|Over a week ago|
Cemtrex CEO 'cautiously optimistic' next quarter will be closer to normalcy » 09:0906/2306/23/20
Cemtrex provided an…
Cemtrex provided an update on its business regarding the current environment and near term outlook. Cemtrex's Chairman and CEO, Saagar Govil, commented, "The COVID-19 pandemic has presented our Company with a number of challenges, but we have been fortunate that most of our businesses are in end-markets and categories with relative strength. During this difficult time, we've successfully adapted our ways of working to responsibly manage the business, while continuing to deliver innovative solutions to our customers. I am incredibly proud of how our teams have responded during this unprecedented event. With the easing of restrictions globally, we are seeing business activity increase across all our businesses and we remain cautiously optimistic that this next quarter will be closer to a pre-Covid-19 normalcy. With the most recent financings completed, we have substantial cash to meet and accelerate the release of a number of our exciting and innovative products we plan to deliver over the next twelve months. In our 3 key focus areas, IoT, AR & VR, and AI and CV, we have planned new product releases over this period that will build our foundation as we grow in each segment. In our IoT segment our next generation SmartDesk, with laptop docking as a primary feature, will be releasing this upcoming fall for which we have already received tremendous interest from customers. We will be launching our first VR experiential game, Star Force, based on the hit BV Larson novels, in 2021. Additionally, the Company is building its own proprietary artificial intelligence technology platform for the video surveillance industry through Vicon, which is also slated for release in 2021. The Company will provide updates on each of these activities as they near completion. In the near term we are seeing continued interest in our existing products and services, including the thermal body camera due to organizations seeking to protect workers during this COVID-19 situation. Additionally, Cemtrex continues to see more interest than ever before of companies looking to create VR and AR applications enabling them to market their products and services digitally rather than through traditional brick and morter retail experiences. We believe we are well positioned to take advantage of these rapidly growing markets and with our current and planned products we are optimistic about our long term growth potential."
Cemtrex regains Nasdaq listing compliance » 09:0906/1706/17/20
Cemtrex announced that it…
Cemtrex announced that it has received a written notice from NASDAQ stating that the Company has regained compliance with NASDAQ listing requirements. On April 21, 2020, Nasdaq notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of The Nasdaq Stock Market. Since then, Nasdaq has determined that for the last 10 consecutive business days, from June 1, 2020 to June 15, 2020, the closing bid price of the Company's common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and this matter is now closed.
Cemtrex raises $5.4M in a registered direct offering » 09:0406/1006/10/20
Cemtrex announced it has…
Cemtrex announced it has entered into definitive agreements with institutional investors for the purchase and sale of shares of its common stock at a purchase price of $2.24 per share in a registered direct offering priced at-the-market under Nasdaq rules for gross proceeds of $5.4 million.
Cemtrex closes $5.5M registered direct offering priced at-the-market » 09:1706/0806/08/20
Cemtrex announced it has…
Cemtrex announced it has closed its registered direct offering with multiple institutional investors for the purchase and sale of 3,055,556 shares of its common stock at a purchase price of $1.80 per share in a registered direct offering priced at-the-market under Nasdaq rules for gross proceeds of $5.5M before deducting placement agent fees and expenses. After paying Offering fees and expenses, the Company received net proceeds of approximately $5.1M from the Offering. Cemtrex intends to use the proceeds for general corporate purposes, including accelerating its technology development, sales, and marketing activities in key growth segments including Internet of Things, Augmented and Virtual Reality, and Artificial Intelligence and Computer Vision in security applications. Additionally, the proceeds will strategically position the company for attractive acquisition opportunities that may be available due to the current economic environment. A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
|Over a month ago|
Vicon releases thermal body temperature measurement camera » 08:4806/0106/01/20
Vicon, a subsidiary of…
Vicon, a subsidiary of Cemtrex, announced the release of its new Thermal Body Temperature Measurement Camera, the V1100B-THM-TEMP. The camera is designed to help organizations of all types to minimize the risk of reopening their facilities during the COVID-19 global pandemic. Designed to help businesses screen people for elevated temperatures, the V1100B-THM-TEMP thermal camera provides contactless body temperature detection for individual or multiple people with a stunning accuracy of +/-0.54 degrees F. The powerful, dual-spectrum camera alerts operators to critical events, such as a high-temperature detection or individuals who are not wearing a mask and takes a snapshot of the person's face so operators can quickly identify the individual for further screening and verification.
Cemtrex granted U.S. patent for SmartDesk » 09:1205/1805/18/20
Cemtrex announced that…
Cemtrex announced that the U.S. Patent and Trademark Office has granted the company its first patent for Cemtrex's revolutionary and groundbreaking IoT product, the SmartDesk, which increases productivity and modernizes the personal workspace. The Company had developed this unique and unparalleled SmartDesk through its own internal research and development and limited resources over a period of eighteen months. This patent is the first patent granted to Cemtrex in its history and the first of 18 patents submitted to the USPTO. The Company anticipates that more of its patents will get approved in the months to come and is also in the process of filing new patents based on its on-going research and development efforts.
Cemtrex receives VR application order from VF Corp. » 09:1905/1305/13/20
Cemtrex (CETX) announced…
Cemtrex (CETX) announced that it has received an order from VF Corporation (VFC) to build a virtual reality application. The VR application is aimed for corporate and third party use around creating better retail experiences for customers. The application also provides training solutions for VF Corp's employees and its retail partners. In the wake of COVID-19, many companies are turning to virtual reality to deliver on the needs of customers while getting around social distancing protocols. Virtual reality provides new avenues for collaboration, training, and engagement around employees that are now working from home. Additionally, VR offers companies the opportunity to reach customers at a time when almost all retail stores are shuttered with no end in sight. Many companies like VF Corp are getting out in front of the challenges stay-at-home orders have presented by investing in the latest VR technology to adapt in this rapidly changing environment. Cemtrex already has a head start in developing VR applications and has developed numerous VR applications and products for a diversified group of clients over the past two years. CemtrexLabs, a division of Cemtrex, will be delivering the application within this quarter and it will be built on Oculus Quest. The Company sees this order as a long-term opportunity to work with VF Corp to roll out cutting-edge, VR applications, that can scale across their many brands and retail touch points.
|Over a quarter ago|
Cemtrex receives $2M in new orders in Advanced Technology segment » 09:2603/1703/17/20
Cemtrex announced that…
Cemtrex announced that the company received new orders totaling over $2,000,000 in its Advanced Technology segment over the last 30 days. The Company received multiple orders for several security surveillance systems for government and commercial buildings including correctional facilities. The orders were also for software development services for web, mobile, enterprise, and virtual reality applications with all new customers. The Company expects to fulfill these new orders in the next quarter. The orders represent an increase in demand overall for the Company's products and services in its Advanced Technologies segment on a year over year basis for the period.
Cemtrex discloses 500% increase in new orders for VR/AR development » 16:3202/2102/21/20
Cemtrex announced that…
Cemtrex announced that it has received over $300,000 in new orders for the development of virtual reality, or VR, and augmented reality, or AR, applications, representing a 500% increase in the current quarter to date from the prior year. The orders were from 3 different customers and the company expects to execute these orders over the next five months. The company expects to close an additional $300,000 in new orders for virtual and augmented reality application development in the current quarter with multiple new customers based on the current sales pipeline for a total of $600,000 in FY Q2. The expected $600,000 in orders represents a 1000% percent increase in orders for VR and AR app development services compared to the same period a year ago. The company anticipates that demand for VR and AR app development services will continue to increase in the coming quarters and will be a key source of growth for the company.
Cemtrex reports Q1 revenue $12.2M vs. $5.7M last year » 09:0702/1902/19/20
Cemtrex's Chairman and CEO, Saagar Govil, commented on the results, "We are thrilled with the tremendous progress we have made in restructuring our businesses for the future as we generated over 900K in EBITDA this quarter. We have demonstrated improvement in our gross margins which we believe will continue to strengthen as we grow our top line. Our Company is back to generating an operating profit which will provide the foundation for future growth and creating more shareholder value. We continue to receive new orders across all our business segments and are bullish on our security, software development, and IoT businesses going forward. We believe our Company is well positioned in several high growth, exciting markets that will lead to gross and net margin expansion over the next couple years. We will continue to balance our desire for growing our operating cash flow with making investments in our businesses that will create long-term value. Furthermore, we are always on the lookout for synergistic and opportunistic acquisitions that can help drive value over the long term."