David Lucatz Chairman, President, and Chief Executive Officer
Moran Amran Finance Controller
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.

Thank you. Good morning and thank you for calling in to review MICT's Second Quarter 2019 Results. Management will provide an overview of the results.

Importantly, there is a slide presentation which management will use during their overview. This presentation can be found on the Investor Relations section of the company's website at www.mict-inc.com under Events and Presentations.

and a in of regarding XXXX the results this access clicking presentation these results. also second issued link a the company's morning may PDF second the copy by financial link, You labeled clicking quarter then press release through presentation. Callers scroll copy to PDF management as the the presentation slides accessing need goes will of manually the through the

brief now to read statement. take Harbor a moment will I Safe the

Micronet's Private not this of of with Securities a reflecting forward-looking call, and that management regarding Litigation sheet expressed with XXXX the of limited completion Technology customer satisfaction funding a agreement with BNN, technology belief Ltd. make can third parties, of market base, markets, current Micronet's PLC, implied in forward the expertise the statements closing Laws. include, million move Federal has to sign $X.XX course will in statements with the that BNN and in or management target. balance the and confidence the but ParagonEx connections from the expected the global BNN, that MICT XXXX statements and sales positions and achieve within are to additional leading which July the Securities forward-looking definitive U.S. markets announced Act Reform During customers a MICT strong of other other timing they combined the those and on of and believe that team, planned These with

materially quarter including Form and forward-looking ended other are on in results other in the the on to or report the risks annual company’s presentation implications from elsewhere filed XXXX and with with Securities "Risk report ended June and differ Factors" and the risks, discussed XXXX cause known unknown XX-K the exchange annual for and subject and actual in involve the that XX-Q Such Commission, year and to Exchange and The December securities this factors uncertainties, the company's XX, statements projected. Form for those their those forward-looking statements contained uncertainties filed performance section may XX, in commission.

issuance No any or securities proposed offer contravention of is to to in in transaction in or there solicitation otherwise, of buy communication solicitation to an jurisdiction law. securities shall constitute vote sell jurisdiction nor subscribe any This sale the to the to any or or for of not any or and does the an or for will purchase be pursuant offer not transfer applicable invitation offer solicitation: of any or subscribe an or intended

certain the ascertained, made or Act jurisdiction with directly transmission, violation jurisdiction. No or subject of indirectly Important to to of would any by offer telephone by regulators without be limitation, foreign commerce Exchange means any and such of facility approved a to or of will or of by certain do securities will be of the or or the filed a any similarly instrumentality, of internet a National Securities laws or constitute the use like jurisdiction such so additional inter-state the of of SEC. means including information any mails or be the Securities the shall in where perspective of relevant XXXX, meeting offer public as requirements by to be amended, into except expectations be not the fact made

information Ltd, BNN matters. other and will combination parties to entirety, Technology and connection proposed about GFH, with combination. a Ltd., statement a registration the On containing Form X, information a urges investors in related materials other perspective XXXX, they read ParagonEx, carefully F-X PLC, business that important stockholders these because other MICT statement for Global GFH, Fintech business and important in filed on their and February and propose MICT Holding, contain proxy stockholders, MICT,

obtain Investors SEC the materials at copies and www.sec.gov. these stockholders the free through website SEC may by maintained with of the

copies Avenue, statement to Investors obtain stockholders business addition, New be to proposed any able or X, the read of Jersey, materials XX will statement, proxy before Grand decision and the Suite West urged stockholders by and investors Montvale to with making the are directing and prospectus combination. XXXXX. other to investment In free proxy MICT a Inc., voting relevant request respect

of of in the officers, participants executive held to approve be solicitation persons combination. directors in deemed be stockholders under Participants business proxies the the business regarding the proxy deemed with the special the in are the solicitation and MICT's connection be solicitation: in forth its statement/prospectus. participants to proposed combination to MICT SEC, the in meeting proposed Information may who be may, of the MICT's for and rules set of stockholders

the You can Annual about such from directors above. December filing, and information MICT's you the on officers XX-K find can in executive contact free Form its information using XX, Report year-ended After XXXX. of documents copies these MICT for obtain

required law, or any a call as to disclaims of future this information, of forward-looking whether makes the conference and August the is as or obligation that and company to that new of otherwise management based update obligation reasonable note, this any are alter Except are XXXX that otherwise. result its assumptions statements Please date on date. events statements today as by is under no XX, forward-looking expressly

of David MICT. release. the be presentation will have slide President, On Relations company's link or be Chief referring to and Lucatz, section as press MICT; Investor of accessed reminder, the and Controller again, we And Executive in Officer management that can morning, Amran, a the the this the Moran via a call of site Chairman,

will an to the who XXXX. will we for ended, months give Then overview statement three We review will move David, June developments opening business with numbers on XX, from Moran. with of the start an

on David. to turn now go Slide will David, begin presentation who X. I the Please the ahead, call over will

David Lucatz

Thank you. morning, everyone. Good

with BNN, of founders. acquisition ParagonEx, XXXX to of towards agreement and advance of continue During that of a in second quarter into group the entered XXXX, December completion MICT we an

XXXX, quarter $X amount of the Just million, after expected to million the certain the MICT investor weeks. received definitive in remaining July signing been of with and preferred $X.XX and of stock, announced six relating notes next $X.XX a agreements by of MICT, already by million this convertible the totaling end collectively separate of in offering have we the second

to a certain which in on and holds MICT, terms. with continues of base. convertible Ltd, receive stake date customers, satisfaction served the is XX.XX% from favorable company. sign of sales BNN current more $X.XX Micronet to milestone completion confidence invested believe instruments customer in both to clear its we contemplated the replace instrument which contracts existing The MICT significant opening, a million note in is on has for $X the million clinical Based which

existing orders with for recurring Micronet TREQ $XX,XXX being generation SmartHub the orders its quarter hardware of totaled the second during its platforms $X.X to and VMX revenue. million customers, Xth

planned. X addition, the is as Micronet that development its the currently In believes the proceeding top and advanced generation SmartCAM of technologies next

On XXXX. its Slide holds X, to due will rules, effective stake XXXX XX.XX% U.S. in second our Micronet. And financial Micronet voting MICT like results on ownership we that based would quarters MICT therefore, review reports results. X, currently longer We reduced remind a March of consolidated the investors to no GAAP

the $X months ended MICT had XX, ended XX, million months a months compared was ended XXXX. for June to the June XX, the three June for $X.X Micronet revenue XXXX, XXXX, million three sales While three in for for $X.X

compared the compared for XX, $XXX,XXX gross three ended XX, $X for development to was loss million for of profit expenses to as June XXXX. months $X.XX months three ended was months Research $X, XXXX, ended for the June XXXX June XXXX. June three XX, months three the and XX, the Gross ended

million for was was compared June months $X.X to months June XX, June three profit ended Net XXXX months million expense to the for million three of administrative XXXX. XXXX, ended XX, Selling, loss general compared ended ended the for for the MICT and net a as months XX, $XXX,XXX XXXX. three to XX, $X.XX the attributed June three as $X.X

I will the now more financial Moran call for review. detailed a turn

Moran Amran

the XXXX. XX, and $X the MICT revenue the for illustrated to ending in to ended Thank months months $X.X for XXXX. compared next reported as compared the as same million slide period same revenue period XX, a David, you, everyone. morning XXXX, three-and-six in period June good both The XXXX three June during

six XXXX. $XXX,XXX in in MICT revenues, the months of reported June as $XX.X to million same XXXX period For compared the XX, ended

Slide months ended months detailed three for a breakdown XX, XXXX. months XX, June June $X.X attributed ended more Loss and the June to compared XX, development $X.X ended Net provides XXXX. months the of the XXXX, the million for three compared was three X expense the to the loss a to XX, MICT ended to ended June net XXXX. June $XXX,XXX $XXX,XXX $X, from numbers. three the months XXXX, for June XXXX Research three compared million XX, operation of were XX, for months for three was $XXX,XXX ended profit for

and basic diluted XX, from a basic profit of operations of $X.XX XX, June compared continued of basic diluted XXXX. a loss months On the a ended $X.X from the share share share to MICT for June per per reported share net net net from operations per and months and a operations XXXX, continuing three per $X.XX and for loss discontinued diluted basis, three ended

period the same $X.XX XXXX. Net months compared operation the ending [$X.XX Loss of XXXX. June million, the XXXX, from months to XX, first Operating XX, six of in ended compared months $XXX,XXX, first in expense million XXXX $X to six six the of was compared profit in in $X.XX for million] the XXXX. the months control was to was XXXX from June in months six in of $X.XX million loss six first

per a months of XXXX, first $X of diluted six continuing in of fist per and a net the loss Net six the of net share and to XXXX, a profit $X.XX $X.XX loss profit discontinued continued a share basic On per months per of diluted from from and $X.XX was basis, the first compared XXXX. share attributed $X.XX the in basic operation of first compared months to of XXXX. the to share million from operation reported MICT of in six months MICT in million net net six loss operation

as in previous relating Slide don’t the cash XXXX. On cash have take as of into XXXX received mentioned cash equivalent sheet, XX, account equivalent a X. in our Turning to to XX, June of MICT and balance we XXXX, July funding. cash funds MICT and $XX,XXX June

working We million equity as capital in XX, of a XXXX. shareholders of deficit June and in $X.X deficits $XXX,XXX have

now back David. to turn I call will the

David Lucatz

with technology condition of among very completed agreement move in a with with the management our balance expertise in MICT combined our connection effort would sheet believe we and market closing thank achieve in We date. target. speaking Thanks, we forward look connection With pleased I which to market, we or largest fund-raising more planned to employees. leading completion quarter. others. into to to you market have dedicated ParagonEx, have global and our one with the and currently the strong team, are like We I a forward can in next to BNN the history position


concludes This you Enertec results Micronet conference call. you. second for Thank quarter Thank participation. Technologies your XXXX

and go You disconnect. ahead may