Envirosuite Limited (ASX: EVS), an environmental technology company announced the sales update published on 2 November 2018. Since the beginning of November 2018, the annual recurring revenue (ARR) of the company increased by over 45%. There are 22 clients who have been contributing to the ARR since the beginning of November 2018.
During the period, the company’s strategic nature for the wins include Kuwait EPA, Pima County, Southern Water, and Welsh Water.
The Kuwait project’s region includes the entire city-state of Kuwait. In the first phase of the project, EVS is going to install ninety proprietary enoses (electronic noses) around the city. After completion of the first phase of the project, there will be the addition of air quality sensors, noise sensors, and other environmental sensing equipment. After successfully completing the project, EVS has a belief that it will have a strong position in the market where it will be in a position itself to deliver a leading “smart city” environmental solution to any major city or region globally.
The Southern Water and Welsh Water also come under the strategic win category where the associated client is now ready to proceed to a full-scale rollout. This project will lay a foundation for the company where it can expand its client base of UK water authorities and provides momentum to multiple-site sales to existing client authorities as well as new target authorities.
In the agricultural sector, EVS concentrated on generating ARR by 12%. In the Industrial sector, the company focuses on generating ARR by 9%. In the mining sector, the company focuses on generating ARR by 23%. In the ports sector, the company focuses on generating ARR by 5%. In the Regulatory sector, the company focuses on generating ARR by 14%. In the Water sector, the company focuses on generating ARR by 37%.
The company is highly focused on the sustainable growth for which the company is about to complete its hiring procedure of sales people around the globe. The company has made a new appointment of Global Service Delivery Manager who will be in- charge of the client delivery and success. The company is also receiving a demand from its clients for “Solution as a Service”. These clients provide recurring revenues to its client in the form of bundled software license fees, along with the hardware and maintenance services. The company at present is putting efforts on its monthly webinars around the sector.
In the past few months, the company’s R&D team was involved in the development of the world-first, fast-computing model in combination with the complex wind flow model for those areas with buildings and a standard wind field model for the US industries. The company will soon enter the testing phase of this model in league with the US EPA with whom the R&D team o0f EVS is working.
Since the inception of EVS, the stock has generated a negative performance of 83.33%. However, its YTD performance was 11.11%.
At the closure of the trading session on 1 February 2019, the stock price of EVS stood at A$0.091 which is up by 30% and a market capitalization of A$25.87 million and approximately 369.6 million outstanding shares. The 52 weeks low and high prices stand at A$0.037 and A$0.130 respectively.
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