Shekel Brainweigh (ASX:SBW) again records double digit growth

• Shekel Brainweigh’s FY22 unaudited revenue reached a record $37.4 million (US$26.3 million), up 14 per cent on the previous financial year
• It marks the second consecutive financial year of double-digit growth
• New weighing technology innovations for the retail grocery segment were up 117 per cent, and SBW’s healthcare business rose 3 per cent.
• At the end of the December quarter, SBW also held an existing order book for 2023 of $7.8 million
• Shekel Brainweigh shares closed at 9.5 cents on Thursday afternoon

Weighing tech firm and artificial intelligence innovator Shekel Brainweigh (SBW) has reported its FY22 unaudited revenue reached a record $37.4 million, up 14 per cent on the previous financial year.

It marks the second consecutive financial year of double-digit growth.

The company’s retail market segment delivered 35 per cent annual growth to almost $15.8 million, thanks to innovative retail and self-checkout products. New products gained 117 per cent. There was also growth across SBW’s healthcare business of 3 per cent, and the company reported an existing order book to be filled this year of $7.8 million.

At the National Retail Federation exhibition in New York this month, Shekel Brainweigh simulated a shopping experience with its technology in use, including hubz smart coolers for unattended retail, Fast Track for highly accurate automatic recognition of fresh produce at high speeds, Smart cart weighing kit technology, and Product Aware Shelves that identify each Stock Keeping Unit (SKU).

Australia Country Manager Danny Nadri said the company offered unique technology and software solutions for retail operations.

“A wonderful double-digit growth for 2022, and it’s on top of another double-digit growth we have in 2021,” he said.

“Really it’s a combination of the very strong technology that was developed over the last four-to-five years, on top of years of understanding of sensor technology.

“We operate in such an exciting market of the grocery retail sector, and retailers around the world are looking for automated solutions to improve the way they operate their stores, they want to know how they can make the customer experience better.

“We can provide automated technology, the market is large enough for us to make a meaningful impact, and there is massive room for more growth.”

Shekel Brainweigh shares closed at 9.5 cents on Thursday afternoon.