On 30 July 2020, Elsight Limited (ASX: ELS), a developer of advanced communication technologies for real-time data transmission, unveiled its impressive June 2020 quarterly report. Key highlights of the report are:
- Positive progress of the 15 ongoing proof-of-concept (POC) trials amid travel restrictions and limitations due to the COVID-19 lockdown.
- Owing to the pandemic induced opportunities, ELS is prioritising on supplying and delivering its product as per its ability to meet immediate demand vs. focus on long-term repeat orders.
- Following aggressive cost-cutting measures, ELS’ operating costs decreased by 44% to US$721 thousand in comparison with the budgeted cost of US$1,273 thousand for the quarter ended 30 June 2020. The diminishing cost was primarily due to reduction in salaries and other expenses as applicable for April and May.
- The company believes to be well-positioned to meet striking economic challenges 2020 has presented, owing to a A$2.88 million placement, effective cost-cutting measures and redefining its strategy to leverage new opportunities stemming particularly from rural remote health and working environments.
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