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Youxin Technology Ltd Reports Financial Results for Fiscal Year 2024

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GUANGZHOU, China, Jan. 30, 2025 /PRNewswire/ — Youxin Technology Ltd (Nasdaq: YAAS) (the “Company” or “Youxin Technology”), a software as a service (“SaaS”) and platform as a service (“PaaS”) provider committed to helping retail enterprises digitally transform their businesses, today announced its financial results for the fiscal year ended September 30, 2024.

Mr. Shaozhang Lin, Chief Executive Officer of Youxin Technology Ltd, commented, “The past year underscores our diligent strategic adjustments and significant efforts to enhance operational efficiency amid macroeconomic headwinds and challenges in China. We successfully improved our gross margins by 5% to 66% overall in fiscal year 2024 from 61% in fiscal year 2023, despite a decline in revenue due to our strategic shift from developing the customized CRM systems toward developing and marketing our third-generation PaaS platform. As PaaS products generally feature more functionalities in contrast to the more hands-on personnel efforts required for customized CRM development services, we managed to reduce operating expenses and increase efficiency. This improvement reflects better cost control, reduced focus on less profitable service lines, and a pivot toward an upgraded portfolio of solutions. Overall, we reduced our net loss by 45.3%, from $2.34 million in fiscal year 2023 to $1.28 million in fiscal year 2024, while maintaining adequate cash reserves to support product development and strategic execution. We remain optimistic about the growth potential and profitability outlook of our third-generation PaaS platform, which is poised for significant enhancements through AI integration in 2025.”

Mr. Lin continued, “Looking ahead, we are confident that our strategic shift, supported by substantial investment, positions us for a turnaround and long-term growth. Our prudent planning, disciplined management, and strict cost controls will further enhance our operational efficiency and financial stability, ultimately delivering long-term value for the Company and our shareholders.”

Fiscal Year 2024 Financial Overview

Revenue was $521,241 in fiscal year 2024, compared to $895,978 in fiscal year 2023.Gross profit was $341,593 in fiscal year 2024, compared to $543,302 in fiscal year 2023.Gross margin was 66% in fiscal year 2024, an increase from 61% in fiscal year 2023.Net loss was $1.3 million in fiscal year 2024, compared to $2.3 million in fiscal year 2023.

Fiscal Year 2024 Financial Results

Revenues

Total revenues were $521,241 in fiscal year 2024, or a decrease of 42% from $895,978 in fiscal year 2023. The decrease was mainly because the Company gradually reduced operating the customized CRM system development services.

For the years ended September 30,

2024

2023

($)

Revenue

Cost of
Revenue

Gross
Margin

Revenue

Cost of
Revenue

Gross
Margin

Professional
services

275,314

158,880

42

%

548,822

318,439

42

%

Payment channel
services

206,526

100

%

291,643

100

%

Others

39,401

20,768

47

%

55,513

34,237

38

%

Total

521,241

179,648

66

%

895,978

352,676

61

%

 

Revenue from professional services was $275,314 in fiscal year 2024, or a decrease of 50% from $548,822 in fiscal year 2023.

The Company did not generate revenue from customized CRM system development services in fiscal year 2024. Revenue from customized CRM system development services was $134,768 in fiscal year 2023. The decrease was mainly due to the Company gradually reducing operating Customized CRM system development service.Revenue from the additional function development services was $42,758 in fiscal year 2024, or a decrease of 73% from $155,904 in fiscal year 2023. The decrease was mainly due to the less new needs of the function development from the existing clients for fiscal year 2024.Revenue from subscription services was $232,556 in fiscal year 2024, or a decrease of 10% from $258,150 in fiscal year 2023. The decrease was mainly due to the decreasing customized CRM system development services from 2023, which led to the Company to provide less subscription service in the following periods.

Cost of Revenues

Cost of revenues was $179,648 in fiscal year 2024, a decrease of 49% from $352,676 in fiscal year 2023.

Gross Profit

Gross profit was $341,593 in fiscal year 2024, compared to $543,302 in fiscal year 2023.

Gross margin was 66% in fiscal year 2024, an increase from 61% in fiscal year 2023. 

Operating Expenses

Operating expenses were $1.7 million in fiscal year 2024, compared to $3.0 million in fiscal year 2023.

Selling expenses were $94,481 in fiscal year 2024, a decrease of 58% from $225,926 in fiscal year 2023. The decrease was mainly due to the decrease in headcount and salaries and welfare. The decrease of salaries and welfare by 59% was primarily due to a decrease in headcount and pay cuts for fiscal year 2024, compared to fiscal year 2023.General and administrative expenses were $496,006 in fiscal year 2024, a decrease of 16% from $589,372 in fiscal year 2023. The decrease was primarily due to a decrease in salaries and welfare of 46% compared to fiscal year 2023 as decrease in headcount and pay cuts.Research and development expenses were $1.1 million in fiscal year 2024, a decrease of 47% from $2.2 million in fiscal year 2023. The decrease was primarily attributed to the decrease in labor related costs including salary and welfare by 47% for fiscal year 2024 compared to fiscal year 2023. Payment made to Cloud Service and other related research and development costs decreased by 43% for fiscal year 2024, which was in line with the operating of business of reducing of CRM development services.

Other Income, Net

Total net other income was $113,367 in fiscal year 2024, compared to $81,360 in fiscal year 2023.

Net Loss

Net loss was $1.3 million in fiscal year 2024, compared to a net loss of $2.3 million in fiscal year 2023.

Basic and Diluted Loss per Share

Basic and diluted loss per share was $0.04 in fiscal year 2024, compared to $0.09 in fiscal year 2023.

Financial Condition

As of September 30, 2024, the Company had cash of $18,372, compared to $399,050 as of September 30, 2023.

Net cash used in operating activities was $728,066 in fiscal year 2024, compared to $2,310,183 in fiscal year 2023.

Net cash provided by investing activities was $360 in fiscal year 2024, compared to $815 in fiscal year 2023.

Net cash provided by financing activities was $431,390 in fiscal year 2024, compared to $484,878 in fiscal year 2023.

Recent Development

The Company’s Class A ordinary shares began trading on the Nasdaq Capital Market on December 20, 2024 under the ticker symbol “YAAS.” On December 23, 2024, the Company completed its initial public offering (the “Offering”) of 2,300,000 Class A ordinary shares at a public offering price of US$4.50 per Class A ordinary share. The Company received aggregate gross proceeds of US$10.35 million from the Offering, before deducting underwriting discounts and other related expenses payable by the Company.

About Youxin Technology Ltd

Youxin Technology Ltd is a SaaS and PaaS provider committed to helping retail enterprises digitally transform their businesses using its cloud-based SaaS product and PaaS platform to develop, use and control business applications without the need to purchase complex IT infrastructure. Youxin Technology provides a customized, comprehensive, fast-deployment omnichannel digital solutions that unify all aspects of commerce with store innovations, distributed inventory management, cross-channel data integration, and a rich set of ecommerce capabilities that encompass mobile applications, social media, and web-based applications. The Company’s products allow mid-tier brand retailers to use offline direct distribution to connect the management team, distributors, salespersons, stores, and end customers across systems, apps, and devices. This provides retailers with a comprehensive suite of tools to instantly address issues using real-time sales data. For more information, please visit the Company’s website: https://ir.youxin.cloud.

Cautionary Note Regarding Forward-Looking Statements

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s statements regarding the Company’s product development and business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. 

For investor and media inquiries, please contact:

Youxin Technology Ltd.
Investor Relations Department
Email: ir@youxin.cloud

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 

YOUXIN TECHNOLOGY LTD

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2024 AND 2023

(Expressed in U.S. dollars, except for the number of shares)

September
30, 2024

September
30, 2023

ASSETS

CURRENT ASSETS

Cash

$

18,372

$

399,050

Restricted cash

24,649

Accounts receivable, net

176,607

233,481

Prepaid expenses and other current assets

122,676

140,696

Total current assets

342,304

773,227

NON-CURRENT ASSETS

Property and equipment, net

3,948

11,696

Deferred offering costs

478,108

117,215

Operating lease right-of-use assets

123,170

85,662

Other non-current assets

10,608

27,558

Total non-current assets

615,834

242,131

TOTAL ASSETS

$

958,138

$

1,015,358

LIABILITIES

CURRENT LIABILITIES

Short-term bank loan

$

323,472

$

311,129

Accounts payable

31,350

52,448

Contract liabilities

215,768

166,628

Amount due to related parties

1,067,119

274,836

Operating lease liabilities – current

42,277

85,082

Payroll payable

1,869,436

1,465,220

Accrued expenses and other current liabilities

40,299

21,192

Total current liabilities

3,589,721

2,376,535

Operating lease liabilities – non-current

82,674

363

Total non-current liabilities

82,674

363

TOTAL LIABILITIES

$

3,672,395

$

2,376,898

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ DEFICIT

Class A ordinary shares, ($0.0001 par value, 400,000,000 shares
authorized, 22,304,693 shares issued and outstanding as of September
30, 2024 and 2023, respectively)

2,230

2,230

Class B ordinary shares, ($0.0001 par value, 100,000,000 shares
authorized, 8,945,307 shares issued and outstanding as of September 30,
2024 and 2023, respectively)

895

895

Share subscription receivables

(3,125)

(3,125)

Additional paid-in capital

12,154,929

12,154,929

Accumulated deficit

(15,419,765)

(14,139,104)

Accumulated other comprehensive income

550,579

622,635

Total shareholders’ deficit

(2,714,257)

(1,361,540)

TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT

$

958,138

$

1,015,358

 

 

YOUXIN TECHNOLOGY LTD

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED SEPTEMBER 30, 2024, 2023 AND 2022

(Expressed in U.S. dollars, except for the number of shares)

2024

2023

2022

Years Ended September 30,

2024

2023

2022

REVENUES

$

521,241

$

895,978

$

1,277,066

COST OF REVENUES

(179,648)

(352,676)

(581,339)

GROSS PROFIT

341,593

543,302

695,727

OPERATING EXPENSES

Selling expenses

(94,481)

(225,926)

(934,744)

General and administrative expenses

(496,006)

(589,372)

(1,276,127)

Research and development expenses

(1,139,922)

(2,152,602)

(5,257,256)

Total operating expenses

(1,730,409)

(2,967,900)

(7,468,127)

NET LOSS FROM OPERATIONS

(1,388,816)

(2,424,598)

(6,772,400)

OTHER INCOME, NET

Other income

134,802

99,053

349,797

Other expense

(21,435)

(17,693)

(34,280)

Total other income, net

113,367

81,360

315,517

NET LOSS BEFORE TAXES

(1,275,449)

(2,343,238)

(6,456,883)

Income tax expense

(5,212)

NET LOSS

(1,280,661)

(2,343,238)

(6,456,883)

Accretion to redeemable preferred equity

(326,837)

(605,659)

Net loss attributable to ordinary shareholders

(1,280,661)

(2,670,075)

(7,062,542)

NET LOSS

(1,280,661)

(2,343,238)

(6,456,883)

Other comprehensive loss

Foreign currency translation (loss) income

(72,056)

(212,292)

895,745

TOTAL COMPREHENSIVE LOSS

$

(1,352,717)

$

(2,555,530)

$

(5,561,138)

Basic and diluted loss per share

$

(0.04)

$

(0.09)

$

(0.27)

*Weighted average number of ordinary shares
outstanding – basic and diluted

31,335,616

28,204,585

25,931,452

* Giving retroactive effect to the issuance of shares effected on April 21, 2023.

 

 

YOUXIN TECHNOLOGY LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED SEPTEMBER 30, 2024, 2023 AND 2022

(Expressed in U.S. dollars, except for the number of shares)

2024

2023

2022

Years Ended September 30

2024

2023

2022

Cash flows from operating activities

Net loss

$

(1,280,661)

$

(2,343,238)

$

(6,456,883)

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

Loss (gain) on disposal of property and equipment

572

(357)

Amortization of right-of-use assets

101,888

204,715

481,504

Depreciation

6,816

12,293

14,717

Credit loss provision

4,664

Loss from termination of right-of-use assets

183

369

Changes in assets and liabilities

Accounts receivable

52,210

94,595

(16,181)

Prepaid expenses and other current assets

18,020

69,605

(87,583)

Deferred contract costs

30,192

(7,184)

Other non-current assets

16,950

28,368

24,131

Accounts payable

(21,098)

(14,007)

27,495

Operating lease liabilities

(100,073)

(207,881)

(507,521)

Payroll Payable

404,216

102,096

1,040,790

Accrued expenses and other current liabilities

19,107

(18,026)

(4,532)

Contract liabilities

49,140

(268,907)

217,491

Net cash used in operating activities

(728,066)

(2,310,183)

(5,273,756)

Cash flows from investing activities

Purchase of property and equipment

(1,618)

Proceeds from dispose of property and equipment

360

815

Repayment from a related party

768,380

Net cash provided by investing activities

360

815

766,762

Cash flows from financing activities

Loan from related parties

792,283

284,292

Proceeds from short-term bank loan

321,834

Payment of deferred offering cost

(360,893)

(121,248)

Net cash provided by financing activities

431,390

484,878

Effect of exchange rates on cash and cash equivalents
and restricted cash

(59,713)

5,194

(312,986)

Net decrease in cash and cash equivalents and
restricted cash

(356,029)

(1,819,296)

(4,819,980)

Cash and cash equivalents at beginning of year

399,050

2,218,346

7,038,326

Cash and cash equivalents and restricted cash at end
of year

$

43,021

$

399,050

$

2,218,346

Cash and cash equivalents

18,372

399,050

1,802,236

Restricted cash

24,649

416,110

Cash and cash equivalents and restricted cash at end
of year

43,021

399,050

$

2,218,346

Cash paid for interest expenses

$

10,237

$

257

$

Cash paid for income tax

$

$

$

Supplemental disclosure of non-cash financing
activities:

Accretion to redeemable preferred equity

$

$

326,837

$

605,659

Exchange redeemable preferred equity with Class A
ordinary shares

$

$

12,154,929

$

Operating lease right-of-use assets obtained in exchange
for operating lease liabilities

$

140,844

$

$

 

 

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SOURCE Youxin Technology Ltd

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Technology

Aquiline Drones Debuts First Anti-Graffiti Drone in Nationwide Campaign

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Aquiline Drones Embarks on Nationwide Campaign – Using Disruptive Technologies: Drones and AI cameras to Fight Unsightly Graffiti.

HARTFORD, Conn., Feb. 15, 2025 /PRNewswire-PRWeb/ — Aquiline Drones Embarks on Nationwide Campaign – Using Disruptive Technologies: Drones and AI cameras to Fight Unsightly Graffiti.

Unsightly graffiti is a menace to communities and metropolises, worldwide! More than just a nuisance, graffiti is a form of vandalism, making it a crime that devalues property and consumes valuable police time and other public resources.

Moreover, graffiti negatively affects communities by creating a perception of neglect or disorder, lowering property values, deterring businesses, and contributing to feelings of insecurity among residents, especially if associated with gang activity or offensive content.

Globally, cities like Sydney invest in anti-graffiti technologies such as surveillance cameras and protective coatings on walls, to prevent graffiti before it happens. Clearly however, these efforts, while seemingly progressive, prove inadequate by only scratching the surface. As is the case with graffiti tagging, the problem recurs – even increasing and likely fostering retaliation by taggers.

Thankfully, a more complete solution has emerged. An absolute game-changer in the fight against graffiti by taking it one step farther and aiming to largely eradicate it. This timely solution blends key technologies – smart cameras, artificial intelligence (AI) and graffiti drones…yes, drones, ready to get the job done once and for all!

CT-based Aquiline Drones (AD) – a drone technology enterprise, has debuted the only proven solution available today. that is a complete and highly effective technology solution that can reduce the recurrence of graffiti by a factor of 10, especially in harder-to-reach areas.

Having successfully incubated this solution aided by prime customer, Washington State Department of Transportation (WSDOT), AD now embarks on a nationwide campaign targeting States, and their municipalities and regions to significantly reduce the occurrence of this problem.

“If technology benefits society, I say let it. And let’s be deliberate about success while we’re at it!” says Barry Alexander, Founder and CEO of Aquiline Drones. “Time to make America clean again” Alexander continues.

Currently, graffiti-based vandalism is on a sharp increase in America – globally too, costing an estimated $12 billion (in the US alone) in annual cleanup expenses! Even worse is that this expense is incurred by public entities and thus, taxpayers. In most cases, residents also incur costs to remove graffiti from their private property.

Disruptive Technology that Works – AD’s Graffiti Abatement (GA) solution

AD’s GA solution is results-oriented. Its primary goal is to significantly reduce graffiti tagging incidences nationwide by a factor of 10. As an example, in Seattle, Washington, a city of approximately 755,000 residents, city agencies removed 5,000 graffiti tags in 2019 and 8,700 in 2021. In 2023, KIRO-TV reported that there were around 20,000 graffiti reports in 2021 – a sharp and uncontrollable increase!

Using the city of Seattle again as an example, the city’s Graffiti Nuisance Ordinance requires property owners to remove graffiti within 10 days of receiving a notice. If graffiti is gang or hate related, it must be removed within 48 hours. Property owners who don’t remove graffiti within the 10-day window may face fines of up to $5,000.

Applying AD’s turnkey GA solution to the city of Seattle and its stats, would probably realize a reduction in the number of graffiti tags from 20,000 (in 2023) to 2,000 while remaining sensitive to societal expression through acceptable forms of street art. Contextually, while Seattle has an ordinance against graffiti tagging, the city does recognize the value of street art and has commissioned murals from local artist.

AD’s solution starts with surveillance. Single or multiple sites can be monitored simultaneously, equipped with security cameras. AD’s cameras are solar powered, cloud connected via LTE and have night vision IR (infrared), with its live feed stored both locally and on AD’s proprietary cloud and backed up on Amazon Web Services (AWS). AD’s AI framework accesses these camera feeds and uses Machine Vision to analyze the data to detect any human object(s) in the vicinity of the monitored sites. This refined model uses AI detection to identify specific acts such as graffiti painting, other illegal acts, loitering, etc. The camera data is then analyzed and persons detected in the vicinity triggers email notifications to email addresses supplied by the Department of Transportation (DoT) and sent to Traffic Management Centers (TMCs) and law enforcement. Analyzed data is stored and made available to the client(s). Data transmission and storage occurs within the US, on local servers.

AD’s framework utilizes domestic LTE carriers along with AWS (Amazon’s cloud) as backup to the AD Cloud, which provides the highest levels of data security.

AD’s GA solution is broken down into two distinctive phases: 1) Surveillance/monitoring, analytics, and push notification; and 2) Graffiti abatement using AD’s Spartacus Endure drones.

For surveillance, AD uses AI enabled smart cameras to provide real time monitoring while computing on the edge, to detect occurrences of graffiti and vandalism. For suspected incidents, AD uses highly accurate computer vision and machine learning on the AD Cloud to further eliminate false positives. This process is highly autonomous and strongly protective of all personally identifiable information (PII) from the processed data.

Graffiti Abatement (GA). At center stage of the solution is AD’s anti-graffiti drone – the Spartacus Endure, Power-Washing, Painting & Graffiti drone, which is the most versatile in its class. The Endure is the only drone on the market capable of performing multiple challenging tasks using the same drone by simply swapping out its payload (its undercarriage).

Customers can choose from an assortment of payloads: spray bars, straight lances, carrying baskets, winches, cameras/sensors, seed spreaders/hoppers, ag spraying tanks and bars, droppers (used for lifeguard pontoon drops), etc. to have an absolute workhorse like no other!

“Think of the Endure as your trusted John Deere tractor. Change out the bucket and off you go.” Alexander continues.

The versatility of AD’s Spartacus Endure drone is what makes it unique. It’s literally unmatched, giving users’ ultimate freedom and flexibility. This versatility is highly-beneficial to those customers already owning an Endure drone, for example, increasing its utility by targeting seasonal work.

Existing Endure owners or prospective customers wanting to start their own power-washing or painting and graffiti-removal business now have the right tool to target these never-ending graffiti removal contracting opportunities. On the public sector (municipalities) side of things, customers can perform different tasks within their jurisdiction, using the same drone.

Imagine municipalities across its many regions using the same drone or a fleet of drones simultaneously, to target multiple sites for graffiti removal and then switch out payloads if desired, in three minutes or less to go power-wash overhead retro reflective highway signage, or to go de-ice electrical pylons, etc. The list goes on, and on!

In his final report, Mike Gauger, Maintenance Superintendent at WASDOT and program visionary adds “The drone program provides a very effective additional tool for graffiti removal in locations where it can mitigate the risk of employee injury due to the graffiti’s precarious locations. It also provides a more cost-effective way to handle graffiti removal from all locations where specialized equipment is required”

Mike concludes by saying “The use of drones to remove graffiti in dangerous and difficult locations is also a better use of resources. It takes less time to remove the graffiti with a drone compared to traditional methods, which deters “retagging.” His story is shared in this short, but one of many, YouTube videos: https://www.youtube.com/watch?v=iVbHRiLVveE

AD provides the entire solution and gives customers the option to pick from an a-la-carte menu:

Drones and associated hardware (built in-house – made in America, Hartford CT.)

Surveillance cameras/hardware (vendor supplied). Back-end digital dashboard, AI analytics, push notifications, etc. (all done by AD)

Training (online, in-house and onsite option). Online training: AD’s proprietary online prep course (Flight to the Future or F2F). Watch YouTube video tutorial: https://www.youtube.com/watch?v=hgd0zD-mcw4&t=17s

With one simple way to get started – via phone call or email:

Email: Info@aquilinedrones.com
Phone: (860) 361-7958

ABOUT AQUILINE DRONES:

Aquiline Drones Corporation (AD) is an all-American drone technology company specializing in drone manufacturing, artificial intelligence (AI), and superior drone pilot training. AD is also self-insured through Aquiline Drones Indemnity Corporation (ADIC). AD’s core management comprises highly experienced aviators, systems engineers, IT gurus, military personnel (including veterans), and business strategists. AD delivers a vertically integrated blend of products and services. AD’s full spectrum of technological solutions is widely applicable across countless industries and environments for superior, real-time data processing and insights. Visit www.AquilineDrones.com for more information.

Media Contact
Barry Alexander, Aquiline Drones Corporation, 1 860-361-7958, info@aquilinedrones.com, https://aquilinedrones.com/

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SOURCE Aquiline Drones Corporation

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FAU Joins the Nation’s Most Elite Research Universities and Colleges

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Carnegie Classification of Institutions of Higher Education Designates FAU as ‘R1: Very High Research Spending and Doctorate Production’

BOCA RATON, Fla., Feb. 15, 2025 /PRNewswire/ — Florida Atlantic University has officially established itself among the most prestigious colleges and universities in the United States for its notable accomplishments in research. It now holds the esteemed designation of “R1: Very High Research Spending and Doctorate Production” by the Carnegie Classification of Institutions of Higher Education, and shares this status with less than 5% of the nearly 4,000 universities in the U.S.

“The R1 designation is a highly coveted achievement in the collegiate world, symbolizing the pinnacle of research excellence,” said FAU President Stacy Volnick. “This designation is more than just a title; it serves as a powerful catalyst for transformation, opening doors to major donors and research grants that will elevate our institution’s capabilities and reach.”

In the competitive landscape of higher education, the Carnegie Classification of Institutions of Higher Education plays a pivotal role in determining a university’s standing. To qualify for the R1 status, institutions must meet a stringent set of criteria such as the number of research doctorates awarded and total research expenditures. FAU is now the sixth institution in the Florida State University System to hold R1 status.

“Since its inception, the university’s efforts have been propelled by the tremendous support of our federal congressional delegation and the state’s steadfast commitment to advancing academic research that is crucial to the United States’ safety, security and global competitiveness,” Volnick said.

FAU faculty members drive the university’s rapidly expanding external funding portfolio through their scholarly work, including externally funded research projects, peer-reviewed publications, and initiatives in indexing and polling. In fiscal year 2023-24, FAU received 408 awards and garnered approximately $109 million in research expenditures. Among its most notable awards last year, was a $10 million grant awarded to FAU’s College of Education and College of Engineering and Computer Science from the U.S. Department of Education to train people with disabilities for high-tech jobs.

The prestige associated with R1 status acts like a magnet, drawing in world-class faculty and top-tier students eager to be part of an elite academic community. This influx of talent enhances the university’s academic landscape and boosts its national prestige.

“Ultimately, the R1 designation empowers Florida Atlantic to address pressing societal issues head-on, contributing to advances in health, technology and policy,” said Gregg Fields, Ph.D., FAU vice president for research. “This alignment with societal needs enhances the university’s mission and reinforces its commitment to making a meaningful impact on the world. In this way, the R1 status is beyond an accolade; it’s a vital tool for driving progress.”

FAU is a trailblazer in research, pioneering high-resolution imaging and innovative underwater technologies, including submersibles and remotely operated vehicles. In 1965, it launched the nation’s first undergraduate ocean engineering program, now a State University Program of Distinction. FAU also drives innovation in national security, cybersecurity and biomedical research, making breakthroughs in neuroscience, cardiovascular health and cancer. Its environmental research tackles renewable energy, water quality, sustainability and habitat conservation. Beyond the natural sciences, FAU excels in social sciences, education, arts, literature, history and political science, fostering interdisciplinary connections between culture and society.

FAU’s robust graduate programs also play a crucial role in supporting the research enterprise, cultivating a skilled workforce and nurturing the next generation of researchers. Students benefit from unique research opportunities and internships, immersing themselves in a rich academic environment that encourages exploration and discovery. Research laboratories benefit from talented graduate student assistance in the discovery process.

Looking toward the future, FAU is focused on expanding its graduate programs in key areas such as biotechnology, AI, cybersecurity and marine sciences. The university is committed to fostering interdisciplinary collaboration, ensuring that students and faculty members work across departments to drive innovation. To support this growth, FAU plans to enhance its research infrastructure, investing in state-of-the-art laboratories, specialized centers and advanced technology to facilitate leading-edge research in various fields such as life sciences, engineering and smart health.

Collaboration will remain a cornerstone of FAU’s development, with established partnerships like those with the Max Planck Florida Institute for Neuroscience, Memorial Healthcare, Florida Power & Light and many others — and is expected to grow even stronger. The university also is committed to expanding its global reach, building international research partnerships and providing students with opportunities for global engagement.

“At Florida Atlantic, we are not just building a university — we are shaping a future where discovery knows no boundaries, collaboration drives innovation, and education transforms lives,” Fields said. “The challenges we face today demand bold solutions, and Florida Atlantic is prepared to lead the way.”

About Florida Atlantic University: Florida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, Florida Atlantic serves more than 30,000 undergraduate and graduate students across six campuses located along the Southeast Florida coast. In recent years, the University has doubled its research expenditures and outpaced its peers in student achievement rates. Through the coexistence of access and excellence, Florida Atlantic embodies an innovative model where traditional achievement gaps vanish. Florida Atlantic is designated as a Hispanic-serving institution, ranked as a top public university by U.S. News & World Report, and holds the designation of “R1: Very High Research Spending and Doctorate Production” by the Carnegie Classification of Institutions of Higher Education. Florida Atlantic shares this status with less than 5% of the nearly 4,000 universities in the United States. For more information, visit www.fau.edu.

Media Contacts: Gisele Galoustian
Senior Media Relations Director, Research and Health
ggaloust@fau.edu
Mobile: 561-985-4615

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Sigenergy Tackles Africa’s Energy Challenges with Next-Gen Storage Solutions and Real-World Case Studies

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JOHANNESBURG, Feb. 15, 2025 /PRNewswire/ — Sigenergy, a leading energy innovator, hosted an exclusive event on February 14 in Johannesburg to highlight its groundbreaking commercial and industrial (C&I) energy storage solutions. The event featured a real-world case study that showcased the impact of Sigenergy’s products in addressing energy challenges in the region. With over 350 industry leaders, distributors, and installers from across Africa in attendance, the event facilitated thought-provoking discussions among professionals on the growing importance of energy storage in shaping the continent’s future.

Driving Rapid Growth and Global Market Leadership

Sigenergy’s rapid expansion in energy storage was highlighted by Samuel Zhang, President and CTO of Sigenergy, in his opening speech. Zhang specifically acknowledged the crucial support from Herholdt’s Group, South Africa’s largest distributor. “In just one year, Sigenergy has become the fastest-growing inverter company in history. With the backing of our global network of partners, we’ve become the preferred choice for top distributors in markets such as the UK, Ireland, South Africa, Sweden, Australia, and the U.S.,” Zhang stated.

In South Africa alone, Sigenergy achieved nearly 100 MWh in order volume within just seven months, capturing close to 10% of the market share. Globally, the company’s SigenStor system has received high satisfaction ratings, with approximately 90% of homeowners and installers expressing their approval in a 2024 global customer survey.

Addressing Load-Shedding with 0ms Switching

A key highlight of the event was the on-site demonstration of Sigenergy’s SigenStor energy storage solution at South Ocean Electric Wire, a cable manufacturer based in Alberton, South Africa. The company had faced frequent load-shedding, which not only disrupted production but also caused significant financial losses. Relying on costly and environmentally harmful diesel generators had become unsustainable. However, after installing 96 SigenStor units, providing a total of 4.1 MWh of capacity, the factory is now able to operate without interruption.

Sigenergy also enabled a seamless transition from grid to off-grid power with 0ms switching. The system includes Sigenergy’s Energy Gateway C1200, which delivers 1200 kW of power and ensures up to five hours of backup during load-shedding events. As the only company in Africa able to offer such large-scale gateways, Sigenergy can also customize even larger gateways to meet the diverse needs of clients, all with incredibly fast response times.

Innovating for the Future: New Solutions

During the event, Sigenergy unveiled several cutting-edge products that underscore its commitment to continuous innovation. The SigenStack, in particular, stood out as a premier energy storage solution for large-scale C&I and utility applications. Featuring a modular architecture and hybrid inverter, SigenStack delivers between 50 kW and 125 kW of power, with a scalable design that supports up to 100 units in parallel, achieving capacities of several hundred megawatts. This adaptability makes it ideal for even the most complex energy projects.

Additionally, Sigenergy introduced the Sigen Hybrid 2nd Generation and Sigen Gateway HomePro SP/TP. Alongside its hardware advancements, Sigenergy continues to prioritize software development, with the mySigen App offering an industry-leading energy management experience. Regular updates every 3-4 weeks ensure the app remains at the forefront, delivering a smarter, more intuitive experience for installers and end-users alike.

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View original content:https://www.prnewswire.co.uk/news-releases/sigenergy-tackles-africas-energy-challenges-with-next-gen-storage-solutions-and-real-world-case-studies-302377550.html

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