<div>
 <ul>
 <li>
 
 Peloton reported a USD 0.64 loss per share for FY2021 missing consensus estimates of a loss of USD 0.01 per share and double the loss (of USD 0.32) reported in FY2020. However, Peloton&rsquo;s FY2021 revenue spiked 120.3% YoY to USD 4.02 billion, marginally beating consensus estimates of USD 4.01 billion. In Q4 FY2021, its revenue spiked 54.3% YoY to USD 936.9 million, but the pace of growth has slowed down compared to Q3 FY2021, where sales more than doubled surpassing USD 1 billion.
 
 </li>
 </ul>
 <ul>
 <li>
 
 Connected fitness product revenue grew by 115.4% YoY in FY2021 (up 34.9% YoY in Q4 2021) driven by a 113.7% YoY growth in its subscriber base to 2.3 million subscribers. The average monthly churn rate for the year stood at 0.61% (compared to 0.62% in FY2020).
 
 </li>
 </ul>
 <ul>
 <li>
 
 Peloton reported an adjusted EBITDA of USD 253.7 million in FY2021 up 115.7% YoY. However, in 4Q 2021, it recorded an adjusted EBITDA loss of USD 45.1 million (vs a profit of USD 143.6 million a year ago). This is largely due to slashing the &ldquo;Peloton Bike&rdquo; prices by 21% to USD 1,495 amidst higher raw material and shipping costs, increased research and development (R&amp;D) expenditure, and a shift in the sales mix toward lower-margin categories.
 
 </li>
 </ul>
 
 &lt;ul&gt;&lt;li&gt;The company has been investing in expediting current order shipments, narrowing the order-to-delivery windows to pre-pandemic levels to reduce its backlog. It started manufacturing Peloton products at Precor&rsquo;s North Carolina facility, with plans to begin production at its 
 <a href="https://sp-edge.com/sectors/health-and-wellness/updates/233">
 newly announced manufacturing plant in Ohio
 </a>
 by 2023. The company also announced 
 <a href="https://sp-edge.com/sectors/health-and-wellness/updates/5104">
 re-launching of its compact treadmill &ldquo;Tread&rdquo; with safety fixes later this month,
 </a>
 following 
 <a href="https://sp-edge.com/sectors/health-and-wellness/updates/228">
 the recall.
 </a>
 &lt;/ul&gt;
 
 
 
 &lt;ul&gt;&lt;li&gt;Revenue guidance for FY2022 stands at USD 5.4 billion (implied growth of 31.8% YoY), ahead of market consensus of USD 5.27 billion. The company expects to return to an adjusted EBITDA profitability by FY2023 as capital expenditure and investments in the supply chain ease. Peloton also mentioned plans to launch a new product but did not disclose further details. However, earlier this month, it was reported that 
 <a href="https://sp-edge.com/sectors/health-and-wellness/updates/5098">
 Peloton might be looking to introduce a new rowing machine to the market.
 </a>
 &lt;/ul&gt;
 
</div>

<div>
 
 <a href="https://investor.onepeloton.com/static-files/4836b73e-6e63-4517-a3cd-86c45ea98e68">
 Peloton Interactive
 </a>
 
 
 <a href="https://www.cnbc.com/2021/08/26/peloton-pton-q4-2021-loss.html">
 CNBC
 </a>
 
 
 <a href="https://www.pymnts.com/earnings/2021/peloton-connected-fitness-subscriptions-grow-114-percent/">
 PYMNTS.com
 </a>
 
</div>

Connected Fitness

Peloton misses earnings estimates; cuts Bike price

Making meat sustainable over the long term.

Cell-cultured Meat

ANALYST_QUICK_TAKE

<div>
Cultimate Foods, a biotech firm from Germany that focuses on cell-cultivated premium fats, recently raised EUR 2.3 million or approximately USD 2.5 million in seed funding. This funding round was led by High-Tech Gründerfonds (HTGF), and included participation from Big Idea Ventures, b.value AG, Kale United, and Life Science Valley Wachstumsfonds.
The newly raised capital will be used in various areas such as bolstering operational expansion, enhancing production capabilities, and expanding both operational and commercial partnerships.
</div> Analyst QuickTake: 
 Culminate Foods’ last funding round was in <a href="https: 
//sp-edge.com/updates/14563"> November 2022 </a> , when it raised EUR 700,000 (~USD 721,100) in pre-seed funding. Following this, in <a href="https: 
//sp-edge.com/updates/20014"> July 2023 </a> , the company debuted its cultivated fat, CultiFat, at a tasting event.

Cultimate Foods raises EUR 2.3 million in seed funding to expand operations

A booming food and beverage segment with a history as rich and varied as its present-day product offerings.

Plant-based Dairy & Egg

<div>
 Dreamfarm, an Italian dairy alternative startup, has begun distributing its almond-based cheese alternatives in Edeka stores in Berlin, Germany. Plans are in place to collaborate with restaurants and pizzerias for foodservice distribution soon.
 The company uses a unique patent-pending process that ferments almonds with chosen cultures to produce its cheese alternative. The mozzarella cheese substitute from Dreamfarm has been certified as a liquid product by the Italian Government and has received an A-rating from Nutriscore.
</div> Analyst QuickTake: 
 In <a href="https: 
//sp-edge.com/updates/23521"> November 2023 </a> , the company secured a EUR 5 million (~USD 5.3 million) investment for widening distribution, among other initiatives. In March 2024, the company <a href="https: 
//sp-edge.com/updates/27538https: 
//sp-edge.com/updates/27538"> expanded to Belgium </a> by launching its products at Delhaize stores.

Dreamfarm launches almond-based cheese alternatives in Germany

Empowering sustainable food innovation through food engineering tech

Novel Foods

PROMINENT_CATEGORY

<div>
 A German biotech startup, MicroHarvest, has teamed up with VEGDOG, an animal-free pet food company, to launch VEGDOG Pure Bites. This new product is a microbial protein dog treat featuring a blend of microbial protein, potato, and apple pomace.
 This is the first product of its type in the European market, and is hypoallergenic, making it an appropriate choice for pets with protein intolerances and allergies.
</div> Analyst QuickTake: 
 In <a href="https: 
//sp-edge.com/updates/24200"> November 2023 </a> , the company unveiled its new pilot plant in Lisbon, Portugal, to produce a single-cell protein using microbial fermentation for food and feed applications. MicroHarvest claims the single-cell protein carries a protein content of over 60% and can be produced within a day using its technology.

MicroHarvest partners with VEGDOG to introduce novel microbial protein dog treat in Europe

Technologies bringing about a new reality

Extended Reality

<div>
 AR startup Trace has raised USD 2 million in a pre-seed funding round. The contributors for this funding round include Rev1 Ventures and Impellent Ventures with additional participation from Everywhere Ventures, Ohio Innovation Fund, and an assortment of other investors.
 This funding has been specifically earmarked for the development of the company's app, which is currently in its private beta stage.
 Trace was established by former senior employees of Magic Leap. The startup's primary objective is to streamline AR content creation. This is achieved by offering location-specific AR experiences. Trace has previously collaborated with several major businesses, including Qualcomm, Telefónica, T-Mobile, and Lenovo. This suggests an emphasis on establishing partnerships at an enterprise level.
 
</div>

Trace raises USD 2 million in pre-seed funding to build location-based AR spaces

AI, robotics, and IoT to streamline the flow of goods and information

Logistics Tech

<div>
 Geek+, a robotics company specialising in logistics and warehouse operations, has launched the first 'PopPick', a shelf-to-person system, in Denmark. This has been implemented at Med24.dk, a leading online pharmacy wholesaler. This is the first Geek+ project in the Nordic region and will be carried out in collaboration with System Teknik, an automation solutions provider. 
 The project will include the deployment of three PopPick stations and 30 robots that will enhance efficiency in Med24.dk’s warehouse operations. These robots are capable of handling products of various sizes without necessitating any additional infrastructure.
 The PopPick stations in Med24.dk’s warehouse are designed with dual retrieval arms enabling them to hold multiple tote racks at a time. This feature results in a high processing rate of up to 450 totes per hour.
</div> Analyst QuickTake: 
 Today’s collaboration adds System Teknik to Geek+’s more than 1,000 customers, including <a href="https: 
//sp-edge.com/updates/28489"> Toll Group, </a> Decathlon, Dell, Nike, Walmart, and ASKUL.

Geek+ partners with System Teknik to deploy shelf-to-person robots for Med24.dk in Denmark

Automation and robotics are finally creating solutions for the complexities of doorstep deliveries.

Last-mile Delivery Automation

INCUMBENTS_PRESENT

<div>
 Serve Robotics, a droid-based delivery services provider, has intensified its collaboration with Magna International, an automotive supplier. Magna is now the sole manufacturer of Serve's delivery robots as a result of this partnership expansion.
 This partnership expansion is anticipated to aid Serve's objective of deploying up to 2,000 robots across the US using the <a href="https://sp-edge.com/updates/18949">Uber Eats platform.</a>
 Such an extension stems from a previous licensing agreement that gave Magna permission to leverage Serve's groundbreaking technology to create unique robotic products.
 
</div> Analyst QuickTake: 
 Today’s news comes from Serve Robotics announcing a <a href="https: 
//sp-edge.com/updates/28563"> USD 40 million public offering </a> and uplisting on Nasdaq transitioning from the <a href="https: 
//sp-edge.com/updates/28563"> OTCQB Venture Market </a> where it was previously listed. The company intended to use the funds partially to expand the manufacturing of its droids. On a separate note, rival droid maker <a href="https: 
//sp-edge.com/companies/1327780"> Carkten </a> also has <a href="https: 
//sp-edge.com/updates/12853"> a September 2022 partnership </a> with Magna International to produce its droids.

Serve Robotics appoints Magna International as exclusive manufacturer of delivery droids

<div>
 Pipedream Labs, a developer of underground robotic delivery systems, has successfully raised USD 13 million in seed funding. This funding round was led by Starship Ventures and also saw participation from Cortado Ventures, and Myelin Ventures, among others. With this, the company's total funds raised amount to USD 19.5 million.

The company aims to use the capital raised primarily to scale the delivery of its Instant Pickup systems, which already has over 100 preorders. Alongside this, Pipedream also has ambitious plans to construct a large-scale underground middle-mile delivery network within the year, with anticipation of its usage commencing by the next spring (March–June).

</div> Analyst QuickTake: 
 Pipedream Labs is the only startup in the last-mile logistics space that offers autonomous underground delivery services. Today’s fundraising marks the second time the company has raised funds within six months, following the <a href="https: 
//www.sec.gov/Archives/edgar/data/2000144/000156761923007648/xslFormDX01/primary_doc.xml"> USD 9.5 million raise </a> in venture capital in November 2023.

Pipedream Labs raises USD 13 million in seed funding to scale deliveries and establish underground delivery network

Building future-ready applications in the cloud

Cloud-native Tech

<div>
 The multinational IT and consulting firm, International Business Machines (IBM), is reportedly on the verge of acquiring HashiCorp, a leading provider of multi-cloud infrastructure automation software. IBM aims to enhance its cloud services through the acquisition of HashiCorp.
 HashiCorp, the maker of the highly demanded infrastructure automation software Terraform, is known for developing solutions which address real-world IT issues in multi-cloud environments, relating to infrastructure provisioning, security, networking, and application deployment.
</div> Analyst QuickTake: 
 IBM’s <a href="https: 
//sp-edge.com/companies/2981#strategy"> strategy </a> includes strengthening and promoting hybrid cloud solutions and AI adoption and pursuing M&amp;A opportunities to serve clients better. Its series of acquisitions focusing on AI and hybrid and multi-cloud solutions include <a href="https: 
//newsroom.ibm.com/IBM-acquires-Manta-Software-Inc-to-complement-data-and-AI-governance-capabilities"> Manta </a> , <a href="https: 
//newsroom.ibm.com/2023-06-26-IBM-to-Acquire-Apptio-Inc-,-Providing-Actionable-Financial-and-Operational-Insights-Across-Enterprise-IT"> Apptio </a> , <a href="https: 
//techcrunch.com/2022/07/06/ibm-acquires-databand-to-bolster-its-data-observability-stack/"> Databand </a> , and notably <a href="https: 
//www.redhat.com/en/about/press-releases/ibm-closes-landmark-acquisition-red-hat-34-billion-defines-open-hybrid-cloud-future#: 
~: 
text=IBM%20(NYSE%3AIBM)%20and,the%20cloud%20market%20for%20business."> RedHat </a> . This move could strengthen IBM's competitive position in the cloud market. HashiCorp is renowned for its tools that automate the provisioning, securing, and running of cloud infrastructure, which would complement and enhance IBM's existing cloud offerings.

IBM gears up to acquire HashiCorp

<div>
 Chinese startup Whale Dynamic, specializing in developing autonomous delivery vehicles (ADVs), has entered into a partnership with Fixposition, a Swiss firm providing high-precision positioning technology. 
 The collaboration entails the integration of Fixposition’s Vision-RTK 2 sensor into Whale Dynamic's autonomous driving system. This will allow for accurate positioning even in challenging environments.
 The aim of this partnership is to address the common navigation issues encountered in areas with blocked global navigation satellite system signals. By using Fixposition's sensor, consistent and accurate positioning is ensured, thereby improving the dependability and versatility of Whale Dynamic's autonomous driving solutions.
</div>

Whale Dynamic partners with Fixposition to integrate high-precision positioning technology to ADVs

Autonomous and connected technologies shaping the future of the auto industry

Auto Tech

<div>
 Pony.ai, a Chinese autonomous driving startup backed by Toyota and Nio Capital, is approved by the China Securities Regulatory Commission (CSRC) for an initial public offering in the US. The company plans to list 98.2 million shares on either the Nasdaq or the New York Stock Exchange.
 This approval comes on the heels of a recent statement from the CSRC expressing an intent to simplify overseas listings for Chinese tech companies. This move represents a significant change in policy, shifting from the more restrictive approach seen in the past few years.
</div> Analyst QuickTake: 
 Pony.ai, established in 2016, operates R&amp;D centers across several locations, including Silicon Valley and major Chinese cities. The company also runs local robotaxi services in China. Furthermore, recently, Pony.ai also received <a href="https: 
//sp-edge.com/updates/23028"> USD 100 million </a> from Saudi Arabia's Neom. The company also plans to develop a joint venture in Saudi Arabia and expand with a new <a href="https: 
//sp-edge.com/updates/27379"> R&amp;D center in Luxembourg. </a>

All Updates