Just to revisit this August article...no wonder the market is getting excited....Spacetalk ticks closer to profit
MGM Wireless co-founder and executive chair Mark Fortunatow.
South Australian smartwatch manufacturer Spacetalk has moved closer to profit with the company recording a 44 per cent increase in total revenue in the 2020-21 financial year, thanks largely to the increased sales of its wearables.
Despite posting a net loss of $1.7 million, the company’s total revenue increased by $4.63 million in FY21, with device revenue increasing by 65 per cent to $12.75 million.
The improvement also included an increase in App revenue of 76 per cent, jumping to $2.2 million on the back of the Spacetalk App launch in December.
The listed company also rolled out a new strategic business model for its smartwatch for seniors, Spacetalk LIFE, which included registering Spacetalk as an NDIS provider, as well as implementing Fall Detection in the Spacetalk LIFE seniors device.
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.”
The Adelaide company, formerly known as MGM Wireless, initially made its mark by pioneering school messaging systems and changed its name last year to help it ramp up a global push into the smartwatch market.
https://indaily.com.au/news/2021/08/23/briefcase-business-snippets-from-around-sa-10/
