American Virtual Cloud Technologies, Inc. (AVCT), a company that provides IT solutions and managed services, has surged 5.86% in aftermarket trading session. Consequently, AVCT stock is trading at $2.53 at the time of the writing. The surge could be potentially attributed to the announcement of record growth in the Adoption of Unified Communications Solution in the Middle East. On Tuesday, AVCT stock declined 7% during regular trading hours and closed the day at $2.39.
Why AVCT Rising?
On Tuesday, the business unit of AVCT, Kandy Communications, announced the growth of partnership with Etisalat, one of the world’s leading telecom groups. The Etisalat CloudTalk and Business Edge, which is powered by Kandy’s Unified Communications and Collaboration platform is a real-time communications solution, providing more than 5000 users with a safe and secure communication and collaboration platform. Both the companies are also enabling innovative communications solutions for the enterprise customers.
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Q3 2021 Operational Results
On 12th November, AVCT released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated total revenue of $27.5 million during the quarter against $25.9 million for the same quarter of 2020. The gross profit for the period stood at $7.23 million against $7.52 million for the same period of 2020. The net loss suffered by the company during the three months stood at $37.3 million (or $1.20 per basic and diluted share) against $5.62 million (or $0.29 per basic and diluted share) for the same three month period of 2020.
Q3 2021 Financial Results
Alongside the operational results, AVCT also released the financial results for the third quarter of fiscal 2021. The company had cash of $4.2 million in its possession on 30th September. The total current assets in possession of the company on 30th September 2021 were $9.02 million, while the total assets stood at $124.4 million. On 30th September, the total liabilities payable by the company were $64.3 million.
Future Outlook for AVCT
During the last month, AVCT stock has surged more than 60%. That rise depicts the rapidly building interest on investors into the stock. Analysts have placed a buy rating on the stock. Hence, potential investors should keep a close eye on AVCT stock.