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An update from FirstWave Cloud Technology ( (AU:FCT) ) is now available.
FirstWave Cloud Technology Limited announced a significant impairment charge of $10,394,976 against goodwill, primarily associated with legacy products from its acquisition of Opmantek. This accounting adjustment reflects a strategic pivot towards monetizing newer product lines like Open-AudIT and compliance management, which are deemed more valuable to the company’s future growth. Despite the impairment, the company remains confident in its growth trajectory and value delivery to shareholders, emphasizing that the charge does not reflect its future earnings potential.
More about FirstWave Cloud Technology
FirstWave is a global software company established in 2004, specializing in enterprise-grade network management, automation, audit, and cybersecurity software. It serves approximately 150,000 organizations across 178 countries, with notable clients including Microsoft, Telmex, Telstra, Claro, and NASA.
Average Trading Volume: 570,564
Technical Sentiment Signal: Sell
Current Market Cap: A$25.7M
For an in-depth examination of FCT stock, go to TipRanks’ Overview page.