Business
Cemtrex Reports Second Quarter 2022 Financial Results
Second Quarter Revenues Increase 37% to $12.7 Million Brooklyn, NY, May 17, 2022 (GLOBE NEWSWIRE) -- - Cemtrex Inc. (NASDAQ: CETX, CETXP), a technology
About this update from Cemtrex Inc.
[{"type":"text","content":"Second Quarter Revenues Increase 37% to $12.7 Million\nBrooklyn, NY, May 17, 2022 (GLOBE NEWSWIRE) -- - Cemtrex Inc. (NASDAQ: CETX, CETXP), a technology company driving innovation in Internet of Things (IoT), security, machine vision & artificial intelligence, and augmented & virtual reality, has reported its financial and operational results for the second quarter ended March 31, 2022. Key Second Quarter 2022 and Subsequent Highlights Revenue increased 37% to $12.7 million compared to $9.3 million in Q2’21.Announced a strategic shift towards prioritizing its core businesses, in particular Vicon Industries, its security technology brand to maximize shareholder value, drive long term growth, and profitability. In conjunction with the strategy shift to bolster its Advanced Technologies segment, Cemtrex is exploring the divestiture of one or more business units to support its refocus.Received a $1.2 million order through its Advanced Technology Segment from a large correctional facility, and current customer, in Oregon to upgrade its security technology system with new hardware and software.Second investment of $0.5 million into Masterpiece Studio (formerly MasterPieceVR), a developer of a professional desktop and VR application suite that offers 3D content creation tools, primarily for virtual reality and the Metaverse.onXRP.com, a leading technology and content platform which provides user-driven innovation to the XRP Ledger (XRPL), and CXR, a subsidiary of Cemtrex, partnered to create a set of modular extensions that will help further develop the onXRP ecosystem.Regained compliance with Nasdaq Audit Committee composition requirements.Showcased Vicon’s end-to-end technology solutions at ISC West Conference. Management Commentary Cemtrex Chairman and CEO, Saagar Govil, commented on the results: “During the second quarter we continued to see significant revenue improvement in our Advanced Technologies and Industrial Services segments from the improved economic climate. This momentum, combined with a thorough review of our business units, created the opportunity for us to commence a strategic shift toward refocusing efforts on our core businesses going forward. In particular, we believe Vicon Industries has enormous untapped potential with escalating demand as end-users seek a reliable source of video surveillance and access control...