SoFi CEO enters prepaid forward contract on 1.5 million shares
LONDON - t42 IoT Tracking Solutions PLC (AIM:TRAC), a provider of real-time tracking and security solutions for global supply chains, reported improved financial performance for the first half of 2025, with revenues increasing to $2.3 million from $2.0 million in the same period last year.
The company posted a positive adjusted EBITDA of $239,000 for the six months ended June 30, compared to a loss of $25,000 in the first half of 2024. Gross margin improved to 48% from 45% in the comparable period, driven by production cost reductions.
Sales of the company’s Lokies tracking devices rose significantly, with 5,000 units sold in the first half of 2025 compared to 1,800 units in the same period last year, representing nearly a threefold increase.
The company also secured financial flexibility by extending the maturity dates of two outstanding secured convertible loan notes until the end of 2027. This restructuring enhances t42’s ability to invest in business growth, according to the company.
Post-period, on August 12, t42 signed a contract valued at over $2.5 million, with a portion of revenue to be recognized in 2025 and the majority in 2026.
"The first half of 2025 strongly reinforces our growth trend, showing improvement across key metrics," said Avi Hartmann, CEO of t42, in a statement accompanying the results. The company expects to achieve at least 200% year-over-year growth in Lokies revenues for the full year.
The interim results were published in a company press release on August 29, 2025.
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