MICT Beats Q3 Estimates, Clocks 50% Revenue Growth Sequentially

MICT Inc MICT reported third-quarter revenue growth of 50% sequentially to $18.5 million, driven primarily by B2B insurance sales, beating the consensus of $18.05 million.
Gross profit was $2.75 million, and the margin for the quarter expanded 940 basis points Q/Q to 14.8%.
Loss from operations expanded to $(6.52) million, compared to $(6.02) million a year ago.
Non-GAAP loss per share reduced to $(0.03), from $(0.07) a year ago, beating the consensus of $(0.05).
R&D expenditure was $0.40 million compared to $0.39 million in Q2, and Selling & marketing expenses amounted to $1.5 million, up marginally from $1.4 million in Q2.
As of September 30, 2021, the cash position was ~$105 million.
"Our insurance business, which launched in late December 2020, has already grown significantly to a revenue run-rate of $75 million per annum. To put this into context, in Q3, we achieved revenue growth of more than 50% quarter-over-quarter, which was on the back of a 50% quarter-over-quarter increase in Q2 compared to Q1. Bearing in mind we remain in the early stages of developing the insurance business, we are confident we can continue to deliver strong growth," commented CEO Darren Mercer.
Price Action: MICT shares are trading lower by 0.38% at $1.315 on the last check Monday.