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Why Cemtrex Inc. (CETX) stock went up 34.31% on Friday, March 22, 2021

Cemtrex Inc. (CETX) stock soared 34.31% on Friday, March 22, 2021. Still, there are no recent developments we can see about the company. Let’s have a look at the recent news about the CETX.

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Recent news about the company:

On January 5, 2021, the company announced its financial results for the fourth quarter, and the year ended September 30, 2020.

Fourth-quarter financial highlights

  • CETX revenue for the fourth quarter was $10.7 million, compared to $10.9 million in the fourth quarter of 2019.
  • The company incurred Operating expenses of $6.1 million in the reported quarter
  • Cemtrex Gross profit was$5.4 million in the fourth quarter.
  • CETX suffered a net loss of $16.3 million in the fourth quarter of 2019.

The full Year 2020 Financial Results

  • CETX revenue for the full year was $43.5 million, compared to revenue of $39.3 million for the full year of 2019,
  • Gross profit for the full year of 2020 was $19.4 million.
  • CETX suffered a Net loss of $13.1 million for the full year of 2020, compared to a net loss of $24.3 million in 2019.
  • It spent $23.4 million in operating expenses for the full year 2020 compared to 23.0 million in 2019.
  • The Adjusted EBITDA was the full year 2020 was $1.063 million loss, compared to $8.035 million loss for the prior year.
  • CETX used $2.2 million cash in operating activities for continuing operations for the reported year compared to $3.6 million of cash for the year ended September 30, 2019.
  • As of September 30, 2020, CETX had Cash and cash equivalents totaled $19.7 million

Recent Operational Highlights

  • CETX acquired two properties located in York, PA, which the company was already was leasing for its industrial segment business.
  • CETX received new orders for the development of virtual reality (VR) and augmented reality (AR) applications from 3 different customers, valued at over $300,000 representing a 500% increase in the quarter from the prior year.
  • WordPress added CemtrexLabs to its prestigious Featured Agency Partner program.

About the company

CemtrexInc. is a diversified technology company that’s driving innovation in a wide range of sectors, including smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems. The company was founded in 1998 and is based in the United States.

Conclusion: in the current pandemic, technology companies are doing good business as more and more people are forced to work from home. That’s maybe the reason that investors are taking more interest in the technology stock which also soared the CETX  price on Friday.

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