Smart home technology company Zimi has produced an impressive March quarter to generate more value in receipts from customers in the last three months than in the combined amount from its previous two reporting periods.
The company collected $464,000 in customer receipts in the quarter, compared to a combined $308,000 from the entire first half of the financial year, according to its latest quarterly report.
With its range of smart light switches, power points, blind controllers and garage door controllers, Zimi says it sold and distributed the majority of its previous inventory production run from the 2021-2 financial year. However, production of its Powermesh and Senoa products is now underway at the company’s factory.
Management says it is planning product shipments and sales for the current quarter and remarkably, has more than 35 per cent of its production pipeline already sold. While a global chip shortage and supply disruption impacted the company’s first half of the financial year, components have now been secured and it is building its pipeline to meet growing demand for its products.
According to its latest report, nearly 26,000 devices have been paired to the Zimi cloud, while the Zimi app was opened by users more than 22,000 times a month on average during the past three-months.
A new “Accessibility” range has been added to the Senoa line of smarter switches, which is moving into production after receiving electrical and safety certification in Australia and New Zealand. The company has also completed the electronic hardware design of its new “Smoke Connect” device, which is a smarter smoke detector with increased safety features.
Zimi chief executive officer Jordan Tentori said: “We feel Zimi is significantly undervalued at the minute however we will stay focussed on delivering each phase of our growth plan and we look forward to keeping our loyal shareholders and potential investors fully appraised of our activities and achievements.”
Last year, the company outlined its three-phase growth plan. The first phase is underway with new products coming to market this year and next, including the upcoming Senoa range of premium switches to control lights, power points and other applications through voice activation.
The second phase will use artificial intelligence to enhance the safety alerts and energy management features of its services and products and phase three sets out a path for Zimi to go global.
Unlike many other micro-cap businesses in the high-tech space, Zimi is not still in the research and development phase and has products up and running through to its national distribution partnerships with the likes of Beacon Lighting, Harvey Norman and electrical wholesaler Trader, which supplies to some 1000 stores.
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