Internet of things company Connected IO posted a 340 per cent lift in revenue in 2017 to $2.2 million, with further top-line growth forecast for this year.
In a market update on Thursday, management said the company’s revenue pipeline for 2018 has already exceeded $3.3m from new purchase orders, adding that it remained in a strong cash position after its recent $3 million equity raising.
In further positive news, the Perth listed company said it continued its march to the magical breakeven point, saying it expected to achieve that milestone by Q3 2018.
The impressive figures come after Connected IO recently locked in $1 million in new orders from in-vehicle video leader Rosco Systems and also booked orders from California-based Premier Wireless Services, point-of-sale terminal innovator Exadigm and US fast food giant Burger King.
Connected IO’s rapidly expanding customer base now also includes blue-chip clients such as Mach Networks, US electronics behemoth Arrow, LG, Verizon, Coca-Cola, AT&T, The Red Cross and Cisco.
In the update, the company said it also remained upbeat about its disputed Missions and Cables legacy gold asset, saying it had successfully completed submissions in opposition to an application to have the decision by the Minister to award the asset reviewed.
The company expects the court’s decision on the matter early next year.
Connected IO’s chief executive Yakov Temov said: “Having a solid base of purchase orders, sufficient cash at bank, a potential manufacturing finance facility as well as the anticipated return of a significant mining asset, the executive team and board are very excited at the prospects of CIO for 2018.”
Connected IO’s foray into the internet of things sector is based on its proprietary wireless products, such as its increasingly popular Cat-1 modem like device, for machine-to-machine communications and cellular connectivity.
The company’s devices enable an operator to control and interact with various “things” including machinery and other devices over the internet.
Connected IO’s aim is to capitalise on the growing desire of millions of consumers worldwide to hook up everyday items to the internet as part of the burgeoning multi-trillion dollar internet of things revolution.
