Vislink Technologies, Inc. (VISL), a company engaged in designing, developing, and delivering wireless communications solutions, has increased 3.83% in aftermarket trading sessions and consequently is trading at $1.90 at the time of the writing. On Monday, VISL closed the day at $1.83 after increasing 2.81% during the mid-day session. The consistent increase is attributable to the announcement of quarterly results.
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Why VISL Rising?
On Monday, VISL released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated net revenue of $11.2 million during the quarter against $4.77 million for the same period of 2020. The total cost of revenue and operating expenses for the quarter were $11.69 million against $7.60 million for the same period of 2020. The company generated a net income of $0.67 million during the quarter against the net loss of $2.79 million for the same quarter of 2020.
Alongside financial results, VISL also reported the business highlights of the quarter. The company announced the finalization to acquire Mobile Viewpoint for a sum of $18.3 million. Also, the company had its video communication solutions deployed at events during the Olympics event, held in Tokyo, Japan. Besides, the company announced the launch of Vislink Connect™ bonded cellular service as well as introduced new product innovations.
Mickey Miller, CEO of VISL, while commenting on the results said that the company is pleased to report a sharp increase in its revenues during the quarter and that the company grew its profitability to a substantial level over prior periods. He further went on to say that the strong financial performance of the company places it in an excellent position to capture future business opportunities and the company looks forward to continuing its efforts to grow its business responsibly.
Future Outlook for VISL
A closer look at statistics reveals that the VISL stock hasn’t faced many upheavals in the last few months. Largely, it has followed a stabilized road. Estimates suggest that during the quarters to come, VISL is looking solid to bring an improvement in its performance. Hence, potential investors should keep a close eye on the fluctuations of VISL stock.