RigNet (NASDAQ: RNET) announced advancements in its Cyphre technology, designed to enhance security and performance in edge applications. The new capabilities, based on a US Patent, improve session key protection, preventing exposure to operating system memory and mitigating cache attacks. As Industrial IoT grows, Cyphre aims to secure critical information across various sectors, including finance and healthcare. RigNet continues to provide cybersecurity solutions for highly sensitive environments, offering increased bandwidth efficiency and application performance.
RigNet (NASDAQ: RNET) announced that its subsidiary, Intelie, has achieved “co-sell ready” status through the Microsoft One Commercial Partner Program. This status allows Intelie Live, a real-time machine learning platform, to be available in the Microsoft Azure Marketplace, enhancing its deployment capabilities. The platform analyzes vast amounts of Industrial IoT data, optimizing operations across various sectors such as Energy and Finance. This collaboration with Microsoft supports RigNet’s aim to drive new business and expedite IIoT deployments for global customers.
RigNet, Inc. (NASDAQ: RNET) reported a first quarter 2020 revenue of $58.8 million, a 2.2% year-over-year increase, but down 8.3% sequentially. The company faced a net loss of $26.8 million or $1.34 per share, influenced by a $23.1 million goodwill impairment. Adjusted EBITDA remained flat at $8.4 million. The project backlog stands at $22.4 million. CEO Steven Pickett noted impacts from COVID-19 and oil prices on operations, forecasting potential challenges in Q2 2020, while highlighting a focus on cost reduction and liquidity management.
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