Welcome to our dedicated page for Cemtrex news (Ticker: CETX), a resource for investors and traders seeking the latest updates and insights on Cemtrex stock.
Cemtrex Inc. (Nasdaq: CETX) is a diversified technology company that is making significant strides across multiple industries. With a strong focus on advancing smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems, Cemtrex is at the forefront of innovation. The company operates primarily in three segments: Security, Industrial Services, and Corporate.
Cemtrex's Security segment, which generates the most revenue, includes Vicon Industries, a global leader in advanced security and surveillance technology. Vicon provides comprehensive security solutions for businesses, schools, municipalities, hospitals, and cities. The company is known for its AI-driven video analytics and integrated access control solutions.
In the Industrial Services segment, Cemtrex owns Advanced Industrial Services (AIS), a premier provider of industrial contracting services. AIS offers services such as millwrighting, rigging, piping, electrical, and welding. The company is well-equipped to install high-precision equipment in various industrial markets, including automotive, printing and graphics, industrial automation, packaging, and chemicals.
Geographically, Cemtrex operates in the USA, UK, and India, with the majority of its revenue generated in the USA. The company has recently made headlines with several substantial orders and strategic initiatives, including:
- A $2.2 million order for a geothermal system update for a Northeastern school district.
- A $1.6 million order for a key component for a motion control technologies company.
- A new suite of AI-based analytics from the Roughneck AI Camera Series and Valerus Video Management Software Solutions for a New Jersey school district.
Financially, Cemtrex reported a 41% increase in Q1’24 revenue to $16.9 million and a 7% increase in Q2’24 revenue to $17.2 million. The company recently completed a restructuring in 2023, positioning its AIS and Vicon segments for continued revenue growth and expanded operating profitability.
Additionally, Cemtrex is set to launch a disruptive AI gun detection feature in the second quarter of 2024, marking a significant milestone in the field of surveillance technology.
The company has also announced a public offering with gross proceeds expected to be approximately $10 million. The proceeds will be used for operations, marketing, investment in existing business initiatives, partial repayment of debt, and potential acquisitions of complementary businesses or technologies.
For more information, visit the company’s websites: Cemtrex, Vicon, and AIS.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) reported a revenue increase of 11% for 2020, totaling $43.5 million. The company achieved a gross profit margin of 44%, an increase of 400 basis points. The Advanced Technology Segment saw a significant revenue boost of 34%, totaling $25.8 million, while the Industrial Services segment revenue dropped 11% to $17.8 million. The net loss for 2020 was $13.1 million, improved from a loss of $24.3 million in 2019. Adjusted EBITDA losses decreased by 87%, reflecting operational improvements.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) has launched the SmartDesk Connect, a versatile workstation featuring 4K UHD monitors, a sit-stand desk, and built-in wireless phone charging, compatible with both Windows and MacOS. Orders will commence in January 2021, with shipping expected to follow within 4-8 weeks. Priced at $2299, the SmartDesk Connect will be manufactured in New York. CEO Saagar Govil emphasized the importance of supporting remote work and local job creation in NYC amidst the current economic climate.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) announced collaborations with HBO Max and Modelo USA to leverage augmented and virtual reality (AR/VR) in digital marketing campaigns. For HBO Max, Cemtrex created a campaign for the movie Charm City Kings, featuring social media assets and an AR face filter to enhance audience engagement. In partnership with Modelo, Cemtrex developed an AR web experience for the Modelo x RSVP WebAR Sweepstakes, promoting a co-branded apparel collection. CEO Saagar Govil emphasized the effectiveness of AR/VR in increasing consumer interaction and driving business results.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) has announced a strategic investment in MasterpieceVR, a leader in virtual reality content creation software. This partnership aims to enhance Cemtrex’s offerings in the Augmented and Virtual Reality market, projected to grow significantly. The investment, completed in November using existing cash, positions Cemtrex to leverage MasterpieceVR’s innovative tools, streamlining the 3D content creation process. With a focus on efficiency, the collaboration aims to meet the growing demand for 3D content in the $22 billion AR/VR market.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) has announced that its subsidiary Virtual Driver Interactive (VDI) is now offering the Driving Essentials XE program on the latest gaming consoles, Sony PS5 and Microsoft Xbox Series X. This program addresses the impact of the COVID-19 pandemic on driver education, enabling teens to practice safe driving at home. Priced at $29, the program includes 10 lessons covering various driving scenarios, including inclement weather and complex traffic situations, enhancing training options for parents and teens.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) has announced the acquisition of Virtual Driver Interactive (VDI), a leading provider of driver training simulation solutions, on October 23, 2020. This strategic move aims to enhance Cemtrex's augmented and virtual reality growth segment and VR training product line. VDI, known for its effective training systems with over $2 million annual revenue and 2,000 installations across the US, will help Cemtrex leverage next-generation solutions in training. The acquisition is expected to be accretive to non-GAAP earnings per share and cash flow starting Q1 FY2021.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) has received a $500,000 order for upgrading a security technology system at a Tennessee corrections facility. This upgrade will enhance the existing system with over 1,000 cameras and state-of-the-art software. CEO Saagar Govil noted that this order reflects a positive outlook for their Security Technology segment, showcasing a year-on-year increase in orders. The shipment is scheduled for October 2020, and this order supports the anticipated top-line growth for Cemtrex in FY 2021 as the market continues to recover.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) announced the appointment of Priscilla Popov as the new Chief Financial Officer, effective September 30, 2020. She takes over from Aron Govil, who will remain as a consultant until the end of fiscal year 2021. Popov brings over 20 years of experience in finance and accounting, having held senior positions at several notable companies. The transition comes as the company anticipates continued growth, particularly with its Vicon security technology and the upcoming launch of the SmartDesk product.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) will host a virtual roadshow webinar on October 6, 2020, at 1:00 p.m. Eastern time. CEO Saagar Govil will discuss market opportunities and revenue growth strategies. Participants can join via a provided webcast link or dial-in. A replay will be available post-event until October 20, 2020. The event aims to engage investors and highlight Cemtrex's advancements in IoT, augmented reality, and artificial intelligence across multiple sectors.
Cemtrex Inc. (CETX, CETXP, CETXW) announced a $500,000 contract awarded to its subsidiary, Vicon, for its Thermal Body Temperature Measurement Camera. This advanced technology aims to aid schools in detecting elevated body temperatures and ensuring safety as they reopen post-COVID-19. The cameras will be deployed across various district schools, providing contactless temperature screenings with an accuracy of ±0.54° F. Cemtrex emphasizes that this technology will play a vital role in future epidemic management, enhancing its core business growth.
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