SuperCom Ltd. (SPCB) shares gained 6.65% in after-hours on Friday, December 10, 2021, and closed the daily trading at $0.68. However, in the regular trading session of Friday, SPCB’s stock lost 2.36%. SPCB shares have fallen 39.28% over the last 12 months, and they have moved up 4.52% in the past week. Over the past three months, the stock has lost 40.96%, while over the past six months, it has plummeted 56.92%.
Let’s see what are the latest news about the company??
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SPCB recent contracts
On December 9, 2021, SuperCom secured a new GPS monitoring contract in Idaho. The contracting agency is a Juvenile Probation Office and will use SuperCom’s PureTrack GPS smartphone products to monitor their caseload for location compliance. The contract is structured as a per unit per day lease model, with billing at the end of each month. The agency has already placed an initial order for units.
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On December 2, 2021, SPCB, announced that a new customer contract has been signed, adding to their growing customer base. The contract follows a successful live product evaluation by the customer at its location.
SPCB latest financial results
On November 11, 2021, SuperCom (SPCB), reported results for the three months ended September 30, 2021.
Q3 2021 financial highlights
- SPCB reported total revenue of $3.10 million in Q3 2021 compared to $2.5 million in Q3 2020.
- In Q3 2021, the gross margin was 34.9% compared to 27.3% in Q3 2020.
- Total operating expenses were $2.89 million in Q3 2021 compared to $2.93 million in Q3 2020.
- It suffered a net loss of $2.44 million compared to $3.74 million in Q3 2020.
- As of September 30, 2021, the company had cash and cash equivalents of $6.3 million.
SPCB new project in California
On October 7, 2021,SuperCom (SPCB), announced that through its fully-owned subsidiary, Leaders in Community Alternatives (LCA), it has been awarded a new project with a probation department in Central Coast California to provide rehabilitative services.
This new project is valued at approximately $1 million over a term of three years, or approximately $340,000 per year, and is expected to launch and start generating recurring revenue before the end of 2021.
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Conclusion
Well, the recent new contract could be the driving force behind its positive performance in the after-hours on Friday because there is no other recent news that could justify its after-hours performance. We can expect it to continue its momentum after the weekend as well.
