Australian tech manufacturer Quantify Technology (ASX: QFY) has secured an order in excess of $500,000 for their qDevices which will be installed in three apartment buildings, converting them into SmartHomes where lighting and sound will be adjustable by occupants via voice, app and touch.
The Heads of Agreement (HoA) is with Sydney based building developer Blaq Projects, and will see the devices delivered to 267 apartments across three locations in Wollongong, New South Wales.
‘This is a really exciting three-year partnership and we are delighted to be working with Blaq Projects who are an innovative developer looking to lift the Wollongong property market to a new level,” said Quantify CEO, Brett Savill.
“Our devices will help them differentiate their properties improving both pricing and turnover.
“This is the first major agreement resulting from all the hard work over the past year, and we have moved into a new phase in Quantify’s commercialisation journey.”
The installations will initially take place in 174 apartments in three locations with a minimum order of a further 93 apartments subject to performance. Should all installations be met efficiently, Quantify anticipate further orders to follow with Savill declaring the company’s sales pipeline as “strong”.
The securing of this HoA continues a strong run of commercial activity, last month securing a $250,000 HoA for Fokused to stock qDevices in Western Australia whilst also integrating Google Assistant into its internet-of-things (IoT) devices.
Quantify Technologies reported revenues of $121,371 for FY19 with a net loss of $5.2m for the year before the stock reaching an all-time low of $0.003 in October 2019. The company has since experienced a short-term rebound with its fresh news flow to reach an intra-day high of $0.006 in morning trade.
Alfred Chan is an Analyst at Emerald Financial, specialising in ASX-listed small cap companies.
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