MICT Inc. (NASDAQ:MICT) jumped 9%. Recently the company released its Q2 2021 financial results for the period ending June 30, 2021. The company’s insurance business jumped 50% sequentially to $12.3 million for B2B sales relative to $8.2 million in Q1.
Total consolidated revenue was up 38%, attributed to the increase in demand in the insurance segment. Operating loss in Q2 2021 was $16.6 million compare to $4.7 million in the previous quarter. MICT had $114 million in cash at the end of the quarter.
The company is currently in the final testing stages for the Magpie stock trading platform, which will launch sometime this. Interestingly, the MICT board has approved a $60 million Magpies Securities capitalization for its funds to finance the unveiling and growth of the stock trading platform. In addition, CEO Darren Mercer said that the company delivered significant QoQ growth in the B2B insurance division despite launching at the end of last year and is still at the early stages of the long-term business strategy execution. So in the coming months, investors should watch MICT.
Market Reaction:
On Tuesday, MICT stock gained 9% at $1.97 with more than 3.09 million shares, compared to its average volume of 1.94 million shares. The stock has moved within a range of $1.7900 – 1.9900 after opening the trade at $1.79
