X2M Connect Limited (AU:X2M) has released an update.
X2M Connect Limited reported a 17% decrease in revenue to $13.4 million for the period ended June 30, 2024, attributing the decline to a strategic shift away from low-margin hardware sales. Despite the revenue drop, the company saw a 50% increase in recurring SaaS and maintenance revenue and a 29% rise in gross profit, driven by improved performance in the South Korean market. However, the company still experienced a significant loss after tax of $6.5 million, consistent with the previous year.
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