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Flamingo AI Limited (ASX:FGO) an artificial intelligence (AI) and machine learning company announced that it had entered a statement of work (SoW) with Nationwide Mutual Insurance Company which is based in the United States to use LIBBY which is Flamingoâs online AI platform for machine-based analytics and Self-organizing Library.
Through LIBBY, Nationwide will analyze a large and complex dataset in an unstructured format in one of its department. Nationwide will also examine whether this platform will meet their requirements across its broader business or not as an unsupervised machine learning based analytics tool. The revenue through this SoW will depend on the suitability of LIBBY, till then it is considered as not material.
Through this SoW agreement with Nationwide, FGO will also strengthen its relationship. Nationwide is a client of FGO since 2015 and in the year 2016 in both the parties entered into a master service agreement where the company was able to perform the data privacy successfully, audits with highly rigorous securities and technology architecture. This agreement was a win for both the parties and FGO through this agreement was able to lay a foundation for its current as well as future activities with Nationwide.
Not only Nationwide, but there are other clients as well in the US market as well as markets in the Asia Pacific region, belonging to other sectors like banking, insurance, and investment banking which is showing interest in using FGOâs LIBBY.
There is another product of FGO by the name MAGGIE which is Virtual Inquiry Assistant which is also in demand. The company is currently working on the same so that FGO can deploy them into various sectors like insurance, banking, and investment banking sectors.
After the listing of FGO on ASX, the performance of the company remains consistently negative. The ten years performance of the company is -99.99%. Within five years, the performance of the company was -44%. The last 1-year performance of the company was -80%.
For the FY2018 ending on 30 June 2018, the company made a net loss of $8,212,374. The balance sheet of the company appears quite healthy. The debt-equity ratio of the company is 0.123. The company has a strong net asset base which is an indication that the company can clear its long-term obligations. The company holds a total current asset of $12,854,761 and total current liabilities of $1,499,655 which is a proof that the company can meet the requirement of working capital as well as short-term obligations. However, there is an increase in accumulated loss in FY2018, which might create a negative impact on the shareholders. The total shareholderâs equity is worth $12,150,707.
By the end of FY2018, the net cash available with the company is $11,403,297. At present, the market price of the share is A$0.017 (AEST: 3:35 pm, 14 December 2018) with the stock holding a market capitalization of A$15.68 million.
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