- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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