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Beamr Announces First Half 2023 Financial Results
Herzeliya, Israel, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Beamr Imaging Ltd (NASDAQ: BMR), a leading provider of video optimization solutions, today reported
About this update from Beamr Imaging Ltd.
[{"type":"text","content":"Herzeliya, Israel, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Beamr Imaging Ltd (NASDAQ: BMR), a leading provider of video optimization solutions, today reported financial results for the six months ended June 30, 2023. Sharon Carmel, Beamr CEO stated “Since the IPO, we shifted gears in building out our cloud-based SaaS solution based on our video optimization technology. We have been hiring and strengthening our team to meet our first milestone of launching the beta version of our SaaS video optimization solution that was released ahead of time in Q2 2023. We plan to continue releasing updates to our SaaS solution with additional capabilities that will include the already announced Nvidia acceleration and automation tools for large scale video optimization and we believe we are on time with a commercial launch in Q1 2024 as planned.” First Half 2023 & Recent Highlights ●Beamr teamed up with Wochit as a design partner for its upcoming SaaS offering. ●NVIDIA Corporation released Video Codec SDK 12.1, including new APIs to support Beamr Content Adaptive Bit Rate (CABR) library, as part of the new Nvidia Encoder (NVENC) features enabling enhanced video processing use-cases on Nvidia GPUs. ●Beamr released the first beta version of its video optimization service. Beamr’s new file-to-file optimization service aims to bring cutting-edge technology. ●Beamr signed licensing agreement with TAG Video Systems, the world leader in software-based integrated IP Multiviewing, Probing, and Monitoring solutions, whereby TAG Video Systems plans to integrate Beamr’s cutting-edge Beamr 5 HEVC encoder into their flagship monitoring & visualization system. ●Beamr closed its IPO on March 2, 2023, issuing 1,950,000 ordinary shares. Gross proceeds for the offering were approximately $7.8 million prior to deducting underwriting discounts and other offering expenses. First Half 2023 Financial Results ●Revenues increased by $0.027 million, or 2.9% to $0.955 million for the six months ended June 30, 2023, from $0.928 million for the six months ended June 30, 2022. The increase was primarily due to signing a new license agreement. ●Cost of revenues were $0.05 million for the six months ended June 30, 2023 and 2022 with no material change during those periods. ●Research and development expenses decreased by $0.087 million, or 8.7% to $0.912 million for six months ended...