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- Buddy Technologies (BUD), a specialist in energy monitoring services, is on track to achieve profitability by the end of the year
- Since purchasing smart lighting company LIFX in February, the company achieved its goal on breaking even and expects to be profitable as fourth-quarter finances are finalised
- However, due to delays in negotiations in two major deals, Buddy says its consumer division won’t hit the target of growing between 70 per cent and 100 per cent year on year
- Buddy Technologies’ share price is up 3.57 per cent at 1:30 pm AEDT. Shares in the company are trading for 2.9 cents each
Buddy Technologies (BUD), a specialist in energy monitoring services, is on track to achieve profitability by the end of the year.
In today’s update to the market, Buddy detailed since its purchase of LIFX, a smart lighting company, in February it has accomplished several targets it set out.
The commercial division managed to break even before the end of the year which led to the group becoming profitable before interest, tax, depreciation and amortisation.
Buddy Ohm, a resource monitoring solution, which falls under the commercial division, is currently growing at six per cent per month.
“As the division looks to 2020, Buddy intends to continue to strengthen its existing relationships and develop new technology licensing opportunities,” the company said.
However, in the company’s consumer division, it was unable to reach its goal of growth between 70 per cent and 100 per cent year on year. This target accomplishment is being delayed as negotiations for two major deals continue into next year.
The company detailed it will provide an update to shareholders in the new year confirming it has achieved profitability once the fourth-quarter numbers are finalised.
Buddy Technologies’ share price is up 3.57 per cent at 1:30 pm AEDT. Shares in the company are trading for 2.9 cents each.
