You are right, no aggressive sales team, no revenues…so far the comp doesn‘t understand that…
Bright future ahead!
Tue, November 28, 2023 at 1:21 PM GMT
In this article:
LOS ANGELES, CALIFORNIA, Nov. 28, 2023 (GLOBE NEWSWIRE) -- MetAlert, Inc. (OTC: MLRT) (“the Company”), a pioneer in GPS wearable technology and global provider in the field of human and asset tracking and recovery systems announced financial results for the Third Quarter ended September 30, 2023, and provided the following corporate summary:
Three Month Financial Highlights
Overall Revenue increased 27% over 2022 comparable period.
Wages and benefits decreased 5% over 2022 comparable period.
Professional fees reduced by 24% over 2022 comparable period.
Operating Expense were down 10% over the 2022 comparable period.
Cash on hand increased 343% over 2022 comparable period.
Inventories increased 182% over 2022 comparable period, as we ramped up production of SmartSoles and added the Level 2 Security product line.
Total assets increased 226% over 2022 comparable period.
Management commentary by Patrick Bertagna, MetAlert, Inc. CEO:
During the third quarter 2023, we took transformative steps to broaden our product line and add new markets in order to increase our revenues and subscriptions. We successfully acquired Level 2 Security LLC, which we merged into our new 100% wholly owned subsidiary Level 2 Security Products, Inc. Management believes, this was a formidable step in solidifying the financial and operational position of the Company and encapsulates our vision to amplify recurring revenue streams while scaling the Company’s life-saving technology and IP portfolio. We also saw some positive trends such as a 27% increase in revenues compared to Q3 of 2022 and a 76% increase in revenues over the previous quarter in 2023. We also had our best ending cash position ($106,000) and asset value ($744,000) since 2021. Included in the acquisition came bank balances, Intellectual Property, approximately 3,700 units of ready to ship product inventory, digital collateral, an online and Amazon store, two smartphone apps, and an ongoing research and development roadmap for possible future new product releases. The strategic synergy from the acquisition enables us to expand our target market beyond those of humans with cognitive disorders and opens the doors to entirely new and much larger markets. The Level 2 proprietary technology can safeguard an extensive range of mobile assets, and by integrating this with MetAlert’s backend tracking portal and infrastructure, the Company envisions fiscal improvements in the near term.
By tapping into vast new markets, this acquisition signifies a strategic investment in bolstering our short and long-term growth strategy and will broadly expand our reach into the arena of non-human asset tracking. This transaction represents a convergence of our core mission of delivering life-saving technology with a sharp focus on sustainable, long-term subscription-based revenue growth. The Company has started a marketing and product awareness campaign to gun activist groups, gun safety groups, police departments, child safety advocate groups, gun stores and ranges, military supply lines and plans to expand its marketing into other channels such as the growing electric bike market.
During the third quarter of 2023, we also made some advancements in our core human monitoring business. Our SmartSole plus was put through rigorous testing at Intertek labs, which concluded that the product is fully compliant, making them FCC and IEC certified. This enabled us to release some back orders from larger enterprise customers in Europe that required final certification documentation. We also saw some improvements in our production capacity and were able to streamline some manufacturing processes, thereby increasing our production quantities and enhancing our low inventory position. We were also able to leverage our OEM manufacturing in Germany and started to fill some orders in Europe and have some inventory sent to the US. Overall, we still have some supply chain issues, but this was the first quarter since the launch of the SmartSole plus that we saw noticeable improvements in lead times, increases in inventory and shortening our time from order to delivery by 2-3 weeks on average. As we discussed last quarter, we are still evaluating ways to scale up production in the U.S. and bring down our costs in order to increase our margins, with a stated mission to reduce costs by 10% to 18% and increase production capacity by 25% to 40%. Compared to the same quarter last year, we saw a 62% increase in domestic subscriptions and over 100% subscription increases in Germany and Canada. These are good trends, which the Company expects will continue as we continue to fill orders, but we still need to expand our markets, drive more sales, and increase subscriptions.
Within a few weeks of starting our GunAlert® marketing campaign we received and delivered our first commercial order for the GunAlert® firearm recovery device. The order came from Range USA which has 40+ locations across 10 states and is headquartered in Cincinnati Ohio. We have also sent out test units for evaluation to several police departments of which some have already replied back with interest, and some have provided compelling testimonials that we will be able to use in our marketing collateral. As with all of our products we sell both B2B and B2C and have already embarked on a direct-to-consumer marketing campaign across several social media platforms and Amazon.
The strategic timing for expanding into this market coincides well with the Office of Justice Programs (“OJP”) recent announcement of investing unprecedented resources in programs designed to reduce gun crime and community violence. Last September $100 million in grant funding was initiated under the Community Violence Intervention and Prevention Initiative making this the largest targeted federal investment for these strategies in history. As part of our go to market strategy we have brought on retired police officers that can assist us with messaging, and grant approval procedures, with our goal to become a recognized force and solution provider in the ever-growing national conversation on gun safety.
During the third quarter, the Company continued to work on the launch of Hands Free Health (HFH) which provides real-time telehealth access via Walmart Health Virtual Care (WHVC). We expect this business silo will help grow subscribers but also help with the SmartSole expansion plan. As we drive towards Medicare reimbursement, having access to a virtual doctor who could diagnose a person with Alzheimer’s or dementia should help facilitate access to SmartSoles by people who require financial assistance.
In summary, we took several positive steps forward during this quarter, despite not meeting our revenue targets. In order to offset the lower revenues, the Company implemented many cost saving measures, including the entire senior management team deferring salaries, and cutting out all non-essential expenses by approximately 24% year-to-date. We have worked with all our suppliers to reduce unnecessary expenses related to production inefficiencies in order to position ourselves to maximize profits as we scale back up.
The Company continues to work towards receiving Medicare and other government assistance for our SmartSole, which will then foster growth and build our subscription base, which we believe will ultimately provide us with a large global data base that can be analyzed by using artificial intelligence (A.I.) to produce predictive models. Healthcare assisted with A.I. is the prize we have set our sights on, and we are doing everything we can to put in place the necessary steps to get to that prize as quickly as possible.
MetAlert is a For-Profit with Purpose Company which has an extensive line of health & safety products, a broad patent portfolio, a proud U.S. military contractor and has multiple wearable tracking products sold through its online store, Amazon and authorized resellers and distributors servicing customers across the globe.
About MetAlert, Inc.
MetAlert (OTC: MLRT) and its subsidiaries occupy a commanding position in the design, development, manufacturing, distribution, sales, and licensing of GPS wearable technology, asset recovery services, wandering assistive technology, and health data collection and monitoring. With over two decades of industry expertise and a robust portfolio of patents, MetAlert is the go-to solution provider for consumers and patients grappling with mobility, cognitive, and spatial awareness challenges. This demographic represents approximately 2.9% of the global population. The Company delivers comprehensive global solutions encompassing logistics, hardware, software, and connectivity.
Notable achievements include the groundbreaking GPS SmartSole®, a fusion of Dr. Scholl's comfort with LoJack's tracking prowess. It stands as the world's inaugural invisible wearable tracking device, designed for individuals susceptible to wandering due to Alzheimer's, dementia, autism, and traumatic brain injury. MetAlert's subscription-based model thrives on technology innovation fortified by intellectual property safeguards. The company boasts international distribution channels serving customers across 40 countries, alongside its role as a U.S. Military Government contractor. In addition to public health entities, MetAlert caters to municipalities, emergency and law enforcement agencies, private educational institutions, assisted living facilities, NGOs, senior care residences, consumers, and small enterprises. Recognizing its excess capacity within its distribution center and backend processes also presents an opportunity to expand revenue streams and diversify its operations.
They need professional sales teams… urgently
Just need to push money behind sales program
That may be what Reg A is for. Just push budget around sales team and have them start putting points (revenues) on board at faster rate.
Patrick was also very keen on the size of the market -
300 m guns in the US, many millions of customers around the world for their smart sole package so they only need a few percentage share of the market to be a multi-billion corporation.
Interview Timeline: plan to raise Reg A offering price
8:16 - plan to adjust Reg A price upward
9:00 - float has remained near same in past 15 months
9:40 - management is largest shareholders
11:15 - no intention for any reverse splits near-term. Only to up list to larger exchange if needed.
18:36 - patent portfolio value
20:18 - federal grants could be worth tens of millions
21:05 - Level 2 being integrated into audits
24:00 - plans to market story for new investors
30:35 - plans to integrate AI into platforms
OTC market starting to heat up
I wouldn't say anything near wide spread, but last week or so I have been seeing small penny plays surging, which I have not seen in long time.
Maybe with rates now topped out speculative money is moving back in.
MLRT just gets small amount of retail this is .25+ fast
MLRT interview with online trading community coming
DD from the source with $MLRT Metalert CEO Patrick Bertagna! We had a very in-depth pre-show call! Come with questions!— Buffalo Fireside Chats (@buffalofireside) November 9, 2023
On Deck Lauren Bentley of $LSEB, Ryan Schadel of $MVCO, Marc Walther of $IFUS, In the works..... $CNNA $FERN and many more.
Listen to our monthly recap here:… pic.twitter.com/ljmfaJgih0
The second it moves it alerts
So even if they cut it, or a kid just touches the gun, it sends out alerts
I believe that the notification goes directly to the person's phone - but if they want to register the device with another phone, that should be possible. It then might be up to the phone owner who he wants to tell about the location of his phone. IMO
I like your idea as long a no one can track the location other than the owner of the firearm.
Any movement of the device will be detected on the phone so at least the owner will know that it has been tampered with.
As a previous post of mine says, the sensor being built into the product could be a next step which could reduce theft dramatically.
Range USA has 40+ locations, 10 states
Gun theft prevention platform
When houses or cars get robbed one of top things stolen are guns and firearms. MLRT provides gun owners ability to know if anyone is even touching or moving their gun right to their phone.
Most these stolen guns end up on the street in crimes
For pro gun owners being able to make sure their guns aren't stolen is big thing
Don’t need to imagine this….when the Hamas and other Islam terrorists that we have let in our country with our “non-open secured borders” start taking out their hatred on Americans
That could be a great deal
$15 Virtual Urgent Care Visits
In this economy?
That could sell like hot cakes with all of Walmart customers
A Virtual Urgent Care & Healthcare Management App
Featuring Telehealth by:
Email To Enroll
We are pleased to announce that through MetAlert, Inc. you now have access to telehealth services, normally only accessible through group or employer enrollment! This medical concierge and virtual urgent care gives you tools to stay healthy and allows you to reach a medical provider within minutes.
Illness or injury can strike suddenly.
Telehealth gives you access to medical help 24/7
HFH Go virtual healthcare assistant app now features real-time telehealth access via Walmart Health Virtual Care (WHVC).
?$7.99 per month
Access to the “HFH Go” app and
Telehealth services includes all the health care management features of HFH Go.
$15.00 per consultation
Only as needed. Order real-time telehealth consultations with the WHVC medical providers.
Email To Enroll
?When you have a health issue, log into your HFH Go Mobile App to search for answers in the expansive WellBe medical info desk. All searches are private and confidential so you can search confidently.
Have a large deductible? Save $$ with only $15 Virtual Urgent Care Visits.
Difficult to get an in-person appointment? Tired of the long waits? Save time on driving and waiting rooms with immediate answers from home.
Email To Enroll
How does it work? Watch a full, 5 minute walk through of the HFH Go app, from account set up, to capabilities and features. Setting up your account and personal health care dashboard is easier than you think!
It’s your job to protect yourself!
Tweet: responsible gun ownership
As tensions escalate globally, responsible gun ownership is crucial. If you're a new gun owner, ensure your firearm's security with GunAlert. Safety starts with you. 🛡️🔐https://t.co/bwKee87vj1$MLRT - MetAlert#GunControlNow #EndGunViolence #Everytown #NotOneMore $SWBI $RGR $OLN pic.twitter.com/SVBCjVbV2f— MetAlert (@metalertinc) October 23, 2023
oh really? is that what you think this administration is doing? HA HA! They are putting us in danger and they dont give a ..... about us pions! They care more about creating chaos, turmoil, creating the possibility of gaining more voters somehow, getting cheap labor, sex trafficking, drug trafficking! I f you Are counting on the government to help its citizens don't hold your breath!
Government usually does not do anything well. Smaller government is what we need! They are behaving like a spoiled child spending money they don't have and stripping it from future generations before its even been made!
Your statement is naive and only wishful thinking!
Sorry to burst your bubble!
It is the government's job to protect it's citizens.
Gun deaths in the US in 2022 was 48,117, according to provisional CDC data.
The gun is a part of everyday life, in the US so is it possible to reduce the death rate by, one day, building the MLRT sensor into all firearms and not even having to attach the sensor to the outside of the gun? Theft could be prevented by making the gun not work if the sensor is tampered with. That would give people full control over their guns.
Regarding the protection of other valuables, could the sensor be a natural edition to the make-up of the product reducing theft?
Security is great trade now - crime, economy, fear
A story for the Reddit boards…
War, crime, recession = more gun sales
More guns sold more some responsible parents may want safe guard so their kids don't mess around with the new "toy" in the house.
Just heard Yemen missiles fired at US Navy, mess in Middle East, and coming crime wave as recession hits will see more investors looking for anything involved with safety or security to invest in.
If we can just hit the gun sector traders this will take off
Gun sales rising as global fears grow
Gun shop owners in Boca Raton see rise in gun sales amid tensions in the Middle East
If It Moves has the BIG potential in my opinion
Their If It Moves product has the biggest potential. Can be used for boats, vehicles, equipment, etc. With rash of thefts going on could be good thing to lock on to high value asset.