MICT Inc (NASDAQ:MICT) continues to gain in the pre-market on Monday after soaring 29% last week.
Market Action
As of 8:05, MICT stock is trading higher by 5.52% to $1.91 in the pre-market session with more than 690K shares have traded hands.
MICT Releases News Today
MICT, Inc. Reports First Quarter 2021 Financial Results and Provides Corporate Update
- Revenue in the first quarter was $8.9 million versus $0 in the year-ago period. The increase in Q1 was attributable to the insurance division, which was launched in late December
- Gross profit in Q1 was $1.9 million versus $0 in the year-ago period. R&D expenses in Q1 were $0.2 million versus $0 in the year-ago period. Selling & marketing expenses in Q1 was $1.0 million versus $0 in the year-ago period. General and administrative expenses were $4.6million in Q1 versus $0.8 million in the year-ago period.
- Operating loss in Q1 was $4.8 million versus a loss of $0.8 million in the year-ago period.
- Net loss attributable to MICT in the first quarter was $ 4.5million in the first quarter versus a loss of $1.6 million in the year-ago period. The increase in the operating loss and the net loss was the result of higher operating expenses associated with the Company’s launch into the China fintech market.
- As of March 31, 2021, cash position was approximately $123 million.
“Most importantly, our move to the fintech space is paying off. Our insurance business is performing well, having generated in excess of $8Min revenue during the quarter, our stock trading platform is about to come online, and the development of our commodities trading business is progressing at pace. Furthermore, we are sitting on significant cash to support and develop each of our fintech businesses” concluded Mr. Mercer.
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