MICT Beats on Q1 Earnings

May 24, 2021 10:26 AM | 1 min read |

MICT Inc MICT reported first-quarter FY21 revenue of $8.9 million versus no revenue in the year-ago period, beating the analyst consensus of $3.43 million. The late December launch of the insurance division drove the revenue growth.
Gross margin was 21.7%.
The operating loss rose 521% Y/Y to $4.8 million from higher operating expenses following the company's China fintech market launch, with the loss margin at (53.5%).
Non-GAAP net loss rose 108.5% Y/Y to $3.4 million, translating to an adjusted EPS loss of $(0.04), beating the analyst consensus loss of $(0.05).
MICT held $123 million in cash and equivalents.
Price action: MICT shares traded higher by 1.15% at $1.78 on the last check Monday.