MICT Stock News

MICT Inc (NASDAQ: MICT) is running for the top in the market this morning, and for good reason. The company announced that it received its first major order for its SmartCam product. Here’s what’s going on:

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MICT Stock Climbs On First Major Order

In the press release, MICT announced that its subsidiary Micronet has received its first significant order for SmartCam. SmartCam is an innovative video telematics product that integrates advanced software and Ai functionality to serve the fast growing segment.

In the release, the company reminded investors that SmartCam received FCC authorization for 2.4GHZ, 5GHZ and LTE, leading to a pilot trial with a global telematics provider and ongoing customer of Micronet. Ultimately, the company said that this relation led to the first substantial order of SmartCam technology in the North America market.

In a statement, Darren Mercer, CEO at MICT, had the following to offer:

We expect to ship and book revenues for this sizeable order towards the end the year, and we are hopeful that this sale to a major global telematics player will lead to even more substantial orders in 2021. Micronet is currently piloting SmartCam with numerous other customers. Some of these pilot trials were interrupted due to COVID-19 and are now back on track.

We are great believers in this product and anticipate more conversions of pilot trials into orders later in 2020 and into 2021. Micronet’s product portfolio comprises an increasing number of technologies like SmartCam that integrate advanced AI and SAAS with camera technology that is designed to improve driver safety and fleet overnight, thereby transitioning its business into a software-driven recurring revenue model.

This first major sale justifies our recent investment into Micronet, and we believe MICT’s investment has enabled Micronet to service these kinds of orders.

This News Is Huge

The news issued by MICT proved to be overwhelmingly positive. With this first major order, the company is getting its feet wet in a global market that’s worth $45 billion annually. That is a massive market opportunity.

As is usually the case, if this unnamed customer is indeed a leader in telematics, and things go well with this large order, there’s a strong chance that more large orders are ahead, not only from this customer, but from competitors to this customer that want to stay on the leading edge of technology.

All in all, this news is huge, making MICT stock one to watch closely.

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