Cleartronic Inc (OTCMKTS:CLRI) Releases Quarterly Earnings: Stock Gains Momentum
Diversified holding company, Cleartronic Inc (OTCMKTS:CLRI) on May 11, 2022, came out with the 2022 second-quarter financial statements for three months ending March 31, 2022. CLRI has continued its journey of profitable operations .
Market Stats
On Wednesday, CLRI stock ended flat at $0.0300 with more than 38K shares, compared to its average volume of 4K shares. The stock moved within a range of $0.0300 – 0.0300 after opening trading at $0.30.
Key Details
CLRI is engaged in creating and acquiring subsidiaries with the goal of manufacturing as well as selling products to different stakeholders. In the second quarter, revenues for three months surged by 11%, including a 19% rise in recurring revenues from ReadyOp platform.
The firm’s gross profit margin surged to 86%, demonstrating advantages for its ReadyOp platform. Income from operations for three months was at a record high, including a 48% surge as compared to the previous year.
Marc Moore, CEO of Cleartronic said that the company has continued with the growth and consistent profitability in the expansion as well as the use of its ReadyOp platform. Moore added that Cleatronic and ReadyOp have expanded their customer base with the new government and new businesses, demonstrating heightened interest in how the platforms benefit operations.
Moore further opined that the company is pleased with the results, especially the growth in revenues. Cleatronic is working diligently on improving and strengthening its balance sheet, lower debt, and augmenting its cash position, putting it in a position for new partnerships with other firms.
Key Quote
Marc Moore, CEO of Cleartronic (the “Company”), stated, “We continue to be pleased with the disciplined growth and consistent profitability in the expansion and use of our ReadyOp platform, especially during these periods of fluctuating economic activities. Through these challenging times, Cleartronic and ReadyOp™ have continued to expand their customer base with new businesses and government agencies, each showing their heightened interest in how the ReadyOp software platform benefits their operations. We are seeing a continuing increase in the number of new customers and growth in the use of ReadyOp by our current customers.”
Traders Corner
CLRI stock is trading below the 10-Day and 20-Day Moving averages of $0.0390 and $0.0383 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0540.
