Global AI Tech Company Focused on Advanced Security & Surveillance as well as Industrial Contracting Services for Wide Ranging Applications.
State-of-the-Art Video Surveillance Security Utilizing Valerus Video Management System with Award-Winning Roughneck AI Cameras and Servers.
Novel Edge-Based Analytics Provide More Efficient Searches and Real Time, Meaningful Alarms.
Meeting Vital Challenges in Border Protection, Correction Facilities and Schools that Require Technologies to Monitor People and Protected Areas.
Artificial Intelligence (AI) Gun Detection to Launch in Q2 of 2024 for Detecting Armed Persons in Surveillance Footage.
Revenue for Q1’24 Increased 41% to $16.9 Million, Compared to Revenue of $12.0 Million for Q1’24.
Security Segment Revenues Increased 31% to $9.2 Million in Q1’24 on Rising Demand for Vicon Subsidiary Products and Services.
Industrial Services Segment Revenues for Q1’24 Increased by 55% to $7.7 Million, on Rising Demand and Additional Revenue from Heisey Mechanical Acquisition.
Cemtrex Inc. (NASDAQ: CETX) is a company that owns two operating subsidiaries: Vicon Industries Inc and Advanced Industrial Services Inc.
Vicon Industries, a subsidiary of CETX, is a global leader in advanced security and surveillance technology to safeguard businesses, schools, municipalities, hospitals and cities. Since 1967, Vicon delivers mission-critical security surveillance systems, specializing in engineering complete security solutions that simplify deployment, operation and ongoing maintenance. Vicon provides security solutions for some of the largest municipalities and businesses in the U.S. and around the world, offering a wide range of cutting-edge and compliant security technologies, from AI-driven video analytics to fully integrated access control solutions. For more information visit www.vicon-security.com
AIS – Advanced Industrial Services, a subsidiary of CETX, is a premier provider of industrial contracting services including millwrighting, rigging, piping, electrical, welding. AIS Installs high precision equipment in a wide variety of industrial markets including automotive, printing & graphics, industrial automation, packaging, and chemicals. AIS owns and operates a modern fleet of custom designed specialty equipment to assure safe and quick installation of your production equipment. Our talented staff participates in recurring instructional training, provided to ensure that the most current industry methods are being utilized to provide an efficient and safe working environment. For more information visit www.ais-york.com
Beta Release of Pioneering AI Gun Detection Feature
Disruptive Artificial Intelligence (AI) Gun Detection Feature to Launch in the Second Calendar Quarter of 2024, Marking a Significant Milestone Achievement for Detecting Armed Persons in Surveillance Footage
On March 6th CETX announced that its subsidiary, Vicon, is expected to commence the beta release of its innovative Artificial Intelligence (AI) gun detection feature in the second calendar quarter of 2024, marking a significant milestone in public safety and security technology. This groundbreaking feature is designed to function on edge devices, offering a low-cost, high-efficiency solution for detecting armed persons in surveillance footage and enhancing the capabilities of video management systems to initiate specific responses upon detection.
The introduction of this AI feature, with full commercialization planned for the second half of 2024, is part of the CETX commitment to developing cutting-edge solutions that meet the dynamic needs of its customers. This commercialization strategy allows for gathering real-world insights and refining the technology based on feedback from live environments, ensuring the delivery of a superior product experience. Current solutions on the market are generally server-based which are extremely cost prohibitive and difficult to deploy, whereas the CETX approach for an edge-based solution, offers a more effective alternative.
CETX, in collaboration with its technology partners, is developing 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.
CETX AI gun detection technology aims to contribute significantly to efforts to reduce gun violence and its devastating impact on communities across the nation. CETX sees the market opportunity for this feature to be vast, ranging from schools, hospitals, government buildings, retail, to religious institutions.
First Quarter 2024 Financial Results: Q1’24 Revenue Increased 41% to $16.9M
On February 12th CETX reported its unaudited financial and operational results for the first quarter ended December 31, 2023.
Key CETX First Quarter FY 2024 and Subsequent Highlights:
Vicon Industries subsidiary:
CETX received a $0.8 million second phase order from a current school district customer in New Jersey to develop its security technology system with new solutions, expanding on the customer’s previous order.
CETX launched a new cloud security platform, called Anavio (www.anavio.ai), that integrates video, access, and intercom in one easy-to-use system, powered by AI and face-based authentication.
Advanced Industrial Services (“AIS”) subsidiary:
CETX received $3.8 million in new orders for two projects, including a $2.2 million order for a geothermal system update for a Northeastern School District, and a $1.6 million order for the fabrication of a key component for a motion control technologies company.
Cash, cash equivalents and restricted cash as of December 31, 2023 was $4.0 million.
Management Commentary
CETX Chairman and CEO, Saagar Govil, commented on the results: “The first quarter continued our momentum with ongoing growth in our Security and Industrial segments. Revenue in the quarter grew 41% to $16.9 million, driven by continued sales execution by Vicon, and strong demand for AIS products and services. CETX Security segment revenues increased 31% to $9.2 million, and Industrial Services segment revenues increased by 55% to $7.7 million. For the first quarter, CETX gross margin held at 42%, supported by operational improvements. We continue to believe there is additional runway for gains in gross margin as we make further enhancements in CETX business. Operating loss for the first quarter improved to $0.7 million, compared to an operating loss of $2.0 million a year ago. During the quarter we took additional steps to reduce operating expenditures, with an approximately $1 million reduction in overhead in our Security segment that should start to be realized in fiscal second quarter.
“Turning to our Security segment, CETX Vicon orders reflected its ability to capture repeat customers with a recent $0.8 million second phase order from a current school district customer in New Jersey to develop its security technology system with new solutions, expanding on the customer’s previous order. Schools and universities are increasingly utilizing security platforms in their facilities to protect the safety of students and staff. CETX Vicon’s award-winning Roughneck cameras and Valerus video management software solutions are being chosen to meet the unique challenges in locations ranging from border protection, correction facilities and schools that require an advanced solution of technologies to monitor people and protected areas. To support this growth, CETX Vicon launched a new cloud security platform, called Anavio, that integrates video, access, and intercom in one easy-to-use system, powered by AI and face-based authentication. This new cloud platform allows CETX to create more value in our business by evolving Vicon into a recurring revenue business model. With the launch of Anavio along with continued improvements to our core software platform Valerus, we expect to drive further growth and see additional opportunity to grow gross margin in 2024.
“CETX Industrial services segment, AIS, continues to see strong growth, highlighted by our recent announcement of $3.8 million in new orders for two projects, including a $2.2 million order for a geothermal system update for a Northeastern School District, and a $1.6 million order for the fabrication of a key component for a motion control technologies company. With its expanded capabilities from the acquisition of Heisey Mechanical Ltd, AIS continues to build profitable revenue growth with additional wins in new government and industrial verticals in a variety of service industries and new geographies.
“Looking ahead, CETX Vicon’s next generation version of state-of-the-art surveillance cameras and VMS software, and evolution into a recurring revenue business model, will help drive additional market share gains. AIS is rapidly expanding into new markets and customer opportunities, supported by its acquisition. We also continue to explore additional acquisition opportunities that could drive further growth and expansion within our business segments. Taken together, we are driving growth, and combined with tight expense control, are committed to achieving positive operating income in fiscal year 2024 on a full year basis. We look forward to providing additional updates in the months to come as accelerate our efforts to build long-term value for CETX shareholders,” concluded Govil.
For more information on $CETX visit: www.cemtrex.com
DISCLAIMER: CAP/FrontPageStocks/CorporateAds.com (CA) is a third-party publisher and news dissemination service provider. CAP/FPS/CA is NOT affiliated in any manner with any company mentioned herein. CAP/FPS/CA is a news dissemination solutions provider and is NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. CAP/FPS/CA’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release or opinion of the writer. CAP/FPS/ CA is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. CAP/FPS/CA has been compensated $500 by a third party for dissemination of this article.
Disclaimer/Safe Harbor:
These news releases and postings may contain forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
SOURCE: CorporateAds.com
Media Contact
Company Name: Cemtrex Inc.
Contact Person: CETX CEO Saagar Govil
Email: Send Email
Phone: 631 756 9116
Address:276 Greenpoint Avenue Building 8 2nd Floor
City: Brooklyn
State: NY 11222
Country: United States
Website: https://www.cemtrex.com/
