More Noise

https://indaily.com.au/news/2021/07/19/briefcase-business-snippets-from-around-sa-5/

Smartwatch shares gain pace

The share price of SA Smartwatch company Spacetalk reached its highest level since before the coronavirus pandemic late last week after it reported encouraging initial results for the recently completed financial year.
The Adelaide company that initially made its mark by pioneering school messaging systems, changed its name from MGM Wireless to Spacetalk in November 2020 to help it ramp up a global push into the smartwatch market.
It launched its first kids smartwatch in 2017 and released Spacetalk Life for seniors last year.
The company released its results preview to the ASX on Thursday, which showed record Q4 revenue of $3 million, up from $1.1 million in the same quarter last year.
This was led by a jump in device sales of $1.7 million (from $0.1 million) and an increase in subscription revenue to $670,000 for the quarter, up from $360,000 in Q4 20.
Spacetalk founder and CEO Mark Fortunatow said the record revenue was driven by a combination of hardware sales, subscription increases and the onboarding of large tier-1 partners.
“Our new partnerships with some of the world’s largest telcos – including Telstra, Telefonica UK (O2), Virgin UK – bears testament to the strong growth in the kids smartphone watch category and their urgent focus on participating in it; importantly, with us,” he said
“In sum, FY21 has been a seminal year in which we have brought to market world-first new technology and our products now range as the flagships of the category for some of the world’s largest telcos and retailers.”
Spacetalk shares reached $0.19 on Friday, their highest level since January 2020.