Cemtrex (CETX) Stock Flies On $6 Million In Orders

Cemtrex CETX Stock News

Cemtrex Inc (NASDAQ: CETX) is making a run for the top in the market this morning, gaining in multiples early on. The gains follow an announcement by the company that it has secured $6 million in new orders, pushing its backlog to $50 million. Here’s what’s happening:

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CETX Stock Flies On $6 Million In New Orders

In a press release issued in the pre-market hours on Thursday, Cemtrex announced that it is seeing strong growth in new orders. In fact, over the past few months, the company said that it has secured $6 million in new orders in its Electronics Manufacturing Services Segment.

The new orders push the company’s backlog to $50 million. Considering that CETX trades with a market cap of just over $8 million, this is a significant backlog, suggesting that there is plenty of value in the stock.

In the release, CETX said that the orders were primarily driven by customes in the medical devices, automotive technology, automation and measurement devices spaces. Moreover, these orders are coming not only from new customers, but from return buyers.

In a statement, Saagar Govil, CEO at CETX, had the following to offer:

Cemtrex’s EMS segment continues to win new business from both new and existing clients. Our backlog gives us continued confidence as we have already locked in enough orders to see growth in our year over year sales over the next twelve months.

The News Comes On The Heels Of Another Big Release

The news of the increasing contractual backlog isn’t the only good news that we’ve received from CETX as of late. In fact, just two days ago, the company issued another press release announcing that it has completed the development of a major augmented reality application for King Abdulaziz Center for National Dialogue in Saudi Arabia.

Cemtrex said that the new applications gives visitors an innovative and interactive experience when uvisiting the center. Ultimately, the program allows visitors to unveil secrets while interacting with various rooms around the venue and the community around them.

In a statement, Mr. Govil had the following to offer:

This application exemplifies the creativity and technical excellence of our VR/AR team. The market for applications like this is only growing, and our team is already ahead of the curve. We are thrilled to see such an impactful and inspirational application available to the visitors of KACND. We are also seeing increased demand in services to build AR applications as different companies experiment with new ideas to utilize augmented reality in their business.

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Final Thoughts

With the recent news released by CETX, it’s not surprising to see that investors are excited. After all, a strong and growing contractual backlog only shows that there is tremendous value in the company. Moving forward, we’ll be watching for further growth as the market cap of the company likely climbs from undervalued to a realistic value!

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