Micronet Enertec Technologies Inc. (Nasdaq: MICT) today announced its financial results for the first quarter ended March 31, 2021.
Q 1 202 1 Financial Review
- Revenue in the first quarter was $8.9 million versus $0 in the year-ago period. The increase in Q1 was attributable to the insurance division, which was launched in late December
- Gross profit in Q1 was $1.9 million versus $0 in the year-ago period
- R&D expenses in Q1 were $0.2 million versus $0 in the year-ago period
- Selling & marketing expenses in Q1 was $1.0 million versus $0 in the year-ago period
- General and administrative expenses were $4.6million in Q1 versus $0.8 million in the year-ago period
- Operating loss in Q1 was $4.8 million versus a loss of $0.8 million in the year-ago period
- Net loss attributable to MICT in the first quarter was $ 4.5million in the first quarter versus a loss of $1.6 million in the year-ago period. The increase in the operating loss and the net loss was the result of higher operating expenses associated with the Company’s launch into the China fintech market
- As of March 31, 2021, cash position was approximately $123 million
- Acquired a nationwide license in China enabling the Company to offer broad range of insurance brokerage products and services through the acquisition of Beijing Fucheng, a Chinese insurance brokerage firm and its trading subsidiary
- Achieved regulatory approval from the Hong Kong SFC to enable the acquisition of Huapei Global Securities, and allowing us to launch our stock trading platform to trade securities on major stock exchanges in Hong Kong, the United States and China
- Commenced the development of commodity trading and futures trading platform following new financial services partnership with Shanghai Petroleum and National Gas Trading Center enabling the Company to offer financial services to its customers
- Following launch of our insurance platform, generated $8.2 million in revenue in the first three months of operation
- Raised a total of $114 million from capital raises to fund additional corporate development and margin facilities for our stock trading platform
- As of March 31, 2021, cash position was approximately $123 million
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About MICT, Inc.
MICT, Inc. (NasdaqCM: MICT) operates through its subsidiaries, GFH Intermediate Holdings Ltd (“GFHI”) and its various fully owned subsidiaries or VIE structures. And Micronet Ltd. (“Micronet”). GFHI’s versatile proprietary trading technology platform is designed to serve a large number of high growth sectors in the global fintech space. Primary areas of focus include online brokerage for equities trading and sales of insurance products in several high-growth foreign markets including Asia where GFH owns a substantial propriety database of users. Micronet operates in the growing telematics and commercial Mobile Resource Management (MRM) market, mainly in the United States and Europe. Micronet designs, develops, manufactures and sells mobile computing solutions that provide fleet operators and field workforces with computing solutions in challenging work environments.
CWEB Analysts have initiated a HOLD Rating for Micronet Enertec Technologies Inc. (Nasdaq: MICT). Operating loss in Q1 was $4.8 million. Q2 will be the catalyst for MICT, Inc. (NasdaqCM: MICT) and will see a clear picture on sales numbers and profits.
