LONG ISLAND CITY, NY -- Cemtrex reported first quarter consolidated revenue fell 46% to $17.3 million on a change in product mix and company focus.

The EMS/ODM is transitioning to become an OEM of IoT smart hardware and software.

For the three months ended Dec. 31, EBITDA fell to a loss of $357,560 compared to a gain of $2.07 million a year ago. The net loss was $2.18 million, versus income of $731,991, attributable to lower total revenues and increased sales and marketing expenses related to the business development of SmartDesk and VR applications in the newly formed Advanced Technologies segment as well as due to the loss based on equity ownership in Vicon Industries.

The company generated revenues of $467,835 from its Advanced Technologies division. Gross profit on these revenues was $275,470, or 58%. Of the segment revenues, Cemtrex generated approximately $100,000 in SmartDesk sales during the period, marking the first shipments of the new product.

The company expects sales of its new product, the SmartDesk, to increase in subsequent quarters as the company fulfills existing orders and receives new ones. 

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