Join our daily newsletter At The Bell to receive exclusive market insights
- Harvest Technology Group (HTG) shares are in the green following its fourth-quarter report
- The marine technology company had a cash balance at the end of the period of $6.7 million
- At the end of the quarter, $5.8 million in revenue was either owing or yet to be invoiced
- Currently under way is HTG’s phase three strategy for the global roll out of its technology
- HTG is up 8.06 per cent and trading at 33.5 cents per share at 2:13 pm AEST
Harvest Technology Group (HTG) shares are in the green following its fourth-quarter report.
The marine technology company had a cash balance at the end of the period of $6.7 million. HTG spent $2.8 million in operating activities, showing its continued investment in research and development.
At the end of the quarter, $5.8 million in revenue was either owing or yet to be invoiced.
In line with its three-phase strategic plan launched in October 2002, HTG has been focused on implementing the steps for a global roll-out of its technology.
Phase one aims to improve speed to market and setting a course for scalability. This phase of the strategic plan is on track and all conditions for its success are being met or exceeded.
HTG is planning to transition to phase two by the end of 2021. This process includes establishing income diversity by transitioning the business model away from its current majority focus on the energy and resources sectors towards a 50/50 balance with Infinity products and services.
In May, the company raised $7.6 million through a placement, with the funds being used to support the growth strategy.
In June, HTG also purchased SnapSupport, a software-as-a-service company.
In late May, Harvest demonstrated the 8-channel Nodestream system with the Department of Defence. The demonstration spanned across three states, covering land, sea and air, involving the MV Sycamore in NSW, Unmanned Aerial Devices in WA, and command and control located in ACT.
The demonstration was a success, resulting in the defence force becoming a trial customer that is supported by their defence commercial shipping contractor, Teekay Shipping Australia.
On the market, HTG was up 8.06 per cent and trading at 33.5 cents per share at 2:13 pm AEST.
