Logistics and fleet management technology firm Eroad reported a lift in the number of units sold in the third quarter of its financial year, despite the holiday season.
Total contracted units rose 5.1 percent to 90,615 in the three months to Dec. 31. Of that, the number of vehicle logging units in its established Australasian market rose 5 percent to 68,556, while those in its growing US market climbed 5.3 percent to 22,059.
It noted that the quarter is traditionally slower for small and medium sized enterprise customers “due to the holiday season causing some movement in unit sales into Q4.”
Eroad said the business has begun to have an active presence in Australia but “it is expected the Australian market will not deliver a meaningful contribution to unit growth in the final quarter of FY19, reflecting the time lag between launch progress and product installation.”
Regarding North America, it reiterated the year-to-date unit growth has been below expectations. However, a strategic refresh has seen it tighten its focus and “an improvement in monthly run rate is expected in the coming quarters.”
The stock last traded at $2.40 and is down 39 percent over the past year.