X2M Connect Limited ( (AU:X2M) ) has provided an update.
X2M Connect Limited reported a 55% decline in revenue for the first half of FY25, attributed to a softer 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 expenses by 31%. The South Korea segment remained profitable, and the company expanded its customer base by acquiring seven new enterprise and government clients. The total number of connected devices grew by 5%, reaching 544,910. The company’s financial position showed a decrease in cash reserves, primarily due to timing issues related to R&D refunds and operating expenditures.
More about X2M Connect Limited
X2M Connect Limited operates in the technology sector, focusing on providing connected devices and services. The company is involved in the development and deployment of smart technology solutions, with a market focus that includes enterprise and government customers, particularly in South Korea.
YTD Price Performance: -33.33%
Average Trading Volume: 159,062
Technical Sentiment Consensus Rating: Buy
Current Market Cap: A$7.57M
Learn more about X2M stock on TipRanks’ Stock Analysis page.