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ONTARIO, CA - Focus Universal Inc. (NASDAQ:FCUV) has launched its Universal Smart IoT App on both Apple’s App Store and Google Play, according to a company press release issued Tuesday. The company, currently valued at $23.73 million, has shown impressive revenue growth of 141% in the last twelve months, though InvestingPro data indicates it’s currently burning through cash at a concerning rate.
The platform aims to address longstanding barriers to IoT adoption by simplifying development and reducing costs. Unlike traditional IoT systems that require building from scratch for each device, Focus Universal’s platform provides a common foundation where different IoT devices can share approximately 90% of the same hardware and software.
The company’s Ubiquitor device demonstrates this approach by connecting to multiple sensors without theoretical limit. As more sensors are added, the company claims the average cost per sensor decreases significantly.
"This streamlined app development process can significantly cut costs and improve efficiency, allowing us to offer the company’s IoT platform to customers at a fraction of the cost required to develop custom solutions," stated a company technology lead.
Focus Universal also highlighted its AI-driven SEC financial reporting software, which automates the process of preparing and filing financial reports. The company claims this technology can convert a hundred-page SEC financial report in seconds, compared to traditional methods that process about ten pages per hour.
The IoT market was valued at $540 billion in 2022 and is projected to reach $3.3 trillion by 2030, according to data cited in the release. However, industry surveys referenced in the statement suggest that a majority of IoT projects fail, with Cisco Systems reporting a 75% failure rate. Focus Universal’s stock, currently trading at $3.22, has experienced significant volatility, falling nearly 19% in the past week while maintaining a strong balance sheet with more cash than debt. InvestingPro subscribers can access 12 additional key insights about FCUV’s financial health and market performance.
Focus Universal, which currently trades on Nasdaq, reports having developed five patented technology platforms with 28 patents and patents pending, along with eight trademarks pending in various phases. Despite its technological achievements, the company faces profitability challenges, with an EBITDA of -$6.55 million in the last twelve months and weak gross profit margins, according to InvestingPro analysis.
In other recent news, Focus Universal Inc. has entered into an at-the-market sales agreement with Ladenburg Thalmann & Co. Inc. This agreement allows Focus Universal to sell shares of its common stock with a total offering price of up to $3,547,506. The sales will occur periodically in transactions classified as "at the market offerings" according to SEC regulations. The company disclosed this information in a recent SEC filing. These developments are part of Focus Universal’s ongoing financial activities.
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