November 27, 2018

mict


MICT Reports Third Quarter 2018 Financial Resultss

  • Conference call scheduled for today, November 27 at 9:00 AM ET

Montvale, NJ, August 15 , 2018 - MICT, Inc. (NASDAQCM: MICT), a developer and manufacturer of rugged computers, tablets and computer-based systems for the commercial Mobile Resource Management (MRM) market, today announced financial results for the third quarter and nine months ended September 30, 2018.

“During the third quarter, MICT experienced a sharp decline in revenues and gross margins. We believe that with an increasing number of MRM companies having met their Electronic Logging Device, or ELD, mandate, we are now seeing a drop in demand for such products and, as a result, our pipeline has decreased and we have seen a decline in revenues. We are focusing our efforts on the development of new products and services that we believe will serve the future needs of our MRM customers,” stated David Lucatz, Chief Executive Officer of MICT, Inc. Mr. Lucatz continued by stating that “while we are focusing our efforts on improving our business performance, we are also continuing to negotiate a definitive agreement for the BNN transactions contemplated by the letter of intent announced on July 2, 2018.”

Q2 2018 Financial Highlights

  • Revenue was $2.2 million in the third quarter of 2018, compared to $5.5 million in the third quarter of 2017
  • Gross profit was $54,000 in the third quarter of 2018, compared to $1.5 million in the third quarter of 2017
  • Gross profit margin was 2% in the third quarter of 2018, compared to 27% in the third quarter of 2017
  • Research and development (R&D) expense was $425,000, or 19% of sales, in the third quarter of 2018, compared to $526,000, or 10% of sales, in the third quarter of 2017  

Read More...

Copyright MICT Inc. 2018