On 30 July 2020, Elsight Limited (ASX: ELS), a developer of advanced communication technologies for real-time data transmission, unveiled its impressive June 2020 quarterly report. Key highlights of the report are:
- Positive progress of the 15 ongoing proof-of-concept (POC) trials amid travel restrictions and limitations due to the COVID-19 lockdown.
- Owing to the pandemic induced opportunities, ELS is prioritising on supplying and delivering its product as per its ability to meet immediate demand vs. focus on long-term repeat orders.
- Following aggressive cost-cutting measures, ELS’ operating costs decreased by 44% to US$721 thousand in comparison with the budgeted cost of US$1,273 thousand for the quarter ended 30 June 2020. The diminishing cost was primarily due to reduction in salaries and other expenses as applicable for April and May.
- The company believes to be well-positioned to meet striking economic challenges 2020 has presented, owing to a A$2.88 million placement, effective cost-cutting measures and redefining its strategy to leverage new opportunities stemming particularly from rural remote health and working environments.
On 31 July 2020, ELS was trading at AU$0.470 at AEST (12:33 PM), decreased by 4.082% against the previous close.
Which stock gained the most attention in 2019? Find out in our exclusive report on the much talked about lithium stocks which gained the most investor attention amidst the volatile and high drama electric vehicle market.
Read about the shift in the Electric Vehicle market in 2020 and the consequent focus on Lithium in our report.
Get an insight into the lithium prices and the trends. The supply glut kept the lithium prices in check. The escalated bilateral trade dispute between the United States and China significantly impacted the lithium chemical prices.
Understand the performance of mining companies. The lithium mining companies managed to sail through the turbulent white gold market by limiting the production in correspondence with the demand from the offtake partners.