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Sierra Wireless will release its fourth quarter financial results for the period ending December 31, 2020, on February 23, 2021. A conference call hosted by President and CEO Kent Thexton and CFO Sam Cochrane will occur at 5:30 p.m. Eastern Time the same day. Participants can join the call via a toll-free number or by accessing a live webcast, which will be available for one year post-call. Sierra Wireless is a leading IoT solutions provider, focusing on integrated solutions to enhance operational efficiency and revenue streams in the connected economy.
Sierra Wireless (NASDAQ: SWIR) has partnered with Virocom to provide smart locker applications using its AirLink LX60 routers and Smart Connectivity Services. This solution ensures 100% uptime for contactless retail services, enabling secure customer interactions during the COVID-19 pandemic. The technology facilitates seamless connections to Wi-Fi, with LTE failover, and aims to reduce total cost of ownership by up to 40%. This initiative highlights Sierra Wireless' commitment to enhancing operational efficiency for businesses amidst evolving consumer needs.
Sierra Wireless (NASDAQ: SWIR; TSX: SW) announced the retirement of President & CEO Kent Thexton, effective June 30, 2021. The Board is searching for his successor, aided by an executive search firm. Under Thexton's leadership since May 2018, the company transformed into an end-to-end IoT solutions provider, increasing recurring revenue from 12% to 26% of total revenue. Sierra Wireless anticipates Q4 2020 revenue exceeding analysts' expectations of $116.5 million and expects $170 million in cash with no debt by year-end.
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Sierra Wireless has chosen Zenoss Cloud for enhanced monitoring of its complex hybrid cloud environment due to the rapid expansion of its IoT ecosystem. The collaboration aims to improve service reliability and enable predictive insights to avoid service disruptions. Zenoss Cloud, recognized as a leader in intelligent application monitoring, effectively integrates with major cloud platforms like Google Cloud, AWS, and Azure. The partnership will help Sierra Wireless enhance its quality of service and operational efficiency in providing IoT solutions.
Sierra Wireless (NASDAQ: SWIR, TSX: SW) has appointed James Armstrong as Senior Vice President and General Manager of Enterprise Solutions. Armstrong, previously COO at Spirent Communications, brings extensive experience in revenue growth and operational excellence. His leadership aims to strengthen Sierra's position in the growing IoT market, particularly in 5G connectivity. The Enterprise Solutions segment generated over $140 million in revenue in the last twelve months ending September 30, 2020. Armstrong expressed enthusiasm about capitalizing on opportunities in IoT and 5G.
Sierra Wireless (NASDAQ: SWIR) announced that Thermigas is utilizing its Octave™ solution to enhance uptime and decrease maintenance costs for industrial water heaters. The collaboration with Oxelar led to the deployment of a preventive maintenance IIoT application in under two months, enabling real-time alerts to prevent equipment downtime. Thermigas aims to improve customer loyalty and create additional revenue through predictive maintenance as a service, while the application enhances operational efficiency by streamlining maintenance processes.