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X2M Connect Limited ( (AU:X2M) ) has issued an announcement.
X2M Connect Limited announced a strategic shift towards a high-margin SaaS business, resulting in a 51% revenue decline to $1.7 million due to exiting low-margin hardware sales and a softer market in Korea. Despite this, the company reported improvements in key operational metrics, including a 10% increase in enterprise and government customers and a 5% rise in connected devices. The quarter also saw a significant partnership with Dicode Technologies in the UAE and the expansion into the renewable energy sector with commercial agreements in Taiwan, which positions X2M for future growth and increased market presence.
More about X2M Connect Limited
X2M Connect Limited is an Australian Internet of Things (IoT) technology company that focuses on transitioning from low-margin hardware sales to a high-margin Software-as-a-Service (SaaS) business model. The company serves enterprise and government clients by providing a platform for deploying a range of devices such as water and gas meters. X2M is expanding into renewable energy and battery storage markets, particularly in the Middle East and Taiwan.
YTD Price Performance: -26.67%
Average Trading Volume: 188,919
Technical Sentiment Consensus Rating: Buy
Current Market Cap: A$8.29M
Find detailed analytics on X2M stock on TipRanks’ Stock Analysis page.
