Internet of Things (IoT) company Intrinsyc Technologies Corp. (TSX: ITC)(OTC: ISYRF) is seeing its valuation climb on Thursday on the back of the receipt of new orders from multiple clients totaling $1.129 million U.S. The move puts ITC stock in the green for 2018. Today’s news follows disclosure on June 26 that the Vancouver-based company received orders totaling over $700,000 U.S. for its products and services and orders earlier in the month valued at approximately $940,000 U.S.
Intrinsyc said the latest orders were broken down into $419,000 U.S. for its Open-Q™ embedded computing modules and related hardware components and $710,000 U.S. for software and product development services.
Intrinsyc customers use the products and services in the design and manufacturing of IoT devices for applications like connected cameras, wearable tech and automotive uses.
Mark Waldenberg, VP of Global Sales at Intrinsyc said that the orders were received in the last week of June, bookending a solid quarter of sales and order backlog.
The company will be looking to build upon a strong first quarter in which it reported revenue of $6.1 million U.S., up 35% from the year prior quarter. The announced $2.77 million U.S. in sales during June should help try to reach that goal.
That is in addition to an announcement of an aggregate of $1.88 million U.S. in orders from an existing and a new client during May.
Bay Street is responding to the new orders, as measured by shares of ITC gaining 11 cents, or 7.3%, to $1.62, albeit on low volume of about 33,500 as Thursday’s session winds to a close. Coming into Thursday, shares of ITC were exactly even on the year.
