MGM Wireless: Revenue and profit increases due to SPACETALK

MGM Wireless: Revenue and profit increases due to SPACETALK

• MGM Wireless has reported increased in both revenue and gross profit for the first half of the 2020 financial year
• Revenue was $7.6M which is an 87 per cent increase from FY19 while gross profit was $5.1 million
• MGM credits these increase to the success of its SPACETALK smartwatch
• Sales from this device grew 140 per cent to $6.3 million
• The company expects revenue for the remainder of the financial year to increase by as much as 85 per cent to $13M
• MGM’s share price has increased a slight 3.03 per cent with shares currently trading for 17 cents