Connected IO (ASX: CIO) has advised its annual revenue for the 2017 calendar has sky-rocketed 364% on 2016 levels, with even more growth anticipated for 2018 due to the amount of purchase orders currently received and a pipeline of anticipated contracts.
Revenue for 2017 was A$2.44 million and this is anticipated surge even further during 2018 with Connect IO already confirming A$2 million in purchase orders, and a further five under negotiation.
Additionally, Connected IO is finalising an expanded partnership with cyber security company in the US, which it hopes will boost its profits even further this year.
The partnership will comprise Connected IO’s router-based services and cloud connectivity offering.
“The promising revenue growth experienced in the 2017 calendar year is set to continue with many of the above opportunities to come on line,” Connect IO chief executive officer Yakov Temov said.
He said the opportunities were developed last year and took some time to bring to fruition.
One of those opportunities is a contract with the world’s largest franchise company which is exploring Connected IO’s products for corporate and franchise stores.
Meanwhile, during 2017, Connect IO rolled out its hardware throughout 3,000 of US-based AT&T resellers, multiple virtual network operators distributing hardware globally, and a digital signage company, which used Connected IO’s modem as a bundled airtime package solution.
Technology focussed Connected IO has created multiple wireless products for Intent of Things connectivity and machine to machine communications.
The company’s programmable modems and routers are suited to numerous applications and industries like digital signage, vending machines, security, POS, failover, and monitoring and control.
The Internet of Things hardware offers users the ability to easily deploy and manage their products via the company’s cloud-based portal.
“Having a solid base of purchase orders, sufficient cash at bank, a potential manufacturing finance facility, as well as the anticipated return of significant mining asset, the executive team and board are very excited at the prospects of Connected IO for 2018,” Mr Temov said.
Connected IO’s share price lifted on the news, with the company finishing in the green at A$0.027 – up 3.85%.