Business
Cemtrex Reports Second Quarter 2023 Financial Results
Q2’23 Revenue Increased 37% to $16.1M with Positive Operating Income of $0.4M Gross Margin up 1360 Basis Points to 46% in Q2’23 Management to Host Conference
About this update from Cemtrex Inc.
[{"type":"text","content":"Q2’23 Revenue Increased 37% to $16.1M with Positive Operating Income of $0.4M\nGross Margin up 1360 Basis Points to 46% in Q2’23 Management to Host Conference Call Today at 5:00 p.m. ET Brooklyn, NY, May 11, 2023 (GLOBE NEWSWIRE) -- Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, has reported its financial and operational results for the second quarter ended March 31, 2023. Key Second Quarter FY 2023 and Subsequent Highlights Revenue for Q2’23 increased 37% to $16.1 million, compared to revenue of $11.7 million for Q2’22. Security segment revenues increased 47% to $9.9m in Q2’23 as border protection vertical drives new order volumes for Vicon. Gross margin up 1360 basis points to 46% in Q2’23 from 32% in the prior year quarterOperating income of $0.4 million for Q2’23 compared to operating loss of $2.9 million in Q2’22.Vicon launched a new suite of AI-based analytics with enhanced lineup of Vicon Roughneck AI Camera series.Received a $0.8 million order through Vicon Industries for a new prison being built in the United Kingdom to install a full end-to-end system of Vicon’s surveillance products including hardware and software.Received a $1.5 million order through Vicon Industries, in January, and a follow-up order for $1.1 million in May, from a current large border protection customer in Texas to expand its security technology system with new security solutions.Announced a capitalization restructure, effecting a 1-for-35 reverse stock split.The Company’s common stock regained full compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.Cash and equivalents as of March 31, 2023 was $6.6 million. Management Commentary Cemtrex Chairman and CEO, Saagar Govil, commented on the results: “The second quarter of fiscal year 2023 was highlighted by a return to operating profit driven by the sweeping efforts we have taken throughout the business. Sales execution by Vicon with multiple large orders, resulted in revenue growth of 37% year over year. In combination with operational improvements, the quarter led to a gross margin improvement of 1360 basis points to 46%. We continue to expect increases in our gross margin over the next couple of quarters as we make further enhancements in Vicon’s business. Overall operating income for the quarter ...