Latest X2M Connect (ASX:X2M) News

X2M Connect has secured a $3 million deal to supply 100,000 IoT-connected personal safety devices for Seoul’s 2025 Smart City initiative, with potential to scale to one million units.

X2M Connect Limited has secured $1.95 million through a share placement and convertible note conversion, aiming to strengthen its balance sheet and accelerate growth in AI and IoT sectors.

X2M Connect reports a challenging quarter with a 64% revenue drop due to exiting low-margin hardware sales but boosts gross margin and expands its footprint with new contracts in the Middle East and South Korea alongside launching an AI platform for renewables.

X2M Connect reported a 51% revenue drop in Q2 FY25 as it shifts from hardware to SaaS, yet improved margins and EBITDA signal progress. Strategic partnerships in the Middle East and Taiwan offer promising growth avenues.