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Beam Communications Hold Announces Significant Investments

Beam Communications Holdings Ltd (ASX: BCC) stock fell by more than 20% even as the company announced it made significant investments to grow revenues in FY21-22. The investments are geared towards the development of new products as well as sales operations in the current quarter.

One of the products that the company expects to drive revenue growth over the next 24 months is a global personal messaging device dubbed ZOLEO. The ZOLEO messaging device should allow Beam Communications Holdings to target customers in large markets, such as rural residents. As part of an aggressive commercialization drive, the company is to make the device available on Amazon eBay and other reputable retail chains.

The company is also working on 4G industrial gateways developed to address opportunities around the Internet of Things and Machine-to-Machine applications. The company is closing in on a Telstra approval for the MG400 4G gateways. The approval should open new opportunities in sectors such as transportation and marine markets where 3G networks are currently in use.

Investments in new products saw the company’s cash position declined to $798,000. However, the company is expecting an additional $1 million from the sale of Iridium Go devices.

BuildingIQ Drops On Lower Net Income

BuildingIQ Inc. (ASX: BIQ) stock fell by more than 30% after releasing an update for its third quarter for fiscal 2019. Investors pushed the stock lower after it merged the company’s unaudited total income fell 2.9% to $2.23 million. Revenue in the quarter was also down by 4.6% to A$1.4 million.

A plunge in revenue and net income came even as the company registering a 10.4% increase in cash receipts from customers. Net cash used in operations was also down by 36.5% to A$1.20 million. The company ended the quarter with cash and cash equivalent amounting to A$0.14million from A$0.53 million in the last quarter.

During the quarter, the company saw an increase in 10 buildings to the 5i Platform, bringing to a total of 1,337 buildings. The company also added 29 new sites to the BuildingIQ’s Facility Worksite Service. Likewise, the company added five customer contacts affirming a stronger renewal rate of more than 97%

ASF Group Limited Falls On Widened Net Loss

ASF Group Limited (ASX:AFA) was down by 40% after issuing an annual report for fiscal 2019. The sell-off came as investors reacted to news that the company’s net loss had more than quadrupled to $2.9 million from a net loss of $631,000 reported the previous year.

Management attributes the widened net loss to write-offs of tenement assets amounting to $568,000 as well as impairment of listed investment totaling $817,000. The company also incurred share losses of associates amounting to $1.7 million as interest expenses soared to $1.9 million.

In addition to widening net loss, the company also reported a decline in revenue that came in at $1.1 million compared to $1.3 million reported the previous year. During the year, the company completed a non-underwritten share purchase plan and share placement through which it raised $9.31 million. It also repaid a convertible note totaling $6 million.

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