2024 and 5.5% in the same period of last year.

As of June 30, 2024, the Company had cash and cash equivalents and short-term investments of RMB1,973.0 million (US$271.5 million).

As of June 30, 2024, the Company has long-term investments of RMB866.9 million (US$119.3 million). 

Conference Call Information

The Company will hold a conference call on September 13th, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 3980144

English Translation:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 7908950

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cmcm.com. 

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including but not limited to:

Non-GAAP cost of revenues excludes share-based compensation expenses;Non-GAAP gross profit excludes share-based compensation expenses;Non-GAAP gross margin excludes share-based compensation expenses;Total non-GAAP operating expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP research and development expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP general and administrative expenses exclude share-based compensation expenses;Non-GAAP operating profit/loss excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions; andNon-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation, interest income, depreciation and amortization, net income attributable to noncontrolling interests, other income, net and income tax expenses.

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Cheetah Mobile Inc. Reconciliation of GAAP and Non-GAAP Results”.

Investor Relations Contact

Helen Jing Zhu
Cheetah Mobile Inc.
Tel: +86 10 6292 7779
Email: ir@cmcm.com

 

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

December 31, 2023

June 30, 2024

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

2,020,191

1,972,676

271,449

Short-term investments

1,023

331

46

Accounts receivable, net

401,064

445,091

61,247

Prepayments and other current assets, net

973,127

1,334,395

183,619

Due from related parties, net

71,505

110,234

15,169

Total current assets

3,466,910

3,862,727

531,530

Non-current assets:

Property and equipment, net

53,884

54,962

7,563

Operating lease right-of-use assets

30,451

31,337

4,312

Intangible assets, net

218,559

204,476

28,137

Goodwill

576,989

576,989

79,396

Long-term investments

937,460

866,860

119,284

Due from related parties, net

–

25,287

3,480

Deferred tax assets

188,503

194,226

26,726

Other non-current assets

160,428

80,819

11,121

Total non-current assets

2,166,274

2,034,956

280,019

Total assets

5,633,184

5,897,683

811,549

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Bank loans

5,000

–

–

Accounts payable

170,185

159,787

21,987

Accrued expenses and other current liabilities

2,437,210

2,811,054

386,814

Due to related parties

84,147

83,311

11,464

Income tax payable

31,603

33,351

4,589

Total current liabilities

2,728,145

3,087,503

424,854

Non-current liabilities:

Deferred tax liabilities

54,540

51,870

7,138

Other non-current liabilities

189,943

182,178

25,069

Total non-current liabilities

244,483

234,048

32,207

Total liabilities

2,972,628

3,321,551

457,061

Mezzanine equity:

Redeemable noncontrolling interests

105,978

185,676

25,550

Shareholders’ equity:

Ordinary shares

244

246

34

Additional paid-in capital

2,711,875

2,716,472

373,799

Accumulated deficit

(613,102)

(816,978)

(112,420)

Accumulated other comprehensive income

356,854

381,288

52,467

Total Cheetah Mobile shareholders’ equity

2,455,871

2,281,028

313,880

Noncontrolling interests

98,707

109,428

15,058

Total shareholders’ equity

2,554,578

2,390,456

328,938

Total liabilities, mezzanine equity and shareholders’ equity

5,633,184

5,897,683

811,549

 

 

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share(or ADS) data)

For The Three Months Ended

For The Six Months Ended

June 30, 2023

June 30, 2024

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2024

RMB

RMB

USD

RMB

RMB

USD

Revenues

166,951

187,417

25,790

337,385

377,705

51,974

     Internet business

115,336

113,729

15,650

235,645

222,749

30,651

     AI and others

51,615

73,688

10,140

101,740

154,956

21,323

Cost of revenues (a)

(57,186)

(65,895)

(9,067)

(113,349)

(135,651)

(18,666)

Gross profit

109,765

121,522

16,723

224,036

242,054

33,308

Operating income and expenses:

Research and development (a)

(47,426)

(54,285)

(7,470)

(92,854)

(111,616)

(15,359)

Selling and marketing (a)

(62,561)

(73,396)

(10,100)

(130,827)

(148,532)

(20,439)

General and administrative (a)

(66,333)

(71,610)

(9,854)

(110,459)

(140,755)

(19,369)

Other operating income, net

944

228

31

2,215

736

101

Total operating income and expenses

(175,376)

(199,063)

(27,393)

(331,925)

(400,167)

(55,066)

Operating loss

(65,611)

(77,541)

(10,670)

(107,889)

(158,113)

(21,758)

Other income/(expenses):

Interest income, net

14,896

9,773

1,345

27,238

25,089

3,452

Foreign exchange losses

(48,684)

(7,564)

(1,041)

(34,221)

(10,841)

(1,492)

Other expense, net

(152,351)

(51,612)

(7,102)

(154,152)

(59,207)

(8,147)

Loss before taxes

(251,750)

(126,944)

(17,468)

(269,024)

(203,072)

(27,945)

Income tax (expenses)/ benefits

(3,583)

6,391

879

(3,761)

6,193

852

Net loss

(255,333)

(120,553)

(16,589)

(272,785)

(196,879)

(27,093)

Less: net income attributable to noncontrolling interests

3,461

3,288

452

4,608

6,997

963

Net loss attributable to Cheetah Mobile shareholders

(258,794)

(123,841)

(17,041)

(277,393)

(203,876)

(28,056)

Net loss per share

Basic

(0.1772)

(0.0841)

(0.0116)

(0.1925)

(0.1390)

(0.0191)

Diluted

(0.1774)

(0.0841)

(0.0116)

(0.1933)

(0.1391)

(0.0191)

Net loss per ADS

Basic

(8.8615)

(4.2042)

(0.5785)

(9.6239)

(6.9488)

(0.9562)

Diluted

(8.8693)

(4.2067)

(0.5789)

(9.6665)

(6.9542)

(0.9569)

Weighted average number of shares outstanding

Basic

1,454,090,428

1,495,962,672

1,495,962,672

1,452,066,835

1,495,088,007

1,495,088,007

Diluted

1,454,090,428

1,495,962,672

1,495,962,672

1,452,066,835

1,495,088,007

1,495,088,007

Weighted average number of ADSs outstanding

Basic

29,081,809

29,919,253

29,919,253

29,041,337

29,901,760

29,901,760

Diluted

29,081,809

29,919,253

29,919,253

29,041,337

29,901,760

29,901,760

Other comprehensive income/(loss) , net of tax of nil

Foreign currency translation adjustments

148,160

8,383

1,154

108,142

29,414

4,048

Unrealized losses on available-for-sale securities, net

(43,494)

(9,206)

(1,267)

(43,494)

(7,434)

(1,023)

Other comprehensive income/(loss)

104,666

(823)

(113)

64,648

21,980

3,025

Total comprehensive loss

(150,667)

(121,376)

(16,702)

(208,137)

(174,899)

(24,068)

Less: Total comprehensive income attributable to
noncontrolling interests

2,964

2,118

291

3,877

4,544

625

Total comprehensive loss attributable to Cheetah
Mobile shareholders

(153,631)

(123,494)

(16,993)

(212,014)

(179,443)

(24,693)

For The Three Months Ended

For The Six Months Ended

June 30, 2023

June 30, 2024

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2024

(a) Share-based compensation expenses

RMB

RMB

USD

RMB

RMB

USD

Cost of revenues

107

357

49

226

449

62

Research and development

958

116

16

870

408

56

Selling and marketing

195

154

21

391

110

15

General and administrative

16,091

7,831

1,078

16,643

15,076

2,075

Total

17,351

8,458

1,164

18,130

16,043

2,208

 

 

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for per share data )

For The Three Months Ended June 30, 2024

For The Six Months Ended June 30, 2024

GAAP

Share-based

Amortization of

Non-GAAP

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

Result

Compensation

intangible assets*

Result

RMB

RMB

RMB

RMB

USD

RMB

RMB

RMB

RMB

USD

Revenues

187,417

–

–

187,417

25,790

377,705

–

–

377,705

51,974

Cost of revenues

(65,895)

357

–

(65,538)

(9,018)

(135,651)

449

–

(135,202)

(18,604)

Gross profit

121,522

357

–

121,879

16,772

242,054

449

–

242,503

33,370

Research and development

(54,285)

116

6,156

(48,013)

(6,607)

(111,616)

408

12,312

(98,896)

(13,609)

Selling and marketing

(73,396)

154

469

(72,773)

(10,014)

(148,532)

110

938

(147,484)

(20,294)

General and administrative

(71,610)

7,831

–

(63,779)

(8,776)

(140,755)

15,076

–

(125,679)

(17,294)

Other operating income, net

228

–

–

228

31

736

–

–

736

101

Total operating income and expenses

(199,063)

8,101

6,625

(184,337)

(25,366)

(400,167)

15,594

13,250

(371,323)

(51,096)

Operating loss

(77,541)

8,458

6,625

(62,458)

(8,594)

(158,113)

16,043

13,250

(128,820)

(17,726)

Net loss attributable to Cheetah Mobile shareholders

(123,841)

8,458

6,625

(108,758)

(14,965)

(203,876)

16,043

13,250

(174,583)

(24,024)

Diluted losses per ordinary share (RMB)

(0.0841)

0.0057

0.0043

(0.0741)

(0.1391)

0.0107

0.0089

(0.1195)

Diluted losses per ADS (RMB)

(4.2067)

0.2850

0.2167

(3.7050)

(6.9542)

0.5350

0.4442

(5.9750)

Diluted losses per ADS (USD)

(0.5789)

0.0392

0.0299

(0.5098)

(0.9569)

0.0736

0.0611

(0.8222)

For The Three Months Ended June 30, 2023

For The Six Months Ended June 30, 2023

GAAP

Share-based

Non-GAAP

GAAP

Share-based

Non-GAAP

Result

Compensation

Result

Result

Compensation

Result

RMB

RMB

RMB

RMB

RMB

Revenues

166,951

–

166,951

337,385

–

337,385

Cost of revenues

(57,186)

107

(57,079)

(113,349)

226

(113,123)

Gross profit

109,765

107

109,872

224,036

226

224,262

Research and development

(47,426)

958

(46,468)

(92,854)

870

(91,984)

Selling and marketing

(62,561)

195

(62,366)

(130,827)

391

(130,436)

General and administrative

(66,333)

16,091

(50,242)

(110,459)

16,643

(93,816)

Other operating income, net

944

–

944

2,215

–

2,215

Total operating income and expenses

(175,376)

17,244

(158,132)

(331,925)

17,904

(314,021)

Operating loss

(65,611)

17,351

(48,260)

(107,889)

18,130

(89,759)

Net loss attributable to Cheetah Mobile shareholders

(258,794)

17,351

(241,443)

(277,393)

18,130

(259,263)

Diluted losses per ordinary share (RMB)

(0.1774)

0.0119

(0.1655)

(0.1933)

0.0125

(0.1808)

Diluted losses per ADS (RMB)

(8.8693)

0.5943

(8.2750)

(9.6665)

0.6243

(9.0422)

* This represents amortization of intangible assets resulting from business acquisitions.

 

CHEETAH MOBILE INC.

Information about Segment

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for percentage)

For The Three Months Ended June 30, 2024

For The Six Months Ended June 30, 2024

Internet Business

AI and others

Unallocated*

Consolidated

Internet Business

AI and others

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

USD

RMB

RMB

RMB

RMB

USD

Revenue

113,729

73,688

–

187,417

25,790

222,749

154,956

–

377,705

51,974

Operating profit/(loss)

14,159

(83,242)

(8,458)

(77,541)

(10,670)

22,821

(164,891)

(16,043)

(158,113)

(21,758)

Operating margin

12.4 %

(113.0) %

–

(41.4) %

(41.4) %

10.2 %

(106.4) %

–

(41.9) %

(41.9) %

For The Three Months Ended June 30, 2023

For The Six Months Ended June 30, 2023

Internet Business

AI and others

Unallocated*

Consolidated

Internet Business

AI and others

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

Revenue

115,336

51,615

–

166,951

235,645

101,740

–

337,385

Operating profit/(loss)

6,370

(54,630)

(17,351)

(65,611)

10,125

(99,884)

(18,130)

(107,889)

Operating margin

5.5 %

(105.8) %

–

(39.3) %

4.3 %

(98.2) %

–

(32.0) %

*Unallocated expenses refer to SBC expenses that are not allocated to individual segments.

 

 

CHEETAH MOBILE INC.

Reconciliation from Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

For The Three Months Ended

For The Six Months Ended

June 30, 2023

June 30, 2024

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2024

RMB

RMB

USD

RMB

RMB

USD

Net loss attributable to Cheetah Mobile shareholders

(258,794)

(123,841)

(17,041)

(277,393)

(203,876)

(28,056)

Add:

Income tax expenses/ (benefits)

3,583

(6,391)

(879)

3,761

(6,193)

(852)

Interest income, net

(14,896)

(9,773)

(1,345)

(27,238)

(25,089)

(3,452)

Depreciation and amortization

8,273

12,317

1,695

17,106

24,629

3,389

Net income attributable to noncontrolling interests

3,461

3,288

452

4,608

6,997

963

Other expense, net

201,035

59,176

8,143

188,373

70,048

9,639

Share-based compensation

17,351

8,458

1,164

18,130

16,043

2,208

Adjusted EBITDA

(39,987)

(56,766)

(7,811)

(72,653)

(117,441)

(16,161)

 

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SOURCE Cheetah Mobile

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Would You Trust It? ANSI’s 2027 Student Paper Competition Asks Students How Standards Build Confidence

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October 30, 2026

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Competition Open to High School and College Students; Cash Prizes Available

NEW YORK, Oct. 30, 2026 /PRNewswire/ — The American National Standards Institute (ANSI) and its Committee on Education (CoE) today announced the launch of the 2027 Student Paper Competition, inviting high school and college students nationwide to explore how standards help the products, services, and technologies people rely on earn their trust. Entries are due by June 11, 2027.

About the 2027 Theme

Now in its sixteenth year, the theme for the 2027 paper competition is “Would You Trust It? Exploring How Standards Build Confidence in Products, Services, and Emerging Technologies.”

Every day, people rely on products and services they can’t personally inspect or test, and few stop to ask why they feel so sure about any of it. The 2027 competition asks students to dig into that confidence with one central question: What makes something trustworthy, and how do standards help get it there? For example, how can you be sure your sports helmet will protect your head? What prevents an e-bike battery from catching fire? Why is it safe to type your credit card number into a website? And would you trust a drone to drop your order at the right doorstep?

Research Areas

Students should choose one of three focus areas and examine how standards build confidence within it.

Products—Put Trust to the Test: The Standards Behind the Stuff You Buy, Wear, and Use

Sports Equipment, Clothing, and Wearables (helmet impact testing, flame-resistant children’s sleepwear, care labels, fitness trackers and smartwatches)Autonomous and Micromobility Vehicles (self-driving car safety and testing, e-bike and e-scooter battery fires, collision safety)Food Safety (preventing and detecting the most common foodborne pathogens, such as Salmonella, Listeria, E. coli, and norovirus)

Services—Put Trust to the Test: Standards That Protect What You Share, Order, and Pay For

Social Media and E-Commerce (online privacy, age verification, secure payments, banking and card-security standards)

Food Delivery (drone delivery safety, temperature control in transit, allergen and ingredient labeling, tamper-evident packaging)

Emerging Technology—Put Trust to the Test: Standards That Help New Technology Earn Our Confidence and Gain Adoption

Artificial Intelligence (transparency, testing, risk management, responsible use)

Biometrics (fingerprint, face, and voice recognition; accuracy, spoofing prevention, protecting personal data)

Students with a different idea may propose their own topic, subject to approval, by contacting Lisa Rajchel (lrajchel@ansi.org).

Submission and Prize Information

All entries must meet the requirements in the ANSI 2027 Student Paper Competition flyer. Submissions must be original work (not AI-generated) and must not have been previously published.

Winning entries will be published on ansi.org and potentially in other media outlets. They will also be shared widely with the domestic and international standards community, including experts in government, industry, professional societies, and academic institutions.

Every qualifying submission earns the student a $20 gift card and a certificate of submission. The top high school paper wins $1,000, and the top paper from a student at an institution of higher learning wins $1,500. ANSI reserves the right to award no prizes based on the judges’ determination.

For full submission criteria, access the ANSI 2027 Student Paper Competition flyer. Email entries by June 11, 2027, to Lisa Rajchel, lrajchel@ansi.org. The winning papers will be announced in August 2027.

Resources for Research

ANSI has developed a list of suggested resources for research and reference:

Access materials for K-12 students 

Learn more about voluntary consensus standards and American National Standards

Search a list of approved American National StandardsSearch the organizations accredited by ANSI to develop American National Standards

Search for international standards from the International Organization for Standardization (ISO)

Search for international electrotechnical standards from the International Electrotechnical Commission (IEC)

Check out some user-friendly ANSI resources that show the breadth of standards’ impact

Read more about consumer safety, digital trust, AI, and other topics on ANSI’s online news archive or www.ansi.org

Read about the 2026 winners covering the theme “Imagine a World Without Standards or Rules—What Would Happen?” and view all previous years’ winning papers in the competition archive.

About the ANSI Committee on Education

The ANSI Committee on Education oversees all Institute initiatives related to standards and conformity assessment education and outreach, fulfills the objectives of the United States Standards Strategy (USSS), and responds to other issues that may be delegated by the Board of Directors, Executive Committee, or the National Policy Advisory Group.

About ANSI

The American National Standards Institute (ANSI) is a private nonprofit organization whose mission is to enhance both the global competitiveness of U.S. business and the U.S. quality of life by promoting and facilitating voluntary consensus standards and conformity assessment systems, and safeguarding their integrity. Its membership is comprised of businesses, professional societies and trade associations, standards developers, government agencies, and consumer and labor organizations.

The Institute represents and serves the diverse interests of more than 270,000 companies and organizations and 30 million professionals worldwide. ANSI is the official U.S. representative to the International Organization for Standardization (ISO) and, via the U.S. National Committee, the International Electrotechnical Commission (IEC). For more information, visit www.ansi.org and access the latest news and content on LinkedIn, X, and Facebook.

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SOURCE American National Standards Institute

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Orbis International commits to helping improve eye health for more than 18 million people

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48 minutes ago

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October 30, 2026

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Global commitment announced during the first Global Summit for Eye Health will strengthen the global eye health workforce, expand quality cataract care, and implement AI screening

NEW YORK, Oct. 30, 2026 /PRNewswire/ — Global eye care nonprofit Orbis International is committing an estimated US$32 million in financial and technical contributions from 2027 through 2030 to help strengthen eye health systems and expand access to quality eye care. The commitment aims to contribute to better eye health outcomes for more than 18 million people worldwide and support the professional development of more than 250,000 eye health professionals.

The commitment is being made in connection with the first Global Summit for Eye Health, hosted by the Government of Antigua and Barbuda in technical collaboration with the World Health Organization (WHO). The Summit brings together leaders from government, the public and private sectors, NGOs, and funding institutions to share ambitious commitments in order to reach the 1 billion people living with avoidable vision loss.

Orbis has endorsed the St. John’s Global Compact for Eye Health and its shared agenda for action, investment, and accountability. Orbis’s Summit commitments put that support into practice through workforce development, quality cataract care, and responsible use of digital technology and artificial intelligence.

“The Global Summit for Eye Health is an opportunity to turn shared ambition into practical action. Orbis supports the St. John’s Global Compact and is committing our expertise and resources to help countries build the workforce and systems needed to deliver lasting improvements in eye health,” said Kathleen Sherwin, President and CEO of Orbis International. “Working alongside governments and partners, we will focus on quality care and reaching people who too often go without it, particularly women, girls, and underserved communities.”

At the center of the commitment is a simple principle: lasting progress depends on countries having the people, skills, and systems to deliver quality eye care. Orbis International will work alongside ministries of health, WHO, the International Agency for the Prevention of Blindness (IAPB), civil society, professional associations, and private-sector partners, supporting country-led priorities and locally-led approaches.

Training more eye health professionals

One of the biggest barriers to quality eye care is access to a skilled workforce. By 2030, Orbis International plans to support the ongoing professional development of more than 250,000 eye health professionals globally, including through Cybersight, the world’s leading digital platform for eye health–connecting learning, mentorship, AI, and clinical support to strengthen eye-health systems at scale.

Orbis International will continue providing free access to Cybersight through 2030, representing an estimated US$15 million contribution over four years. Its capabilities will also be made available to support IAPB learning, training, and development initiatives.

“There is a global crisis in eye health: the lack of a trained workforce to treat and prevent conditions that cause blindness,” said Hunter Cherwek, Chief Medical Officer at Orbis International. “And the demand for trained professionals is only growing with the increase in the number of people with sight-threatening conditions who need eye care. These commitments help governments build that workforce, and Cybersight lets us reach professionals wherever they work.”

Expanding access to quality cataract care

Cataract is the leading cause of blindness globally; timely, high-quality surgery can restore sight. Orbis International will invest the equivalent of US$17 million in financial and technical contributions between 2027 and 2030 to strengthen the eye health workforce, improve surgical quality, build institutional capacity, and expand access to high-quality cataract services. The work will contribute toward WHO’s 2030 cataract targets and the SEE 2045 global initiative.

Working with governments and partners, including Alcon, Orbis International will support cataract training through hands-on clinical experience, digital learning, mentorship, and simulation.

“Closing the gap between what modern eye care can achieve and what patients can access is one of the most important eye health challenges of our time,” said David J. Endicott, Alcon’s Chief Executive Officer. “Solving it will require collaboration, investment, and a shared commitment to building the workforce and capacity needed to bring quality eye care to more people around the world.”

Bringing responsible AI into routine eye care

Beginning in 2027, Orbis International will partner with the Government of Antigua and Barbuda to integrate AI-assisted diabetic retinopathy screening into routine diabetes care, supporting the Prime Minister’s Vision Initiative. The partners will work toward screening at least 80% screening coverage among people receiving diabetes care by 2030, with referral, diagnosis, treatment, and follow-up pathways for patients who need further care.

“Antigua and Barbuda is proud to strengthen its partnership with Orbis International to make quality eye care accessible, equitable and sustainable for all,” said Walton Webson, Permanent Representative of Antigua and Barbuda to the United Nations. “Beginning in 2027, this collaboration will advance AI-assisted screening for diabetic retinopathy, strengthen local capacity and expand early detection. Together with the support of other international partners, it will help us build a comprehensive eye care model that can be adapted across the Caribbean and other Small Island Developing States. Our ambition is clear: to protect sight, expand opportunity and demonstrate that small island nations can lead in inclusive health innovation. No one should lose their sight—or their opportunity to thrive—to a condition we have the means to prevent or treat.”

Orbis International will also generate evidence and share lessons from the program to help inform the responsible adoption and potential scale-up of similar approaches in other countries.

A commitment to lasting change

The commitments build on Orbis International’s approach of investing in eye care professionals and institutions, so improvements continue long after an individual program ends. Orbis will provide direct support to strengthen government-led systems and institutions in 16 countries, while offering global access to learning, mentorship, and clinical support through Cybersight across more than 200 countries and territories. Its approach will place particular attention on women, girls, and underserved communities. Its work combines training with partnerships, technology, and health-system strengthening designed to bring quality care closer to the communities that need it.

The commitments will run from January 2027 through December 2030, covering priority areas including cataract, diabetic retinopathy, childhood eye health, and refractive error.

About Orbis International

Orbis International works around the world to prevent blindness and restore sight for children and adults in places where eye care is out of reach—so vision problems don’t make it harder to learn, earn a living, or enjoy life. Around 1.1 billion people live with vision loss, but with the right care, 90% of it is completely avoidable. That is why Orbis trains doctors, nurses, and other eye care professionals to provide care in their own communities—and works to make sure people of all ages can access the eye exams, glasses, medicine, and surgeries they need to protect and restore their sight. Orbis began this work more than 40 years ago with the Flying Eye Hospital, a teaching hospital on a plane that brings expert training and care where they’re needed most. Today, we also work with local hospitals and clinics across Africa, Asia, and Latin America to make eye care available to more people, and we use and develop technology—like our award-winning Cybersight e-learning and telehealth platform, artificial intelligence screening, and virtual reality training—to help eye care teams treat patients more effectively. To learn more, please visit orbis.org.

MEDIA CONTACT
Jenna Montgomery
Associate Director, Global Communications and Marketing
jenna.montgomery@orbis.org

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ERMProtect Selected to Present on U.S. Cybersecurity and Cybercrime to International Delegation

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October 30, 2026

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MIAMI, Oct. 30, 2026 /PRNewswire/ — ERMProtect, a leading cybersecurity and digital forensics firm, was nominated by Global Ties Miami and selected by the U.S. Department of State to share its expertise with a delegation from 32 countries participating in the State Department’s International Visitor Leadership Program on Oct. 29, 2026.

During the session, ERMProtect led an in-depth discussion about how the United States addresses cybercrime through a combination of laws and regulations, cybersecurity standards, law enforcement and private-sector expertise. The ERMProtect team discussed U.S. approaches to preventing and responding to cyberattacks, shared practical insight into how digital forensics and cybercrime investigations are conducted, and addressed threats such as data breaches, cryptocurrency theft, fraud, and ransomware.

Representing ERMProtect were Silka Gonzalez, President and Founder; Ana Maria Martinez, In-House Counsel and Consultant; and Dr. Collin Connors, AI Practice Lead.

Global Ties connects international leaders with U.S. counterparts to exchange expertise and build relationships that can help address shared global challenges. The Miami office is led by its President and CEO Athena Passera, Ph.D.

Miami was the delegation’s final U.S. stop. Participants included professionals working in cybercrime investigations, cybersecurity policy, law enforcement, national cyber defense, government, academia, law and the private sector. They represented countries across Europe and Eurasia, including Armenia, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Denmark, France, Georgia, Greece, Hungary, Malta, North Macedonia, Poland, Serbia, Slovenia, Switzerland and Turkey.

Global Ties Miami serves as South Florida’s local hub for international exchange, bringing international visitors together with local professionals and communities through citizen diplomacy and professional programs.

The exchange reinforced a central message: Cybersecurity crosses borders, making international collaboration and information- sharing critical to combating cybercrime.

About ERMProtect
ERMProtect is a leading cybersecurity firm headquartered in Miami, with over 28 years of experience helping organizations secure their environments, protect their data, and ensure compliance. Serving hundreds of clients across 40+ industries worldwide, ERMProtect offers a full suite of cybersecurity services including compliance and IT security audits, penetration testing, PCI compliance, incident response, data breach and fraud investigations, AI implementation, outsourcing, and on-demand security consulting. The company’s training division offers a 100+ module library of Security Awareness Training and in-person, PhD-led sessions that teach organizations how to protect data and incorporate better security.

About Global Ties Miami
Global Ties Miami brings international visitors and South Florida communities together through citizen diplomacy and international exchange. Its mission is to foster global understanding, cooperation, goodwill, and friendships while working toward a more peaceful and prosperous world. The organization hosts international visitors and facilitates connections with South Florida professionals and communities.

Learn more about Global Ties at https://www.globaltiesmiami.org/ and https://www.globaltiesus.org/.

Learn more about ERMProtect at www.ermprotect.com

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