MICT, Inc. (MICT) Reports Q2 Loss of $0.10

MICT, Inc. (NASDAQ: MICT) reported Q2 EPS of ($0.10), versus ($0.14) reported last year.

Q2 2019 Review

• Gross loss for MICT was $0 for three months ended June 30, 2019, compared to gross profit of $1.53 million for the three months ended June 30, 2018.
• Research and development (R&D) expense for MICT for the three months ended June 30, 2019 was $0, compared to $505,000 for the three months ended June 30, 2018.
• Selling, general and administrative (SG&A) expense for MICT was $670,000 for the three months ended June 30, 2019, compared to $1.69 million for the three months ended June 30, 2018.
• Net loss attributable to MICT was $1.1 million for the three months ended June 30, 2019, compared to a net profit of $3.5 million for the three months ended June 30, 2019. On a per share basis, MICT reported a net loss of $0.10 per basic and diluted share from continued operations for the three months ended June 30, 2019, compared to a net loss of $0.14 per share from continued operations and a net profit of $0.52 per basic and diluted share from discontinued operations for the three months ended June 30, 2018.
• Micronet Ltd. received orders totaling $3,600,000 for its 4th generation SmartHub hardware and its TREQ VMX platforms to existing customers, with $90,000 of the orders being recurring revenue.

"We are continuing to pursue the BNN Technology acquisition, and are pleased to have entered into definitive agreements relating to MICT's largest series of funding to date pursuant to which the Company agreed with certain investors to raise a total of at least $9 million, of which $7.25 million has been received and the remaining $1.75 million is expected in the next six weeks. As part of this series of financings, which consisted of dual offerings by MICT to separate investors to purchase convertible notes and preferred stock, respectively, BNN invested $2 million in MICT through a convertible note to replace our existing creditor instruments on more favorable terms. Micronet, in which MICT holds a 39.53% voting stake, is showing strength, with $3.6 million in sales contracts with current customers, which we believe is a clear sign of confidence and satisfaction from its customer base," stated David Lucatz, Chief Executive Officer of MICT.

For earnings history and earnings-related data on MICT, Inc. (MICT) click here.

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