$30m in 30 days: That’s how much Buddy Technologies made from its smart lights
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Buddy Technologies (ASX:BUD) just achieved its largest ever 30 day sales period.
The tech stock, which has a smart light business among other ventures, has made $30 million in the last 30 days capped off with its last order – $6.2 million from existing retail and distribution partners.
Smart lights are so-called because they do more than just flick on and off. They can be controlled by remote systems such as Alexa and create general light patterns in consumers’ houses.
The company says its products are sold in over 100 countries worldwide. It also claims they are used in nearly 1 million homes and sit only behind lighting giant Phillips as the most popular wifi-enabled lights.
Buddy labelled the results “robust” in light of the economic downturn caused by the COVID-19 pandemic.
It credited the boost to companies ordering early to meet anticipated demand in the upcoming Christmas quarter. But it expects more orders to come as the season approaches.
“We’re far from done,” declared Buddy CEO David McLauchlan.
“A number of our retail partners are only able to order their holiday inventory on a just-in-time basis, so we’re prepared for holiday orders to continue deep into the next quarter.”
Buddy shares saw a slight rise to just over 7 cents. After sitting at 1.4 cents only two months ago, the company is a 5-bagger in that time frame.