Micronet Enertec Technologies Inc (NASDAQ:MICT)
Shares of Micronet Enertec Technologies Inc (NASDAQ:MICT) rallied 14.70% after the company announced a $4.3 million Purchase order for its newly released TREQr5 product. The order is from an existing customer and the biggest since 2012.
Micronet Enertec Technologies Inc (NASDAQ:MICT) develops, manufactures and markets rugged computers for the commercial, defense, and aerospace markets. The company also provides high tech solutions for severe environments and the battlefield. Its products are usually installed in critical systems such as command and control and missile fire control.
TREQr5 is an innovative telematics Android onboard computer optimized for the internet of things (IoT). The rugged computing product is designed to provide optimized transportation, planning, and performance through a network of electronic links. In addition to improving efficiencies and safety for tracking, the onboard computer also brings truckers into compliance with the federal ELD.
TREQr5 Growing Demand
The $4.3 million order goes to validate TREQr5 technology
According to CEO, David Lucatz:
“As the deadline for the Electronic Logging Devices (ELD) government mandate nears, Micronet expects more orders for these products. As Micro net’s competitive products continue to prove their value to its customers, we plan to focus on greater market share and building long term revenue growth in the MRM space.”
In May, Micronet Enertec Technologies Inc (NASDAQ:MICT) received a $2.1 million order for 8,000 units for the on-board computer. The company plans to fulfill the order in the third quarter. Orders from existing customers underscores customers’ confidence in the company’s products.
Micronet Enertec Technologies Inc (NASDAQ:MICT) reported a $19% decrease in first quarter revenue that came in at $5.3 million compared to $6.5 million a year ago. During the quarter, the company was awarded contracts worth $5.6 million to be fulfilled before the end of the year.
“Although our revenues declined in the first quarter compared to the same period in 2016, we expect more favorable revenue levels for the balance of 2017 as we deliver on the purchase orders received during the first quarter and book the associated sales,” said Mr. Lucatz.
Micronet Enertec Technologies Inc (NASDAQ:MICT) had a backlog of $7.3 million as of March 31, 2017, and $9.3 million as of May 15, 2017.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation