Core Insights - Khaveen Investments is a global investment advisory firm focused on serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm is a registered investment adviser with the SEC and offers a range of services including market and security research, business valuation, and wealth management [1] - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio across various asset classes, geographies, sectors, and industries [1] - The investment approach integrates top-down and bottom-up analysis, utilizing global macro, fundamental, and quantitative strategies [1] - Core expertise lies in disruptive technologies such as Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

Core Insights - Khaveen Investments is a global investment advisory firm focused on serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm is a registered investment adviser with the SEC and offers a range of services including market and security research, business valuation, and wealth management [1] - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio across various asset classes, geographies, sectors, and industries [1] - The investment approach integrates top-down and bottom-up analysis, utilizing global macro, fundamental, and quantitative strategies [1] - Core expertise lies in disruptive technologies such as Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

Core Insights - The Smart Label Market is projected to grow from USD 8.5 billion in 2024 to USD 35.0 billion by 2032, with a compound annual growth rate (CAGR) of 19.5% from 2025 to 2032 [2][12]. Market Overview - Smart labels, utilizing technologies like RFID, NFC, or QR codes, enhance traceability, data exchange, and real-time asset tracking, making them essential for businesses aiming to optimize operations and reduce costs [5][6]. - The market is characterized by continuous innovation driven by the demand for intelligent packaging and connected products [6][8]. Technological Advancements - AI is transforming the smart label market by enabling sophisticated data analysis and real-time decision-making, enhancing inventory management and quality control [3][4]. - Key trends include miniaturization of components, enhanced data security, and the adoption of sustainable materials, making smart labels more versatile and cost-effective [8][18]. Key Players - Major companies in the smart label market include Alien Technology, Avery Dennison, CCL Industries, Honeywell, and Zebra Technologies, among others [9]. Growth Drivers - The increasing complexity of global supply chains and the demand for enhanced consumer engagement and product safety are driving the adoption of smart labels [12][19]. - Regulatory mandates for product traceability and anti-counterfeiting measures are also significant factors stimulating market expansion [12][26]. Future Outlook - The smart label market is expected to see robust growth driven by technological advancements and broader industry adoption, with a focus on anti-counterfeiting, eco-friendly labels, and integration with IoT [13][24]. - Segments related to healthcare and cold chain logistics are projected to exhibit the fastest growth due to regulatory compliance and the need for temperature-sensitive goods tracking [19][23]. Regional Highlights - North America leads the market with a strong adoption rate, particularly in retail and healthcare, projected to grow at a CAGR of around 19.0% [20][24]. - Europe is experiencing significant growth due to stringent regulations, with a projected CAGR of approximately 19.8% [24]. - Asia Pacific is emerging as the fastest-growing region, anticipated to achieve a CAGR of around 20.5% due to rapid industrialization and e-commerce penetration [25].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $206 million, up 7% sequentially and up 24% year-over-year, which is twice the performance of comparable peers [12][4] - GAAP gross margin was 57.8%, while non-GAAP gross margin was 58%, up 170 basis points from the prior quarter and 350 basis points year-over-year [13] - GAAP operating loss was $12 million, while non-GAAP operating income was approximately $11 million [14] - Cash, cash equivalents, and short-term investments at the end of the quarter totaled $439 million [14] Business Line Data and Key Metrics Changes - Industrial and commercial business revenue was $118 million, representing 57% of consolidated revenue, up 7% sequentially and 22% year-over-year [12] - Home and life business revenue was $88 million, or 43% of consolidated revenue, up 6% sequentially and 26% year-over-year [13] - Distribution accounted for approximately 74% of revenue mix, with channel inventory at 61 days [13] Market Data and Key Metrics Changes - Demand for commercial applications such as building safety and lighting saw strong quarter-over-quarter sales growth [4] - Smart meter demand is increasing as utilities deploy near real-time tracking of critical infrastructure [5] - Medical customers in the home and life segment grew nearly 60% year-over-year [5] Company Strategy and Development Direction - The company expects full-year revenue growth of 34% compared to 2024, with continued growth anticipated into 2026 and beyond [4] - A partnership with GlobalFoundries was announced to manufacture Series 2 wireless SoCs, enhancing supply chain resilience [10] - The introduction of new design tools, including Studio 6 and Simplicity AI SDK, aims to streamline development and enhance customer engagement [8][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and ongoing innovation, particularly in the IoT space [10] - The company anticipates continued momentum from share gains, revenue growth, and gross margin expansion [11] - Management noted that customer inventory levels are at their lowest since tracking began, indicating a return to normal market conditions [14] Other Important Information - The company plans to limit operating expense growth while focusing on earnings per share accretion [16] - Non-GAAP earnings per share for Q4 is expected to be in the range of $0.40-$0.70 [17] Q&A Session Summary Question: Clarification on Q4 gross margin guidance - Management confirmed a one-time benefit contributing to gross margin, with expectations of a stabilized gross margin around 61% moving forward [20][22] Question: Financial impact of new design tools - The new SDK is expected to streamline development, allowing for faster time to market and scalability, which should enhance customer acquisition over time [24][25] Question: Expectations for channel and customer inventories - Management indicated that customer inventory effects are effectively gone, and they aim to increase distribution inventory levels gradually [29][30] Question: Outlook for 2026 - While not providing specific guidance, management expressed confidence in outperforming the market and capturing market share, driven by strong product lines [31][32] Question: Inorganic growth opportunities - Management remains open to M&A but emphasizes a tight filter for potential acquisitions, with a preference for returning excess cash flow to shareholders through buybacks [61]

Core Insights - RADCOM Ltd. has signed a multi-year agreement with 1GLOBAL to deploy RADCOM ACE, an AI-powered assurance solution aimed at optimizing network operations and enhancing customer experiences across Europe, North America, and Asia, supporting over 43 million connections [1][2]. Company Overview - RADCOM is a leading provider of advanced, intelligent assurance solutions with integrated AI Operations (AIOps) capabilities, focusing on improving customer experiences through its flagship platform, RADCOM ACE [4][5]. - 1GLOBAL is a technology-driven global mobile communications provider, serving over 43 million devices globally and generating over US$100 million in revenue for the full year 2024, positioning itself as a profitable business with significant cash flows [7][8]. Partnership Details - The partnership with RADCOM will enable 1GLOBAL to enhance its service quality and customer experiences through next-generation, AI-driven assurance, leveraging RADCOM's cloud-native platform for faster and more flexible network monitoring [2][3]. - RADCOM ACE will provide 1GLOBAL with a comprehensive, scalable, and flexible assurance solution that adapts to network growth and rising traffic demands, incorporating advanced capabilities such as AI-driven anomaly detection and deep analysis of voice and data traffic [3][4]. Technological Advancements - RADCOM ACE features patented load-balancing technology and is designed to maximize efficiency by processing only the most relevant data, significantly reducing data volumes while maintaining full visibility [2][3]. - The solution supports full IP Multimedia Subsystem (IMS)/Voice over Long-Term Evolution (VoLTE) and 4G/5G data monitoring, ensuring precise troubleshooting across all required protocols [3].

Core Insights - Sequans Communications reported preliminary financial results for Q3 2025, showing significant declines in revenue and profitability compared to previous quarters and the same quarter last year [1][4][8]. Financial Performance - Revenue for Q3 2025 was $4.3 million, a decrease of 47.3% from Q2 2025 and a decrease of 57.5% from Q3 2024 [2][4]. - Gross profit was $1.8 million, with a gross margin of 40.9%, down from 64.4% in Q2 2025 and 82.5% in Q3 2024 [2][6]. - Operating loss was $20.4 million, compared to a loss of $8.7 million in Q2 2025 and a profit of $87.3 million in Q3 2024 [2][7]. - Net loss was $6.7 million, or ($0.48) per diluted ADS, compared to a net loss of $9.1 million in Q2 2025 and a profit of $72.6 million in Q3 2024 [2][8]. - Non-IFRS net loss was $11.0 million, or ($0.79) per diluted ADS, compared to a non-IFRS net loss of $8.1 million in Q2 2025 and a profit of $80.8 million in Q3 2024 [2][9]. Balance Sheet and Cash Flow - Cash and cash equivalents at September 30, 2025, totaled $13.4 million, down from $41.6 million at June 30, 2025 [10]. - The company held 3,234 Bitcoin valued at $365.6 million, with 1,617 Bitcoin being released from pledge to repay half of the convertible debt [11]. Strategic Initiatives - The CEO emphasized a disciplined approach to managing the balance sheet, reducing debt by leveraging Bitcoin holdings, which has improved financial flexibility and supported a buyback program [3]. - The IoT product business is strengthening, with a three-year revenue design win pipeline increasing to $300 million, and over 45% of related projects expected to enter mass production by 2026 [3].

Core Insights - Iridium Communications Inc. has announced a partnership with Vodafone IoT to integrate Iridium NTN Direct service, enhancing global connectivity for Vodafone IoT customers, particularly in remote locations [1][2][4]. Partnership Details - The partnership will allow Vodafone IoT to utilize Iridium NTN Direct, a 3GPP standards-based service that provides NB-IoT and direct-to-device connectivity, ensuring continuous connection for customers and their assets [2][4]. - The commercial launch of Iridium NTN Direct is planned for 2026, focusing on data messaging, tracking, and real-time monitoring for IoT, automotive, and industrial devices [3][5]. Industry Impact - This collaboration is expected to transform global connectivity by offering unmatched coverage, reliability, and scalability, particularly beneficial for industries requiring connectivity in extremely remote areas such as wind farms and oil pipelines [4][5]. - The Iridium network is noted for its reliability and low-power connectivity, making it ideal for NB-IoT and D2D applications, which are critical in remote and mobile environments [4]. Company Background - Iridium Communications Inc. is recognized as a leading provider of global voice, data, and PNT satellite services, with a history of delivering high-reliability safety services [5]. - Vodafone IoT is a global leader in managed IoT connectivity services, with over 215 million devices connected across more than 180 countries, emphasizing its commitment to reliable and secure IoT solutions [6][7].

Core Insights - Khaveen Investments is a global investment advisory firm focused on serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm is a registered investment adviser with the SEC and offers a range of services including market and security research, business valuation, and wealth management [1] - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio across various asset classes, geographies, sectors, and industries [1] - The investment approach integrates top-down and bottom-up analysis, utilizing three core strategies: global macro, fundamental, and quantitative [1] - The firm's expertise is concentrated in disruptive technologies such as Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

Company Overview - Khaveen Investments is a global investment advisory firm serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm is a registered investment adviser with the Securities Exchange Commission (SEC) [1] - It offers comprehensive services including market and security research, business valuation, and wealth management [1] Investment Strategy - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio with exposure to hundreds of investments across various asset classes, geographies, sectors, and industries [1] - The investment approach integrates top-down and bottom-up analysis, blending three core strategies: global macro, fundamental, and quantitative [1] Core Expertise - The firm specializes in disruptive technologies that are reshaping modern industries [1] - Key focus areas include Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

Core Insights - German drugstore retailer Drogeriemarkt (DM) is collaborating with French retail digitalisation company VusionGroup to implement the EdgeSense digital shelf platform as part of its digital transformation [1][3] - The EdgeSense system utilizes IoT, data analytics, computer vision, and AI to enhance store operations and staff workflows [1][4] - DM has over 93,000 employees and operates 4,200 stores across 14 European countries, with a recorded revenue of €19.19 billion ($22.11 billion) for the 2024–2025 financial year [4] Implementation Details - The collaboration currently involves 70 DM outlets, with 20 already utilizing the technology and plans for further rollouts [2] - The platform features LED shelf indicators to assist DM employees in efficiently locating products during order fulfillment [2] Strategic Goals - DM's chief information officer Roman Melcher emphasized the partnership's focus on exploring and developing digital solutions that accelerate strategic transformation [3] - The collaboration aims to improve customer interactions and operational efficiencies through intelligent digital solutions [4] VusionGroup Overview - VusionGroup collaborates with 350 retail groups across Europe, Asia, and North America [5] - In October 2025, British supermarket Morrisons partnered with VusionGroup to deploy 10.8 million smart electronic shelf labels across its 497 supermarkets [5]