Internet of Things Inc (CVE:ITT) (OTCMKTS:INOTF) released its annual and fourth-quarter financial statements on Tuesday, showing notable boosts in revenue as the Toronto-based firm continues its strategy to consolidate data-driven IoT (Internet of things) companies.
“In 2018, we acquired Weather Telematics as part of our strategy to consolidate data driven IoT companies," said Ron Shuttleworth, CEO of Internet of Things Inc in a statement. "Over the past 12 months, Weather Telematics has made considerable progress with multiple paid proof of concepts with OEM and Tier 1 automotive companies. Concurrently, the New Hope IoT Int’l Inc joint venture is making progress with its recently announced Point Grab channel agreement and FreePoint pilot program."
Internet of Things owns data-science company Weather Telematics Inc, which uses a vehicle-mounted mobile IoT sensor network and artificial intelligence system to generate historical, current and forecasted weather conditions for road hazard risk alerts. The company also is a joint venture partner with Hope Data Technology Co Ltd and New Hope IoT Intl Inc, which are affiliated with New Hope Group, one of China’s largest privately-owned entities with more than 600 subsidiaries and nearly 70,000 employees.
READ: Internet of Things unveils progress in China as its joint venture launches IoT pilot program with FreePoint Technologies
Revenue for the year ended January 31, 2019 came in at $222,357 as compared to no revenue in 2018. The company said the revenue boost is a result of its Weather Telematics acquisition, which closed on June 1, 2018. In the fourth quarter, the firm reported revenue of $76,191.
The company reported a net loss of C$1.73 million for the year ended January 31, 2019, or C$0.01 per share, as compared to a net loss of C$1.46 million, or C$0.01 per share, in 2018.
In June 2018, the company completed its acquisition of Ottawa-based Weather Telematics Inc. The company has introduced Predictiv RC, an advanced road conditions platform, which provides an assessment of the risks associated with driving on roads in poor weather conditions. The technology is geared for autonomous and electric vehicles and provides historical, current and predictive road weather conditions (dry, wet, snowy, icy) and weather hazards, including hydroplaning, wind visibility, hail and lightning.
Weather Telematics was granted a patent from the European Patent Office for the mobile collection, analysis and processing of meteorological data in 2018.
In 2018, Internet of Things also pushed forward and entered into a channel agreement with PointGrab Ltd to market, sell and service its products in China.
PointGrab is the owner of the sensing technology platform CogniPoint, which allows users to optimize the allocation of physical resources such as workstations, meeting rooms, and lighting. The solution is aimed at the smart buildings and real-estate technology industries.
Internet of Things Inc also initiated a pilot program with FreePoint Technologies Inc to provide real-time production monitoring solutions to New Hope Group portfolio companies.
Additionally, it raised C$2.3 million in a non-brokered private placement, appointed technology sector expert Ron Shuttleworth as its CEO, as well as made a number of other key hires and board appointments.
“The company is well positioned with a much stronger executive management team and a seasoned board as we continue to build out our investee companies, to find synergies and operating efficiencies and at the same time evaluating additional strategic acquisitions in the IoT and AI sectors that will drive shareholder value,” added Shuttleworth.
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