MICT Inc (NASDAQ: MICT) has been firing on all cylinders. With big news coming out of its insurance and trading arms. So, it only makes sense that we’d hear some big news from its subsidiary, Micronet Ltd., and that news came today.
According to a press release, the company received a big purchase order. Here’s what’s going on:
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- MICT Announces Micronet Purchase Order
- Management Commentary
- MICT Is Firing on All Cylinders
- Final Thoughts
MICT Announces Micronet Purchase Order
As mentioned above, MICT is headed up in the market this morning after the company announced that its majority-owned subsidiary, Micronet received a purchase order. The purchase order is for 2,000 units of its SmartCam connect product.
In the release, MICT said that the order came from one of North America’s largest telematics service providers and comes with a total value of about $900,000.
The company went on to explain that the SmartCam is designed for in-vehicle use, providing advanced telematics capabilities and connectivity to the cellular network. An all-in-one video telematics device, SmartCam operates on a powerful Android platform.
Moreover, SmartCam is coupled with vehicle-connected interfaces, diagnostic capabilities, and two cameras, offering video analytics and telematics services, and ultimately improving safety, vehicle health, and tracking capabilities for fleet vehicles.
In a statement, Darren Mercer, CEO at MICT, had the following to offer:
This order is further evidence of the traction that our subsidiary, Micronet, continues to build with its highly innovative SmartCam product.
Whilst our focus is on the continued development of our three main fintech verticals, we are very pleased to see Micronet’s ongoing success and progress towards gaining market share in the fast-growing video telematics sector, which continues to justify our investment in the company.
MICT Is Firing on All Cylinders
The news released today is just one bit in a slew of positive news released by the company. Most recently, we learned:
- A Key Partnership. MICT entered into a key partnership with the Shanghai Petroleum and Natural Gas Trading Center, bringing its commodities trading platform to new heights.
- Insurance. The company also announced an acquisition that will allow it to greatly expand its insurance product, moving it from regional to national and leading to serious growth in margins.
- Trading. Finally, MICT announced that it received its license to facilitate stock trading, and raised all funds needed to cover margins, putting it in line with the likes of Up FinTech and Futu.
The bottom line here is simple, MICT is executing, and in doing so, will likely begin generating significant revenues this year. Moreover, with the offering that gave the company all the funding it needed to offer margin financing through its trading platform leading to declines recently, the stock is heavily undervalued and hard to ignore.
All told, MICT has issued a press release surrounding the success of each one of its business categories over the past month, and is in the midst of a pivotal time. All in all, this stock is one that’s hard to ignore.
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Disclosure. CNA Finance is not a financial advisor or broker dealer. This article does not constitute a solicitation to buy any stock mentioned. The article represents the honest opinions of the author, but not necessarilly the outlet it was published on. CNA Finance has a monetary relationship with MICT. Trading in penny stocks can result in the loss of capital.