Tech Top 5: Sensera drops 25% off the back of Q1 4C filing
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Here are the biggest tech players in early trade, Monday October 18.
In early October the semiconductor player took a bit of hit when customer NanoDX decided to go with an entirely different design to the company’s MicroElectroMechanical Systems (MEMS).
And today the share price took a 25% tumble after the company released its Q1 FY22 report.
Quarterly revenue was US$505,000 – down from US$633,000 last quarter – and operating cash receipts were US$408,000.
Expenses of around $1.5m meant quarterly cash operating outflows came in at $1.191m. Sensera finished the quarter with $1.146m in the bank.
The company says this was due to backlog that it could not fulfill for Abiomed due to sensor sensitivity issues, which cut revenue potential in half.
But apparently these issues have since been mitigated and Abiomed continues to forecast strong demand for the year and has placed orders to cover their near-term requirements.
Sensera expects to make up for some of the lost production over the balance of FY22 and expected it to be a growth quarter – with the aim to develop new business and reduce reliance on major customer Abiomed.
SaaS player Infomedia dropped 14.63% today after CEO and managing director Jonathan Rubinsztein stepped down.
Non-executive director Jim Hassell will step in as an interim CEO effective immediately while the company searches for a permanent replacement.
The company says Rubinsztein was central to Infomedia’s turnaround and the key architect of Infomedia’s SaaS platform strategy over five successful years in the role.
“This transition comes at a time when the company has strong momentum,” Infomedia chairman Bart Vogel said.
“The successful development and roll-out of Next Gen, the launch of Infomedia’s data services and insights business Infodrive, and the recent acquisition of SimplePart, will contribute to Infomedia’s future growth.
“The Ccompany has performed strongly in the first quarter and remains on track to meet FY2022 revenue guidance.”
Environmental Clean Tech announced its undertaking a strategic review in light of the increasing interest in net zero emission technologies that decarbonise conventional resource use.
It’s share price jumped 12.5% off the back of the news, with the company also planning to complete its Coldry demonstration plant at Bacchus Marsh in Victoria in early 2022 (Phase One).
Once ready, the plant will demonstrate to industry participants its unique, low cost, zero emission Coldry lignite drying technology at a commercial scale.
The patented technology transforms lignite (currently an abundant, low cost, but high emissions, source of energy) into a dry, high calorific pellet feedstock and is a potential gateway solution to facilitating the generation of reliable net zero emission energy and other high value applications.
The company was originally planning to instal a rotary kiln which could convert Coldry pellets into fuel gases and high-value char products for Phase Two of the project but will instead pause this for the time being.
“Our strategic review aims to leverage off the development work undertaken to date and target commercialisation opportunities for our unique technology in a market with increasing government and industry focus on net zero emissions Chairman Jason Marinko said.
“The company will focus on engagement with key industry participants as part of this process and explore partnership opportunities which could diversify project risk and accelerate project outcomes in the interests of shareholders.”
Battery anode manufacturer EcoGraf was up 5.42% today after successfully completing a product qualification program for a major anode producer in which its HFfree battery anode material outperformed reference material from existing producers.
The product sample not only satisfied the anode producer’s physical and chemical specifications, it also outperformed against reference materials in half-cell electrochemical testing.
The company says the results are further confirmation of the effectiveness of its environmentally superior EcoGraf processing technology to provide anode, battery and electric vehicle manufactures with high quality, sustainably produced battery anode material.
It’s a critical milestone as the company finalises construction plans for its new state-of- the-art EcoGraf Battery Anode Material Facility – that will be the first of its type internationally – and will export products to the rapidly growing battery markets in Asia, Europe and North America to support the global transition to clean energy.
Up slightly at 3.03% today was ESG platform provider K2Fly off the back of its Q1 FY22 quarterly.
The company signed three major contracts during the September quarter with Alcoa, Newmont (ASX:NEM) and Sibanye-Stillwater, resulting in significant double-digit growth in total contract value (TCV) of 42% and annual recurring revenue (ARR) of 20% – compared to the prior quarter – and up 125% and 79% respectively compared to Q1 FY2021.
K2F CEO Nic Pollock said several acquisitions in the past few years have broadened the company’s platform of 9 ESG solutions.
“The acquisition of the Decipher Tailings Solution earlier this calendar year is showing a very strong contribution to our overall TCV and ARR growth,” he said.
“We are seeing increasing focus and spend on ESG solutions by the mining industry to which K2fly’s offering is showing strong take-up.”
“We anticipate a continuation of further strong growth in the December quarter having recently signed a 5-year contract with Rio Tinto (ASX:RIO) post quarter end.”
The Rio deal was K2Fly’s “largest single contract value signed to date of $3.44m, bringing our TCV to $17.6 million post quarter end at the date of this report,” Pollock said.
“Our strategy to ‘land and expand’ is progressing well as evidenced by this contract, with Rio now using 5 out of our 9 platform solutions.”