Sarin Q1 Revenues $12.3 Million
May 12, 11(IDEX Online News) - Sarin Technologies Ltd reported today $12.3 million in revenues in the first quarter and a net profit of $3.3 million. The company said that the strong sequential quarterly growth is driven by optimistic business sentiments underpinned by improved market conditions.
The quarter-over-quarter 32% increase in revenue was mainly generated from its Galaxy system, including sales, recurring revenue from service centers and customer usage fees, which contributed approximately 20% of the quarter’s revenue.
The recurring revenue component from Sarin’s Galaxy/Solaris technology business model continued to expand and neared 15% of total Group revenue during the quarter.
Year-over-year, Sarin’s revenue and net profit declined by 10% and 25%, respectively. The company explains this by the surge in manufacturing last year as the 2008 crisis ended as well as Sarin’s last one-off sale of a second Galaxy 1000 machine to a leading Indian diamond manufacturer. This business model is no longer offered.