Industries that Benefit from Digital Twin Applications


Image Credit: Science.org


Computer Modeling Experts Explain the Benefits of Digital Twins

A digital twin is a virtual representation of a real system – a building, the power grid, a city, even a human being – that mimics the characteristics of the system. A digital twin is more than just a computer model, however. It receives data from sensors in the real system to constantly parallel the system’s state.

A digital twin helps people analyze and predict a system’s behavior under different conditions. The systems being twinned are typically very complex and require significant effort to model and track.

Digital twins are useful in a wide variety of domains, including supply chains, health care, buildings, bridges, self-driving cars and retail customer personas to improve efficiency and reliability. For example, a warehouse operator can optimize a warehouse’s performance by exploring the response of its digital twin to various material handling policies and equipment without incurring the cost of making actual changes.

Even a wildfire can be represented by a digital twin. Government agencies can predict the spread of the fire and its impact under different conditions such as wind velocity, humidity and proximity to habitats, and use this information to guide evacuations.

Why Digital Twins Matter

Digital twins are often used to model, understand and analyze complex systems where performance, reliability and security of the system are critical. In such systems it is paramount to test any changes, whether planned or unplanned.

In order to accurately test changes to the state of the actual system and the effects of any possible stimulus, the digital twin must accurately represent the physical system in its current state. This requires the digital twin to receive continuous updates from the physical system via fast and reliable communications channels.

Creating and maintaining digital twins often involves vast amounts of data to represent various features of the real system. Collecting and processing this data requires advanced communication and computing technologies. Communication support typically involves high-speed internet connections and wireless networks such as Wi-Fi and 5G. Computational support is typically in the form of servers, either in the cloud or closer to the physical system.

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Amlan Ganguly, Associate Professor of Computer Engineering, Rochester Institute of Technology and Nalini Venkatasubramanian, Professor of Computer Science, University of California, Irvine.


We and other faculty members at Rochester Institute of Technology and the University of California, Irvine are starting the Center for Smart Spaces Research, a research center sponsored by the National Science Foundation. One of the primary ongoing projects within this center is building the basic technologies for creating digital twins in a variety of applications.


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Blackboxstocks (BLBX) – First Quarter 2022 Results

Wednesday, May 18, 2022

Blackboxstocks (BLBX)
First Quarter 2022 Results

Blackboxstocks, Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs “predictive technology” enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 10,000 stocks and up to 1,500,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/video feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans 42 countries; current subscription fees are $99.97 per month or $959.00 annually. For more information, go to: www.blackboxstocks.com .

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q22 Results. Revenue was $1.272 million, down from $1.489 million in the year ago period and below our estimate of $1.9 million. Although Blackboxstocks passed the 6,000 subscriber base in the fourth quarter of 2021, growth in 1Q22 was due to a promotion that reduced estimated revenue. The Company reported a loss of $1.2 million, or $0.09 per share, in the quarter, compared to net income of $12,555, or breakeven, last year. 

Margin Compression. Blackboxstocks ran a successful one-month promotion in March, ending the quarter with 7,400 members, compared to a first quarter average count of 5,709. However, this came at a cost as gross margin fell to 54.4% in the quarter from 63.7% last year. Revenue per average subscriber in the quarter was $222.89 compared to $266.51 in the year ago quarter….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Item 9 Labs (INLB) – Slowly Building Up

Wednesday, May 18, 2022

Item 9 Labs (INLB)
Slowly Building Up

Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor delivering premium products from its large-scale cultivation and production facilities in the United States. The award-winning Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a unique dispensary franchise model through the national Unity Rd. retail brand. Easing barriers to entry, the franchise provides an opportunity for both new and existing dispensary owners to leverage the knowledge, resources, and ongoing support needed to thrive in their state compliantly and successfully. Item 9 Labs brings the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. The veteran management team combines a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies that provide transparency, consistency, and well-being. Headquartered in Arizona, the company is currently expanding its operations space by up to 640,000-plus square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. For additional information, visit https://investors.item9labscorp.com/.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q Results. Item 9 Labs’ management announced total revenue of $6.6 million, an increase of 6% or $0.5 million over the prior year’s $6.1 million. We had forecasted $7.3 million. Gross profit was $2.7 million versus the prior year of $3.0 million. Net loss for the quarter was $3.9 million, or $0.04 per share, from last year’s net income of $49,020, or breakeven. Adjusted EBITDA decreased by $1.9 million to a loss of $0.9 million from income of $1.0 million last year.

Down the Path of Unity Rd. Highlights for Unity Rd. for the quarter include approval for plans and permitting for a dispensary in Maine, the expansion into Oklahoma in January, the first corporate owned Denver dispensary, and the asset purchase agreement for the Company’s future flagship dispensary and cultivation facility in Denver. All these events give credence to Item 9 Labs’ franchise growth strategy….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

AI Navigating Intersections Through Trial and Error


Image Credit: MIT News


On the Road to Cleaner, Greener, and Faster Driving

No one likes sitting at a red light. But signalized intersections aren’t just a minor nuisance for drivers; vehicles consume fuel and emit greenhouse gases while waiting for the light to change.

What if motorists could time their trips so they arrive at the intersection when the light is green? While that might be just a lucky break for a human driver, it could be achieved more consistently by an autonomous vehicle that uses artificial intelligence to control its speed.

In a new study, MIT researchers demonstrate a machine-learning approach that can learn to control a fleet of autonomous vehicles as they approach and travel through a signalized intersection in a way that keeps traffic flowing smoothly.

Using simulations, they found that their approach reduces fuel consumption and emissions while improving average vehicle speed. The technique gets the best results if all cars on the road are autonomous, but even if only 25 percent use their control algorithm, it still leads to substantial fuel and emissions benefits.

“This is a really interesting place to intervene. No one’s life is better because they were stuck at an intersection. With a lot of other climate change interventions, there is a quality-of-life difference that is expected, so there is a barrier to entry there. Here, the barrier is much lower,” says senior author Cathy Wu, the Gilbert W. Winslow Career Development Assistant Professor in the Department of Civil and Environmental Engineering and a member of the Institute for Data, Systems, and Society (IDSS) and the Laboratory for Information and Decision Systems (LIDS).

Intersection Intricacies

While humans may drive past a green light without giving it much thought, intersections can present billions of different scenarios depending on the number of lanes, how the signals operate, the number of vehicles and their speeds, the presence of pedestrians and cyclists, etc.

Typical approaches for tackling intersection control problems use mathematical models to solve one simple, ideal intersection. That looks good on paper, but likely won’t hold up in the real world, where traffic patterns are often about as messy as they come.

Wu and Jayawardana shifted gears and approached the problem using a model-free technique known as deep reinforcement learning. Reinforcement learning is a trial-and-error method where the control algorithm learns to make a sequence of decisions. It is rewarded when it finds a good sequence. With deep reinforcement learning, the algorithm leverages assumptions learned by a neural network to find shortcuts to good sequences, even if there are billions of possibilities.

This is useful for solving a long-horizon problem like this; the control algorithm must issue upwards of 500 acceleration instructions to a vehicle over an extended time period, Wu explains.

“And we have to get the sequence right before we know that we have done a good job of mitigating emissions and getting to the intersection at a good speed,” she adds.

But there’s an additional wrinkle. The researchers want the system to learn a strategy that reduces fuel consumption and limits the impact on travel time. These goals can be conflicting.

“To reduce travel time, we want the car to go fast, but to reduce emissions, we want the car to slow down or not move at all. Those competing rewards can be very confusing to the learning agent,” Wu says.

While it is challenging to solve this problem in its full generality, the researchers employed a workaround using a technique known as reward shaping. With reward shaping, they give the system some domain knowledge it is unable to learn on its own. In this case, they penalized the system whenever the vehicle came to a complete stop, so it would learn to avoid that action.

Traffic Tests

Once they developed an effective control algorithm, they evaluated it using a traffic simulation platform with a single intersection. The control algorithm is applied to a fleet of connected autonomous vehicles, which can communicate with upcoming traffic lights to receive signal phase and timing information and observe their immediate surroundings. The control algorithm tells each vehicle how to accelerate and decelerate.

Their system didn’t create any stop-and-go traffic as vehicles approached the intersection. (Stop-and-go traffic occurs when cars are forced to come to a complete stop due to stopped traffic ahead). In simulations, more cars made it through in a single green phase, which outperformed a model that simulates human drivers. When compared to other optimization methods also designed to avoid stop-and-go traffic, their technique resulted in larger fuel consumption and emissions reductions. If every vehicle on the road is autonomous, their control system can reduce fuel consumption by 18 percent and carbon dioxide emissions by 25 percent, while boosting travel speeds by 20 percent.

“A single intervention having 20 to 25 percent reduction in fuel or emissions is really incredible. But what I find interesting, and was really hoping to see, is this non-linear scaling. If we only control 25 percent of vehicles, that gives us 50 percent of the benefits in terms of fuel and emissions reduction. That means we don’t have to wait until we get to 100 percent autonomous vehicles to get benefits from this approach,” she says.

Down the road, the researchers want to study interaction effects between multiple intersections. They also plan to explore how different intersection set-ups (number of lanes, signals, timings, etc.) can influence travel time, emissions, and fuel consumption. In addition, they intend to study how their control system could impact safety when autonomous vehicles and human drivers share the road. For instance, even though autonomous vehicles may drive differently than human drivers, slower roadways and roadways with more consistent speeds could improve safety, Wu says.

While this work is still in its early stages, Wu sees this approach as one that could be more feasibly implemented in the near-term.

“The aim in this work is to move the needle in sustainable mobility. We want to dream, as well, but these systems are big monsters of inertia. Identifying points of intervention that are small changes to the system but have significant impact is something that gets me up in the morning,” she says. 

Reprinted with permission of MIT News (http://news.mit.edu/)


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Tokens.com Corp. (SMURF) – First Quarter Results

Tuesday, May 17, 2022

Tokens.com Corp. (SMURF)
First Quarter Results

Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q22 Results. Tokens.com reported revenue of $326,320 in the first quarter of 2022, flat sequentially. We had estimated revenue of $550,000. The operating loss was $631,856 in the quarter, compared to an operating loss of $3.0 million in the fourth quarter of 2021, which was impacted by higher professional fees and listing expenses. Tokens.com reported net income for the quarter of $7.8 million, or $0.08 per share, driven by a gain on the revaluation of warrant liability.

Moving Forward. Tokens.com continues to make inroads in the Web 3.0 universe. The Metaverse Group had a successful Fashion Week and is now generating revenue from leases. Hulk Labs has been successfully launched in the play-to-earn gaming space. And Tokens.com continues to stake various cryptos.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Voyager Digital (VYGVF) – Announces $60 Million Raise; Reports 3Q22 Results

Tuesday, May 17, 2022

Voyager Digital (VYGVF)
Announces $60 Million Raise; Reports 3Q22 Results

Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q22 Results. Voyager reported $102.7 million of revenue for 3Q22, in-line with the $100-$105 million guidance. Trading revenue was off sharply sequentially as trading volume fell, partially offset by merchant services and staking revenue. We had projected revenue of $98 million. Operating loss was $43.2 million compared to our $32.7 million estimate. Voyager reported a net loss of $61.4 million for the quarter, or $0.36 per share, versus our $0.15 estimate.

Key Metrics for the Third Quarter. Total funded accounts reached 1.190 million, a sequential increase of 115,000 from 1.075 million in the second quarter. Total verified users increased by 255,000 to 3.486 million from 3.231 million in the second quarter, while net new deposits decreased by $642 million to $395 million from the previous quarter’s $1.04 billion….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

One Stop Systems (OSS) – Keep on Truckin’

Monday, May 16, 2022

One Stop Systems (OSS)
Keep on Truckin’

One Stop Systems, Inc. (OSS) designs and manufactures innovative AI Transportable edge computing modules and systems, including ruggedized servers, compute accelerators, expansion systems, flash storage arrays, and Ion Accelerator™ SAN, NAS, and data recording software for AI workflows. These products are used for AI data set capture, training, and large-scale inference in the defense, oil and gas, mining, autonomous vehicles, and rugged entertainment applications. OSS utilizes the power of PCI Express, the latest GPU accelerators and NVMe storage to build award-winning systems, including many industry firsts, for industrial OEMs and government customers. The company enables AI on the Fly® by bringing AI datacenter performance to ‘the edge,’ especially on mobile platforms, and by addressing the entire AI workflow, from high-speed data acquisition to deep learning, training, and inference. OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q22 Results. One Stop Systems reported record first quarter revenue of $17.1 million, up 28% y-o-y and above management’s $16.8 million guide. We had forecast $16.8 million. GAAP net income of $579,200, or $0.03 per share, versus net income of $41,300, or breakeven per share, last year. Adjusted net income of $978,000, or $0.05 per share, versus $644,000, or $0.03 per share in 1Q21. We had forecast $0.02 and $0.04 respectively.

Disguise, Bressner Driving Results. OSS’s media and entertainment client, Disguise had a record revenue quarter for OSS, with revenue now greater than the pre-COVID environment. The return of in-person events accounted for a significant portion of the revenue increase. Bressner revenue increased 37% y-o-y, driven by ongoing improvement in the European economy as COVID impacts diminish.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Voyager Digital Reports Revenue of US$102.7 Million for the Quarter Ended March 31, 2022

 



Voyager Digital Reports Revenue of US$102.7 Million for the Quarter Ended March 31, 2022

Research, News, and Market Data on Voyager Digital

NEW YORK, May 16, 2022 /CNW/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, today announced revenue and user metrics for the fiscal 2022 third quarter ended March 31, 2022.

“We performed strongly amidst the challenging macroeconomic and lower trading volumes seen across our industry,” said Steve Ehrlich, CEO and Co-founder of Voyager. “Despite market conditions, we continued to deliver customer account and net deposit growth, while continuing to build upon our revenue diversification strategy.”

“With the announcement of the private placement of approximately USD$60 million, the Company has over $225 million of net liquidity, comprised of over $175 million in cash, and approximately $50 million in crypto. With the recent changes to our rewards model and actively addressing our cost structure to ensure an efficient use of capital, we are working toward a goal of returning to positive operating income, after adding back stock-based compensation, in early calendar 2023.  Ehrlich continued, “Additionally, in the quarter we successfully launched our extremely popular moon mode and on-boarded customers to the beta programs for both our debit card and desktop app. The debit card is on target and expected to be deployed to the remainder of the waitlist throughout the quarter and the desktop app is set to be expanded to a wide group of customers.”

The Company announces the following for fiscal 2022 third quarter ended March 31, 2022 Financial and Operational Key Metrics:

  • Revenue for the quarter is $102.7 million, up 70% compared to $60.4 million for the quarter ended March 31, 2021.
  • Operating loss is $43.0 million for the quarter vs an income of $29.8 million for the quarter ended March 31, 2021. Operating loss/income includes stock-based compensation of $5.4 million for the quarter vs $5.3 million for the quarter ended March 31, 2021, respectively.
  • Total verified users on the platform stand at 3.5 million, up 9% from 3.2 million at the quarter ended December 31, 2021.
  • Total funded accounts reached 1,190,000 as of March 31, 2022, up 11% from 1,074,000 at the quarter ended December 31, 2021.
  • Total Assets on Platform decreased to $5.8 billion from $6.0 billion at December 31, 2021.
  • Our headcount increased to 318 as of March 31, 2022, from 250 at December 31, 2021.

All figures are
preliminary and unaudited and subject to final adjustment. All amounts are in
U.S. dollars, unless otherwise indicated.

The company is also pleased to announce Ashwin Prithipaul as Chief Financial Officer. He comes to Voyager with deep financial leadership experience, including as the former CFO of Galaxy Digital. In conjunction with this, Evan Psaropoulos is moving into a new role as Chief Commercial Officer to build out the Company’s revenue diversification as well as partner with the new CFO in creating cost efficiencies.

“In closing, we strongly believe we are in the early stages of global crypto adoption. Voyager remains very well capitalized to strategically grow our business and serve consumers amidst a rapidly evolving crypto landscape,” Ehrlich added.

Conference Call Details

Voyager will discuss its fiscal 2022 third quarter results today, May 16, 2022, via a conference call at 8:00 a.m. Eastern Time. To access the webcast, please register by 
clicking here. A live webcast and a replay will be available on the Investor Relations section of the Company’s website at  https://www.investvoyager.com/investorrelations/overview.  

Forward Looking Statements

Certain information in this press release, including, but not limited to, statements regarding future growth and performance of the business, momentum in the businesses, future adoption of digital assets, and the Company’s anticipated results may constitute forward looking information or forward-looking statements, (collectively referred to as “forward-looking statements”)which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” (or the negatives) or other similar variations under applicable securities laws. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Voyager’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward looking statements are subject to the risk that the global economy, industry, or the Company’s businesses and investments do not perform as anticipated, that revenue or expenses estimates may not be met or may be materially less or more than those anticipated, that trading momentum does not continue or the demand for trading solutions declines, customer acquisition does not increase as planned, product and international expansion do not occur as planned, risks of compliance with laws and regulations that currently apply or become applicable to the business or the interpretation or application of laws and regulations by regulatory authorities, and those other risks contained in the Company’s public filings, including in its Management Discussion and Analysis and its Annual Information Form (AIF). Factors that could cause actual results of the Company and its businesses to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; changes in laws or approaches to regulation, regulatory investigations, enforcement actions or other regulatory action or sanction, the failure or delay in the adoption of digital assets and the blockchain ecosystem by institutions; changes in the volatility of crypto currency, changes in demand for Bitcoin and Ethereum, changes in the status or classification of cryptocurrency assets, cybersecurity breaches, a delay or failure in developing infrastructure for the trading businesses or achieving mandates and gaining traction; failure to grow assets on platform, an adverse development with respect to an issuer or party to the transaction or failure to obtain a required regulatory approval. In connection with the forward-looking statements contained in this press release, the Company has made assumptions that no significant events occur outside of the Company’s normal course of business and that current trends in respect of digital assets continue. Readers are cautioned that the key metrics disclosed in this press release, including, without limitation, Assets on Platform and trading volumes fluctuate and may increase and decrease from time to time and that such fluctuations are beyond the Company’s control. Forward-looking statements, past and present performance and trends are not guarantees of future performance, accordingly, you should not put undue reliance on forward-looking statements, current or past performance, or current or past trends. Information identifying assumptions, risks, and uncertainties relating to the Company are contained in its filings with the Canadian securities regulators available at www.sedar.com. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. The Company assumes no obligation to provide operational updates, except as required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Readers are cautioned that past performance is not indicative of future performance and current trends in the business and demand for digital assets may not continue and readers should not put undue reliance on past performance and current trends.  Refer to definition of certain Non-IFRS terms in Management’s Discussion and Analysis including Assets On Platform, Adjusted EBITDA and Adjusted Working Capital.  All figures are in U.S. dollars unless otherwise noted.

About Voyager Digital Ltd.

Voyager Digital Ltd.’s (TSX: 
VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

The TSX has not approved
or disapproved of the information contained herein.

Press Contacts

Voyager Digital, Ltd.
Kevin Rodriguez

Investor Relations
(212) 547-8807
krodriguez@investvoyager.com

Voyager Public Relations Team
pr@investvoyager.com

Voyager Digital Ltd.
Interim Condensed Consolidated Statements of Financial Position (Unaudited)
(USD, in thousands)

March 31, 2022

June 30, 2021

Assets

Current assets

Cash and cash equivalents

$            99,406

$            193,933

Cash held for customers

112,413

162,852

Crypto assets held ($895.7 million and $0.0 million restricted, respectively)

3,433,142

2,286,399

Crypto assets loaned

2,022,444

393,561

Crypto assets collateral received

227,339

Investments

31,359

Other current assets

16,111

5,839

Total current assets

5,910,855

3,073,943

Goodwill and intangible assets

79,334

559

Other non-current assets

8,695

2,860

Total assets

$          5,998,884

$          3,077,362

Liabilities

Current liabilities

Crypto assets and fiat payable to customers

$          5,482,009

$          2,807,015

Crypto assets collateral payable

227,339

Crypto assets borrowed

36,832

Warrant liability

6,102

23,810

Other current liabilities

16,155

22,644

Total current liabilities

5,731,605

2,890,301

Other non-current liabilities

9,496

739

Total liabilities

5,741,101

2,891,040

Equity

Share capital

408,353

261,908

Share-based payments reserve

30,570

15,125

Warrant reserve

1,144

3,457

Other comprehensive loss

(347)

Accumulated deficit

(181,937)

(94,168)

Total equity

257,783

186,322

Total liabilities and equity

$          5,998,884

$          3,077,362

Voyager Digital Ltd.
Interim Condensed Consolidated Statements of Comprehensive Income/ (Loss)
(Unaudited)
(USD, in thousands except for shares data)

Three Months Ended March 31,

Nine Months Ended March 31,

2022

2021

2022

2021

Revenues

Transaction revenue

$         33,386

$          53,736

$       163,402

$          57,418

Fees from crypto assets loaned

31,025

6,702

80,892

8,590

Merchant services

18,347

48,148

Staking revenue

14,359

42,788

Other revenue

5,626

13,868

Total revenues

102,743

60,438

349,098

66,008

Operating expenses

Rewards paid to customers

59,321

7,409

182,014

8,949

Marketing and sales

30,367

8,935

82,082

10,288

Cost of merchant services

17,979

47,184

Share-based payments

5,386

5,271

14,506

6,650

Compensation and employee benefits

12,365

2,476

26,984

4,558

Total compensation and employee benefits

17,751

7,747

41,490

11,208

Trade expenses

2,984

726

14,145

1,069

Customer onboarding and service

3,525

2,677

9,179

2,677

Professional and consulting

6,033

1,141

20,371

2,233

General and administrative

7,743

1,957

20,703

5,327

Total operating expenses

145,703

30,592

417,168

41,751

Income/ (loss) before other income/ (loss)

(42,960)

29,846

(68,070)

24,257

Other income/ (loss)

Change in fair value of crypto assets held

(17,516)

12,953

(24,560)

18,440

Change in fair value of investments

18,977

6,114

29,570

Change in fair value of crypto assets borrowed

(30,030)

(13,584)

(36,282)

Change in fair value of warrant liability

9,981

(98,990)

16,825

(116,092)

Fees on crypto assets borrowed

(1,319)

(2,532)

(1,428)

Total other income/ (loss)

(7,535)

(98,409)

(17,737)

(105,792)

Net income/ (loss) before provision/ (benefit) for
income tax

(50,495)

(68,563)

(85,807)

(81,535)

Provision (benefit) for income tax

10,945

1,962

Net income/ (loss)

(61,440)

(68,563)

(87,769)

(81,535)

Other comprehensive income/ (loss)

Foreign currency translation adjustment

(148)

(14)

(347)

(14)

Total comprehensive income/ (loss)

$          (61,588)

$        (68,577)

$       (88,116)

$       (81,549)

Earnings per share

Basic

$           (0.36)

$          (0.49)

$          (0.53)

$          (0.66)

Diluted

$           (0.36)

$          (0.49)

$          (0.53)

$          (0.66)

SOURCE Voyager Digital (Canada) Ltd.


Glucose Fuel Cells Powering Medical Implant Technology


Image Credit: Kent Dayton (MIT News Office)


Ultrathin Fuel Cell Uses the Body’s Own Sugar to Generate Electricity

Jennifer Chu | MIT News
Office

Glucose is the sugar we absorb from the foods we eat. It is the fuel that powers every cell in our bodies. Could glucose also power tomorrow’s medical implants?

Engineers at MIT and the Technical University of Munich think so. They have designed a new kind of glucose fuel cell that converts glucose directly into electricity. The device is smaller than other proposed glucose fuel cells, measuring just 400 nanometers thick, or about 1/100 the diameter of a human hair. The sugary power source generates about 43 microwatts per square centimeter of electricity, achieving the highest power density of any glucose fuel cell to date under ambient conditions.

The new device is also resilient, able to withstand temperatures up to 600 degrees Celsius. If incorporated into a medical implant, the fuel cell could remain stable through the high-temperature sterilization process required for all implantable devices.

The heart of the new device is made from ceramic, a material that retains its electrochemical properties even at high temperatures and miniature scales. The researchers envision the new design could be made into ultrathin films or coatings and wrapped around implants to passively power electronics, using the body’s abundant glucose supply.

“Glucose is everywhere in the body, and the idea is to harvest this readily available energy and use it to power implantable devices,” says Philipp Simons, who developed the design as part of his PhD thesis in MIT’s Department of Materials Science and Engineering (DMSE). “In our work we show a new glucose fuel cell electrochemistry.”

“Instead of using a battery, which can take up 90 percent of an implant’s volume, you could make a device with a thin film, and you’d have a power source with no volumetric footprint,” says Jennifer L.M. Rupp, Simons’ thesis supervisor and a DMSE visiting professor, who is also an associate professor of solid-state electrolyte chemistry at Technical University Munich in Germany.

 

A “Hard” Separation

The inspiration for the new fuel cell came in 2016, when Rupp, who specializes in ceramics and electrochemical devices, went to take a routine glucose test toward the end of her pregnancy.

“In the doctor’s office, I was a very bored electrochemist, thinking what you could do with sugar and electrochemistry,” Rupp recalls. “Then I realized, it would be good to have a glucose-powered solid state device. And Philipp and I met over coffee and wrote out on a napkin the first drawings.”

The team is not the first to conceive of a glucose fuel cell, which was initially introduced in the 1960s and showed potential for converting glucose’s chemical energy into electrical energy. But glucose fuel cells at the time were based on soft polymers and were quickly eclipsed by lithium-iodide batteries, which would become the standard power source for medical implants, most notably the cardiac pacemaker.

However, batteries have a limit to how small they can be made, as their design requires the physical capacity to store energy.

“Fuel cells directly convert energy rather than storing it in a device, so you don’t need all that volume that’s required to store energy in a battery,” Rupp says.

In recent years, scientists have taken another look at glucose fuel cells as potentially smaller power sources, fueled directly by the body’s abundant glucose.


A glucose fuel cell’s basic design consists of three layers: a top anode, a middle electrolyte, and a bottom cathode. The anode reacts with glucose in bodily fluids, transforming the sugar into gluconic acid. This electrochemical conversion releases a pair of protons and a pair of electrons. The middle electrolyte acts to separate the protons from the electrons, conducting the protons through the fuel cell, where they combine with air to form molecules of water — a harmless byproduct that flows away with the body’s fluid. Meanwhile, the isolated electrons flow to an external circuit, where they can be used to power an electronic device.

The team looked to improve on existing materials and designs by modifying the electrolyte layer, which is often made from polymers. But polymer properties, along with their ability to conduct protons, easily degrade at high temperatures, are difficult to retain when scaled down to the dimension of nanometers, and are hard to sterilize. The researchers wondered if a ceramic — a heat-resistant material which can naturally conduct protons — could be made into an electrolyte for glucose fuel cells.

“When you think of ceramics for such a glucose fuel cell, they have the advantage of long-term stability, small scalability, and silicon chip integration,” Rupp notes. “They’re hard and robust.”

Peak Power

The researchers designed a glucose fuel cell with an electrolyte made from ceria, a ceramic material that possesses high ion conductivity, is mechanically robust, and as such, is widely used as an electrolyte in hydrogen fuel cells. It has also been shown to be biocompatible.

“Ceria is actively studied in the cancer research community,” Simons notes. “It’s also similar to zirconia, which is used in tooth implants, and is biocompatible and safe.”

The team sandwiched the electrolyte with an anode and cathode made of platinum, a stable material that readily reacts with glucose. They fabricated 150 individual glucose fuel cells on a chip, each about 400 nanometers thin, and about 300 micrometers wide (about the width of 30 human hairs). They patterned the cells onto silicon wafers, showing that the devices can be paired with a common semiconductor material. They then measured the current produced by each cell as they flowed a solution of glucose over each wafer in a custom-fabricated test station.

 

They found many cells produced a peak voltage of about 80 millivolts. Given the tiny size of each cell, this output is the highest power density of any existing glucose fuel cell design.

“Excitingly, we are able to draw power and current that’s sufficient to power implantable devices,” Simons says.

“It is the first time that proton conduction in electroceramic materials can be used for glucose-to-power conversion, defining a new type of electrochemstry,” Rupp says. “It extends the material use-cases from hydrogen fuel cells to new, exciting glucose-conversion modes.”

The researchers “have opened a new route to miniature power sources for implanted sensors and maybe other functions,” says Truls Norby, a professor of chemistry at the University of Oslo in Norway, who did not contribute to the work. “The ceramics used are nontoxic, cheap, and not least inert both to the conditions in the body and to conditions of sterilization prior to implantation. The concept and demonstration so far are promising indeed.”

 

 

Reprinted with permission of MIT News (http://news.mit.edu/)


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Release – Voyager Digital Rolls Out 1-1 Live Messaging Support For Customers

 



Voyager Digital Rolls Out 1-1 Live Messaging Support For Customers

Research, News, and Market Data on Voyager Digital

Company continues to rapidly expand its personalized customer
support capabilities as well as multimedia information and education, building
on its “Crypto for All” initiative

NEW YORK, May 12, 2022 /CNW/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), one of the fastest-growing consumer cryptocurrency platforms in the United States, today announced it is currently rolling out Live Messaging Support for Voyager customers, available through Voyager’s award-winning mobile app, from 8am – 8pm Eastern time, Monday through Friday.

“Voyager support is now as easy as a text with one of our expert team members,” said Steve Ehrlich, Voyager’s CEO and co-founder. “To keep pace with customer growth over the past 12 months, we have dramatically increased our highly-trained customer support team, adding specialists across the United States. Today, we are adding industry-leading tools and capabilities to connect this expertise with customers through a new, dynamic channel that continues our laser-focus on building a world-class, customer-first organization centered on digital assets.”

To access the new Live Messaging Support feature that provides text communication through the Voyager app with an expert support team member, customers can:

  • Go to the Voyager mobile app and tap on the “Accounts” symbol on the far right of the lower navigation bar.
  • Scroll to the “Help” section, then tap the “?” icon in the purple bubble in the lower right corner.

This will initiate a chat session with VAL, Voyager’s virtual assistant, that will either answer a customer’s question immediately, route directly to Live Messaging Support, or request that a ticket be submitted for more detailed analysis. Voyager’s Live Messaging Support seamlessly initiates a conversation with one of our team members, during available hours, starting a text thread that is accessible at the customer’s convenience.

Voyager plans to expand on this capability by providing live, text-based support through additional channels in the future. 

In addition to introducing Live Messaging Support, Voyager is expanding customer information and communication through a series of video conversations between Stephen Ehrlich and leading voices in the financial and crypto world, as well as high-profile Voyager customers. The company is also piloting a video component to its weekly Market Roundup. These videos can be viewed on
Voyager’s YouTube channel
.

About Voyager Digital Ltd.

Voyager Digital Ltd.’s (TSX: 
VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

The TSX has not approved
or disapproved of the information contained herein.

Press Contacts

Voyager Digital, Ltd.
Voyager Public Relations Team
pr@investvoyager.com

SOURCE Voyager Digital (Canada) Ltd.

Your Alt-Self in the Metaverse Office as an Avatar


Image Credit: lyncconf.com (Flickr)


Working in the Metaverse: what Virtual Office Life Could Look Like

In the context of work, the digital divide has become less about access to devices and connectivity and more about skills and mindset. Many experienced professionals have never learned more than the rudimentary basics of email, web search and Microsoft Office. Instead, they lean hard on nearby colleagues or the IT helpdesk when things go wrong.

By contrast, young people have already demonstrated a competitive edge in the virtual workplace. They come equipped with a more intuitive grasp of digital technology and the initiative to troubleshoot problems via YouTube tutorials, social media and subreddits.

As a generation, they’re also bigger gamers. As more and more work takes place in virtual reality (VR) – and one does not have to share the somewhat eccentric vision of the metaverse Mark Zuckerberg articulated at the 2021 Connect Conference to believe that it will – being familiar with massively multiplayer online games (MMOs) like Fortnite and Roblox, not to mention the ability to manage multiple digital identities, is set to make that edge keener still.

Much of the metaverse is still to be built. VR, of course, has long been used in training for certain physical jobs, from astronauts and pilots to law enforcement, surgery and manufacturing. When it comes to specialist machinery or complex locations, the relative safety and cost advantages of training virtually are obvious. But it is in knowledge work – from software engineering to law to design – where the changes will be most profound.


VR offers up new possibilities for extracurricular team activities. naratrip

How Virtual Workplaces Can Improve Communication

For most people, remote working during the pandemic has been characterised by alt-tabbing between communications apps and videoconferencing platforms such as Slack, Teams and Miro. And there is certainly a lot of room for improvement there.

Academic studies have found that collaborative work between colleagues suffers when they work remotely. Exchanges over email or Slack increasingly replace real-time in-person conversations, hampering communication.

Google itself has claimed that informal chats at coffee machines and lunch tables in its campus were responsible for innovations such as Street View and Gmail. But, with remote working, this kind of serendipitous encounter all but disappears.

And of course there are costs to remote working, in terms of individual wellbeing too. Stanford researchers have found that so-called “Zoom fatigue” is driven by a combination of intense eye contact, lack of mobility, self-consciousness about one’s own video feed, and the cognitive demands of needing to give exaggerated feedback to signal understanding, agreement or concern.

Technological advances mean solutions to these problems related to remote working are becoming possible. Collaboration software such as Meta’s Horizon Workrooms and Microsoft Mesh, which allow colleagues to meet as avatars in VR or take part in a real-world meeting as a photo-realistic hologram, are already available.

The metaverse 1.0 will no doubt see organisations creating persistent VR workplace environments, in which employees can interact in real time as embodied avatars. VR versions of office spaces can be designed to encourage chance encounters and corridor chats.

Imagine, for example, if going from one remote meeting to another involved leaving the conference room and crossing a bustling virtual atrium. That might sound far-fetched but bear in mind that Korean PropTech company Zigbang has already opened a 30-floor VR office called Metapolis. Employees choose an avatar and navigate to their desks via elevators and corridors. When they meet a colleague’s avatar, their webcam and mic are activated so they’re able to have a conversation. The webcam and mic then turn off automatically as their avatar walks away.

Meanwhile, the ability to use and read body language and actively participate in group discussions by scribbling post-it notes or drawing on a virtual whiteboard should make remote meetings in VR more engaging and less sedentary. They require much more active use of the neck, shoulders, arms and hands than a typical hour on Zoom.

How to Work as an Avatar

It seems likely that a new set of workplace norms will emerge as the metaverse develops. Team games, including virtual bowling nights and virtual ping-pong tournaments, might supplant Zoom drinks as the default remote working social event.

When it comes to hiring, meanwhile, VR could bring distinct benefits. “Blind” auditions have been shown to significantly increase the representation of female musicians in symphony orchestras. It follows that interviewing as an avatar might diminish the effect of bias –- unconscious or otherwise –- against people on the basis of their gender, age or appearance.

Just as custom “skins” (outfits) are a feature of many MMOs, in the virtual world of work, there may well be demand for creativity in virtual fashion and accessories too, as people seek to express their personal brand within the constraints of professional dress codes for avatars. Gucci has already sold virtual hats, handbags, and sunglasses on the MMO platform Roblox.

Young people have been the worst affected by the disruption COVID has caused to the job market. While some struggled with working productively from a shared house or their parents’ homes, others were scammed into joining companies that did not even exist.

Nonetheless, the pandemic has also brought exciting glimpses of how remote working might evolve. Due to public health concerns and climate pressure, the latter is here to stay. As it develops into the metaverse, it will continue to bring capabilities that are concentrated among younger people to the fore.

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Sam Gilbert, Affiliated Researcher, Bennett Institute for Public Policy, University of Cambridge.


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Information Services Group (III) – One for the Record Books

Wednesday, May 11, 2022

Information Services Group (III)
One for the Record Books

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Quarter Filled with Records. ISG had an outstanding first quarter, the Company’s best start to a year ever. ISG generated record revenues, record profitability, record recurring revenues, and record consultant utilization. A strong start to the year indeed.

Drivers. What was behind the record setting performance? Technology is crucial to improving customer and employee experiences and making organizations more agile and adaptable to dynamic market conditions. Coming through the worst of the pandemic, companies are increasing their reliance on the cloud and other digital solutions to power their businesses. There is growing demand for specialized services like cybersecurity, data analytics, application development, and technology modernization. The number of choices is staggering and making internal technology and external ecosystems work together is no easy feat. More and more companies are looking for a trusted partner like ISG to bring clarity to complexity, support continuous transformation, and help get the most out of technology investments….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Information Services Group (III) – An Exceeding First Quarter

Tuesday, May 10, 2022

Information Services Group (III)
An Exceeding First Quarter

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Going Past Expectations. ISG announced record revenue of $72.6 million, continuing the trend of record revenue, an increase of 12% in constant currency and exceeding our estimate of $70 million. The quarter had record net income of $4.9 million, or $0.10 fully diluted EPS, versus $3.4 million and $0.07 the previous year. Adjusted EBITDA also was a record at $10.6 million, a 23% increase year-over-year. We forecasted net income of $4.65 million, $0.09 fully diluted EPS, and adjusted EBITDA of $9 million.

Still Having Momentum. The Company is continuing to see a favorable environment with companies investing in technology to power through market headwinds. ISG experienced double digit growth in recurring revenues, especially on its subscription research and platform businesses, and management sees market momentum continuing in 2022. This momentum is continued with the expansion of the Company’s ISG GovernX platform with the Agreemint acquisition, which we believe will be additive to the segment top-line growth….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.