X2M Connect’s Profitable Pivot Boosts Margins
Company Announcements

X2M Connect’s Profitable Pivot Boosts Margins

X2M Connect Limited (AU:X2M) has released an update.

X2M Connect Limited has reported a strategic shift towards more profitable operations, with a 29% increase in gross profit to $4.9 million and a significant rise in gross profit margin to 37% in FY24, despite a 17% decline in total revenue due to exiting low-margin hardware sales. The company’s focus on software as a service (SaaS) and maintenance has paid off with a 50% increase in that revenue stream. X2M has also expanded its customer base and connected devices by 25%, positioning itself well for future growth in smart device implementation.

For further insights into AU:X2M stock, check out TipRanks’ Stock Analysis page.

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