An update from X2M Connect Limited ( (AU:X2M) ) is now available.
X2M Connect Limited reported a challenging third quarter with a 64% drop in revenue due to a soft market in South Korea and a strategic exit from low-margin hardware sales. Despite this, the company improved its gross margin to 47% and reduced operating costs by 9%. X2M secured significant new contracts in South Korea and the Middle East, including a 10-year deal in the UAE, and launched ‘Hive.AI by X2M,’ an AI-driven platform for renewable energy management. These developments are expected to enhance X2M’s recurring revenue streams and strengthen its market position.
More about X2M Connect Limited
X2M Connect Limited is an Australian Internet of Things (IoT) technology company that focuses on providing smart metering and data-driven performance solutions. The company is expanding its presence in the global renewable energy sector and has a strong market focus in the Asia-Pacific region.
YTD Price Performance: -33.33%
Average Trading Volume: 217,575
Technical Sentiment Signal: Buy
Current Market Cap: A$7.57M
Learn more about X2M stock on TipRanks’ Stock Analysis page.