Technology
Freightos Reports Third Quarter 2024 Results: Revenue Up 21%, Record Since Going Public
Published
2 years agoon
By
Full-year revenue guidance now at the higher end of the previous range, Adjusted EBITDA guidance up
BARCELONA, Spain, Nov. 25, 2024 /PRNewswire/ — Freightos Limited (NASDAQ: CRGO), a leading vendor-neutral digital booking and payment platform for the international freight industry, today reported financial results for the quarter ended September 30, 2024. The consistent growth trend continued, with record Transactions, record revenue, and the highest revenue growth rate and highest adjusted EBITDA since going public.
“Our strong third-quarter results highlight the transformative impact our platform is making in freight digitalization,” said Zvi Schreiber, CEO of Freightos. “We saw impressive growth in transaction volumes, driven by our expanding network of engaged buyers and sellers. The addition of Shipsta has further strengthened our solution portfolio and our customer base of enterprise shippers. We continued releasing product features at a high rate including AI-powered features that leverage our significant industry traction. These innovations underscore the growing reliance of the industry on digital solutions to bring transparency, efficiency, and resilience to global freight, a shift in which Freightos plays a pivotal role.”
“Our third-quarter results once again exceeded expectations across all key metrics,” said Ran Shalev, CFO of Freightos. “We’re pleased not only with our strong performance in transactions, Gross Booking Value (GBV), revenue, and adjusted EBITDA, but also with our ability to update guidance for the final quarter of 2024. We are increasing Adjusted EBITDA guidance and expecting that revenue will be towards the top end of previous guidance. This performance reflects our continued commitment to growth and efficiency, further reinforcing our path toward achieving positive Adjusted EBITDA by the end of 2026 on existing cash reserves.”
Third Quarter 2024 Financial Highlights
Revenue of $6.2 million for the third quarter of 2024, an increase of 21% compared to $5.1 million in the third quarter of 2023.IFRS Gross Margin of 65.0%, up from 54.9% in the third quarter of 2023. Non-IFRS Gross Margin of 72.7%, up from 69.5% for the third quarter of 2023.IFRS operating loss of $4.9 million, compared to an operating loss of $9.3 million for the third quarter of 2023.Adjusted EBITDA of negative $2.8 million, compared to negative $4.1 million for the third quarter of 2023.Cash and cash equivalents and short term bank deposit amounting to $41.3 million as of September 30, 2024.
Recent Business Highlights
Shipsta: In the third quarter, Freightos successfully integrated Shipsta, a leading freight tender procurement platform serving dozens of Global 1000 enterprises, following its acquisition in August. The integration is progressing as planned, and the cross-introduction of Shipsta’s offerings to Freightos’ customer base – and vice versa – is already gaining promising traction.Transactions Growth: Freightos achieved a record 339.1 thousand Transactions in the third quarter of 2024, up 26% year over year. This was the 19th consecutive quarter of record Transactions. The Platform continues its consistent outperformance compared to the market growth: In the third quarter, global air cargo volumes (according to IATA data) grew 11% year on year, and global ocean shipping volumes (according to CTS) grew 4.2%.Carrier Growth: The number of carriers selling on the Platform, primarily on WebCargo, increased to 55 for the third quarter of 2024. Among the recent carrier additions are Qantas and Air India (via the GSA Euro Cargo Aviation). Freightos also recently announced the addition of Pacific Air Cargo and HNA Cargo to its platform.Unique Buyer Users: The number of Unique buyer users digitally booking freight services across the Freightos Platform grew by 14% compared to the third quarter of 2023, reaching 19.7 thousand.Gross Booking Value Growth: Gross Booking Value (GBV) was $217.5 million in the third quarter, up 35% compared to the third quarter of 2023, significantly exceeding management’s expectations.Revenue Growth: Revenue of $6.2 million reflected particularly strong growth from the WebCargo by Freightos platform, from customs clearance services, and from SaaS Solutions including Shipsta. Total Platform revenue in the third quarter was $2.3 million, up 29% from the third quarter of 2023, and Solutions revenue was $3.9 million, up 18% year over year.
Financial Outlook
Management Expectations
Q4 2024
FY 2024
Transactions
338.5 – 348.5
1,289.5 – 1,300.0
Year over Year Growth
18% – 21%
26% – 27%
GBV (m)
$ 257.0 – $ 265.0
$ 870.5 – $ 878.5
Year over Year Growth
37% – 41%
30% – 31%
Revenue (m)
$ 6.4 – $ 6.5
$ 23.6 – $ 23.7
Year over Year Growth
21% – 24%
16% – 17%
Adjusted EBITDA (m)
$ (3.2) – $ (3.1)
$ (12.7) – $ (12.6)
This outlook assumes freight price levels and freight volumes as of Nov 15th, 2024
Earnings Webcast
Freightos’ management will host a webcast and conference call to discuss the results today, November 25 at 8:30 a.m. EST. To participate in the call, please register at the following link:
https://freightos.zoom.us/webinar/register/WN_1KFr9f-1TRmTzd3wVW4GKw
Following registration, you will be sent the link to the conference call which is accessible either via the Zoom app, or alternatively from a dial-in telephone number.
Questions may be submitted in advance to ir@freightos.com or via Zoom during the call.
A replay of the webcast, as well as the conference call transcript, will be available on Freightos’ Investor Relations website following the call.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which include the financial outlook of Freightos, are based on various assumptions, whether or not identified in this press release, and on the current expectations of Freightos, and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Freightos. These forward-looking statements are subject to a number of risks and uncertainties, including including Freightos’ ability to successfully integrate the Shipsta business without disruption to its business; the ongoing military conflict in the Middle East; Freightos’ ability to effectively execute its previously announced operational efficiency and cost reduction plan without undue disruption to its business; competition and the ability of Freightos to build and maintain relationships with carriers, freight forwarders and importers/exporters and retain its management and key employees; changes in applicable laws or regulations; any downturn or volatility in economic conditions whether related to inflation, armed conflict or otherwise; changes in the competitive environment affecting Freightos or its users, including Freightos’ ability to introduce new products or technologies; risks to Freightos’ ability to protect its intellectual property and avoid infringement by others, or claims of infringement against Freightos; and those additional factors discussed under the heading “Risk Factors” in Freightos’ annual report on Form 20-F filed with the SEC on March 21, 2024, and any other risk factors Freightos includes in any subsequent reports of foreign private issuer on Form 6-K furnished to the SEC. If any of these risks materializes or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Freightos is not aware presently or that Freightos currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Freightos’ expectations, plans or forecasts of future events and views as of the date of this press release. Freightos anticipates that subsequent events and developments will cause Freightos’ assessments to change. However, while Freightos may elect to update these forward-looking statements at some point in the future, Freightos specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Freightos’ assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Financial Information; Non-IFRS Financial Measures
While certain financial figures included in this press release have been computed in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, this press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”.
This press release includes certain financial measures not presented in accordance with generally accepted accounting principles of the IFRS including, but not limited to, Adjusted EBITDA. These non-IFRS measures differ from the most directly comparable measures determined under IFRS. For the historical non-IFRS results included herein, we have provided tables at the end of this press release providing a reconciliation of those results to our results achieved under the most directly comparable IFRS measures. For the forward-looking non-IFRS data included under “Financial outlook”, we have not included such a reconciliation, because the reconciliation of forward-looking data cannot be prepared without unreasonable effort. Our results and forecasts expressed as non-IFRS measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Freightos believes that Adjusted EBITDA and other non-IFRS measures provide useful information to investors and others in understanding and evaluating Freightos’ operating results because they provide supplemental measures of our core operating performance and offer consistency and comparability with both our own past financial performance and with corresponding financial information provided by peer companies. Certain monetary amounts, percentages and other figures included in this press release have been subject to rounding adjustments, and therefore may not sum due to rounding.
Glossary
We have provided below a glossary of certain terms used in this press release:
● Transactions: Number of bookings for freight services, and related services, placed by Buyers across the Freightos platform with third-party sellers and with Clearit. Sellers of Transactions include Carriers (that is, airlines, ocean liners and LCL consolidators) and also other providers of freight services such as trucking companies, freight forwarders, general sales agents, and air master loaders. The number of transactions booked on the Freightos platform in any given time period is net of transactions that were canceled prior to the end of the period. Transactions booked on white label portals hosted by Freightos are included if there is a transactional fee associated with them.
● Carriers: Number of unique air and ocean carriers, mostly airlines, that have been sellers of transactions. For airlines, we count booking carriers, which include separate airlines within the same carrier group. We do not count dozens of other airlines that operate individual segments of air cargo transactions, as we do not have a direct booking relationship with them. Carriers include ocean less-than-container load (LCL) consolidators. In addition, we only count carriers when more than five bookings were placed with them over the course of a quarter.
● Unique buyer users: Number of individual users placing bookings, typically counted based on unique email logins. The number of buyers, which counts unique customer businesses, does not reflect the fact that some buyers are large multinational organizations while others are small or midsize businesses. Therefore, we find it more useful to monitor the number of unique buyer users than the number of buyer businesses.
● GBV: Total value of transactions on the Freightos platform, which is the monetary value of freight and related services contracted between buyers and sellers on the Freightos platform, plus related fees charged to buyers and sellers, and pass-through payments such as duties. GBV is converted to U.S. dollars at the time of each transaction on the Freightos platform. This metric may be similar to what others call gross merchandise value (GMV) or gross services volume (GSV). We believe that this metric reflects the scale of the Freightos platform and our opportunities to generate platform revenue.
● Adjusted EBITDA: Loss before income taxes, finance income, finance expense, share-based compensation expense, depreciation and amortization, changes in the fair value of contingent consideration, operating expense settled by issuance of shares, share listing expense, change in fair value of warrants, transaction-related costs, non-recurring expenses associated with the business combination with Gesher I Acquisition Corp, acquisition-related costs and reorganization expenses.
● Platform revenue: Fees charged to buyers and sellers in relation to transactions executed on the Freightos platform. For bookings conducted by importers/exporters, our fees are typically structured as a percentage of booking value, depending on the mode and nature of the service. When freight forwarders book with carriers, the sellers often pay a pre-negotiated flat fee per transaction. When sellers transact with a buyer who is a new customer to the seller, we may charge a percentage of the booking value as a fee.
● Solutions revenue: Primarily subscription-based SaaS and data. It is typically priced per user or per site, per time period, with larger customers such as multinational freight forwarders or enterprise shippers often negotiating fixed, all-inclusive subscriptions. Revenue from our Solutions segment includes certain non-recurring revenue from services ancillary to our SaaS products, such as engineering, customization, configuration and go-live fees, and data services for digitizing offline data.
About Freightos
Freightos® (NASDAQ: CRGO) is the leading vendor-neutral global freight booking platform. Airlines, ocean carriers, thousands of freight forwarders, and well over ten thousand importers and exporters connect on Freightos, making world trade faster, more efficient and more resilient.
The Freightos platform digitizes the trillion dollar international freight industry, supported by a suite of software solutions that span pricing, quoting, booking, shipment management, and payments for global businesses of all shapes and sizes. Products include the Freightos Marketplace, WebCargo, WebCargo for Airlines, Shipsta by Freightos, 7LFreight by WebCargo, and Clearit.
Freightos is a leading provider of real-time industry data via Freightos Terminal, which includes the world’s leading spot pricing indexes, Freightos Air Index (FAX) for air cargo and Freightos Baltic Index (FBX) for container shipping.
More information is available at freightos.com/investors.
Contacts
Media:
Tali Aronsky
press@freightos.com
Investors:
Anat Earon-Heilborn
ir@freightos.com
(In thousands)
September 30, 2024
December 31, 2023
(unaudited)
Assets
Current Assets:
Cash and cash equivalents
$ 14,550
$ 20,165
User funds
4,471
3,553
Trade receivables, net
2,716
1,880
Short-term bank deposit
26,774
20,000
Short-term investments
–
11,520
Other receivables and prepaid expenses
1,660
2,598
50,171
59,716
Non-current Assets:
Property and equipment, net
475
583
Right-of-use assets, net
1,422
1,577
Intangible assets, net
9,699
7,607
Goodwill
18,220
15,628
Deferred taxes
1,128
969
Other long-term assets
1,616
1,605
32,560
27,969
Total assets
$ 82,731
$ 87,685
Liabilities and Equity
Current liabilities:
Current maturity of lease liabilities
697
587
Trade payables
3,852
3,113
User accounts
4,471
3,553
Warrants liabilities
1,040
1,485
Accrued expenses and other payables
7,248
4,931
17,308
13,669
Long Term Liabilities:
Lease liabilities
538
712
Employee benefit liabilities, net
1,293
1,256
Other long-term liabilities
–
6
1,831
1,974
Equity:
Share capital
*)
*)
Share premium
260,309
256,194
Foreign currency translation reserve
89
–
Reserve from remeasurement of defined benefit plans
27
27
Accumulated deficit
(196,833)
(184,179)
Total equity
63,592
72,042
Total liabilities and equity
$ 82,731
$ 87,685
*) Represents an amount lower than $1.
(in thousands, except share and per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
Revenue
$ 6,185
$ 5,107
$ 17,198
$ 15,023
Cost of revenue
2,162
2,305
6,151
6,493
Gross profit
4,023
2,802
11,047
8,530
Operating expenses:
Research and development
2,557
2,992
7,458
9,006
Selling and marketing
3,363
3,944
10,192
11,025
General and administrative
2,965
4,274
8,307
10,353
Reorganization
–
884
–
884
Share listing expense (1)
–
–
–
46,717
Transaction-related costs
–
–
–
3,703
Total operating expenses
8,885
12,094
25,957
81,688
Operating loss
(4,862)
(9,292)
(14,910)
(73,158)
Change in fair value of warrants
1,485
1,577
445
8,981
Finance income
654
677
1,929
2,367
Finance expenses
(18)
(64)
(155)
(287)
Financing income, net
636
613
1,774
2,080
Loss before taxes on income
(2,741)
(7,102)
(12,691)
(62,097)
Income taxes (tax benefit), net
(17)
58
(37)
61
Loss
$ (2,724)
$ (7,160)
$ (12,654)
$ (62,158)
Other comprehensive loss (net of tax effect):
Amounts that will be or that have been
reclassified to profit or loss when specific
conditions are met:
Adjustments arising from translating
financial statements of foreign operations
89
–
89
–
Total components that will be or that
have been reclassified to profit or loss
89
–
89
–
Total comprehensive loss
$ (2,635)
$ (7,160)
$ (12,565)
$ (62,158)
Basic and diluted loss per Ordinary share
$ (0.06)
$ (0.15)
$ (0.26)
$ (1.43)
Weighted average number of shares
outstanding used to compute basic and
diluted loss per share
48,846,805
47,591,775
48,321,451
43,839,445
(1) Represents non-recurring, non-cash share-based listing expense incurred in connection with the business combination with Gesher I Acquisition Corp.
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
Cash flows from operating activities:
Loss
$ (2,724)
$ (7,160)
$ (12,654)
$ (62,158)
Adjustments to reconcile net loss to net cash used in
operating activities:
Adjustments to profit or loss items:
Depreciation and amortization
803
719
2,213
2,081
Share listing expense
–
–
46,717
Change in fair value of warrants
(1,485)
(1,577)
(445)
(8,981)
Changes in the fair value of contingent consideration
–
109
(6)
(794)
Share-based compensation
982
3,375
2,576
4,503
Operating expense settled by issuance of shares
–
184
351
184
Finance income, net
(636)
(722)
(1,768)
(1,928)
Income taxes (tax benefit), net
(17)
58
(37)
61
(353)
2,146
2,884
41,843
Changes in asset and liability items:
Decrease (increase) in user funds
(596)
1,207
(894)
(1,396)
Increase (decrease) in user accounts
596
(1,207)
894
1,396
Decrease (increase) in other receivables and prepaid
expenses
424
749
(354)
(336)
Increase in trade receivables
(241)
(98)
(736)
(337)
Increase (decrease) in trade payables
(63)
(245)
418
64
Increase (decrease) in accrued severance pay, net
(103)
(204)
11
(216)
Increase (decrease) in accrued expenses and other
payables
(173)
(494)
523
(3,396)
(156)
(292)
(138)
(4,221)
Cash received (paid) during the year for:
Interest received, net
187
48
2,543
523
Taxes paid, net
(20)
(37)
(206)
(91)
167
11
2,337
432
Net cash used in operating activities
(3,066)
(5,295)
(7,571)
(24,104)
Cash flows from investing activities:
Purchase of property and equipment
(15)
(6)
(32)
(74)
Proceeds from sale of property and equipment
–
7
2
8
Acquisition of a subsidiary, net of cash acquired (a)
(3,350)
–
(3,350)
–
Payment of payables for previous acquisition of a subsidiary
–
–
–
(136)
Investment in long-term assets
(3)
(29)
(23)
(376)
Withdrawal of a deposit
6
3
29
3
Withdrawal of (investment in) short term investments, net
–
1,250
11,520
(29,670)
Investment in short-term bank deposit, net
–
–
(6,000)
(20,000)
Net cash provided by (used in) investing activities
(3,362)
1,225
2,146
(50,245)
Cash flows from financing activities:
Proceeds from the issuance of share capital and
warrants net of transaction costs
–
–
–
76,044
Repayment of lease liabilities
(116)
(86)
(421)
(373)
Repayment of short-term bank loan and credit
–
–
–
(2,504)
Exercise of options
106
32
303
51
Net cash provided by (used in) financing activities
(10)
(54)
(118)
73,218
Exchange differences on balances of cash and cash
equivalents
(13)
(94)
(72)
(285)
Increase (decrease) in cash and cash equivalents
(6,451)
(4,218)
(5,615)
(1,416)
Cash and cash equivalents at the beginning of the period
21,001
9,294
20,165
6,492
Cash and cash equivalents at the end of the period
$ 14,550
$ 5,076
$ 14,550
$ 5,076
(a) Acquisition of an initially consolidated subsidiary:
Working capital (excluding cash and cash equivalents)
$ (1,271)
$ –
$ (1,271)
$ –
Property and equipment
51
–
51
–
Right-of-use assets
350
–
350
–
Intangible assets
3,538
–
3,538
–
Goodwill
2,546
–
2,546
–
Shares issued
(885)
–
(885)
–
Payable for acquisition of subsidiary
(629)
–
(629)
–
Lease liabilities
(350)
–
(350)
–
Acquisition of a subsidiary, net of cash acquired
$ 3,350
$ –
$ 3,350
$ –
(b) Significant non-cash transactions:
Right-of-use asset recognized with corresponding
lease liability
$ –
$ 78
$ –
$ 239
Issuance of shares for previous acquisition of a subsidiary
$ –
$ –
$ –
$ 113
(in thousands, except gross margin data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
IFRS gross profit
$ 4,023
$ 2,802
$ 11,047
$ 8,530
Add:
Share-based compensation
123
432
313
591
Depreciation and amortization
349
315
972
871
Non-IFRS gross profit
$ 4,495
$ 3,549
$ 12,332
$ 9,992
IFRS gross margin
65.0 %
54.9 %
64.2 %
56.8 %
Non-IFRS gross margin
72.7 %
69.5 %
71.7 %
66.5 %
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
Operating loss
$ (4,862)
$ (9,292)
$ (14,910)
$ (73,158)
Add:
Share-based compensation
982
3,375
2,576
4,503
Depreciation and amortization
803
719
2,213
2,081
Share listing expense
–
–
–
46,717
Non-recurring expenses
–
–
–
499
Transaction-related costs
–
–
–
3,703
Changes in the fair value of contingent
consideration
–
–
–
(642)
Acquisition-related costs
283
–
283
–
Reorganization
–
884
–
884
Operating expense settled by issuance
of shares
–
184
351
184
Adjusted EBITDA
$ (2,794)
$ (4,130)
$ (9,487)
$ (15,229)
Adjusted EBITDA margins
-45 %
-81 %
-55 %
-101 %
(in thousands, except share and per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
IFRS loss attributable to ordinary shareholders
$ (2,724)
$ (7,160)
$ (12,654)
$ (62,158)
Add:
Share-based compensation
982
3,375
2,576
4,503
Depreciation and amortization
803
719
2,213
2,081
Share listing expense
–
–
–
46,717
Non-recurring expenses
–
–
–
499
Transaction-related costs
–
–
–
3,703
Changes in the fair value of contingent consideration
–
109
(6)
(794)
Acquisition-related costs
283
–
283
–
Reorganization
–
884
–
884
Operating expense settled by issuance of shares
–
184
351
184
Change in fair value of warrants
(1,485)
(1,577)
(445)
(8,981)
Non IFRS loss
$ (2,141)
$ (3,466)
$ (7,682)
$ (13,362)
Non IFRS basic and diluted loss per Ordinary share
$ (0.04)
$ (0.07)
$ (0.16)
$ (0.32)
Weighted average number of shares
outstanding used to compute basic
and diluted loss per share
48,846,805
47,591,775
48,321,451
43,839,445
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SOURCE Freightos
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For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.
Both models feature several key advancements, including:
25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.
The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:
A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.
Bringing More of Axon’s AI Era Into the Field
Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.
Increasingly, Axon is also bringing AI into real-time operations.
Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:
Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.
Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.
Innovating Responsibly
Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.
General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.
About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility.
Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.
Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.
Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com
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SOURCE Axon
Technology
In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design
Published
3 hours agoon
October 24, 2026By
The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.
ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.
The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.
The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.
Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.
The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.
Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.
Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.
Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.
The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.
As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.
A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.
About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.
View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-custom-fabrication-expert-mark-coyle-explains-a-common-mistake-in-custom-aluminum-design-302918282.html
SOURCE HelloNation
Technology
World Young Scientist Summit 2026 Opens in Wenzhou, Zhejiang
Published
4 hours agoon
October 24, 2026By
WENZHOU, China, Oct. 24, 2026 /PRNewswire/ — This is a report by China Daily:
On October 24, the World Young Scientist Summit 2026 opened in Wenzhou, Zhejiang. The event is hosted by the China Association for Science and Technology (CAST), the Zhejiang Provincial People’s Government, and the World Association of Young Scientists. Nearly 800 representatives, including scientists, educators, and entrepreneurs from more than 60 countries and regions, are attending the summit.
He Junke, Vice President of CAST in charge of daily work and First Secretary of its Secretariat; Lian Yimin, Chairman and Party Group Secretary of the Zhejiang Provincial Committee of the Chinese People’s Political Consultative Conference; Marcelo Knobel, Executive Director of The World Academy of Sciences; and Zhang Zhenfeng, Member of the Standing Committee of the CPC Zhejiang Provincial Committee and Secretary of the CPC Wenzhou Municipal Committee, attended the summit and delivered remarks. Yao Gaoyuan, Vice Governor of the Zhejiang Provincial People’s Government, presided over the first segment of the plenary session.
With the theme “Gathering Talents Worldwide to Create a Better Future,” the summit’s annual agenda is “Global Youth Action in the AI Era: Building a Sustainable Future.” It aims to draw on the insights of young people around the world, deepen international sci-tech cooperation, and jointly address questions about young people, science, the world and the future.
Efim Zelmanov, Fields Medalist and Foreign Member of the Chinese Academy of Sciences; Chen Yunji, Deputy Director of the Institute of Computing Technology, CAS, and Director of the National Key Laboratory of Processor Chips; Mary Garson, President of the International Union of Pure and Applied Chemistry; and Lu Chaoyang, Member of the Standing Committee of CAST, Executive Dean of the Shanghai Institute of Advanced Study, University of Science and Technology of China, and Chairman of the Council of the World Association of Young Scientists, delivered keynote speeches respectively on education reform in the AI era, AI and processor chips, young women scientists’ participation in science, and quantum computing. They explored new opportunities for scientific research, talent cultivation, and international cooperation in the AI era.
This year’s summit placed greater emphasis on the growth needs of young scientists, with young talents under the age of 45 accounting for 88 percent of participants. It aimed to build a cluster of international journals, bring together young scientific talent, facilitate a batch of international collaborative projects and advance the application and commercialization of scientific and technological achievements. The summit released the Report on the Distribution and Mobility of Young Scientists in the Field of Embodied Intelligence, launched the World Young Scientist Summit Partner Journal Program and the 2026 World Young Scientist Innovation and Entrepreneurship Growth Support Program. It also published the “Young Scientist Pioneers 2035” list and announced the 2026 Sustainable Development Young Scientist Award. The awards were presented to four Chinese and foreign scientists.
Chen Tianrun, Founder of Hangzhou Moxin Technology Co., Ltd.; Yuan Yang, Assistant to the Dean of the Institute for Interdisciplinary Information Sciences at Tsinghua University; and two of the 2026 Sustainable Development Young Scientist Award winners, César de la Fuente and Nicola Segata, among other Chinese and foreign young scientist representatives, spoke at the flash-talk session to share their research practices and reflections.
In addition, the conference focused on fields such as future manufacturing, quantum information, embodied intelligence, brain-computer intelligence, environmental science, deep-sea resources, and life and health, and held 12 parallel forums. It also included the “Gravitation π” Future Technology and Concept Products Exhibition and Exchange, local thematic side events, and sci-tech and humanities study visits, further building an interdisciplinary, cross-regional and cross-sector platform for youth sci-tech exchange and cooperation.
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SOURCE China Daily
Axon Announces Body 5: Next-Generation Camera Built for the AI Era
In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design
World Young Scientist Summit 2026 Opens in Wenzhou, Zhejiang
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