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LONDON - t42 IoT Tracking Solutions PLC (AIM:TRAC) reported a 4% increase in annual revenue to $4.16 million for the year ended December 31, 2024, up from $4.01 million in 2023, according to a press release statement issued Friday.
The container tracking technology provider recorded an adjusted EBITDA loss of $206,000, compared to an EBITDA gain of $341,000 in the previous year. Gross margin declined to 38% from 53% in 2023, primarily due to cost increases in the hardware segment, which recorded a negative 7% margin compared to a positive 20% margin in the prior year.
The company attributed the margin decline to inventory write-offs, increased component production costs, and higher shipping expenses. Total (EPA:TTEF) operating expenses rose to $2.48 million from $2.25 million in 2023.
t42 reported that one of four major contracts signed in 2024 is already outperforming expectations, with year-on-year growth in Lokies orders approaching 100%. The company stated these contracts represent potential orders of up to 100,000 units, primarily from Latin American customers, which could generate approximately $20 million in hardware and SaaS revenues over the next three years.
Since the beginning of 2025, purchase orders for both Lokies and Tetis products have increased by nearly 100%, which the company expects will contribute to current year revenues.
The company also noted that holders of secured convertible loan notes due in May 2025, with principal amounts of £925,000 and $1,300,000, have expressed willingness to convert or extend the terms of the loans, subject to renegotiation.
Cash flow from operations was approximately $0.6 million, compared to a negative cash flow of $0.2 million in 2023.
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