Tech. Penny stock Watchlist: CPSH, FTFT, RMNI, GVP, INTZ
Some of the tech behemoths in the world, which have created immense wealth over the past decades, were once penny stocks. Such is the way investments in the right tech stocks can pay off over the long term. This feature would provide you with an overview of five penny stocks from the tech sector that are worth tracking.
CPS Technologies Corporation (NASDAQ:CPSH) On August 2, CPS Technologies Corporation announced its financial results for the fiscal quarter that ended on July 1, 2023. The company revealed that it had generated revenues of $7.4 million for the quarter, which was an improvement from the $7.1 million in the prior-year period.
The gross margin stood at 29.6%, which worked out to an improvement of 370 basis points from the second quarter of last year. The operating profits moved up slightly from the prior-year period to $0.7 million. The Chief Executive Officer and acting President of the company, Chuck Griffith, spoke about the financial performance as well.
He noted that the fiscal year 2023 played out as expected as the company improved both the top-line and bottom-line results. He went on to announce that the company’s trailing twelve-month book-to-bill ratio had also remained strong at as much as 108%. He went on to note that CPS Technologies continued to work on acquiring new customers and expanding into new markets.
Future Fintech Group Inc. (NASDAQ:FTFT) The complete digital and financial technology provider Future Fintech Group Inc. announced last week that it appointed Peng Lei as its Chief Operating Officer on July 28, 2023. It was further noted that Lei would be entirely responsible for managing the operations of the company. As the head of operations, he would work on growing the supply chain financing and service businesses in addition to aiding in Future Fintech Group’s continued strategic transformation.
Lei replaced Yang Liu as the COO; however, Liu would continue to hold a number of positions with the subsidiaries of the company. Lei is an experienced executive with more than two decades of experience across a range of fields, which include investment management, supply chain finance, banking, and corporate restructuring.
Shanchun Huang, the Chief Executive Officer of the company, noted that Lei was an excellent manager who had been involved in the financial services and related technology fields for a number of years. He went on to add that Lei would help the company carry forward its mission.
Rimini Street Inc. (NASDAQ: RMNI) Leading end-to-end enterprise software support products and services firm Rimini Street Inc. announced its financial results for the quarter ended June 30, 2023, last week. The company generated revenues of $106.4 million, which reflected a boost of 5.2% year over year. The revenues from the United States market were $54 million, which worked out to a year-on-year rise of 0.1% from the $55.9 million under the same overhead.
The company’s co-founder, President, Chief Executive officer, and chairman of the board, Seth A. Ravin, noted that it was the second-biggest quarterly total sales invoicing in North American history for the company. The company generated an operating income of $10.3 million for the quarter, which was considerably higher than the $5.7 million in the prior-year period. The net income jumped to $4.3 million from $0.1 million in the prior-year period.
GSE Systems Inc. (NASDAQ:GVP) The high-tech engineering services and workforce solutions company GSE Systems Inc. is involved in providing support for the production of clean energy and decarbonization programs in the nuclear power industry. Yesterday, the company announced that it had bagged contracts worth more than $1.1 million from In-Service Testing and In-Service Inspection updates for a pair of United States nuclear power customers, which had stations situated in the Midwest.
The company has been engaged in providing its full range of ISI and IST program services for more than two decades. Some of the services that are going to be provided by the company include updates, full program development, and thorough training courses, which could be delivered in person or virtually. The company’s experience in the nuclear power industry spans more than 50 years.
Intrusion Inc. (NASDAQ: INTZ) On July 17, Intrusion Inc. announced its preliminary financial results for the quarter that ended on June 30, 2023. The cyber-attack prevention solutions firm announced that it expected revenues to go up by around 35% on a sequential basis. The company also noted that new bookings in the second quarter as well as the early part of the third quarter would further boost its revenues for the second half of the fiscal year.
The company further noted that its consulting business had also started to show growth. The financial results are going to be released on August 14, 2023, following the closure of the markets. A conference call would be hosted on the same day at 5 p.m. Eastern Time to discuss the same.
