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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 Inc. (NASDAQ: CETX, CETXP, CETXW) reported a 22% increase in third quarter revenues, amounting to $10.3 million compared to $8.4 million in 2020. The net income reached $1.1 million, up from a loss of $4.2 million last year, attributed to improved economic conditions and PPP Loan forgiveness. However, revenues for the nine months decreased by 13% to $28.4 million. The Advanced Technologies segment grew by 17% to $5.8 million, while Industrial Services grew by 29% to $4.5 million.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) reported second-quarter results for March 31, 2021, with revenues of $9.3 million, down 24% year-over-year. The Advanced Technologies segment generated $5.5 million in revenue, while Industrial Services brought in $3.8 million, reflecting declines of 11% and 36%, respectively. Gross profit fell to $3.9 million, or 42% of revenues, compared to 44% a year ago. However, net income increased to $2.5 million from a loss of $1.6 million in 2020, aided by one-time gains. Cash stood at $15.6 million.
Cemtrex (NASDAQ: CETX, CETXP, CETXW) reported its Q1 2021 financial results, revealing a 28% revenue decrease to $8.8 million, down from $12.2 million in Q1 2020, primarily due to ongoing COVID-19 impacts. The Advanced Technologies segment saw a 35% decline in revenue while operating expenses increased to $6.1 million. Despite a net loss of $1.3 million compared to a $0.6 million loss last year, the company highlighted a $1.1 million order for a new security system in the UK and the launch of the SmartDesk Connect as positive developments.
Cemtrex (NASDAQ: CETX, CETXP, CETXW) has secured a $1.1 million order to implement a security surveillance system at a large corrections facility in the UK. This enterprise-class system comprises advanced video surveillance technology, Valerus software, cameras, and storage hardware, with fulfillment expected within the fiscal year. CEO Saagar Govil highlighted that the corrections market remains a significant growth area, with April bookings aligning with pre-COVID levels, indicating a recovery in the market and ongoing demand for their security solutions.
Cemtrex (NASDAQ: CETX, CETXP, CETXW) has secured a $400,000 contract to develop a Virtual Reality application for a pain management facility in Nevada. This order underscores the company's commitment to innovation in VR technology for medical applications. Cemtrex's CEO, Saagar Govil, highlighted the growing demand for VR solutions in healthcare, projected to exceed $4 billion in North America within four years. The new application aims to enhance pain relief methods and is expected to be delivered this quarter.
Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW) announced a corporate update on March 26, 2021, highlighting the launch of its new SmartDesk Connect, an advanced workstation priced at $2,299, set to ship at the end of March. This product allows users to utilize their laptops, enhancing compatibility with Windows and MacOS. The company also aims to release its VR game, StarForceVR, in Q4 2021. However, Cemtrex has faced challenges in its Industrial and Advanced Technologies segments due to COVID-19, although it anticipates a recovery as restrictions are relaxed.
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.
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