X2M Connect Limited (AU:X2M) has released an update.
X2M Connect Limited has reported a strategic shift towards high-margin opportunities, resulting in a 30% increase in gross profit for FY24 despite a 17% drop in total revenues. The Australian IoT firm also saw a growth in connected devices by 25% and expanded its enterprise/government customer base by 15%. This pivot aligns with X2M’s focus on smart city integration and long-term SaaS contracts, as well as facilitating their recent expansion into the Middle East.
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