American Virtual Cloud Technologies Inc (NASDAQ: AVCT) soared 53.4% during premarket trading after announcing that it expects to grow its revenues to $18.8 million in 2021 from last year’s $14.3 million.
The company also revealed that it expects its revenues to jump to $37 million in 2022, driven by the 505% subscriber growth on an annualized basis with a compound annual growth rate (CAGR) of 90% from January 2019 to date.
Most of the growth is expected to come from its Kandy communications platform, packaged as a Unified Communications as a Service (UCaaS) product. The platform provides cloud-based communications services such as Cloud PBX, SIP Trunks, Smart Office UC Clients, Contact Centers, and Collaboration services.
Kandy’s growth is expected to be driven by deeper collaborations with existing service providers such as Etisalat, AT&T and IBM and new customer relationships.
Darrell J. Mays, AVCtechnologies’ CEO, said: “AVCtechnologies is positioned to gain market share as a premier white-label cloud communications provider, checking the CPaaS, CCaaS & UCaaS boxes, while also capitalizing on direct to enterprise capabilities,”
Larry Mock, AVCtechnologies’s Board Chair, added: “These market, customer, and product achievements are why I have repeatedly invested in AVCT and its predecessor companies since 2011, why I have never sold a share of the company’s stock, and why I continue to believe in the opportunity.”
Investors cheered today’s announcement, evidenced by the significant rally in AVCtechnologies stock price, lifting it from its annual lows.
AVCtechnologies stock has fallen 85.7% since January, and many are hoping that today’s rally will lead to a sustained uptrend over the coming days.
Investors interested in AVCtechnologies shares might find its current prices quite attractive given its positive prospects and low prices.
*This is not investment advice. Always do your due diligence before making investment decisions.
AVCtechnologies stock price.
AVCtechnologies stock price soared 53.4% to trade at $1.58, rising from Wednesday’s closing price of $1.03.
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