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Alkami Announces Second Quarter 2024 Financial Results

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PLANO, Texas, July 31, 2024 /PRNewswire/ — Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., today announced results for its first quarter ending June 30, 2024.

Second Quarter 2024 Financial Highlights

GAAP total revenue of $82.2 million, an increase of 24.9% compared to the year-ago quarter;GAAP gross margin of 59.4%, compared to 53.9% in the year-ago quarter;Non-GAAP gross margin of 63.2%, compared to 58.7% in the year-ago quarter;GAAP net loss of $(12.3) million, compared to $(17.8) million in the year-ago quarter; andAdjusted EBITDA of $4.6 million, compared to a loss of $(2.5) million in the year-ago quarter.

Comments on the News

Alex Shootman, Chief Executive Officer, said, “In the second quarter, we delivered another quarter of tremendous operating and financial results. We ended the second quarter with 18.6 million live registered users, up 2.7 million compared to the prior-year quarter, and delivered excellent performance from new client wins, add-on sales and renewals. Alkami continues to lead the industry in terms of end user satisfaction and gains in market share, underscoring our commitment to deliver the best digital banking solution to regional and community financial institutions.”

Shootman added, “In the second quarter we signed eight new digital banking clients, including four credit unions and four banks. One of the wins was a tier one credit union that will be among our top clients in terms of ARR. We also won a large Midwestern bank that possesses a robust commercial banking growth strategy. The bank was an existing ACH Alert client where we cultivated a strong relationship and ultimately cross-sold our digital banking platform.”

Bryan Hill, Chief Financial Officer, said, “We achieved total revenue growth of 25% for the quarter, and more importantly, we achieved 28% subscription revenue growth. We exceeded our gross margin and adjusted EBITDA expectations, demonstrating continued progress towards our 2026 objectives of a non-GAAP gross margin of 65% and adjusted EBITDA margin of 20%.”

2024 Financial Outlook

Alkami’s financial outlook is based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement Regarding Forward-Looking Statements.”

Alkami is providing guidance for its third quarter ending September 30, 2024 of:

GAAP total revenue in the range of $83.8 million to $85.3 million;Adjusted EBITDA in the range of $5.8 million to $6.8 million.

Alkami is providing guidance for its fiscal year ending December 31, 2024 of:

GAAP total revenue in the range of $330.5 million to $333.5 million;Adjusted EBITDA in the range of $22.0 million to $24.0 million.

Conference Call Information
The Company will host a conference call at 5:00 p.m. ET today to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 1-800-836-8184 and internationally at 1-646-357-8785 using passcode 83045. A replay will be available in the Investor Relations section of the Alkami website.

About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. Alkami helps clients transform through retail and commercial banking, digital account opening, and data and marketing solutions. To learn more, visit www.alkami.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking” statements relating to Alkami Technology, Inc.’s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients’ use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company’s filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Explanation of Non-GAAP Financial Measures and Key Business Metrics
The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. The company also uses results of operations excluding such items to evaluate the operating performance of Alkami and compare it against prior periods, make operating decisions, determine executive compensation, and serve as a basis for long-term strategic planning. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management’s ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company’s financial and operational performance and comparing this performance to the company’s peers and competitors.

The company defines “Non-GAAP Cost of Revenues” as cost of revenues, excluding (1) amortization and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Non-GAAP Gross Margin” as gross profit, plus (1) amortization and (2) stock-based compensation expense, all divided by revenue. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Non-GAAP Research and Development Expense” as research and development expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to product innovation.

The company defines “Non-GAAP Sales and Marketing Expense” as sales and marketing expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to its sales and marketing strategies.

The company defines “Non-GAAP General and Administrative Expense” as general and administrative expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s underlying expense structure to support corporate activities and processes.

The company defines “Non-GAAP Net Loss” as net loss, plus (1) provision for income taxes (2) (loss) gain on financial instruments, (3) amortization, (4) stock-based compensation expense, and (5) acquisition-related expenses. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Adjusted EBITDA” as net loss plus (1) provision for income taxes, (2) (loss) gain on financial instruments, (3) interest income, net, (4) depreciation and amortization (5) stock-based compensation expense, and (6) acquisition-related expenses. The company believes adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.

In addition, the Company also uses the following important operating metrics to evaluate its business:

The company defines “Annual Recurring Revenue (ARR)” by aggregating annualized recurring revenue related to SaaS subscription services recognized in the last month of the reporting period as well as the next 12 months of expected implementation services revenues in the last month of the reporting period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients, and our ability to maintain and expand our relationship with existing clients.

The company defines “Registered Users” as an individual or business related to an account holder of an FI client on our digital banking platform who has registered to use one or more of our solutions and has current access to use those solutions as of the last day of the reporting period presented. We price our digital banking platform based on the number of registered users, so as the number of registered users of our digital banking platform increases, our ARR grows. We believe growth in the number of registered users provides important information about our ability to expand market adoption of our digital banking platform and its associated software products, and therefore to grow revenues over time.

The company defines “Revenue per Registered User (RPU)” by dividing ARR for the reporting period by the number of registered users as of the last day of the reporting period. We believe RPU provides important information about our ability to grow the number of software products adopted by new clients over time, as well as our ability to expand the number of software products that our existing clients add to their contracts with us over time.

The company does not provide a reconciliation of our adjusted EBITDA outlook to GAAP net loss because certain significant information required for such reconciliation is not available without unreasonable efforts, including provision for income taxes, loss on financial instruments, stock-based compensation expense, and acquisition-related expenses, net, all of which may be significant.

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(UNAUDITED)

June 30,

December 31,

2024

2023

Assets

Current assets

Cash and cash equivalents

$            61,432

$            40,927

Marketable securities

25,962

51,196

Accounts receivable, net

38,952

35,499

Deferred costs, current

11,478

10,329

Prepaid expenses and other current assets

14,132

10,634

Total current assets

151,956

148,585

Property and equipment, net

19,539

16,946

Right-of-use assets

15,180

15,754

Deferred costs, net of current portion

32,542

30,734

Intangibles, net

32,414

35,807

Goodwill

148,050

148,050

Other assets

4,176

3,949

Total assets

$          403,857

$          399,825

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$               5,794

$               7,478

Accrued liabilities

20,879

19,763

Deferred revenues, current portion

12,572

10,984

Lease liabilities, current portion

1,275

1,205

Total current liabilities

40,520

39,430

Deferred revenues, net of current portion

16,445

15,384

Deferred income taxes

1,760

1,713

Lease liabilities, net of current portion

17,736

18,052

Other non-current liabilities

212

305

Total liabilities

76,673

74,884

Stockholders’ Equity

Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of
June 30, 2024 and December 31, 2023

Common stock, $0.001 par value, 500,000,000 shares authorized; and 98,985,370 and 96,722,098 shares
issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

99

97

Additional paid-in capital

786,201

760,210

Accumulated deficit

(459,116)

(435,366)

Total stockholders’ equity

327,184

324,941

Total liabilities and stockholders’ equity

$          403,857

$          399,825

 

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(UNAUDITED)

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Revenues

$              82,160

$              65,763

$           158,287

$           125,759

Cost of revenues(1)

33,389

30,289

65,484

58,147

Gross profit

48,771

35,474

92,803

67,612

Operating expenses:

Research and development

23,909

20,866

46,729

41,415

Sales and marketing

16,964

13,883

30,807

24,761

General and administrative

20,612

18,207

39,927

35,318

Acquisition-related expenses

135

34

195

220

Amortization of acquired intangibles

358

357

717

717

Total operating expenses

61,978

53,347

118,375

102,431

Loss from operations

(13,207)

(17,873)

(25,572)

(34,819)

Non-operating income (expense):

Interest income

1,261

2,016

2,343

3,742

Interest expense

(74)

(1,826)

(147)

(3,583)

(Loss) gain on financial instruments

(112)

10

220

Loss before income taxes

(12,132)

(17,673)

(23,376)

(34,440)

Provision for income taxes

185

88

374

284

Net loss

$            (12,317)

$            (17,761)

$            (23,750)

$            (34,724)

Net loss per share attributable to common stockholders:

Basic and diluted

$                (0.13)

$                (0.19)

$                (0.24)

$                (0.37)

Weighted average number of shares of common stock outstanding:

Basic and diluted

98,103,527

93,334,725

97,524,379

92,868,623

(1) Includes amortization of acquired technology of $1.4 million for both the three months ended June 30, 2024 and 2023, and $2.7 million for both the six months ended June 30, 2024 and 2023. 

 

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(UNAUDITED)

Six months ended June 30,

2024

2023

Cash flows from operating activities:

Net loss

$           (23,750)

$           (34,724)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization expense

5,175

5,146

Accrued interest on marketable securities, net

(787)

(1,179)

Stock-based compensation expense

28,565

24,399

Amortization of debt issuance costs

65

80

Gain on financial instruments

(177)

Deferred taxes

47

85

Changes in operating assets and liabilities:

Accounts receivable

(3,453)

(1,906)

Prepaid expenses and other current assets

(3,790)

(1,882)

Accounts payable and accrued liabilities

(653)

(2,126)

Deferred costs

(2,569)

(2,856)

Deferred revenues

2,649

(185)

Net cash provided by (used in) operating activities

1,499

(15,325)

Cash flows from investing activities:

Purchase of marketable securities

(15,588)

(62,640)

Proceeds from sales, maturities and redemptions of marketable securities

41,609

65,622

Purchases of property and equipment

(731)

(417)

Capitalized software development costs

(3,015)

(2,661)

Net cash provided by (used in) investing activities

22,275

(96)

Cash flows from financing activities:

Principal payments on debt

(1,063)

Debt issuance costs paid

(341)

Proceeds from Employee Stock Purchase Plan issuances

2,598

2,407

Payment of holdback funds from acquisition

(1,000)

Payments for taxes related to net settlement of equity awards

(12,795)

(6,825)

Proceeds from stock option exercises

6,928

2,802

Net cash used in financing activities

(3,269)

(4,020)

Net increase (decrease) in cash and cash equivalents and restricted cash

20,505

(19,441)

Cash and cash equivalents and restricted cash, beginning of period

40,927

112,337

Cash and cash equivalents and restricted cash, end of period

$             61,432

$            92,896

 

ALKAMI TECHNOLOGY, INC.

RECONCILIATION  OF GAAP TO NON-GAAP MEASURES

(In thousands, except per share data)

(UNAUDITED)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

GAAP total revenues

$     82,160

$     65,763

$   158,287

$   125,759

June 30,

2024

2023

Annual Recurring Revenue (ARR)

$   321,284

$   256,811

Registered Users

18,584

15,849

Revenue per Registered User (RPU)

$       17.29

$       16.20

Non-GAAP Cost of Revenues

Set forth below is a presentation of the company’s “Non-GAAP Cost of Revenues.” Please reference the “Explanation of Non-
GAAP Measures” section.

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

GAAP cost of revenues

$     33,389

$     30,289

$     65,484

$     58,147

Amortization

(1,793)

(1,638)

(3,568)

(3,237)

Stock-based compensation expense

(1,347)

(1,487)

(2,525)

(2,633)

Non-GAAP cost of revenues

$     30,249

$     27,164

$     59,391

$     52,277

Non-GAAP Gross Margin

Set forth below is a presentation of the company’s “Non-GAAP Gross Margin.” Please reference the “Explanation of Non-GAAP
Measures” section.

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

GAAP gross margin

59.4 %

53.9 %

58.6 %

53.8 %

Amortization

2.2 %

2.5 %

2.3 %

2.5 %

Stock-based compensation expense

1.6 %

2.3 %

1.6 %

2.1 %

Non-GAAP gross margin

63.2 %

58.7 %

62.5 %

58.4 %

Non-GAAP Research and Development Expense

Set forth below is a presentation of the company’s “Non-GAAP Research and Development Expense.” Please reference the
“Explanation of Non-GAAP Measures” section.

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

GAAP research and development expense

$     23,909

$     20,866

$     46,729

$     41,415

Stock-based compensation expense

(4,256)

(3,963)

(8,254)

(7,738)

Non-GAAP research and development expense

$     19,653

$     16,903

$     38,475

$     33,677

Non-GAAP Sales and Marketing Expense

Set forth below is a presentation of the company’s “Non-GAAP Sales and Marketing Expense.” Please reference the
“Explanation of Non-GAAP Measures” section.

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

GAAP sales and marketing expense

$     16,964

$     13,883

$     30,807

$     24,761

Stock-based compensation expense

(2,291)

(1,813)

(4,322)

(3,403)

Non-GAAP sales and marketing expense

$     14,673

$     12,070

$     26,485

$     21,358

Non-GAAP General and Administrative Expense

Set forth below is a presentation of the company’s “Non-GAAP General and Administrative Expense.” Please reference the
“Explanation of Non-GAAP Measures” section.

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

GAAP general and administrative expense

$     20,612

$     18,207

$     39,927

$     35,318

Stock-based compensation expense

(7,119)

(5,489)

(13,464)

(10,222)

Non-GAAP general and administrative expense

$     13,493

$     12,718

$     26,463

$     25,096

Non-GAAP Net Loss

Set forth below is a presentation of the company’s “Non-GAAP Net Loss.” Please reference the “Explanation of Non-GAAP
Measures” section.

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

GAAP net loss

$    (12,317)

$    (17,761)

$    (23,750)

$    (34,724)

Provision for income taxes

185

88

374

284

Loss (gain) on financial instruments

112

(10)

(220)

Amortization

2,151

1,995

4,285

3,954

Stock-based compensation expense

15,013

12,752

28,565

23,996

Acquisition-related expenses

135

34

195

220

Non-GAAP net loss

$       5,279

$      (2,902)

$       9,669

$      (6,490)

Adjusted EBITDA

Set forth below is a presentation of the company’s “Adjusted EBITDA.” Please reference the “Explanation of Non-GAAP
Measures” section.

Three Months Ended

Year Ended

June 30,

June 30,

2024

2023

2024

2023

GAAP net loss

$    (12,317)

$    (17,761)

$    (23,750)

$    (34,724)

Provision for income taxes

185

88

374

284

Loss (gain) on financial instruments

112

(10)

(220)

Interest income, net

(1,187)

(190)

(2,196)

(159)

Depreciation and amortization

2,613

2,560

5,175

5,146

Stock-based compensation expense

15,013

12,752

28,565

23,996

Acquisition-related expenses

135

34

195

220

Adjusted EBITDA

$       4,554

$      (2,527)

$       8,363

$      (5,457)

 

Investor Relations Contact
Steve Calk
ir@alkami.com

Media Relations Contacts
Marla Pieton
marla.pieton@alkami.com

Valerie Kerner
alkami@fullyvested.com

View original content:https://www.prnewswire.com/news-releases/alkami-announces-second-quarter-2024-financial-results-302211396.html

SOURCE Alkami Technology, Inc.

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Technology

Samsung Selects Chandigarh University Student as ‘Punjab AI State Topper’

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CU Student Devesh Panwar Wins Rs 1 Lakh Award for Developing AI-Based Document Search System

CHANDIGARH, India, July 18, 2026 /PRNewswire/ — A Bachelor of Computer Applications (BCA) student of Chandigarh University, Devesh Panwar, has been named the “Punjab State Topper” in the Artificial Intelligence (AI) under the Samsung Innovation Campus (SIC) AI Program organised by Samsung in collaboration with Telecom Sector Skill Council (TSSC) and training partner Focal Skill Development (Focalyt) to equip Indian youth with industry-relevant in-demand skills in AI, loT, Big Data, and Coding & Programming, preparing them for future careers.

A final-year student of Bachelor of Computer Applications (BCA) at University Institute of Computing (UIC) of Chandigarh University, Devesh Panwar also won a cash award of Rs 1 lakh along with a laptop, and exclusive Samsung rewards for achieving this remarkable milestone under the Samsung Innovation Campus AI Program.

 “Being named ‘AI State Topper’ was a moment of profound pride and validation for me. Hard work, intense technical training and a passion for AI culminated in the immense honor of the Punjab State Topper title. Besides getting access to state-of-the-art tools to fuel my future research and development endeavor, I gained world-class knowledge during the Samsung Innovation Campus (SIC) AI Program. It helped me in gaining hands-on experience and applied AI to solve real-world challenges, especially in aeronautical and technical domains,”

During Samsung Innovation Campus (SIC) AI Program, Devesh and his team worked on innovative AI capstone project which was presented before the jury panel as part of the final assessment.

“Our team developed the advanced AI-powered system AI Research Agent, a Retrieval-Augmented Generation (RAG) platform designed for intelligent querying of private document collections. Organizations, researchers, legal professionals, and HR teams often work with large collections of documents. Traditional search methods rely heavily on keyword matching and require significant manual effort to locate relevant information. The project was developed to address the limitations of traditional document search systems, which often struggle with contextual understanding, retrieval accuracy, learning adaptability, and response speed,” said Devesh.

 “The developed system demonstrated significant improvements over traditional document retrieval approaches with faster response generation with integration of modern AI techniques, full-stack development, database systems, and intelligent automation into a single practical solution.  By combining modern RAG architecture with innovative retrieval and reasoning mechanisms, this system provides a fast, intelligent, and user-friendly solution for knowledge discovery and resume evaluation. This project not only enhanced our technical expertise in Artificial Intelligence and Full-Stack Development but also strengthened our problem-solving, teamwork, and professional communication skills. It stands as a significant achievement of our Samsung Innovation Campus 2025 journey and reflects our commitment to building impactful AI solutions for real-world challenges,” he added.

Congratulating Devesh Panwar for being named “Punjab State Topper” AI under the Samsung Innovation Campus Samsung Innovation Program, Deepinder Singh Sandhu, Senior Managing Director, Chandigarh University, said, “Devesh’s achievement reflects Chandigarh University’s focus on experiential learning and industry-academia collaboration.  Through the Samsung Innovation Campus AI Program, CU students gain practical exposure to AI and building solutions for real-world challenges. This accomplishment reflects not only Devesh’s commitment to excellence but also the growing culture of innovation and industry-oriented learning at Chandigarh University,”.

“Since its inception, Chandigarh University has set benchmarks for world-class education with its dynamic hands-on experiential learning model, industry-aligned programs, dynamic fraternity, state-of-the-art infrastructure facilities and impeccable placements. Samsung Innovation Program is also part of our initiatives to develop a future-ready talent pool equipped with advanced capabilities in AI, loT, Big Data, and Coding and Programming. By bridging the gap between theoretical learning and real-world application, this collaboration helps in providing CU’s computer science and computing students exposure to cutting-edge and emerging technologies.  CU’s this partnership with Samsung is focused on building future-ready talent equipped with industry-relevant skills in AI and emerging technologies,” Sandhu said.

He said Chandigarh University’s Institute of Computing (UIC) prepares students for a successful career in computing, to create and disseminate computing knowledge and technology. “Chandigarh University carries a vision of crafting next-gen IT professionals who can take up industry challenges effectively and our Institute of Computing (UIC) prepares students for a successful career in computing, to create and disseminate computing knowledge and technology.  UIC’s hands-on approach paves the way for a smooth transition to the workforce after graduation. Our students are equipped with the best knowledge, skills and passion to succeed in any number of computing careers.   CU’s Institute of Computing renders cutting-edge education ranging from the expertise in traditional software development -to- modern computing technologies. Fully-equipped industry-sponsored labs, industry-aligned curriculum, and accreditations and validations by top companies such as Intel, Microsoft, Google Android, Red Hat etc. give our students an exclusive edge over others,” the Chandigarh University CMD said.

Sandhu said the latest edition of QS World University Rankings has yet again reaffirmed Chandigarh University global standing as a top educational institution. “Continuing its remarkable rise among the world’s leading higher education institutions, Chandigarh University (CU) has made impressive strides in the latest edition of prestigious QS World University Rankings 2027 by securing an overall world rank of 526, an increase of 49 ranks as compared to 575th rank in QS’ 2026 Rankings. This is for the fifth consecutive year that Chandigarh University’s global rankings have witnessed an impressive surge with CU’s world rank going up by an impressive 274 ranks — from the 800th rank in 2023 to 526th in 2027’s Rankings,”.

“As per the latest QS World University Rankings, with All India Rank of 13 among all universities in the country as compared to 16th rank in 2026’s rankings, Chandigarh University now ranks among the top 1% of universities in India and the top 2% of universities in the World, underscoring its growing reputation as a leading institution of higher learning, both in India and globally,” he added.

About Chandigarh University

Chandigarh University is a NAAC A+ Grade University and QS World Ranked University. This autonomous educational institution is approved by UGC and is located near Chandigarh in the state of Punjab. It is the youngest university in India and the only private university in Punjab to be honoured with A+ Grade by NAAC (National Assessment and Accreditation Council). CU offers more than 109 UG and PG programs in the field of engineering, management, pharmacy, law, architecture, journalism, animation, hotel management, commerce, and others. It has been awarded as The University with Best Placements by WCRC.

Website address: https://www.cuchd.in/

Photo: https://mmx.prnewswire.com/media/MS1885145/PRESS-PIC-001-SAMSUNG-CU-STUDENT.jpg?id=OA2769782&token=eyJhbGciOiJkaXIiLCJlbmMiOiJBMjU2R0NNIn0..tz96RqadDKMvzkEj.hSUhhTBdc9ZsrJjdBxEgY3wlJi0695tAGCi_yhGtBbdiThMARSwsYuRxoaEaAC1HccJGtnxglefy4fXZDdGfD-4OdjVgfOBZDHtwSaDWfS9i0sxsJ9uscOPXaiNP1iwN6to.iJaPyZAn7rk4NN9I54uvhg

 

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Samsung Selects Chandigarh University Student as ‘Punjab AI State Topper’

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CU Student Devesh Panwar Wins Rs 1 Lakh Award for Developing AI-Based Document Search System

CHANDIGARH, India, July 18, 2026 /PRNewswire/ — A Bachelor of Computer Applications (BCA) student of Chandigarh University, Devesh Panwar, has been named the “Punjab State Topper” in the Artificial Intelligence (AI) under the Samsung Innovation Campus (SIC) AI Program organised by Samsung in collaboration with Telecom Sector Skill Council (TSSC) and training partner Focal Skill Development (Focalyt) to equip Indian youth with industry-relevant in-demand skills in AI, loT, Big Data, and Coding & Programming, preparing them for future careers.

A final-year student of Bachelor of Computer Applications (BCA) at University Institute of Computing (UIC) of Chandigarh University, Devesh Panwar also won a cash award of Rs 1 lakh along with a laptop, and exclusive Samsung rewards for achieving this remarkable milestone under the Samsung Innovation Campus AI Program.

 “Being named ‘AI State Topper’ was a moment of profound pride and validation for me. Hard work, intense technical training and a passion for AI culminated in the immense honor of the Punjab State Topper title. Besides getting access to state-of-the-art tools to fuel my future research and development endeavor, I gained world-class knowledge during the Samsung Innovation Campus (SIC) AI Program. It helped me in gaining hands-on experience and applied AI to solve real-world challenges, especially in aeronautical and technical domains,”

During Samsung Innovation Campus (SIC) AI Program, Devesh and his team worked on innovative AI capstone project which was presented before the jury panel as part of the final assessment.

“Our team developed the advanced AI-powered system AI Research Agent, a Retrieval-Augmented Generation (RAG) platform designed for intelligent querying of private document collections. Organizations, researchers, legal professionals, and HR teams often work with large collections of documents. Traditional search methods rely heavily on keyword matching and require significant manual effort to locate relevant information. The project was developed to address the limitations of traditional document search systems, which often struggle with contextual understanding, retrieval accuracy, learning adaptability, and response speed,” said Devesh.

 “The developed system demonstrated significant improvements over traditional document retrieval approaches with faster response generation with integration of modern AI techniques, full-stack development, database systems, and intelligent automation into a single practical solution.  By combining modern RAG architecture with innovative retrieval and reasoning mechanisms, this system provides a fast, intelligent, and user-friendly solution for knowledge discovery and resume evaluation. This project not only enhanced our technical expertise in Artificial Intelligence and Full-Stack Development but also strengthened our problem-solving, teamwork, and professional communication skills. It stands as a significant achievement of our Samsung Innovation Campus 2025 journey and reflects our commitment to building impactful AI solutions for real-world challenges,” he added.

Congratulating Devesh Panwar for being named “Punjab State Topper” AI under the Samsung Innovation Campus Samsung Innovation Program, Deepinder Singh Sandhu, Senior Managing Director, Chandigarh University, said, “Devesh’s achievement reflects Chandigarh University’s focus on experiential learning and industry-academia collaboration.  Through the Samsung Innovation Campus AI Program, CU students gain practical exposure to AI and building solutions for real-world challenges. This accomplishment reflects not only Devesh’s commitment to excellence but also the growing culture of innovation and industry-oriented learning at Chandigarh University,”.

“Since its inception, Chandigarh University has set benchmarks for world-class education with its dynamic hands-on experiential learning model, industry-aligned programs, dynamic fraternity, state-of-the-art infrastructure facilities and impeccable placements. Samsung Innovation Program is also part of our initiatives to develop a future-ready talent pool equipped with advanced capabilities in AI, loT, Big Data, and Coding and Programming. By bridging the gap between theoretical learning and real-world application, this collaboration helps in providing CU’s computer science and computing students exposure to cutting-edge and emerging technologies.  CU’s this partnership with Samsung is focused on building future-ready talent equipped with industry-relevant skills in AI and emerging technologies,” Sandhu said.

He said Chandigarh University’s Institute of Computing (UIC) prepares students for a successful career in computing, to create and disseminate computing knowledge and technology. “Chandigarh University carries a vision of crafting next-gen IT professionals who can take up industry challenges effectively and our Institute of Computing (UIC) prepares students for a successful career in computing, to create and disseminate computing knowledge and technology.  UIC’s hands-on approach paves the way for a smooth transition to the workforce after graduation. Our students are equipped with the best knowledge, skills and passion to succeed in any number of computing careers.   CU’s Institute of Computing renders cutting-edge education ranging from the expertise in traditional software development -to- modern computing technologies. Fully-equipped industry-sponsored labs, industry-aligned curriculum, and accreditations and validations by top companies such as Intel, Microsoft, Google Android, Red Hat etc. give our students an exclusive edge over others,” the Chandigarh University CMD said.

Sandhu said the latest edition of QS World University Rankings has yet again reaffirmed Chandigarh University global standing as a top educational institution. “Continuing its remarkable rise among the world’s leading higher education institutions, Chandigarh University (CU) has made impressive strides in the latest edition of prestigious QS World University Rankings 2027 by securing an overall world rank of 526, an increase of 49 ranks as compared to 575th rank in QS’ 2026 Rankings. This is for the fifth consecutive year that Chandigarh University’s global rankings have witnessed an impressive surge with CU’s world rank going up by an impressive 274 ranks — from the 800th rank in 2023 to 526th in 2027’s Rankings,”.

“As per the latest QS World University Rankings, with All India Rank of 13 among all universities in the country as compared to 16th rank in 2026’s rankings, Chandigarh University now ranks among the top 1% of universities in India and the top 2% of universities in the World, underscoring its growing reputation as a leading institution of higher learning, both in India and globally,” he added.

About Chandigarh University

Chandigarh University is a NAAC A+ Grade University and QS World Ranked University. This autonomous educational institution is approved by UGC and is located near Chandigarh in the state of Punjab. It is the youngest university in India and the only private university in Punjab to be honoured with A+ Grade by NAAC (National Assessment and Accreditation Council). CU offers more than 109 UG and PG programs in the field of engineering, management, pharmacy, law, architecture, journalism, animation, hotel management, commerce, and others. It has been awarded as The University with Best Placements by WCRC.

Website address: https://www.cuchd.in/

Photo: https://mmx.prnewswire.com/media/MS1885145/PRESS-PIC-001-SAMSUNG-CU-STUDENT.jpg?id=OA2769782&token=eyJhbGciOiJkaXIiLCJlbmMiOiJBMjU2R0NNIn0..tz96RqadDKMvzkEj.hSUhhTBdc9ZsrJjdBxEgY3wlJi0695tAGCi_yhGtBbdiThMARSwsYuRxoaEaAC1HccJGtnxglefy4fXZDdGfD-4OdjVgfOBZDHtwSaDWfS9i0sxsJ9uscOPXaiNP1iwN6to.iJaPyZAn7rk4NN9I54uvhg

 

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Black Lake Technologies Shortlisted as SAIL Award TOP30 Finalist and Selected as Global Industrial AI Flagship Case, Showcasing Latest Industrial Agent at WAIC 2026

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SHANGHAI, July 18, 2026 /PRNewswire/ — The 2026 World Artificial Intelligence Conference (WAIC) opened in Shanghai on July 17. Shanghai Blacklake Technologies Co., Ltd. (“Black Lake”), an industrial AI company, is showcasing a portfolio of industrial AI agents at the conference. The company has also been named to the Top 30 shortlist for the 2026 WAIC Super AI Leader (SAIL) Award and selected as a Trusted Partner under the Global Call for Trusted Partners for Industrial AI in the Global South.

The accreditations highlight Black Lake’s latest progress in bringing AI into critical manufacturing decision-making workflows and deploying industrial AI capabilities on the shop floor around the world.

This year’s conference attracted over 1,100 exhibiting companies and showcased more than 3,000 exhibits, setting a new record for exhibition scale. The conference delivered a clear signal: as artificial intelligence becomes a common priority across global industries, attention is moving beyond model capabilities toward practical applications in real-world operating environments.

Manufacturing provides a particularly demanding test for this transition. Factory operations are governed by multiple constraints, including process specifications, equipment capabilities, material availability, production capacity, delivery schedules and quality requirements. Therefore, AI has to do so much more than simply comprehend information input. It must make reliable judgments within clearly defined business rules and operational constraints.

Black Lake has focused on industrial digitalization and industrial AI for years, developing and deploying AI applications in a range of factory environments.

At WAIC 2026, the company is presenting industrial AI agents covering order splitting and process planning, quotation and pricing, procurement, production scheduling, quality inspection, and order tracking. These applications are designed to move AI beyond an auxiliary role and into critical manufacturing decision-making workflows.

Traditional industrial software is primarily responsible for data recording, digital workflows, and worker coordination. However, critical decisions such as how to split an order, determine pricing, schedule production, and assess quality risks still depend heavily on the experience of engineers and frontline workers.

Industrial AI agents are intended to convert fragmented industrial knowledge and production experience into decision-making capabilities that can be invoked, reused and continuously refined by software systems.

Order decomposition and process planning are representative examples. After receiving an engineering drawing, a factory typically relies on experienced engineers to identify components, materials and dimensions, define the required manufacturing processes and technical specifications, and establish a basis for subsequent quotation and quality inspection.

The process is highly dependent on individual expertise and represents one of the first critical decision points after an order is received.

Black Lake Technologies’ CAD-to-Process Agent can understand product drawings and, taking into account the factory’s equipment capabilities, process requirements, and production practices, rapidly generate process steps along with the corresponding technical requirements. Drawing analysis that once took hours can now be completed in approximately one minute, achieving an accuracy rate of over 95% in real deployment and providing engineers with stable, efficient decision support. Currently, the industrial agents developed by the company cover core processes including design, scheduling, production, and quality inspection, and have entered the stage of large-scale deployment.

Founded in 2016, Black Lake serves nearly 40,000 factories worldwide. Its customers span more than 30 industries, including food and beverage, automotive components and equipment manufacturing.

By working across factory order management, production and fulfillment workflows, Black Lake has accumulated the technical capabilities and industry knowledge required to support decision-making in complex industrial environments.

In April 2026, Black Lake completed a Series D funding round of nearly RMB 1 billion. The company said the proceeds would primarily be used to accelerate the deployment of its industrial AI products and support its international expansion.

AI-related products are becoming a new source of growth for the company. In a recent interview, Black Lake founder and CEO Zhou Yuxiang said that the company had recorded significant growth in AI-related revenue since the beginning of 2026. He also said that manufacturing customers were taking less time to make purchasing decisions for industrial AI agents.

Zhou expects AI adoption among Chinese factories to increase substantially over the next three to four years.

Unlike consumer-facing AI, which is primarily associated with content generation and personal productivity, industrial AI agents can directly affect production costs, capacity utilization, delivery performance, and product quality. Their commercial value therefore depends largely on whether they can perform specific tasks reliably in complex production environments.

During WAIC 2026, Black Lake was named to the Top 30 shortlist for the 2026 Super AI Leader (SAIL) Award. The SAIL Award is one of WAIC’s major awards and recognizes achievements in technological breakthroughs, application innovation, and industrial value.

Black Lake was also selected as a Trusted Partner under UNIDO’s Global Call for Trusted Partners for Industrial AI in the Global South.

The Global Call was launched under the guidance of the United Nations Industrial Development Organization (UNIDO), in partnership with the Shanghai Artificial Intelligence Research Institute, and in connection with the work of UNIDO AIM Global and its Shanghai-based Centre of Excellence.

The initiative aims to build a curated pool of leading partners to co-develop scalable industrial AI solutions and public goods for the Global South.

For Black Lake, the two accreditations underscore the growing importance of reliability, explainability, and scalability in the evaluation of industrial AI, in addition to the capabilities of AI models.

Global expansion will be a major priority in the company’s next phase of development. Black Lake is currently focusing on Southeast Asia, Latin America and Eastern Europe, adapting its industrial AI agents to the industrial structures, production processes and management requirements of different markets.

Although manufacturing operations vary across countries and regions, manufacturers share similar concerns about efficiency, quality, delivery reliability and production flexibility.

Black Lake is transforming industrial AI capabilities that have been validated in complex factory environments into configurable and deployable products. Through these products, the company aims to work with manufacturers worldwide to explore more efficient, flexible and intelligent approaches to production.

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SOURCE Black Lake

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