Pine Technology Acquisition Corp Merger Partner Tomorrow.io Announces 150% Increase In Sales In 2021

- Sales grew more than 150% from 2020
- Client Roster Grew More Than 80% Across Enterprise, Government and B2C Sectors
- Business Update Underpins Outlook for Sustained Growth

BOSTON, Feb. 8, 2022 /PRNewswire/ -- Tomorrow.io, the developer of the leading platform for global weather and climate security, today announced a more than 150% increase in sales to $19 million in 2021 from $7.4 million in 2020 as its client roster expanded more than 80% across enterprise, government and B2C businesses. These and other 2021 performance and technology milestones underpin the company's previously disclosed projections for continued extraordinary growth.

In December, Tomorrow.io announced plans to list on Nasdaq through a merger with Pine Technology Acquisition Corp. (NASDAQ:PTOC, PTOCW, PTOCU))). The transaction includes a fully-committed PIPE anchored by institutional and strategic investors including Koch Strategic Platforms, National Grid Partners, JetBlue Technology Ventures, SB Energy Corp., SoftBank Group's Japanese wholly-owned subsidiary, as well as Pine Technology's sponsor, Pine Technology Sponsor LLC. Upon closing of the transaction, Tomorrow.io's common stock and warrants are expected to trade on Nasdaq under the new ticker symbols "TMW" and "TMWW".

The planned merger follows a successful Series D capital raise of $77 million in the first quarter of 2021, as well as the successful acquisition Remote Sensing Solutions, developers of the leading radar technology that will power the company's satellite constellation of weather radar beginning later in 2022.

"Our success over the last year is further proof that we are well positioned to execute our growth plans as we continue to expand across the entire weather, climate and ESG landscape," said Shimon Elkabetz, CEO and Co-Founder of Tomorrow.io. "From our technological advancements in weather forecasting, models and actionable insights, to our go-to-market and revenue growth strategies, the Tomorrow.io team and our proprietary technology and software platform are firing on all cylinders."

Since its inception, Tomorrow.io has taken a unique approach to forecasting weather. It is the only company running its own weather models at ultra-high resolution that provides weather intelligence and recommendations to its customers.

In 2021, Tomorrow's enterprise customer base grew 80% from 2020 to 120 clients in industries ranging from on-demand, technology, aviation, energy, supply chain and logistics, transportation, sports and events. Client additions in 2021 included: Azul Airlines, Volta Charging, National Grid Renewables, KOCH Industries, and Mobileye.

Tomorrow.io's government business unit secured new partnerships including Raytheon in 2021. The Raytheon partnership aims to rebuild core infrastructure as part of NOAA's transformational EPIC program. Additionally, in the third quarter of 2021, the U.S. Air Force awarded Tomorrow.io a $19.3 million contract to support deployment of the Company's first four satellites. The U.S. Air Force contract supports both building and launching satellites and paves a path for a long term weather Data-as-a-Service contract with the DOD.

In addition to business and federal agency clients, more than 30,000 developers also use Tomorrow.io's proprietary API to embed its weather data into their applications.

"We continue to see unprecedented weather events becoming the new normal including the Suez Canal, city flooding, wildfires and snow just to name a few," said Elkabetz. "All of these events have a major impact on the global supply chain, energy, and transportation, to name a few sectors, not to mention the general well-being and safety of the world's citizens," he added. "We want people to know that it doesn't have to be this way. Our proprietary technology is helping the world's leading organizations better prepare and mitigate the impact of weather on a daily basis."

Tomorrow.io also made a number of significant technological and platform advancements in 2021, starting with the announcement of plans to launch satellites that are equipped with in-house built weather radar to revolutionize forecasting speed and accuracy. The first launch is planned for late 2022. The company's global product advancements in 2021 included a next-generation flood risk index and hyperlocal dynamic wind layer as well as predictive and active fire management tools. In 2021, the company also expanded its total global headcount by over 80% across offices including Boston, Boulder, and Tel-Aviv to just under 200 staff members.

Thanks to its expanding business and public profiles among policy makers in 2021, Tomorrow.io executives were invited to testify before the U.S. Congress on the impact of extreme heat and climate security and met with the Israeli Prime Minister, Naftali Bennett, to discuss the country's weather and space plans.