- Cemtrex Inc CETXP looked to a strategic shift towards prioritizing its core businesses, notably Vicon Industries, its security technology brand.
- Cemtrex explored the divestiture of one or more business units to bolster its Advanced Technologies segment.
- Cemtrex saw untapped potential in its security business, Vicon, with escalating demand as end-users seek a reliable source of video surveillance and access control technologies.
- Vicon continues to experience elevated demand for its security portfolio from significant customers, including a recent $1.2 million upgrade order, validating its technology and reaffirming its upward growth trend.
- Cemtrex believes Vicon was on a solid path towards $5 million - $10 million of recurring revenue in the next three to five years as the industry shifts to SaaS solutions leveraging AI and cloud technology solutions.
- Price Action: CETXP shares traded higher by 115.79% at $2.05 on the last check Wednesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.