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Cemtrex, Inc. (NASDAQ:CETX) is a diversified technology company leading innovation across various sectors like smart technology, AR/VR, electronic systems, industrial solutions, and security systems. With recent restructuring, the company's AIS and Vicon segments are set for revenue growth and profitability. Cemtrex also plans to launch an AI Gun Detection feature in Q2'24, a milestone in identifying armed individuals in surveillance footage.
Furthermore, Cemtrex recently announced a firm commitment underwritten public offering to raise approximately $10 million. The company intends to utilize the net proceeds for operations, marketing, existing initiatives, product investments, and debt repayment. With a global presence, Cemtrex Inc. operates through its subsidiaries Vicon Industries, Inc., a leader in security technology, and Advanced Industrial Services, Inc., specializing in industrial contracting services.
Cemtrex (NASDAQ: CETX, CETXP) announced a $1.5 million order from a large border protection customer in Texas to enhance its security technology systems. The order involves the installation of new surveillance equipment, specifically Roughneck multi-sensor cameras and servers, which offer advanced features such as low-light imaging and analytics for proactive monitoring. This contract is expected to be fulfilled in Q1 2023 and reflects increasing demand for video surveillance solutions.
CEO Saagar Govil highlighted the ongoing growth in the surveillance industry, supported by the company's positive revenue outlook.
Cemtrex Inc. (CETX, CETXP) reported a 17% revenue increase for FY 2022, totaling $50.3 million. The company undertook a strategic divestiture of non-core assets and executed a restructuring plan, resulting in projected annual overhead savings of $6.2 million. The Advanced Technologies segment grew 20%, reaching $29.1 million, driven by demand for Vicon products. Although net loss widened to $13 million, the company anticipates operational improvements and revenue growth in FY 2023, projecting Vicon revenues of approximately $28 million.
Cemtrex Inc. (Nasdaq: CETX, CETXP) has appointed Shane Compton as the new Chief Operating Officer of its subsidiary, Vicon Industries. Compton brings over 20 years of experience in the physical security industry, having held leadership roles at Costar Technologies and Pelco. His focus will be on enhancing operational efficiencies and customer experience while overseeing global sales and engineering teams. CEO Saagar Govil emphasized Compton's proven track record in operational excellence and innovation as vital for Vicon's growth and market expansion.
Cemtrex Inc. has announced a significant business restructuring aimed at achieving annual cost savings of $2.5-$3 million. The company has divested its Smartdesk and VR subsidiaries to concentrate on its Vicon Industries and Advanced Industrial Services (AIS) divisions. This strategic shift is designed to capitalize on the growing demand for Video Surveillance as a Service (VSaaS) and predictive maintenance services, with expectations of reaching $5-10 million in recurring revenue from Vicon over the next three to five years.
Cemtrex, a multi-industry technology company, will present at the Dawson James Small Cap Growth Conference on October 12, 2022, in Jupiter, FL. The company’s Chairman and CEO, Saagar Govil, will host one-on-one meetings and present at 9:30 AM ET. The presentation will be available live and via replay on Cemtrex's investor relations website. The conference aims to showcase emerging companies in growth sectors, including IoT, AI, and AR/VR. For more details, visit cemtrex.com/investor-relations.
Cemtrex has reported a 32% increase in Q3 revenues, totaling $13.6 million, compared to $10.3 million in Q3 2021. The company's gross margin improved to 43% from 40% in the previous year, aided by price increases amid rising costs. Despite this growth, the company faced a net loss of $983,491 for the quarter, significantly reduced from a loss of $5.1 million in Q2 2022. Cemtrex is realigning its strategy, focusing on its core business, Vicon Industries, and exploring the divestiture of non-core units to enhance shareholder value.
Cemtrex Inc. (CETX, CETXP, CETXW) announced the appointment of Haim Shain as Senior Vice President of Product Management for its subsidiary, Vicon Industries. Shain will lead the strategy and implementation of Vicon's product line, including surveillance cameras and video management systems. With 17 years of experience in the surveillance industry, he aims to enhance Vicon's leadership in the rapidly evolving Video Surveillance as a Service (VSaaS) market, projected to exceed $83 billion by 2030. His leadership is expected to promote innovation and respond effectively to customer needs.
Cemtrex Inc. (NASDAQ: CETX, CETXP) will host a conference call on August 15, 2022, at 5:00 p.m. ET to discuss its third-quarter results ending June 30, 2022. CEO Saagar Govil and CFO Paul Wyckoff will lead the discussion, followed by a Q&A session. The call can be accessed via a toll-free dial-in number and will also be available for live broadcast and replay on the company's website. As a prominent technology company, Cemtrex focuses on areas including IoT, AI, and AR/VR across various sectors.
Cemtrex Inc. (NASDAQ: CETX, CETXP) will present at the LD Micro Invitational XII Conference from June 7-9, 2022, in Westlake Village, CA. CEO Saagar Govil will hold one-on-one meetings and deliver a presentation on June 8 at 11:30 am ET. Attendees can view the presentation live via webcast. The conference focuses on innovations in IoT, machine vision, AI, and AR/VR technologies. For additional inquiries or to schedule meetings, attendees can contact the conference representatives or email the company directly.
Cemtrex reported a 37% increase in Q2 revenues to $12.7 million, up from $9.3 million in Q2 2021. The company is focusing on its core businesses, particularly Vicon Industries, and is considering divesting some units. Notable highlights include a $1.2 million security upgrade order and a $0.5 million investment in Masterpiece Studio. However, gross profit declined to 32% from 42% due to rising costs, which contributed to a net loss of $4.7 million. Despite challenges, management remains optimistic about future revenue growth.
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