X2M on China repeatSeptember 25, 2023
Australian Internet of Things company X2M Connect (ASX:X2M) has landed two new contracts in China worth approximately A$1.1 million from LianQing, a long-time customer.
This brings the company’s total contracts in China to A$7.6 million. X2M specialises in selling water hardware to the utility sector in China, emphasising secure channels.
The new contracts come from its core range of water quality sensors and accessories which will be the focus of higher-margin sales in the future.
The company said the additional contracts and existing orders are expected to generate around $7.6 million in revenues for FY24.
“These China-based contracts represent further steps in our efforts to validate the X2M strategy.
“The LianQing contracts clearly demonstrate that our stated China strategy is now being delivered.”X2M CEO Mohan Jesudason.
The Internet of Things (IoT) market refers to the industry that deals with the interconnected network of physical devices, vehicles, and other objects. These objects are embedded with sensors, software, and network connectivity to enable data exchange. This market includes applications such as smart homes, industrial automation, connected cars, wearable devices, and more. The IoT market is snowballing due to technological advancements and more connected devices.
About X2M Connect
X2M is a technology company that uses the internet to deliver productivity improvements, cost savings and improved public safety to enterprise and government customers. X2M’s current focus is servicing the utility sector in the Asia-Pacific (APAC) utility market through the provision of technology that connects devices over the internet, such as water meters and gas pressure sensors and which enables data exchange and control of these devices. This category is commonly referred to as the Internet of Things (IoT).
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