Nearly every device boasts oodles of smarts now. You can control it from miles away, automate it, ask it to perform Mariah Carey, you name it. And seemingly, there’s plenty of demand for it!
Australian tech company Zimi (ASX: ZMM) has announced the successful production and first shipments of its latest smart device product range, Senoa. This marks the beginning of the Company’s commercialisation phase of the Senoa range of Smarter Glass Touch Switches.
That’s not all, Zimi’s expanded range of Powermesh smart devices and the new ‘E-Door connect’ smart door controller will begin shipping in July this year. The Company expects the majority of its current over $1.6 million worth of back orders of all products to ship throughout the Q1 FY24 period.
CEO Jordan Tentori stated, “Despite the revenue disruption posed by the global component shortages, our team has persevered to deliver products to the market after selling most of our stock in FY2022. The initial response for our new products has also exceeded our expectations, and we are well-positioned to capitalise on the immense opportunities within the ‘smart space’ technology market which continue to grow rapidly.
“Once our existing back orders are fulfilled, we have also secured components and production pipeline to support >$3.5M sales revenue for the H1 FY2024 period.”
In Q3 FY23, Zimi’s cash outflow stood at $311k for operating activities. In H1 FY23, it recorded a loss of $3.2 million, up from $2.8 million in H1 FY22. Its revenue declined from over $2.7 million to a mere $104k as the Company focused on inventory production. Its EBITDA loss amounted to $1.8 million.
Now, it is counting on its newly-minted inventory to pull it through. Powermesh and Senoa lines include multi-purpose switches, dimmers, power points, fan controllers and garage controllers. These products can be installed by an electrician and are easily controllable by end-users via Zimi’s home automation app.
The “E-door connect” is a device making garage doors smarter. It was developed with motor manufacturer BX Bunka Australia (Steel-Line & Dynamic Doors), which is one of Australia’s largest garage door providers and will launch Zimi’s new ‘e-door connect’ across its national business from July 2023. The device lets you open and shut your garage doors, coordinate with courier services and more from far far away.
As for the Smarter Glass Switch, the Company’s most “highly anticipated” device, it gives you control over switches in your home with a touch or your voice. It can also monitor and manage energy usage plus provide powerful data insights. A simple auto-off timer ensures that appliances aren’t left on (also putting all the arguments about whether a higher power pays your electricity bills at rest).
Tentori added, “I appreciate the patience of our customers and support of our shareholders this year as we navigated the head winds of supply shortages. We are proud to now deliver this expanded range of products to market and look forward to the products being installed to create smarter living experiences.”
Smart home devices are expected to penetrate over 80% of Aussie homes by 2027, up from the current 38%. Perhaps Zimi’s automated garage monitors and glass switches will be part of that future.
Alinda is a Business Reporter for The Sentiment
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