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Saturday, November 26, 2022

Quanergy (OTC: QNGY) Hits the Pink Sheets After NYSE Delisting with a Bang

Quanergy (OTC: QNGY) has hit the pink sheets after being delisted by the NYSE having lost well over 90% of its value in recent months as the Company affected a 1 for 20 reverse stock split in October followed by a 10 million share offering in November. While there are currently millions of newly issued shares hitting the market, these shares will run out and when they do QNGY is a major bounce candidate. Not only does the stock has a significant and growing short position that needs to cover, the stock has seen a massive drop and many speculators are already looking at this one as way oversold.  

QNGY is an emerging leading LiDAR platform provider, Quanergy offers a comprehensive product portfolio, including hardware sensors and perception software. Our sensing capabilities include 3D mechanical LiDAR and flow management software. Together, our hardware and smart perception software technologies are combined to create a unique Quanergy Flow Management Platform™ to enable sophisticated solutions for industries such as smart city, smart space, security, and industrial automation. This is a fast-growing Company; Quanergy solutions are deployed by nearly 400 customers across the globe. The Company just signed a multi-million-dollar deal with Prime Secured to enhance surveillance and access control at a major casino. Quanergy currently expects 2022 bookings of $14.0 – $18.0 million, consistent with prior revenue guidance and representing 121% year-over-year growth at the midpoint  

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Quanergy (OTC: QNGY) creates powerful, affordable smart LiDAR solutions for IoT and automotive applications to enhance people’s experiences and safety. Through Quanergy’s smart LiDAR solutions, businesses can now leverage real-time, advanced 3D insights to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and much more. Quanergy’s smart perception 3D LiDAR solutions solve some of the most challenging applications in five primary areas: smart cities and spaces, physical security, mapping, industrial automation, and transportation. The Company serves more than 30 industry verticals, helping our customers improve safety, efficiency, and performance, while reducing costs.

QORTEX DTC™ (Detect, Track, Classify), the brains of Quanergy’s Flow Management Platform enables reliable and real-time tracking of people and vehicles for security, smart space, and smart city applications. QORTEX DTC™ generates rich data that includes location, direction, speed, and type of objects detected. Through its API, end-users, system integrators, and application developers can build powerful analytics and business intelligence tools to monitor and automate critical processes such as reducing traffic accidents, protecting the sensitive environments, and increasing efficiency in retail environments.  

In August Quanergy announced financial results for the three months ended June 30, 2022. Revenue for the second quarter of 2022 totaled $1.2 million, compared with $905 thousand in the same period of 2021, representing year-over-year growth of 31%. The conversion of bookings to revenue during the quarter was constrained primarily by the ramping of the company’s manufacturing capacity and the timing of certain bookings that were received late in the quarter. As of June 30, 2022, the Company had $18.8 million in cash, cash equivalents and restricted cash on its balance sheet. During the second quarter, $9.9 million was drawn from the GEM share subscription facility leaving $115 million outstanding under the facility. The Company reported a Second quarter GAAP net loss of $25.7 million compared to $20.5 million in the second quarter of 2021.

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On November 1 QNGY announced upgrades to its QORTEX DTC™ and Q-View software solutions, which underpin the company’s Flow Management portfolio, including its MQ-8 series of LiDAR sensors. The marquee features in these new releases include significantly improved accuracy and drastic reduction in false alarm, thanks to the industry’s first motion-based noise reduction mechanism and first occlusion filter/object stitching mechanism. The updates also offer improved security and flexibility, further solidifying Quanergy’s Flow Management solution as the best-in-class end-to-end LiDAR-based solution for security, smart space and smart city applications. 

QORTEX is Quanergy’s LiDAR-based software solution that provides 3D perception and volumetric sensing to enable detection, tracking and classification of 3D vehicles and human-sized objects in real-time. Updates in QORTEX 2.3 include: a movement threshold filter, which easily filters out noisy elements, such as bushes and foliage, Anti-masking capability to detect and alert when an intruder has attempted to thwart the sensor by blocking or masking it with paper, tape, or spray paint. Enhanced user and password management for increased ability to set permissions and tiers of access. A counter line feature that builds onto existing occupancy detection capabilities to help keep track of how many people have gone into and out of an entrance or exit area Zone object count by classification type and Support for Ubuntu 20.04 and IPv6 addressing to offer more flexibility to users. Additionally, Q-View, a software-based configuration toolkit for Quanergy’s LiDAR-based sensors, has been updated in alignment with the upgrades made to QORTEX.  

Sonny Sekhon, senior product manager, flow management, Quanergy Systems, Inc., said: “Cameras can’t address all of the use cases our customers are grappling with when it comes to flow management, intrusion detection, privacy and other aspects of physical security. We continue to innovate and improve upon our Q-View and QORTEX software for enhanced flexibility, security and incremental functionality – providing solutions and leapfrogging that supplements users’ existing investments and takes their systems to the next level.” 

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Currently trading at an $88 million market valuation QNDY OS is 16,164,406 shares. The Company has $51 million in assets vs. $26 million in liabilities and $18 million in cash as of their last filing. QNDY is an emerging leading LiDAR platform provider offering a comprehensive product portfolio, including hardware sensors and perception software. Customer demand for Quanergy’s solutions is constructive, evidenced by robust bookings growth and other indicators, including pipeline growth and land-and-expand trends. Due to the ramping of manufacturing capacity and ongoing supply chain limitations, Quanergy is guiding to Q3 2022 revenues of $1.75 – $2.5 million and full year 2022 revenues of $7.0 – $9.0 million. The Company is very busy recently partnering with PARIFEX on the first 3D LiDAR-based highway monitoring and enforcement system. QNGY also recently released the M1 Edge PoE sensor – the world’s first 2D 360° POE LiDAR sensor – offering higher detection accuracy at a lower price than competing solutions for Perimeter Intrusion Detection and industrial applications. The Company reports its last 12 month bookings increased 100% year-over-year to $8.8 million. We all know how these big boards can run once trading on the pink sheets and QNDY has a whole lot of potential; while there are currently millions of shares coming into the market, once they have been absorbed QNGY could make a really big move fueled by a massive short covering rally. We will be updating on QNGY when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in QNGY either long or short and we have not been compensated for this article


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