Yojee climbs 60pc on two days of big news, though details are scant
Link copied to
Blockchain logistics business Yojee has jumped almost 60 per cent per cent since it began releasing news about two major deals yesterday.
Today Yojee (ASX:YOJ) announced the sale of a “digital transformation package” to an Australian bulk freighter.
On Tuesday it announced the digital transformation of Indonesian courier company Lion Parcel was complete, and alluded to talks with other shippers.
Yojee says it “aims to transform the global logistics industry by providing state-of-the-art blockchain and artificial intelligence backed technology empowering shippers and carriers to work together across the entire supply chain”.
But recent announcements have been somewhat light on detail.
Yojee said it added “a number” of paid customers, including two in Indonesia, but did not say who or how many, and did not provide figures for the Lion Parcel contract or a name for the Australian contractor.
Managing director Ed Clarke told Stockhead that convincing clients to let them share figures, or even name them, was difficult.
“It’s a low margin, competitive industry. People don’t like to call out which company they are working with to get an edge,” he said.
“This is an industry that has been built on secrecy – their clients are the IP.”
He says they’re on track for “consistent” growth” in the next 12 months, and news about Lion Parcel in particular was validation for what is still a very new technology.
He says that is behind the share price surge, as a number of people have been interested in the technology, but were waiting for a signal that it’s “real and it works”.
Yojee shares opened Tuesday at 17c and reached 27c in morning trade on Wednesday — a movement of 59 per cent.
Yojee’s software uses blockchain tech to track transactions and deliveries, and artificial intelligence software to assign delivery jobs to drivers.
Blockchain is a much-hyped alternative technology that provides a public ledger of transactions. Each “block” is like a bank statement that is connected to other blocks to form a chain.
Best-known as the foundation for controversial digital currencies like bitcoin, the technology has recently reach epic proportions of hype.
Until recently most of Yojee’s deals in Asia and Australia have been MoUs or non-binding agreements.
The news of the past two days represent the first two binding deals with bigger companies.
Yojee, which listed on the ASX last year via a reverse takeover, posted a full-year loss of $2 million on revenue of $132,000.
The company has been contacted for comment.