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Highlights
- American Virtual Cloud Technologies, Inc. (NASDAQ:AVCT) launched IPO in 2017.
- The AVCT stock fell 64.80% YTD but saw a single-day jump of 35.64% on Friday.
- AVCT announced plans to expand its partnership with Braidio, a mobile customer engagement platform.
The shares of American Virtual Cloud Technologies, Inc. (NASDAQ:AVCT) jumped over 35% to about US$2.55 on Friday afternoon after announcing plans to expand its Braidio partnership.
Braidio is a mobile customer engagement platform. AVCT and Braidio plan to boost user experience through next-gen platform upgrades. The platform will have 80,000 telehealth application users besides a pet wellness function.
On Dec 8, the company announced that its revenue from Kandy Communications (Kandy) business would grow to US$18.8 million in 2021 from US$14.3 million in 2020. The revenue growth is attributed to the 505% increase in subscriber numbers year-on-year.
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The AVCT acquired Computex Technology Group in April 2020 and Kandy Communications in Dec 2020. The technology company provides cloud-based Unified Communications as a Service (UCaaS) solutions through its Kandy Business Unit. The solutions comprise Smart Office UC Clients, Cloud PBX, SIP Trunks, Collaboration, and Contact Center.
The company announced in September this year that it will focus on organic growth in the cloud technology business, acquisition, and exploration of strategic opportunities.
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AVCT Financials
For the Sept quarter of 2021, the company posted revenue of US$27.5 million compared to US$26 million in the same period a year ago. The net loss was US$37.3 million or US$(1.20) per share diluted against a net loss of US$5.6 million or US$(0.29) per share diluted a year ago.
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The Atlanta, Georgia-based AVCT is a technology company that provides comprehensive technology solutions to customers, including managed services, cybersecurity, unified communications-as-a-service, storage, backup, virtualization, enhanced activity, etc. It also provides solutions for companies to embed AVCT’s real-time communications capabilities into their existing applications and business processes.
AVCT’s current market capitalization is US$52.4 million. Its IPO came in 2017.
The stock closed at US$1.88 on Dec 09, 2021.
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Bottomline
The NASDAQ 100 Technology Sector Index gained 25.75% YTD, while the AVCT stock fell 64.80% in the same period. The performance of small companies can be unpredictable sometimes. Hence, investors must analyze the companies carefully before investing in the stock market.
