Intrinsyc Reports First Quarter Financial Results

Intrinsyc Technologies (TSX:ITC), a company powered by high-performance computing to create products for robotics, wearables, mobile applications among others, announced its first quarter financial results. Revenue reported for the quarter stood at US$6.1 million and EBITDA figures were over US$155,000.

As quoted in the press release:

“We had delays, both in the expected launch of 2 new development platforms and production client orders due primarily to component shortages and client financing that negatively impacted Q1 revenue,” stated Tracy Rees, Chief Executive Officer, Intrinsyc Technologies Corporation. “We believe that these issues will be resolved during the second quarter through the introduction of the new development platforms which are expected to add over $2 million in revenue over the next 12 months and the production launch of 5 new client products that will use the Company’s edge computing modules. These developments should lead to revenue growth in the second half of 2019.”

“Intrinsyc is helping to take Internet of Things products to the next level – building artificial intelligence and advanced analytics directly into the devices and systems where insights are needed in real-time,” added Rees.  “Known as “Edge Computing,” this trend is creating opportunities for businesses seeking to deliver enhanced levels of service across a wide range of industries; autonomous vehicles, intelligent cameras, smart home hubs, smart cities, robotics, and industry 4.0 applications, to name a few. Intrinsyc’s portfolio of computing modules with their high-performance multi-core processors and built-in artificial intelligence capabilities are ideal platforms for creating the next-generation of intelligent Internet of Things products.”

Click here to read the full press release.