Intrinsyc Technologies (TSX:ITC) announced its financial results for the second quarter ended June 30, 2018 with the company reporting a year over year revenue growth of 40 percent. Intrinsyc, a leading provider of solutions for the development of intelligent connected devices reported revenue of US$6.4 million which is an increase from US$4.6 million in the … Continued
Intrinsyc Technologies (TSX:ITC) announced its financial results for the second quarter ended June 30, 2018 with the company reporting a year over year revenue growth of 40 percent.
Intrinsyc, a leading provider of solutions for the development of intelligent connected devices reported revenue of US$6.4 million which is an increase from US$4.6 million in the second quarter of 2017.
As quoted in the press release:
“Our Q2 financial results show exceptionally strong growth year-on-year,” stated Tracy Rees, Chief Executive Officer, Intrinsyc Technologies Corporation. “We also had record booked sales during the quarter in excess of US$8.0 million; increasing the Company’s backlog and setting a solid base for future revenue performance. Backlog was further strengthened with the material order of $5,431,000 announced subsequent to the quarter end, on July 31.” Rees added, “Continuing the buildout of our embedded computing platforms, we recently announced the Open-Q™ 2500 Development Kit and production-ready System on Module (“SOM”) targeted at wearable and tracking applications. These products were also mentioned in a news release from our strategic technology partner and at their partner event at Mobile World Congress Asia. In a significant expansion of our relationship with our partner, we signed a patent license that will enable Intrinsyc to build computing modules that contain an integrated LTE cellular modem. The first product powered by a combined processor and modem chip will be a version of the Open-Q™ 2500 SOM. We believe having the capability to build cellular based embedded computing modules for IoT markets provides the Company with compelling differentiation and will expand our market opportunities.”
Business Highlights – Second Quarter of Fiscal 2018
Announced the receipt of orders from two existing and two new clients, that are in aggregate valued at US$700,260. Orders for the Company’s Open-Q™ embedded computing modules and related hardware components are valued at US$426,800. The Company also received orders for software and product development services from clients valued at US$273,460.
Announced the receipt of an order valued at US$940,000 for the Company’s Open-Q™ 410 embedded computing modules. The order is a follow-on production order from an existing IoT client. Shipment of the modules is expected to occur in the second half of 2018, and first quarter of 2019.
Announced the receipt of orders totaling US$1,877,000. Orders include embedded computing modules from an existing Global 500 client, valued at US$1,104,000, and development platforms and modules from a new client that is building electric vehicles valued at US$119,000. The Global 500 Client also signed agreements earlier in the month for product development services valued at US$654,000. Hardware shipments and product development services are expected to be provided in the current quarter, through the end of 2018.
Announced that two Original Equipment Manufacturers (“OEM”) have selected Intrinsyc’s Open-Q™ SOM to power their innovative medical devices. One of the design wins involves a medical device with an integrated camera and will utilize Intrinsyc’s Open-Q™ 626 SOM. The other client will be using a custom version of the Company’s Open-Q™ 820 SOMdesigned by Intrinsyc specifically to the client’s unique requirements. The total value of the services agreements is approximately US$642,000.