CEMTREX Currently Has 344 Employees
Revenue for the nine months ended June 30, 2024 increased 14% to $48.7 million, compared to revenue in the prior year period of $42.8 million
Cemtrex Announces Integration of AI Armed Person Detection Feature in Vicon NEXT Cameras–Disruptive AI Analytic for Detecting Armed Persons in Surveillance Footage to be Included in Vicon NEXT Cameras, Primed for Release in First Calendar Quarter of 2025
Cemtrex to Complete 100% Acquisition of Vicon Industries
CHECK OUT THE INVESTOR PRESENTATION HERE
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Hello Everyone,
We anticipate a busy week ahead. We are seeing things heat up right now in the small cap markets.
2 of our last 4 profiles went on to explode triple digits. This could be a sign that things are heating up heading into a Trump presidency.
I don’t know if you remember what happened to the Small Caps during his first term, but the liquidity and interest were massive!
I hope we are gearing up for round two right now. Regardless, there are currently a lot of opportnities surfacing in the markets.
The next company that we want you to turn your attention to is ticker CETX.
First and foremost, the company just completed a 35-1 reverse split on the 26th of November.
This is not always a positive sign for the company but it does potentially present an opportunity.
This company has been around for a while and has been public since 1998. They have just under 350 employees.
They just nailed close to $50 Million in revenues over the last reported 9 month and $59.7Million in 2023.
The recent reverse split basically wiped the float out and the company has recently just lost a significant amount of marketcap.
We have seen some companies recently reverse after taking a bounce.
We really want to watch CETX tomorrow and the rest of the week.
Check out this video first:
Cemtrex Announces Integration of AI Armed Person Detection Feature in Vicon NEXT Cameras
Disruptive AI Analytic for Detecting Armed Persons in Surveillance Footage to be Included in Vicon NEXT Cameras, Primed for Release in First Calendar Quarter of 2025
Hauppauge, NY, Dec. 05, 2024 (GLOBE NEWSWIRE) — – Cemtrex Inc.(NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, today announced that its subsidiary, Vicon, will integrate an innovative Artificial Intelligence (AI) gun detection feature in its NEXT Cameras, which will be released in the first calendar quarter of 2025, marking a significant milestone in public safety and security technology. This novel detection feature is designed to function on edge devices, offering a low-cost, high-efficiency solution for assistance in the detection of armed persons in surveillance footage and enhancing the capabilities of video management systems to initiate specific responses upon detection.
The launch of this AI feature is part of Vicon’s commitment to developing cutting-edge solutions that meet the dynamic needs of its customers. Armed Person detection uses transformer AI models to detect short and long weapons/firearms that are physically on a person to provide higher accuracy than traditional models. Training is conducted on a wide range of weapons using artificial data as well as real footage with a wide range of body types and positions, and under varied weather and lighting conditions.
The AI technology employs high accuracy to distinguish common objects such as cell phones, wallets, collapsible walking canes, drills, hammers, and tripods, among other objects, to limit false alarms. While performance may be variable across lighting conditions as differences in contrast are required, the technology can detect weapons up to 45 feet from the sensor. Current solutions on the market are generally server-based which are extremely cost prohibitive and difficult to deploy, whereas Vicon’s approach for an edge-based solution, offers a more effective alternative.
“We believe armed person detection is a crucial feature for increasing safety in public spaces such as workplaces and schools,” said Saagar Govil, CEO of Cemtrex. “The feedback received through our collaboration with potential customers showed the technology is an effective tool that organizations can employ as an added layer of security. We look forward to commencing sales of the NEXT Cameras next quarter.”
Vicon, in conjunction with its technology partners, developed this feature to provide real-time alerts and facilitate rapid response, thereby playing a crucial role in enhancing security measures and potentially preventing violent incidents before they occur. The value of integrating gun detection technology into video surveillance systems offers significant advancements in the ability of organizations to protect their premises and the people within them, providing peace of mind in increasingly uncertain times.
Gun violence remains a pressing issue in the United States, with provisional data for 2022 from the Centers for Disease Control and Prevention highlighting the urgent need for innovative solutions:
- Over 48,000 firearm-related deaths, including nearly 20,000 homicides, were recorded in the U.S.
- An average, 132 Americans died from a firearm-related injury each day, with hundreds more shot and injured.
- Guns remained the leading cause of death for children and teens, climbing 87% in the last decade.
- Recent years have seen a stark increase in school shootings, with 2021, 2022 and 2023 all setting records since at least 2008. There were at least 82 incidents in 2023, but 2022 was one of the deadliest years, with 46 fatalities, according to CNN.
Vicon’s AI gun detection technology aims to contribute meaningfully to efforts to reduce gun violence and its devastating impact on communities across the nation. The Company sees the market opportunity for this feature to be vast, ranging from schools, hospitals, government buildings, retail, to religious institutions.
Cemtrex to Complete 100% Acquisition of Vicon Industries
Brooklyn, NY, Dec. 04, 2024 (GLOBE NEWSWIRE) — – Cemtrex Inc.(NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, today announced that it intends to acquire One Hundred percent (100%) ownership of the entity Vicon Industries, Inc. (VCON), a New York based leading provider of mission critical security and video surveillance systems. This plan, which is expected to close by year-end, will solidify Cemtrex’s position as Vicon’s sole owner, increasing its current stake from approximately 93% to 100%.
Since 1967, Vicon has been a leading manufacturer of mission-critical security surveillance systems. Vicon is focused on providing solutions that are engineered not just for performance and features, but for simplicity in deployment, operation and maintenance. Vicon’s mission is to serve as a valued security technology partner to their customers by reducing security solution complexity, ensuring a superior experience.
According to Markets & Markets, the video surveillance market was valued at USD 30.37 Billion in 2016 and is projected to generate USD $54.42 billion in 2024, with expectations to reach $88.71 billion by 2030. This growth is primarily driven by advancements in camera technology, AI integration, and increasing demand for security solutions across various sectors. The market is set to grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2030.
Cemtrex Reports Third Quarter 2024 Financial Results
PUBLISHED
AUG 14, 2024 4:10PM EDT
Q3’24 Industrial Services Segment Revenue Increased 49% to $8.5M; Management to Host Conference Call Today at 5:00 p.m. ET
Hauppauge, NY, Aug. 14, 2024 (GLOBE NEWSWIRE) — – Cemtrex Inc.(NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, has reported its unaudited financial and operational results for the fiscal third quarter ended June 30, 2024.
Key Third Quarter FY 2024 and Subsequent Highlights
- Revenue for Q3’24 was flat at $14.7 million, compared to revenue of $14.7 million for Q3’23.
- Security segment revenues decreased 31% to $6.2 million in Q3’24 due primarily to the delay of multiple projects for the segment’s products and services.
- Industrial Services segment revenues for Q3’24 increased 49% to $8.5 million, on increased demand and additional revenue from the Heisey Mechanical acquisition completed in Q4’23.
- Revenue for the nine months ended June 30, 2024 increased 14% to $48.7 million, compared to revenue in the prior year period of $42.8 million.
- Security segment revenues for the nine months ended June 30, 2024, decreased 10% to $23.4 million compared to $25.9 millionfor the nine months ended June 30, 2023.
- Industrial Services segment revenues for the nine months ended June 30, 2024, increased 50% to $25.3 million compared to $16.8 million for the nine months ended June 30, 2023.
- Closed $10 million upsized underwritten public offering to conduct operations, increase marketing efforts, invest in existing business initiatives and products, and for the partial repayment of indebtedness.
- Cash, cash equivalents and restricted cash as of June 30, 2024 was $7.6 million, compared to $6.3 million as of September 30, 2023.
Management Commentary
Cemtrex Chairman and CEO, Saagar Govil, commented on the results: “In the third quarter we continued to see momentum in our segments, sustaining revenue year over year at $14.7 million. Significant demand for AIS products and services drove a 49% increase in revenue to $8.5 million, offset by decreases in Vicon revenue due to the delay of multiple projects and a weaker industrywide demand for security solutions.
“Operating loss for the third quarter was $3.2 million, compared to operating income of $0.1 million a year ago, mainly due to decreased gross profit in our Security segment and increased G&A expenses. The operating loss for the nine-month period was $5.0 million compared to $1.5 million a year ago, despite the higher sales. However, these results include approximately $2 million in one-time expenses related to the May 2024 equity financing, employee related one-time charges and legal expenses. Our goal of achieving a full year operating profit remains and we are working hard to drive revenue and maintain tight cost controls.
“In our Security segment, despite project delays, the team at Vicon continues to push the deployment of new technologies and products with investments into sales and marketing resources that we believe will drive sales over the next several quarters. We also were able to reduce our inventory by over $1 million this fiscal year as we strive to make our operations more efficient. We expect with the launch of the innovative new cloud security platform Anavio, along with new technologies and continued improvements to our core software platform Valerus, there is significant further opportunity to grow revenue and gross margin over the next several quarters.
“Our Industrial services segment delivered another strong quarter on orders from leading companies, building a pipeline of growth that we believe will produce a record year of revenue. We continue to believe with additional orders ahead, AIS has the potential to reach more than 30% annual revenue growth in FY’24, with further room for growth in FY 25.
“During the quarter we took the opportunity to improve our balance sheet with a $10 million upsized underwritten public offering, of which a portion of the proceeds were used to pay off some of our indebtedness. Looking ahead, we are now well positioned for additional growth and to reach our goal to achieve positive operating income in the future. The strengthened balance sheet also provides the ability to explore acquisition opportunities that can enhance our market reach and service capabilities, as we continue to seek long-term value for our shareholders,” concluded Govil.
Third Quarter FY 2024 Financial Results
Revenue for the three months ended June 30, 2024, and 2023 was $14.7 million and $14.7 million, respectively. The Security segment revenues for the three months ended June 30, 2024, decreased by 31% to $6.2 million. The Security segment decrease was due to the delay of multiple projects for the Security segment’s products and services and overall worsening economic conditions in the industry. The Industrial Services segment revenues for the third quarter increased by 49% to $8.5 million, mainly due to increased demand for the segment’s services as well as additional business from the Heisey acquisition completed during the fourth quarter of fiscal year 2023.
Gross Profit for the three months ended June 30, 2024, was $5.9 million, or 40% of revenues, as compared to gross profit of $6.5 million, or 44% of revenues, for the three months ended June 30, 2023.
Total operating expenses for three months ended June 30, 2024, were $9.1 million, compared to $6.4 million in the prior year’s quarter.
Operating loss for the third quarter of 2024 was $3.2 million as compared to an operating income of $0.1 million for the third quarter of 2023. The operating loss was primarily due to a decrease in gross profit in the Security segment and overall increased general and administration expenses.
Net loss for the quarter ended June 30, 2024 was $9.1 million, as compared to a net loss of $1.2 million in the prior year’s quarter.
Cash, cash equivalents and restricted cash totaled $7.6 million at June 30, 2024, as compared to $6.3 million at September 30, 2023.
Inventories decreased to $7.5 million at June 30, 2024, from $8.7 millioat September 30, 2023.
NEWS
Cemtrex Announces Integration of AI Armed Person Detection Feature in Vicon NEXT Cameras1 day agoCemtrex to Complete 100% Acquisition of Vicon Industries3 days agoCemtrex Announces 1-For-35 Reverse Stock SplitNov 21, 2024Cemtrex’s Vicon Industries Unveils the Next Evolution of Camera Technology with NEXT™ Modular Camera SystemNov 12, 2024Cemtrex’s Advanced Industrial Services Awarded $4.7 Million Large-Scale Infrastructure ContractOct 8, 2024Cemtrex’s Advanced Industrial Services Secures $4.5 million ContractOct 1, 2024Cemtrex Reports Third Quarter 2024 Financial ResultsAug 14, 2024Cemtrex to Host Fiscal Third Quarter 2024 Financial Results Conference Call on Wednesday, August 14, 2024 at 5:00 p.m. Eastern TimeAug 9, 2024Cemtrex Reports Second Quarter 2024 Financial ResultsMay 14, 2024Cemtrex to Host Fiscal Second Quarter 2024 Financial Results Conference Call on Tuesday, May 14, 2024 at 5:00 p.m. Eastern TimeMay 9, 2024Cemtrex Reports Second Quarter 2024 Financial ResultsMay 14, 2024Cemtrex to Host Fiscal Second Quarter 2024 Financial Results Conference Call on Tuesday, May 14, 2024 at 5:00 p.m. Eastern TimeMay 9, 2024Cemtrex, Inc. Announces Closing of $10 Million Upsized Underwritten Public OfferingMay 3, 2024Cemtrex, Inc. Announces Pricing of $10 Million Upsized Underwritten Public OfferingMay 1, 2024Cemtrex’s Vicon Industries to Attend ISC West 2024Apr 9, 2024Cemtrex’s Advanced Industrial Services Secures New Orders Totaling $2.1 MillionMar 11, 2024Cemtrex Announces Beta Release of Pioneering AI Gun Detection FeatureMar 6, 2024Cemtrex Issues Shareholder Letter and Provides Corporate UpdateFeb 28, 2024
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