In today’s briefing:
- Quiddity Flow Expectations HSCEI Jun 23: 2 ADDs/DELs Possible; Capping Flows US$585mn One-Way
- ZKH IPO: Neither Good nor Bad
- Fresh Safety Concerns Follow OpenAI’s GPT-4 Release
- New CEO Looking to Leverage Continental and Other Partners for 4Sight Rollouts
- USDC’s Depeg Or: How I Learned to Stop Worrying and Trust the Bots
- Dorothy Energization Scheduled; Financing Secured; Company at an Inflection Point
- 3Q23 Results: Revenue Grows 51.7% Y/Y as Order Activity and Gross Margin Shoot Up
- 4Q22 Results: B-Sample Transition Inches Closer; Expansion in the Cards
Quiddity Flow Expectations HSCEI Jun 23: 2 ADDs/DELs Possible; Capping Flows US$585mn One-Way
- In this insight, we take a look at the potential index changes and the resultant capping flows for the HSCEI Index in June 2023.
- According to our estimation, there could be two changes for the HSCEI in June 2023 and there could be one-way index flows of US$585mn.
- The final index changes along with indicative capping and index weights could be published in Mid/Late-May 2023.
ZKH IPO: Neither Good nor Bad
- ZKH Group (ZKH US) is a leading MRO procurement service platform in China offering digital and fulfilment solutions for participants in the industry value chain.
- The company has filed for an IPO to list its shares in the US and plans to raise about US$200-300m through the IPO.
- Having analyzed the limited information available, we are indifferent on ZKH’s operating performance and would only recommend if shares are priced attractively
Fresh Safety Concerns Follow OpenAI’s GPT-4 Release
- ChatGPT-4 is here and OpenAI is betting that it’s the smartest version so far.
GPT-4 has a broader general knowledge and problem solving abilities, the company said in a research paper that was released alongside the chatbot.
The paper showed that the latest model beat 90% of bar exam takers.
New CEO Looking to Leverage Continental and Other Partners for 4Sight Rollouts
- CEO Matt Fisch’s first earnings call announced revenue of $1.1 million in 4Q22, in line with quarterly expectations.
- CFO Bob Brown announced that he is leaving the company effective March 31.
- Fisch said the company is “in the process of developing a strategic plan and timeline that builds on [our] significant achievements made to date.”
USDC’s Depeg Or: How I Learned to Stop Worrying and Trust the Bots
- While the market seems to have shrugged it off, crypto – and DeFi in particular – survived an existential risk over the weekend.
- USDC was caught up in the turmoil that hit U.S. banks and depegged amidst fears it was no longer fully backed.
- We covered the reaction in centralized markets in the week’s Debrief, but given that USDC’s primary use case is in DeFi, this week we’ll examine how the depegging played out on-chain, examining trading, liquidity, and lending and borrowing, with a particular focus on the role that bots played.
Dorothy Energization Scheduled; Financing Secured; Company at an Inflection Point
- Final funding for Project Dorothy is now secured, with energization scheduled for the first week of April, pending approval from ERCOT.
- Soluna recently announced $7.5 million in funding from existing project investor Spring Lane Capital (SLC) that will be used to complete the final energization of Dorothy and support corporate expenses.
- SLC’s stake in the 25 MW Dorothy 1A increases to ~85% from 32%, but Soluna retains the right to 50% of 1A’s profits after SLC achieves an 18% IRR hurdle.
3Q23 Results: Revenue Grows 51.7% Y/Y as Order Activity and Gross Margin Shoot Up
- Revenue grew 51.7% Y/Y to $0.7 million, compared with $0.5 million in 3Q22.
- Growth in the top-line figure was primarily driven by sales of WAM-V autonomous vehicles and better margins derived from Strategic Consulting Services.
- A key driver of the revenue trajectory is the order activity, which is up 111% to $3.8 million YTD, with significant additional order activity in various stages of negotiation.
4Q22 Results: B-Sample Transition Inches Closer; Expansion in the Cards
- SES reported an operating loss of $20.7 million, $10.6 million higher than in 4Q21, primarily due to increased personnel and lab consumables to support the development of battery cells and AI software.
- General and administrative costs ($12.5 million) and R&D costs ($8.3 million) were the primary contributors to the operating loss.
- The company’s net loss was $9.2 million (-$0.03 per share) compared with $10.2 million (-$0.17 per share) in 4Q21.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
