|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||0.0650 - 0.0701|
|52 Week Range||0.0106 - 0.3500|
|Beta (5Y Monthly)||1.24|
|PE Ratio (TTM)||N/A|
|Earnings Date||Sep 03, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
SAN JOSE, CA, Sept. 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Sonasoft Corp. (OTCQB: SSFT) is proud to announce that they are helping DEC members save millions on their electricity bills. Since the start of July, Sonasoft has provided Delaware Electric Cooperative with an AI solution to help them control coincident peaks (CPs). These events occur when their suppliers see demand surging, leading to a huge financial cost for DEC.DEC is a cooperative that aims to save its members money. To reduce costs, DEC issues Beat-the-Peak notices to its members. These encourage them to reduce demand for short periods in order to cut the overall peak. This process saves millions of dollars each year. But missing just one CP could cost over a million dollars. Since last year, Sonasoft has been working to develop an AI bot that can deliver more accurate peak forecasts for DEC. This was only possible because DEC is a data-driven company. As Bill Andrew, President and CEO of DEC, says, “People don’t understand AI. You have to have good data, and you have to understand what you are trying to attain.”Sonasoft was the perfect partner for this initiative. “Sonasoft’s AI solutions are built on our unique NuGene engine,” says Ankur Garg, Chief AI Strategy Officer at Sonasoft. “NuGene takes data from multiple disparate sources and is able to spot relevant correlations that other AI tools simply miss. Even better, the models leverage continuous learning. This allows them to become more and more accurate as well as giving them the flexibility to adapt to changing circumstances.”The Sonasoft AI bot went live at the start of July and is already proving its value. This year saw one of the hottest Julys on record on the East Coast. As a result, there were nine Beat-the-Peak notices issued, saving DEC members over $1.3m. Over this period, NuGene ensured that the Sonasoft AI bot became more and more accurate at predicting demand. By the end of July, its predictions were spot on.Looking to the future, Bill Andrew is excited about the potential of AI in the electricity supply market. “AI is allowing us to shift our culture from static forecasting techniques to dynamic data technology strategies. As a result, AI is becoming a key tool in our toolbox and will be central to our strategy moving forward. As DEC gains more experience and the AI Bot learns more, we hope to minimize BTP events through the use of this technology.” The technology has been so successful that several of DECs strategic partners have shown an interest and some of them are evaluating deals of their own with Sonasoft.Over the coming months, DEC hopes that the Sonasoft AI bot will become accurate enough to enable automatic Beat-the-Peak notices to be issued. It is already well on the way to reaching this goal, generally proving itself as accurate or more accurate than any of their existing forecasting models. At this point, Sonasoft’s AI will be actively driving multi-million dollar savings every year.Notes 1. Sonasoft was founded in Silicon Valley in 2003. For more information about the company, please visit: https://www.sonasoft.com 2. Sonasoft NuGene is a unified AI platform that can process any type of data and generate autonomous AI models. For more information about Sonasoft’s Artificial Intelligence (AI) Solutions, please visit: https://www.sonasoft.com/products/artificial-intelligence-ai/ 3. For investor-specific information, please visit: https://www.sonasoft.com/investors/Investor Contact:Mike Khanna, CEO Sonasoft Corporation Phone: (408) 708-4000 X7104Forward-looking StatementsThis release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
SAN JOSE, CA, July 22, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Sonasoft Corp. (OTCQB: SSFT), a leader in innovative artificial intelligence (AI) and data management solutions, today reports its financial results for its fiscal year 2019 and First Quarter 2020. 2019 In ReviewSonasoft Corp. generated audited full-year 2019 revenue of $13.33M, an increase of $12.35M over its 2018 full-year result. The company reported an operating loss of $4.57M, versus $1.55M in 2018. Excluding stock-based compensation and accruals for royalties, this loss reduces to $3.2M, a $1.7M increase over 2018 result. This increase is largely due to the acquisition, integration, and legal expenses incurred by the four acquisitions Sonasoft completed in 2019, as well as significant new investment in sales, marketing, and research and development.Of Sonasoft's four sub-entities, Cornerstone Tech. Inc. contributed approximately $10.6M in revenue, E-Connect approximately $2.2M (over 7 months), Sonavault approximately $0.5M, and Sona-AI less than $0.1M (over 9 months).Despite the limited revenue contributions of Sona-AI's NuGene artificial intelligence platform for 2019, the company has been extremely pleased with results in this area of the business. The technology has gained significant traction with several successful proof of concept (POC) demonstrations for large OEM partners as detailed in our recent 8-K announcements. These early green shoots are anticipated to drive rapid growth in AI-based revenues from both POC’s and product licensing agreements in 2020, as the company solidifies its AI-first orientation. Opportunities in the search, energy, and financial sectors are particularly promising.Sales for the Cornerstone business were relatively stable, despite margin pressures in the hardware and software reseller markets. Sonasoft’s strategy for the Cornerstone business is to leverage the customer network and presence it provides to drive AI sales, pivoting Cornerstone resources towards the expanding AI sector. Similarly, Sonasoft’s data science and data analytics support capabilities act as a complement to our AI efforts, expanding the service offering we can deliver to customers.As a result of the merger activity, Sonasoft’s balance sheet strengthened considerably in 2019, with shareholder’s equity growing from ($1.93 M) as of December 31, 2018 to $3.73M as of December 31, 2019. The cash balance as of December 31, 2019, was $3.13M versus $1.02M as of December 31, 2018.First Quarter 2020Revenues for the quarter ended Mar. 31, 2020 were $2.88M vs $1.96M for the quarter ended Mar. 31, 2019. Gross profit in Q1 2020 was $612k vs. $579k for Q12019. Gross profit margins were 21.3% in Q1 2020, vs. 29.5% in Q1 2019.The Company had operating losses of $1.49M during the quarter ended Mar. 31, 2020, vs. a loss of $0.58M for Q1 2019, an increase of $0.91M. Of this increase, $297k can be attributed to stock-based compensation for the post-completion issuance of stock related to the acquisitions of E-Connect Inc. and Optimaize Inc. Excluding these costs, operating expenses increased by $0.65M from Q1 2019 to Q1 2020. The year-over-year increase in revenue was driven both by the acquisitions of Hotify Inc. and E-Connect Inc. over the course of 2019 and by improved sales from the Cornerstone subsidiary, driven by a significant increase in software sales vs. the year-ago quarter.Cornerstone contributed approximately $2.30M in revenues in the quarter, vs. $1.8M in Q1 2019. Revenues from the legacy Sonavault software suite were $179k vs. $136k in Q1 2019. E-Connect contributed approximately $0.57M. Hotify Inc. contributed $59k in licensing revenues, as OEM AI projects began to come on-stream.Looking ahead, the business has successfully consolidated multiple entities into the Sonasoft business and is now returning its focus to optimizing operations and execution. In response to the onset of the Coronavirus pandemic, the company took steps to streamline operating expenses, effecting changes that should deliver net quarterly savings on the order of $200k per quarter. We anticipate additional cost savings going forward as we achieve further synergies in administration and finance. This improvement in operational efficiency is expected to offset margin pressures in the Cornerstone business while creating new opportunities for AI revenue growth as we pursue AI opportunities across all of the entities. Ongoing investment in AI development, sales, and marketing will result in continued net losses for 2020, but the resulting OEM partnerships are expected to result in a rapid increase in AI revenues as OEM AI opportunities reach fruition.Notes 1. Sonasoft was founded in Silicon Valley in 2003. For more information about the company, please visit: https://www.sonasoft.com2. Sonasoft NuGene is a unified AI platform that can process any type of data and generate autonomous AI models. For more information about Sonasoft’s Artificial Intelligence (AI) Solutions, please visit: https://www.sonasoft.com/products/artificial-intelligence-ai/3. For investor-specific information, please visit: https://www.sonasoft.com/investors/Investor Contact:Mike Khanna, CEOSonasoft CorporationPhone: (408) 708-4000 X7104Forward-looking StatementsThis release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These outcomes may be materially impacted by various risks set forth in the Company’s filings, as well as: (i) trends affecting the Company’s financial condition, financings and capability to pursue and to use proceeds to pursue certain product opportunities; (ii) trends affecting various technological and financial sectors, including, without limitation, AI, data science, data intelligence and advanced analytics and related market results, customer and regulatory acceptance of such technology and results; (iii) the Company’s and its strategic partners’ abilities to successfully collaborate and optimize resources and focus toward successful AI, data, analytics and other technological implementations; and (iv) trends affecting the Company’s growth, operating, and technology strategy and focus. Investors are cautioned that any such forward-looking expectations are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control and that actual results may differ materially from those projected in the disclosure as a result of various factors including statements as a result of various factors.
San Jose, CA, July 02, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Sonasoft Corp. (SSFT) is pleased to announce that their new AI solution with Delaware Electric Cooperative (DEC) went live at 3pm on Monday, June 29. The project uses NuGene, Sonasoft’s AI Bot Engine, to predict peak electricity usage. This allows DEC to manage their demand more effectively, and help slash annual operating costs which translates into lower rates for their members.