Beamr Imaging CEO issues letter to shareholders

Beamr issued a Letter to Shareholders from Sharon Carmel, Chief Executive Officer. “I am happy to update you on our Q1 2024 activities and progress. Q1 2024 was a transformative quarter for our company as we built upon the progress and achievements that we reached in 2023, which resulted in several significant milestones for our company… On February 20 2024, we launched the Beamr Cloud SaaS solution…Also in February 2024, we raised gross proceeds of $13.8 million in an underwritten offering, prior to deducting underwriting discounts and other offering expenses. We intend to use the raised capital to substantially expand the reach of our video cloud services by investing in research and development efforts, sales and marketing activities, cloud operating costs… Throughout Q1 2024, we have teamed up with other industry leaders… In March 2024, we presented accelerated video AI workflows and our plans to integrate AI workflows into Beamr Cloud…. During Q2 2024, we plan to focus on enabling vision AI processes in Beamr Cloud… In Q1 2024, we generated approximately $0.39M in revenues compared with $0.33M in Q1 2023, representing a 18% increase, and as of March 31, 2024, we had approximately $19M of cash and cash equivalents including accrued interest. The revenues are driven from existing customers, and we expect contribution of the Beamr Cloud revenues to start realizing later this year.”