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X2M Connect Limited ( (AU:X2M) ) has shared an update.
X2M Connect Limited reported a significant decline in revenue by 43% to $6.5 million, primarily due to a softer market in South Korea. The company faced a substantial increase in losses, with a total loss of $12.1 million, up 86% from the previous period. Despite the challenging financial results, the company improved its gross margin to 47% and reduced operating expenses by 14%. X2M Connect also increased its enterprise and government customer base by 12% and secured new contracts worth $5.5 million for the upcoming fiscal year. The company decided to discontinue its operations in China, reflecting a strategic shift in its market focus.
More about X2M Connect Limited
X2M Connect Limited operates in the technology industry, focusing on providing connectivity solutions. The company primarily serves enterprise and government customers, with a significant market presence in South Korea and previous operations in China.
Average Trading Volume: 1,193,416
Technical Sentiment Signal: Sell
Current Market Cap: A$8.53M
For a thorough assessment of X2M stock, go to TipRanks’ Stock Analysis page.