Autonomous technology developer for the retail space, Shekel Brainweigh (ASX: SBW) has posted a 22% rise in revenue for the March quarter 2022 (Q1 FY2022).
Revenue for Q1 FY2022 reached US$6.39 million (unaudited) – up from US$5.22 million in the previous corresponding period.
The company’s healthcare segment contributed US$2.61 million to Q1 FY2021 revenue, with this figure 31% higher than US$1.99 million achieved in Q1 FY2021.
Shekel’s retail division chipped in US$2.28 million to revenue, which was an increase of 27% on Q1 FY2021.
Revenue growth was also seen within the company’s local industry and services segment which was up 4% on the previous corresponding period to US$1.49 million.
Shekel general manager Nir Leshem said the quarterly performance reflected the company’s growth across all divisions and geographies in which it operates – particularly in the retail sector.
“Our new technology continues to deliver exceptionally strong results, with sales of more than 250 units of our Hubz smart cooler vending solution globally and the first significant order for Shekel’s Smart Cart weighing system.”
He added the company also had its autonomous store technology incorporated in the US for the first time with the launch of Nourish + Bloom in Atlanta, Georgia.
Meanwhile, Mr Leshem said the company’s Fast Track system for retail checkouts is undergoing a minimum viable product (MVP) phase.
“[It] has been successfully installed for testing in Israel, while our Self-Checkout business continues to experience strong demand, which is expected to remain throughout 2022.”
Added manufacturing capabilities
Mr Leshem noted the company’s achievements in Q1 FY2022 were despite logistics and supply chain challenges due to COVID-19.
“To address this, we are adding additional manufacturing capabilities – these facilities are undergoing qualification processes and we expect these to be fully operational in Q3 FY2022 to support our growth plan in the second half of this year.”
Mr Leshem said the company was also “doubling-up” on its investments in retail tech related technologies to support its growing pipeline and new projects.
As the retail sector transitions to a more autonomous future, Shekel is developing new technologies to support this shift.
It is estimated retail transactions through autonomous checkout technologies will grow from US$2 billion in 2020 to US$387 billion by 2025.
Shekel has developed highly advanced machine learning and artificial intelligence to create a suite of automation products for the retail sector.