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Beamr (NASDAQ:BMR), a leading supplier of video optimization technology and solutions, today issued its annual Letter to Shareholders from Sharon Carmel, Chief Executive Officer of Beamr.
Dear Shareholders:
As we look toward a promising and exciting year ahead, I am proud to reflect on Beamr's achievements throughout 2023, including our financial results for 2023, our recent achievements so far in Q1 2024, and look forward to our plans for Q2 2024.
2023 was the year we built the Beamr Cloud service, and 2024 is the year we plan to invest in expansion of our business.
Beamr is experiencing a pivotal moment following the launch of the Beamr Cloud SaaS solution, which enables everyone to perform high quality, high scale video processing at attractive pricing. Our new video cloud service, launched in February 2024, offers more capabilities than we initially expected. They include video standards modernization from AVC to HEVC, and adoption acceleration of new standards.
Just before announcing Beamr Cloud launch, we raised gross proceeds of $13.8 million in an underwritten offering in February 2024, 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, as well as general and administrative corporate purposes, including working capital and capital expenditures. We plan to expand Beamr Cloud across the emerging markets in the video world: User-Generated Content, Generative AI, Internet-of-Things (IoT) and Streaming (OTT).
During Q2 2024, Beamr plans to emphasize enabling vision AI processes in Beamr Cloud. Recently we published a technical paper that showed how Beamr tech downsized video files by 40% on average — streamlining Artificial Intelligence and Machine Learning processes and allowing significant savings in storage and costs. On March 17th, we plan to participate in GTC https://www.nvidia.com/gtc/, an NVIDIA led conference for the era of AI. At the conference, we will provide more information on our plans for integrating AI workflows into Beamr Cloud.
2023 Highlights
In 2023, we took our vision public on NASDAQ, focusing on optimizing video at scale.
We signed up another one of the top five largest media companies in the world to provide our video compression and optimization technology and solutions to its products and that following such agreement, Beamr is now working with three of the top five largest media companies in the world. We believe that this is a testimony of our leadership in video compression and optimization solutions.
Posted In: BMR
