Although it was a momentous day for Tytan Cybernetics (OTCMKTS:NIHK) on Tuesday after it managed to report the fourth consecutive profitable quarter, it did not lead to any boost for its stock. The Tytan Cybernetics stock suffered from a selloff and went down by as much as 4% for the day.
Technical Data
NIHK stock is trading below the 20-Day and 50-Day Moving averages of $0.0293 and $0.0290 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0580. The company has a total market capitalization of $4.71 million. The stock is down 34% over the past month.
Trading Data
On Tuesday, NIHK stock slid 3.64% to $0.0265 with more than 168K shares, compared to its average volume of 242K shares. The stock moved within a range of $0.0250 – 0.0330 after opening trading at $0.0250.
Earnings Recap
The company is involved in new-age technology like artificial intelligence, electric vehicle technology, drones, and robotics among others. The company announced that it had managed to generate a net income of $0.97 million for the quarter. On top of that, it managed to generate revenue growth of 144.18% year on year as it brought in $9.87 million in revenues.
On the other hand, the net income generated by Tytan Cybernetics in 2022 till date came in at $1.57 million and that reflected year-on-year growth of a staggering 1330.66%. The improvement in profitability was primarily brought about by improvements in operations and also in finances in all the businesses in which the company is involved.
Frank I Igwealor, who is the Chief Executive Officer and President of the company, noted that Tytan Cybernetics was looking to bring in growth across its business lines in the future.
Key Quote
“We continue to see financial and operational improvements, which allowed us to deliver another quarter of profitability,” said Frank I Igwealor, President and CEO of Tytan Cybernetics, Inc. “As we grow our business lines to unlock new growth avenues, our strategy to generate operational efficiencies is also taking hold, as reflected by our notable year-over-year and sequential improvements in Net Income during the quarter. We are pleased to see our financial engineering-based approach to enhancing our shareholders’ value take effect, which will allow us to have greater financial flexibility to conduct mergers and acquisition in the quarters ahead. I look forward to the remainder of 2022, which is shaping up to be a strong year for Tytan Cybernetics as we work diligently to generate long-term value for our stakeholders.”
