Cemtrex, Inc. (CETX), a technology company based in the United States, has soared 18.84% in the premarket trading session. As a result, CETX stock is trading at $1.23 at the time of this writing. On Wednesday, CETX stock closed the day at $1.04 after increasing 15.29% through the mid-day session. This continual rise seems to be the result of corporate updates by the company.
CETX reported a business operation update
CETX provided on Monday a corporate update of its business operations as well as industrial outlook. Saagar Govil, Cemtrex CEO, said that during the second half of fiscal 2021, the continuous demand improvement resulted in the growth of the business. The company expected this improvement to pay dividends to it in near future. Cemtrex provided some innovative and exciting products during the period. The company said that it has a sanguine outlook for improvement in its business. It expected to carry the current momentum in the future. The corporate update further said that its operating brand Bravo Strong is developing its first VR game and expects the release of StarForceVR in Oculus Quest App Lab during the first quarter of the fiscal year 2022.
Q3 2021 financial highlights
On 16th August, CETX reported the financial results for the third quarter of the fiscal year 2021, which ended on 30th June. The company had cash and cash equivalents of $12.87 million on 30th June. The total assets in possession of the company were $58.23 million, while total liabilities were $27.48 million. The net revenue generated by the company was $10.32 million for the period against $8.44 million for the same period of 2020. The gross profit for the three months was $4.12 million against $3.27 million for the same period of 2020. The total operating expenses for the period were $6.42 million against $5.67 million for the same period of 2020. The operating loss for the three months was $2.30 million against $2.39 million for the same period of 2020. The net income for the period was $1.12 million against the net loss of $4.23 million for the same period of 2020. The net income per basic and diluted share for the period was $0.06 against the net loss of $0.38 per basic and diluted share.
What’s could CETX face in future?
According to statistics, CETX stock has declined by more than 25% during the last quarter. For analysts, the strong quarterly performance, as well as positive indications in the corporate update, could prove to be a catalyst for the movement of CETX stock.