Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company", "Sona") is pleased to announce that its Chief Scientific Officer, Dr. Len Pagliaro, has been invited to showcase Sona's developing Targeted Hyperthermia Therapy ("THT") cancer treatment today at the Nanotechnology Characterization Laboratory ("NCL"). Sona will be one of six commercial and academic collaborators to present its research at the NCL's 20th anniversary "Advancing Medical Applications of Cancer Nanotechnology" symposium. Sona's subsidiary was previously selected for the NCL Assay Cascade Program, the premier program in the World for bringing nanomaterials through critical preclinical stages and facilitating regulatory review, in which Sona's materials were assessed for biocompatibility. The NCL was established by the National Cancer Institute ("NCI") to accelerate the progress of nanomedicine by providing preclinical characterization and safety testing of nanoparticles. The NCL is a collaborative effort between NCI, the U.S. Food and Drug Administration ("FDA"), and the National Institute of Standards and Technology.
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XReality Group: Focused on XR Products for Entertainment and Enterprise Markets
xReality Group Limited (ASX:XRG) specializes in virtual reality (VR), augmented reality (AR) and physical simulation for the enterprise, defense and consumer markets. The company aims to provide physical and digital simulations for military and law enforcement applications. XR stands for extended reality and is a catch-all term for VR, AR, and mixed reality (MR).
xReality Group operates four major brands, and the group’s portfolio companies include XR production company Red Cartel, Operator XR, two Australian indoor skydiving facilities, and FREAK Virtual Reality venues.
Operator XR focuses on the enterprise segment, more specifically the defense and law enforcement sectors. Operator XR systems help military personnel and law enforcement officers train in operational tactics and procedures within a virtual reality environment. The VR system complements the existing training methods and helps its users to train more often, covering a broad range of scenarios centered on de-escalation tactics, use of force decision-making, and operational procedures.
Company Highlights
- Listed on the ASX, xReality Group is an Australia-based company that specializes in building and operating virtual reality (VR), augmented reality (AR), and physical simulation for the enterprise, defense and consumer leisure markets.
- The company serves both entertainment and enterprise segments that include defense and law enforcement agencies.
- xReality operates four major brands across the end markets which include - iFly Downunder and iFly Gold Coast (both entertainment and enterprise); Freak Entertainment (retail market); Red Cartel (both entertainment and enterprise); and Operator XR (enterprise), the most important segment for the company focused on defense and law enforcement agencies.
- The total addressable market for the Operator XR segment is valued at US$3.37 billion with the US accounting for nearly 40 percent of the total market.
- The company is focusing on the US market and has already made its first law enforcement sale in the US in August 2023. The impact of this first US sale enhances the company’s reputation and credibility, serving as a testament to the quality of its products.
- xReality recently (Nov 2023) raised AU$2.9 million via a rights issue, of which nearly AU$2 million will be used to accelerate its US growth and the remainder will be used to reduce debt.
This xReality Group profile is part of a paid investor education campaign.*
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Serving the lucrative law enforcement market in the US, xReality Group’s Operator XR offers a unique value proposition that leverages a $3.37 billion global addressable market. If xReality Group’s impressive sales performance in the US to date is any indication, the company is definitely one to watch for investors.
Overview
xReality Group Limited (ASX:XRG) specializes in virtual reality (VR), augmented reality (AR) and physical simulation for the enterprise, defense and consumer markets. The company’s primary focus is to provide physical and digital simulations for military and law enforcement applications. XR stands for extended reality and is a catch-all term for VR, AR, and mixed reality (MR).
The company was co-founded by two Australian military veterans to build physical skydiving simulators for both military training and the tourist market. The company has since expanded its simulation portfolio from indoor skydiving to include out-of-home virtual reality entertainment, defense XR training, and XR software development. xReality targets both the entertainment and the enterprise markets, which include defense, law enforcement, and other government agencies.
The company was listed on the ASX on January 18, 2013, as Indoor Skydive Australia Group (ASX:IDZ) and was rebranded to xReality Group on December 8, 2021.
It operates four major brands, and the group’s portfolio companies include XR production company Red Cartel, Operator XR, two Australian indoor skydiving facilities, and FREAK Virtual Reality venues.
The global total addressable market for the Operator XR business in the law enforcement and military markets is valued at about $3.37 billion in annual recurring revenue (ARR). Of this, the United States accounts for $1.3 billion, or 40 percent of the total, while the rest of the world is $2 billion. xReality has rightly been focusing on increasing its presence in the US given its relatively high share in the global context.
The global military market is significantly higher than the law enforcement market. Overall, the military market is valued at $2.68 billion, and the law enforcement market is valued at $682.6 million. Here again, the US is a significant player accounting for the largest share of the global pie in both military and law enforcement.
Company Highlights
- Listed on the ASX, xReality Group is an Australia-based company that specializes in building and operating virtual reality (VR), augmented reality (AR) and physical simulation for the enterprise, defense and consumer leisure markets.
- The company serves both entertainment and enterprise segments that include defense and law enforcement agencies.
- xReality operates four major brands across the end markets which include - iFly Downunder and iFly Gold Coast (both entertainment and enterprise); Freak Entertainment (retail market); Red Cartel (both entertainment and enterprise); and Operator XR (enterprise), the most important segment for the company focused on defense and law enforcement agencies.
- The total addressable market for the Operator XR segment is valued at US$3.37 billion with the US accounting for nearly 40 percent of the total market.
- Operator XR continues to gain momentum in the US and Australia, with a year-to-date total contract value of $2.67 million, as of May 2024, and an annual recurring revenue of $1.27 million.
Key Business Units
Operator XR
Operator XR focuses on the enterprise segment, more specifically the defense and law enforcement sectors. Operator XR systems help military personnel and law enforcement officers train in operational tactics and procedures within a virtual reality environment. The VR system complements the existing training methods and helps its users to train more often, covering a broad range of scenarios centered on de-escalation tactics, use of force decision-making, and operational procedures.
The system was developed from the ground up, using the latest innovations in VR technology, with all IP owned by xReality. The company has invested a total of AU$2.5 million in the ongoing development of the Operator XR product. Operator XR offers several benefits: First, it provides a software platform that can be easily updated and configured. It offers significant cost savings and can simulate threats that cannot be replicated by other means. Second, it helps create the virtual environment at a fraction of the cost and time. Third, it creates an immersive environment allowing the use of live weapons and equipment leading to greater preparedness. Lastly, it can work offline enabling the training anytime and anywhere.
With offices in Sydney and Virginia, the segment focuses on two main markets – Australia and the US. The Australian operations were launched in 2021, followed by the US in 2023. With a go-to-market strategy focused on the ‘tier 3’ segment of the US law enforcement market, xReality made its first US law enforcement sale in August 2023. Tier 3 market includes nearly 3,000 police agencies with 40 to 500 officers.
As of May 2024, Operator XR has a year-to-date total contract value of $2.67 million, and an annual recurring revenue of $1.27 million. xReality now has existing contracts with a number of police departments in the US, including Oregon, Maryland, Alaska, Texas, Florida, Ohio, Arkansas, Indiana, and a training organisation based in California.
Operator XR is also making headway in Australia, with a recent purchase order from the Australian Defence Force for the delivery of two systems with a 3-year licence.
Further expansion efforts also include XReality Group’s partnership with a key technology partner in Mexico for the distribution of Operator XR’s VR technology for law enforcement and military markets.
iFly Downunder and iFly Gold Coast
xReality operates indoor skydiving facilities under the brands – iFly Downunder (located in Sydney) and iFly Gold Coast (located in Queensland). During FY 2023, xReality invested significantly in enhancing both iFly Downunder and iFly Gold Coast, resulting in upgrades to mechanical cooling systems, IT hardware and building works. This segment serves both the entertainment and enterprise markets. The first indoor skydiving tunnel was launched in 2014.
Since then, xReality has been serving about 200,000 visitors annually. iFly provides a steady, stable revenue cash flow, essential to fund the growth side of the business.
Freak Entertainment
Freak Entertainment is xReality’s virtual reality entertainment brand, established in 2019 to bring a market-leading VR experience to a retail footprint. The brand and IP are 100 percent owned by xReality, which includes cutting-edge technology and in-house-built games. It has served nearly 300,000 customers across its five locations in New South Wales and Queensland. Freak Entertainment venues offer various entertainment options such as VR arcade games, VR Escape Rooms, and VR Laser Tag among others.
Red Cartel
Red Cartel develops software products that cater to both the entertainment and enterprise markets. A leading expert in developing AR, VR, XR and enterprise software for the entertainment, oil and gas, healthcare, mining and government sectors, Red Cartel has more than 20 years of market track record. xReality acquired Red Cartel in August 2021 to deliver in-house development capability and support its other three businesses.
Management Team
John Diddams – Non-Executive Chairman
John Diddams holds a bachelor’s degree in commerce from the University of NSW, is a fellow of the Australian Society of CPAs, and is a fellow of the Australian Institute of Company Directors. He has more than 40 years of financial and management experience in Australia and overseas, with rich experience in the practical application of ASX listing rules, Australian corporations’ law, international accounting standards, and corporate governance principles. Diddams has a strong track record in driving business performance, mergers and acquisitions, due diligence and corporate governance.
Wayne Jones – Director and Chief Executive Officer
Wayne Jones has been the company's founder and CEO since November 2011. Before establishing xReality, he was a Commander with the Special Air Service Regiment (SASR) and was responsible for the development and performance of teams in complex and challenging environments. He holds formal qualifications in project management, business, security, and risk management, and financial management, and is a member of the Australian Institute of Company Directors. He has more than 25 years of experience in leading teams and delivering results. He is an experienced skydiver and maintains his involvement with the Australian Defense Force. He is also the president of the Australian Special Air Service Association (NSW Branch).
Danny Hogan – Non-Executive Director
Danny Hogan joined the Australian Regular Army in 1991 and, in 1997 was selected for further service within the Special Air Service Regiment. He has been recognized and awarded for his actions and leadership during his 21-year military career, including the Medal for Gallantry. He was selected for and completed a two-year military exchange in the US with two of the country’s elite Special Forces Commands. Hogan was a highly qualified senior dive instructor within the Special Air Service Regiment. He served as an executive director and the chief operations officer of xReality from the foundation of the company until November 2019, at which time he became a non-executive director. He is a member of the Australian Institute of Company Directors.
Kim Hopwood – Executive Director and Chief Technology and Products Officer
Kim Hopwood has more than 20 years of experience across technology, media, management, and operations. He started his career as a network engineer at Cisco, then co-founded digital agency Pusher in 2004. He has worked with xReality since 2012 as a supplier, and then as a freelance consultant before joining full-time in 2019. In his role as chief technology and products officer, he is responsible for all products along with the development of company strategy.
Mark Smethurst – Non-Executive Director
Mark Smethurst is an accomplished senior executive leader, with a highly successful track record commanding large and diverse teams both in Australia and overseas. He is a former Australian Military Brigadier General and has rich experience in dealing with Australian and international defense and supply chains. He was head of preparedness, and director of General Joint Force Analysis, responsible for developing futures concepts, experimentation, lessons, and preparedness.
Philip Copeland – Non-Executive Director
Philip Copeland is an experienced senior leader in the enterprise software-as-a-service (SaaS) sector and has a highly successful track record scaling enterprise SaaS businesses into global markets across highly regulated industries including government and financial services. He was the former CEO and founder of Avoka Software, a digital business enablement platform. He is the chairman of xReality’s International Growth Committee.
Stephen Tofler – Chief Financial Officer
Stephen Tofler was appointed CFO and company secretary in February 2019. He has more than 20 years of experience as a CFO in financial services, manufacturing and in public practice. He is formally qualified as a CPA, maintains a CPA Public Practice Certificate, and has a Bachelor of Business degree.
Sona Nanotech to Showcase Its THT Cancer Therapy at NCL 20th Anniversary Symposium and Provides Corporate Update
The Company is also pleased to provide an update on the status of its current operating activities, notably the development of its Targeted Hyperthermia Therapy which uses the Company's patented, biocompatible gold nanorods ("GNRs") to act as an immune stimulator for the treatment of certain solid cancers.
In addition to closing an over-subscribed $3.1 million equity financing in September, the Company has completed pilot safety and biocompatibility feasibility studies conducted by a global contract research organization ("CRO") and a preclinical, GLP-compliant translational research institute, respectively, in the United States. Both preclinical studies provided initial data which determine that the Company's proprietary and uniquely biocompatible GNRs are non-toxic, safe and the GNRs clear the body efficiently. Based on the success of these two studies, the Company has commissioned a full dose-escalation study which is required to inform and support the study protocol for a first-in-human early feasibility study ("EFS") being pursued by the Company. The Company will provide updates as to the status of its progress towards an EFS study as significant milestones are achieved.
Also, the previously announced results from the Company's melanoma and triple negative breast cancer pre-clinical studies have now been submitted for peer review and consideration for publishing in a scientific journal. The working title for the paper, "Targeted Intra-tumoral Hyperthermia using Sona Nanotech's Uniquely Biocompatible Gold Nanorods Induces a Strong Immunogenic Cell Death Response in Two Immunogenically 'Cold' Tumor Models" highlights the unique mechanism of action of our novel immunotherapy. Work on a pre-clinical study of THT for a colorectal cancer model continues at Dalhousie University with results expected later in November.
Sona Nanotech CEO, David Regan commented, "Sona's preclinical efficacy data for its THT is encouraging in its ability to modify cancers and activate an immune response that significantly reduces not only treated tumors but also untreated metastases. These promising data compel us to pursue an aggressive path towards securing approvals to treat those suffering from late-stage solid cancers that have been unresponsive to current treatment regimens. With supportive initial preclinical safety data from world class CRO partners now in-hand, Sona is pursuing an early feasibility study to assess THT's safety and efficacy in humans in 2025."
Contact:
David Regan, CEO
+1-902-442-0653
david@sonanano.com
About Sona Nanotech Inc.
Sona Nanotech, a nanotechnology life sciences company, is developing Targeted Hyperthermia™, a photothermal cancer therapy, which uses therapeutic heat to treat solid cancer tumors. The heat is delivered to tumors by infrared light that is absorbed by Sona's gold nanorods in the tumor and re-emitted as heat. Therapeutic heat (42-48°C) stimulates the immune system, shrinks tumors, inactivates cancer stem cells, and increases tumor perfusion - thus enabling drugs to reach all tumor compartments more effectively. The size, shape, and surface chemistry of the nanorods target the leaky vasculature of solid tumors, and the selective thermal sensitivity of tumor tissue enables the therapy to deliver clean margins. Targeted Hyperthermia promises to be safe, effective, minimally invasive, competitive in cost, and a valuable adjunct to drug therapy and other cancer treatments.
Sona has developed multiple proprietary methods for the manufacture of gold nanoparticles which it uses for the development of both cancer therapies and diagnostic testing platforms. Sona Nanotech's gold nanorod particles are cetyltrimethylammonium ("CTAB") free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications. It is expected that Sona's gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, subject to the approval of various regulatory boards, including Health Canada and the FDA.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including statements regarding the anticipated applications and potential opportunities of Targeted Hyperthermia Therapy, Sona's preclinical and clinical study plans, future patent filings and its product development plans. Forward-looking statements are necessarily based upon a number of assumptions or estimates that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be able to successfully obtain sufficient clinical and other data to submit regulatory submissions, raise sufficient additional capital, secure patents or develop the envisioned therapy, and the risk that THT may not prove to have the benefits currently anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Not for distribution to United States newswire services or for dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229165
News Provided by Newsfile via QuoteMedia
When is the Starlink IPO Date and Can You Invest? (Updated 2024)
There's been a great deal of speculation surrounding a potential Starlink initial public offering (IPO), and the idea of an impending Starlink stock release date has investors excited.
Elon Musk's satellite internet business been referred to by many as the future of global connectivity, offering low latency and high speed in even the most remote locations. The company controls roughly 6,300 satellites and recently surpassed over 4 million subscribers.
One reason for this interest is Musk's reputation in the investment space. Despite recent pitfalls at X, previously known as Twitter, the man has been involved in multiple highly successful and high-profile tech companies. Starlink itself is an offshoot of one of his other companies, SpaceX.
Even without Musk's involvement, Starlink has immense market potential. A lack of connectivity is one of the most significant bugbears facing the proliferation of technology like autonomous vehicles and the internet of things. By removing this restriction, Starlink could cultivate a flood of invention and innovation and allow edge computing to thrive.
The company's satellites have been deployed in countries around the world in recent years. In June 2023, parent company SpaceX was awarded a contract by the Pentagon in the US to provide internet terminals for use in Ukraine. A few months later, following the launch of its war on Hamas, Israel entered into talks with SpaceX to secure the use of Starlink satellites as a backup communications system.
Additionally, the company launched a US$90 million deal with Mexico in November 2023 to provide free internet to remote regions, and Telstra Group (ASX:TLS,OTC Pink:TTRAF) became one of the first service providers to offer Starlink connectivity to rural Australians in July of that year.
Will Starlink go public? Although a Starlink IPO has yet to be officially announced, there has been a great deal of speculation, and some experts have suggested that the occasion may be closer than many realize. With that in mind, those considering a Starlink investment must ensure they understand the company and its technology as soon as possible.
In this article
What is satellite internet?
A satellite internet connection transmits and receives data via a network of near-Earth satellites. Though this technology isn't new, it has evolved considerably over the past several years. At the time of its inception, it was generally only used by subscribers in remote areas who had few other options for connectivity.
The history of satellite internet traces back to 1962, with the world's first commercial communication satellite. Known as Telstar 1, the satellite was launched by NASA in response to Russia's successful launch of the satellite Sputnik 1. It had a short life, however; Telstar launched one day after high-altitude nuclear weapons testing, and radiation from the tests damaged electronics on the satellite. It was only operational for seven months before it was rendered inoperable.
Interestingly, the idea of transmitting information via satellite wasn't new at the time of Telstar's launch. Decades earlier, astronautics theorist Herman Potočnik first proposed the concept of geostationary orbital satellites in his 1929 book "Das Problem der Befahrung des Weltraums - der Raketen-Motor," which translates to "The Problem with Space Travel: the Rocket Motor." Renowned futurist Arthur C. Clarke would later cite Potočnik's work in a 1945 paper envisioning satellite communication.
The first real use of satellite internet would not occur until the late 20th century via the Teledisc project, funded by Microsoft (NASDAQ:MSFT). First proposed in 1994, Teledisc planned to establish a network of low-orbit broadband satellites. Unfortunately, the project was rendered defunct in 2002 shortly after the failure of two similar ventures, Iridium and Globalstar.
One year later, in 2003, French satellite operator Eutelsat became the first company in the world to launch a successful satellite internet project. Since then, multiple service providers and telecommunications companies have dabbled in satellite connectivity. However, it has largely lagged behind its technological peers, primarily only seeing use in particularly isolated regions.
To explain why, we need to first explain the different types of internet. The two most common are land-based connections and cellular or mobile connections.
Landline internet uses telephone lines, coaxial cables or dedicated fiber-optic cables to send and receive data from a modem or router. This device then serves as an access point, allowing everything from computers to smart home appliances to connect to the internet. Mobile internet, meanwhile, leverages nearby cell phone towers to beam data directly to and from connected devices.
Traditional satellite internet is something of a fusion between mobile and landline, albeit over a vastly larger distance. It leverages a satellite dish connected to two modems. One modem is used for sending data and the other for receiving.
Historically, speed and capacity represent the two most significant drawbacks to satellite internet. Most satellite internet service providers only support speeds between 25 and 300 megabits per second (mbps). By contrast, landline fiber internet is capable of speeds up to 5 gigabits per second (gbps). Satellite internet also tends to be far costlier than a comparable landline connection, with higher latency and lower caps on data usage. It may also suffer from issues with reliability. Lastly, satellite internet may suffer from interference due to factors such as terrain or canopy coverage.
That brings us around to what makes Starlink exciting. Although not yet competitive with landline internet in terms of cost, the company offers considerably higher data caps and speeds than any other provider on the market — up to 500 mbps with a 1 terabyte cap. Starlink's low-orbit satellites are also less vulnerable to geographic interference while offering more consistent and reliable coverage.
Does Starlink have an IPO date?
At the time of this writing, Starlink is not publicly traded, and there is no concrete date for a Starlink IPO. Hints of a possible Starlink IPO originally came from several tweets made by Musk in 2021.
"Once we can predict cash flow reasonably well, Starlink will IPO," he explained at the time. "(It will be) at least a few years before Starlink revenue is reasonably predictable. Going public sooner than that would be very painful."
Musk added later that year that Starlink's parent company SpaceX "needs to pass through a deep chasm of negative cashflow over the next year or so to make Starlink financially viable."
At the time, Musk said a Starlink IPO wasn't likely until at least 2025 or later.
It's no surprise then that market watchers’ eyebrows rose when listening to SpaceX President and Chief Operating Officer Gwynne Shotwell speak at the February 2023 Commercial Space Transportation Conference. While discussing a planned testing milestone for SpaceX's rockets, Shotwell claimed that 2023 was the year Starlink would make money.
She added that the company had a cashflow-positive quarter in 2022. There was also SpaceX's reported revenue for 2022 — just over US$3.3 billion, US$1 billion of which originated from Starlink.
In early November 2023, Musk reported that Starlink had once again “achieved breakeven cashflow."
Shortly after, an anonymous source told Bloomberg that a Starlink IPO could be on the table for 2024. But Musk quickly fired back in a post on X that the report was “false.”
It seems fairly clear based on Musk's comments that we shouldn't expect a Starlink IPO anytime soon. So why is there so much speculation that one is just around the corner?
Well, for one thing Starlink sales dominated SpaceX’s 2023 revenues, meaning the company made more money as an internet provider than as a space rocket company. Starlink revenues topped a massive US$4.2 billion last year, compared to US$3.5 billion for the firm's core rocket launch business.
Of course, these figures should be taken with a very large grain of salt. As is too often the case in technology investing, there is no shortage of hype surrounding Starlink, much of it drummed up by Musk himself. An April 2024 BNN Bloomberg article points out that even with all that revenue, Starlink “is still burning through more cash than it brings in.” Based on anonymous inside sources, Starlink accounting is “more of an art than a science."
Even if those numbers are inflated, the company does show promise, and analysts are still optimistic that a Starlink IPO is on the horizon. Justus Parmar, founder and CEO of venture capital firm Fortuna Investments, told Reuters he’s eyeing 2025 or 2026. “(Musk’s) waiting for a level of stability or predictability in revenue,” he said. Once the IPO is official, Parmar believes it will “be an extremely strong catalyst for everything space related.”
How can you get exposure before the Starlink IPO date?
While it's impossible to invest directly in Starlink, you may be able to get a head start by investing in Tesla (NASDAQ:TSLA), as Musk stated he'll "do his best" to give preference to long-term Tesla shareholders. Additionally, there are platforms such as Hiive that enable accredited investors to purchase shares of pre-IPO companies, including SpaceX.
Fortunately, you have several options if you simply want to invest in satellite internet and aren't particularly attached to the idea of Starlink. In spite of their failed efforts in the early 2000s, both Iridium Communications (NASDAQ:IRDM) and Globalstar (NYSEAMERICAN:GSAT) are currently going strong. Globalstar's performance is especially promising, as the company had increased in value by almost 350 percent over the past five years as of early November 2024.
EchoStar (NASDAQ:SATS) is another satellite provider that's performing strongly in 2024. Other potential satellite internet investments include ViaSat (NASDAQ:VSAT) and Gilat Satellite Networks (NASDAQ:GILT).
As with any investment, it's important to do your research and speak to an accredited brokerage or investment advisor before you commit any capital.
Investor takeaway
From an investment perspective, Starlink displays incredible promise. The company's ties to Musk, a man with an established track record of successful technology startups, has generated considerable interest out of the gate. Yet even ignoring the connection to Musk, Starlink has a massive potential addressable market thanks to ongoing demand for better connectivity and a relative dearth of viable options for edge computing.
Trends such as distributed work and the proliferation of internet of things devices will only further drive this demand.
With that said, it's best to exercise a degree of restraint where Starlink is concerned. Although the company will very likely be a sound investment once it or SpaceX goes public, there is currently a great deal of exaggerated hype and speculation surrounding it. Anyone who chooses to add Starlink shares to their portfolio if the company does go public should first ensure they understand what to expect — something they cannot do by listening to hype alone.
This is an updated version of an article first published by the Investing News Network in 2023.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Quarterly Activities Report and Appendix 4C - 30 Sept 24
xReality Group Limited (ASX:XRG) (xReality) is pleased to provide the following Quarterly Activities Report and Appendix 4C for the quarter ending 30th September 2024 together with an Operational Update.
Key Highlights
- Highest Cash Receipts for any quarter on record to date
- Cash receipts of $4,303,251, up 40% on Q4.
- Continued rapid sales growth of Operator XR (Enterprise) across US and Australian markets during the quarter:
- Annual Recurring Revenue increased 38% to $3.04M
- Total Contract Value increased 73% for the quarter to $6.2M
- 190 qualified and active sales opportunities with a total sales pipeline of $27.2M
- $5.6m Contract awarded for US Department of Defence Project
- Entertainment Sector revenue increase of 16% on Q4 2024
Operational Update by Business Sector:
Operator XR – Enterprise Software and Technology
Operator XR continues to make significant progress across the USA. On the 11th of September the company announced that it had been awarded a $5.6m AUD contract to deliver a new immersive training capability to the United States Department of Defence (USDOD). This project along with the signing of multiple new police departments and other agencies across Australia and the US has resulted in a substantial increase in Annual Recurring Revenue and Total Contract Value during the Quarter. Cash receipts from the USDOD project will be received over a period of 20 months.
Operator XR Annual Recurring Revenue (ARR)
- Total ARR = $3,041,695 (compared to $2.2m for FY24)
- ARR increase in Q1 = $831,653 (38%)
- Operator XR Growth in Sales
- Total Contract Value Q1 $6,248,604 an increase of 73% on Q4 FY24
- Marketing Activities
- During the quarter, Operator XR developed a strong pipeline of leads through focused digital marketing, and exhibiting at relevant trade shows, including:
- IACP conference in Boston, USA, October 24
- INL conference in Greece, September 24
- Land forces, Australia, September 24
- Upcoming major events include:
- I/ITSEC, Florida, USA, December 24
- Operator XR will be presenting at the conference as part of Team Defence Australia (AUSTRADE)
- Shot Show, Las Vegas, USA January 25
- Other Media exposure for Operator XR throughout the period included coverage on major news networks within Australia, USA and Japan.
- During the quarter, Operator XR developed a strong pipeline of leads through focused digital marketing, and exhibiting at relevant trade shows, including:
Entertainment Sector – iFLY and Freak Entertainment
Cash Receipts for Q1 $2.18m an increase of 16% on Q4 2024
XRG’s portfolio of Entertainment businesses have experienced a strong quarter, with an increase of sales across the sector of 16% from Q4 2024. The increase in cash receipts was attributed to the iFLY businesses in Sydney and the Gold Coast which outperformed last quarter by over $300k, reflecting a stronger retail market and return to our inbound tourism trade.
Cash Receipts for Q1 $2.18m an increase of 16% on Q4 2024
Corporate Activity
On the 11th of October the Company secured an additional short-term working capital facility of $500,000 through its senior debt holder, Causeway Financial. The purpose of the additional drawdown was to increase inventory, accelerate the delivery of future projects and meet future orders.
Cash Flow Analysis
Cash receipts for the quarter totalled $ 4,303,251. Net cash from operating activities for the period totalled $535,039. The Company invested $957,671 in XR product development, hardware and corporate facilities. The Company repaid $75,000 of debt and is current with all debt covenants.
Closing Cash position at the end of the quarter totalled $1,501,640.
Related parties’ expenses of $124,871 comprise of salaries and superannuation paid to executive directors and fees paid to non-executive directors.
Click here for the full ASX Release
This article includes content from xReality Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sona Nanotech Issued Patent and Appoints New Board Member
Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company", "Sona") is pleased to announce the issuance of U.S. Patent No. 12117447 by the U.S. Patent and Trademark Office to the Company, entitled, "Metal Nanoparticles and Methods of Making Same". This patent covers the Company's proprietary process for manufacturing gold nanorods without the use of the toxic substance, cetyltrimethylammonium bromide ("CTAB"), which typically carries significant cytotoxic and genotoxic risks.
The Company is also pleased to announce the appointment of Mr. Wayne Myles, KC, FIIC, to its board of directors. An active investor and entrepreneur, Mr. Myles has served as lead counsel and strategic business advisor on more than 100 domestic and international acquisitions and sales, financings, government and regulatory affairs and licensing mandates. He has significant and diverse experience as a director of public and private companies. He also has been recognized with numerous professional achievements, distinctions and awards, including being named as one of "Canada's Top 25 Most Influential Lawyers' by Canadian Lawyer Magazine."
Contact:
David Regan, CEO
+1-902-536-1932
david@sonanano.com
About Sona Nanotech Inc.
Sona Nanotech, a nanotechnology life sciences company, is developing Targeted Hyperthermia™, a photothermal cancer therapy, which uses therapeutic heat to treat solid cancer tumors. The heat is delivered to tumors by infrared light that is absorbed by Sona's gold nanorods in the tumor and re-emitted as heat. Therapeutic heat (45°C) stimulates the immune system, shrinks tumors, inactivates cancer stem cells, and increases tumor perfusion - thus enabling drugs to reach all tumor compartments more effectively. The size, shape, and surface chemistry of the nanorods target the leaky vasculature of solid tumors, and the selective thermal sensitivity of tumor tissue enables the therapy to deliver clean margins. Targeted Hyperthermia promises to be safe, effective, minimally invasive, competitive in cost, and a valuable adjunct to drug therapy and other cancer treatments.
Sona has developed multiple proprietary methods for the manufacture of gold nanoparticles which it uses for the development of both cancer therapies and diagnostic testing platforms. Sona Nanotech's gold nanorod particles are cetyltrimethylammonium ("CTAB") free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications. It is expected that Sona's gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, subject to the approval of various regulatory boards, including Health Canada and the FDA.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including statements regarding the anticipated applications and potential opportunities of Targeted Hyperthermia Therapy, Sona's preclinical and clinical study plans, future patent filings and its product development plans. Forward-looking statements are necessarily based upon a number of assumptions or estimates that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be able to successfully obtain sufficient clinical and other data to submit regulatory submissions, raise sufficient additional capital, secure patents or develop the envisioned therapy, and the risk that THT may not prove to have the benefits currently anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Not for distribution to United States newswire services or for dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227363
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How to Invest in Quantum Computing Companies (Updated 2024)
Quantum computing is an emerging technology that has the potential to revolutionize many industries.
According to a late 2021 Statista forecast, the quantum computing market's total revenue is projected to reach US$8.6 billion by 2027. To put that into perspective, the industry was worth only US$412 million in 2020.
With that in mind, it's clear the field of quantum computing is nascent and exciting. Here the Investing News Network takes a look at what it is, its potential impact on several industries and how investors can get exposure to quantum computing through stocks, startups and exchange-traded funds.
In this article:
What is quantum computing?
In simple terms, quantum computing is a form of computing that harnesses the principles of quantum mechanics to process information. Unlike traditional computing, quantum computing does not use binary digits (either 0 or 1), or bits. Instead, quantum computing is based on qubits, which can represent much more information than bits can. Qubits can be both a 0 and a 1 simultaneously, which allows quantum computers to calculate larger datasets much faster than traditional computers.
Quantum computers can also explore several possible solutions at once. This gives them a distinct advantage in solving problems related to optimization, cryptography, machine learning and financial modeling. In addition, quantum computers have promising applications in chemistry and material science. For example, quantum computing can simulate how a chemical compound might react in various scenarios.
How does quantum computing work?
Quantum computing is based on the principles of superposition and entanglement. In quantum mechanics, superposition describes the ability of a system to remain in multiple states at the same time until it is measured. Measurement in this context refers to any interaction between qubits and an external system, such as a detector or sensor, that would cause the qubits to collapse from multiple states to a single state.
To understand the concept of superposition, it's useful to imagine a coin spinning on its edge. When a coin is spinning, it is said to be in a state of superposition, meaning it is not defined as either heads or tails. However, if the coin is bumped or disturbed in any way, it will stop spinning and will end up displaying either heads or tails. In this analogy, the coin would be the qubits and the measurement would be whatever caused the coin to stop spinning.
Qubits are sensitive to interference from their environment and are usually stored at very low temperatures in computing devices to protect them from influences such as temperature fluctuations, electromagnetic fields and other particles.
For its part, entanglement describes a deep connection between two qubits, where the state of one qubit is directly dependent on the other qubit, no matter the distance between the two.
There are two key properties of entanglement that all applications derived from it depend on. The first one, the Monogamy of Entanglement, states that entanglement between two qubits cannot be shared with a third. The second property of entanglement is called Maximal Coordination — it posits that the quantum state of a system is a combination of all the possible states that the system could be in, and that each state is measured by its probability.
Maximal Coordination is an important feature of quantum mechanics that sets it apart from classical physics, and is what allows quantum computer systems to exhibit superposition and entanglement.
What are the main uses of quantum computing?
Quantum computing can be used in a wide range of industries, including finance, pharmaceuticals and logistics. For example, quantum computers could optimize stock portfolios, develop new drugs more quickly or improve supply chain management.
Quantum computing has been applied to developing machine-learning algorithms as well, a realm that is still in relatively early stages of development and is brimming with potential for groundbreaking advancements.
Two quantum algorithms that have already contributed greatly to the field of machine learning are Grover’s Algorithm, which can yield unstructured search results faster and improve pattern recognition in machines; and the Quantum Fourier Transform algorithm, which has properties that make it instrumental for understanding temporal dynamics, giving it a distinct edge for applications such as market trend analysis, weather forecasting and language recognition.
Quantum computing, together with artificial intelligence, will undoubtedly catalyze the development of solutions to some of the world's most complex problems. However, like many emerging technologies, the unique properties that make quantum computing such a promising field also present challenges and risks.
Some experts have pointed out that quantum computers have the potential to break most encryption techniques that are currently used for cybersecurity. As quantum computers become more powerful, encryption techniques will need to be replaced with newer quantum-resistant alternatives. Staying one step ahead of the ever-evolving landscape of cybersecurity threats will be crucial.
In response to these threat to cybersecurity, the Biden administration signed the Quantum Computing and Cybersecurity Preparedness Act into law in 2022. It requires federal agencies to adopt adequate defenses against quantum-computing-enabled attacks and migrate systems to post-quantum cryptography.
How to invest in quantum computing companies
For those wondering how to invest in quantum computing, the major tech firms discussed below offer an entry point, as do venture capital funds invested in private quantum computing companies. Accredited investors can purchase pre-IPO shares in privately held companies via online investment platforms such as Hive and EquityZen.
Exchange-traded funds (ETFs) offer another avenue into this emerging tech sector. There is currently just one pure-play quantum computing ETF: Defiance Quantum ETF (NASDAQ:QTUM), which tracks companies developing and commercializing quantum computing applications and other advanced technologies. QTUM's great performance is indicated in its yearly returns, up 30.15 percent as of October 10, 2024. Its top holdings are Alibaba Group (NYSE:BABA) at a weight of 2.04 percent, Coherent (NYSE:COHR) at 2.02 percent and IBM at 1.97 percent.
Major quantum computing stocks
Some of the biggest names in tech are also the foremost quantum computing stocks, including IBM (NYSE:IBM), Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT), and there are startups in the space as well.
IBM has by far one of the largest and most diverse portfolios of quantum computing services and products. Its Quantum Computing Division offers over 100 qubit devices, and the company has a large quantum data center in New York. In October 2024, IBM brought quantum resources to Europe with the completion of its data center in Ehningen, Germany.
IBM is known for developing the first commercially available quantum computer, IBM Quantum System One, in January 2019. In December 2023, the company announced the development of a newer model, IBM Quantum System Two, which is powered by three Heron chips, each one containing 133 qubits. Quantum System Two is designed to be modular and scalable to accommodate any future advancements made in quantum computing.
Furthermore, IBM offers a software development kit called Qiskit, which is an open-source suite of software products that programmers can use to design their own algorithms and run simulations on classic computers before being executed on quantum computers. Qiskit is based on the Python programming language, making it accessible to anyone interested in learning. The newest version, Qiskit 1.0, was released in February 2024.
In addition to these developments, IBM has several ambitious projects in quantum computing on its roadmap, and the company has an online platform, the Quantum Network, that gives users access to its cloud-based quantum computing services. In April 2023, EY Global Services joined the network to streamline and enhance its research capabilities.
Google is another big name in tech that's engaged in quantum computing. Its Quantum AI has been working to develop processors and algorithms since 2014, and claims to have been the first to achieve quantum supremacy with its quantum computer in 2019. The company’s open-source framework, Cirq, allows users to write, manipulate, optimize and run quantum circuits on quantum computers and simulators.
Microsoft has also made strides in quantum computing. Azure Quantum, a component of the company's cloud-computing service, Azure, offers resources for users who want to learn more about quantum computing, including a development kit that can be used to custom-build quantum applications. Its chatbot, a quantum-focused version of Copilot, Microsoft’s AI-powered assistant, can explain unfamiliar concepts and help users navigate the world of quantum computing more easily.
On top of that, the company has been heavily researching ways to build a scaled quantum supercomputer. In May 2023, Microsoft researchers achieved a significant milestone when they successfully created a new type of qubit that can make quantum computers more error-resistant and stable. This represents a huge breakthrough in quantum computing and physics, and Microsoft’s journey to this achievement was detailed in the June 2023 issue of Physical Review B.
Quantum computing startups
As eager as the major tech companies are to advance the field of quantum computing, they are not alone. Several smaller startups have emerged throughout Europe, North America and Australia, including Q-Ctrl, Multiverse Computing, Universal Quantum, 1QBit and QC Ware, all of which are striving toward accessible quantum computing solutions.
Quantinuum, one of the leading quantum computing companies, is a spinout of Honeywell International (NASDAQ:HON) formed through a merger of Honeywell Quantum Solutions and Cambridge Quantum in November 2021. The company received significant support in early 2024 when JPMorgan Chase (NYSE:JPM) led a group of investors in a US$300 million funding round.
The investment firm has been a longstanding supporter of the computing business, and has worked with Quantinuum and its predecessor companies since 2020. JPMorgan Chase may be hoping to reap the benefits that quantum computing offers the financial industry. A Bank Underground blog post highlights the “high-level changes” coming to payment systems, including the enabling of more efficient payment systems and smart contracts.
More recently, PsiQuantum, a private startup firm with an estimated valuation of US$3.1 billion, announced a partnership with the state of Illinois to build the largest US facility conducive to quantum computing. The California-based company is seeking to house a quantum computer containing up to 1 million qubits within the next decade. According to MIT, currently the largest quantum computers host around 1,000 qubits. Some of the company's most notable investors are hedge fund manager Blackrock (NYSE:BLK) and Microsoft. There's no date yet set for an initial public offering (IPO) for PsiQuantum.
Investor takeaway
Quantum computing is still in the early stages. However, as quantum computing continues to advance, investors considering getting exposure to this emerging technology will be able to choose between companies that are actively researching and developing quantum computing technology, as well as companies that are positioned to benefit from the adoption of quantum computing in their industries.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Additional Funding Secured to Support Order Outlook
xReality Group Limited (“XRG” or the “Company”) is pleased to announce an additional $500,000 debt facility has been secured. The purpose of the additional drawdown is to increase inventory, accelerate the delivery of current projects and meet future orders.
By increasing inventory, the company will be able to fulfill orders faster which will result in accelerated positive operational cashflow. Accelerated payments will result in a stronger balance sheet, positioning Operator XR to meet the demand of larger orders expected in the near term.
The additional short-term funding is provided by our senior debt provider, Causeway Financial, with a maturity date of 31 March 2025. All other terms and conditions of the existing loan facility remain unchanged, ensuring the company retains its favourable borrowing conditions.
XRG CEO, Wayne Jones said: “The company is focused on accelerating the delivery times of current demand as well as supporting larger orders such as the US Military $5.6m project announced last month and other large orders expected in the near term.”
Click here for the full ASX Release
This article includes content from xReality Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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