Business

MICT Announces Q1 2020 Financial Results

MICT has announced the quarter first 2020 financial results ended on March 31, 2020. The company has generated the total revenue of $0 in the Q1 2020 as compared to the previous $477,000 in the previous quarter of 2019. The company reports the gross loss of $0 in the Q1 2020 as compared to the $369,000 in the previous quarter of 2019.

The company has reported the R&D expenses of $0 in the Q1 2020 as compared to the $261,000 in the previous quarter of 2019. The Selling, general and administrative (SG&A) expense for MICT was $770,000 in the Q1 2020 as compared to $1.18 million in the previous quarter of 2019. The net loss attributable of the company was $1,635,000 in the Q1 2020 as compared to the $910,000 in the previous quarter of 2019.

Mercer said, “As at March 31, 2020, MICT held an ownership interest in Micronet Limited of 30.48% of its issued and outstanding shares, the results of Micronet Limited are therefore not included within MICT’s consolidated financial statements. The first quarter revenues and underlying mobile computing and telematics business of Micronet Limited were negatively impacted by the COVID-19 pandemic as all sales contracts were either deferred or cancelled.”

“Micronet Limited is also seeing the impact continuing into the second quarter. These results notwithstanding, we believe in Micronet’s world class product portfolio and the business’ potential for growth in the second half of 2020, driven by its new video telematics devices and recent U.S. Federal Communications Commission authorizations,” Mercer added.

“As a result of the above, we look forward to the second half of the year with confidence. We believe that shareholders will realize the benefits of the MICT Group’s intended new strategy and approach, expanding from our foundation in the mobile computing and telematics business to encompass a global product platform that includes new geographic markets in Asia and new products in the fintech space,” Mercer concluded in his statement.

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