The artificial intelligence sector has grown at a remarkable pace recently and there's an intriguing opportunity that has piqued the interest of growth-oriented investors. These stocks can often carry untapped potential for growth.
Nowigence Inc (OTC: NOWG) - The company is involved in the development, marketing, and distribution of advanced generative and extractive SaaS products powered by artificial intelligence. These products help people in getting answers to queries that may lie hidden in documents, whether private or public.
Nowigence announced last week that it had launched a new platform named Lille.ai which is meant for providing innovative content creation services through advanced artificial intelligence. For instance, the platform can immediately turn a blog, a private file, or an article into a Twitter thread. Conversely, it can also convert Twitter threads into blogs, reports, or articles. The product essentially provides a service that can turn any research topic into several formats and helps with SEO optimization.
The launch of the product came at a time when the applications of artificial intelligence are only getting far more expanded. ChatGPT had been launched back in November last year but already boasts 100 million users at this point. Anoop Bhatia, the CEO of Nowigence Inc. noted that Lille.ai is different from products like ChatGPT because it provides a service that is quite niche. Users have the option of customizing what they want to see in the final output.
BigBear.ai Holdings Inc (NYSE: BBAI) - Last month the company announced its financial results for the first fiscal quarter. Investors who may be interested in the company's performance should know that it brought in $42.2 million in revenues and that was an improvement on the $36.4 million it generated in the year-ago period. The gross margins generated by the company during the quarter came in at 24.2% but in the prior year period, it was 27.1%.
BigBear.ai suffered a net loss of as much as $26.2 million in the quarter but that was augmented by a non-cash expense worth $10.6 million. In the prior-year quarter, the net losses stood at $18.8 million. Keep an eye on this artificial intelligence stock this week.
Guardforce AI Co Limited (NASDAQ: GFAI) - On May 15 Guardforce AI Co Limited, the integrated security company made a major new announcement. The company announced that it had been successful in closing the public offering of as many as 2,580,600 shares for the price of $0.12 par value at $4.65 a share for the public in a public offering. It should be noted that the underwriters for the share offering exercised their right in full for an additional 387090 common shares at the time of the offering.
Benchmark Investments LLC worked as the lead book-running manager for the whole thing. The offering had been made by the company through a prospectus supplement and an accompanying prospectus. The final prospectus and the accompanying one had been filed with the United States Securities and Exchange Commission on May 15, 2023.
SoundHound AI Inc (NASDAQ: SOUN) - The company is a leader in voice artificial intelligence and on May 11 it announced its financial results for the first fiscal quarter of 2023. The company announced that it had managed to generate revenues of $6.7 million in the quarter, which worked out to a year-on-year rise of 56%.
The gross margin for the quarter was 71% and that proved to be a major improvement on the gross margins of 59% in the year-ago period. The company suffered a net loss per share of $0.13 but that proved to be an improvement both on sequential and year-on-year bases. Up until April the company raised $150 million in funding and that helped in strengthening the balance sheet considerably.
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