Internet of Things developer Quantify is yet to bank any cash from customers since its backdoor ASX listing a year ago.

Earlier this year Quantify added its energy monitoring software into Amazon’s Alexa — a voice-controlled smart home device. Last month it was installed in a residential building on Sydney’s north shore.

Customer receipts are yet to arrive, however.

Quantify shares (ASX:QFY) continued a downward trend on Tuesday, drifting down 9 per cent to 3.1c by 12pm AEST.

That’s less than a third of its October high of 9.5c after it signed an agreement with Harvey Norman’s commercial division — half the 6c issue price of November’s $5 million capital raise.

In March, the company signed a deal with developer Greaton Group to potentially supply its new residential, commercial and hotel developments as well as manufacture and distribute its products through the Greaton network.

It said the agreement was key in a growing pipeline of sales.

Quantify (QFY) share price movements over the past six months.
Quantify (QFY) share price movements over the past six months.

Quantify has estimated its deal with Harvey Norman (ASX:HVN) would help to generate sales between $20 and $30 million – but not until years 3 to 5 of the agreement.

In the meantime, Quantify told shareholders it was on the look out for further growth opportunities:

“Quantify Technologies will continue to evaluate a number of complementary opportunities in new market verticals, based upon the utilisation of the existing hardware and Qumulus cloud platform, with a view to further driving company growth and speed to market.”

After its November fund-raising the company had $2.2 million in the kitty, and expected to spend $1.4 million in the quarter to come – largely on research and development.

Its proprietary Q Device is described as “commercially read” and a simple replacement for standard power outlets and light switches in buildings large and small.

It can be retrofitted on standard wiring allowing it to be installed in existing buildings without re-cabling.