Following the Q3 FY2022 earnings report, CalAmp Corp. (CAMP) stock took a dive by 12.34% pre-market on Tuesday. During the regular session, the stock traded between $9.52 and $10.05 at 425.82K shares. CAMP closed the session at $9.89 with a gain of 5.32%. But the situation reversed in the pre-market due to the earnings report, causing the stock to fall down to $8.67.
The wireless access and computer technology company CalAmp Corp. has a market capitalization of $336.93 million. Currently, the company has 35.88 million shares outstanding in the market.
Moreover, CAMP stock has gained 4.11% in the past five days, while it has lost 2.18% last month. Further, the one-year gain for the stock stands at 6.23%.
CAMP’s Q3 FY2022
The company reported its third-quarter financials for the fiscal year 2022, on Tuesday. The Q3 fiscal 2022, ended on November 30, 2021.
In the third quarter of fiscal 2022, CAMP’s total revenue showed a decrease of 12% year over year, to $69.0 million. This included Software and Subscription Services revenue and Telematics Products revenue of $37 million and $32 million, respectively. While the S&SS revenue increased 7% year over year, the TP revenue declined by 14% year over year. Furthermore, the Q3 revenue missed the consensus estimate by 3.27%.
Moreover, the third quarter of fiscal 2022, reported an adjusted non-GAAP net loss of $3 million. Consequently, the adjusted non-GAAP net loss per diluted share was $0.08 in the Q3 of fiscal 2022.
In addition, the gross margin showed a small increase from 40% in Q3 of fiscal 2021, to 41% in Q3 of fiscal 2022.
CAMP ended the third quarter of fiscal 2022, with cash and cash equivalents of $91 million.
Recent Developments
On December 01, the company announced that its subsidiary LoJack® España has entered a partnership with Bipi. LoJack is CAMP’s wholly-owned subsidiary that provides stolen vehicle recovery and connected car services. Moreover, Bipi which operated in Spain, Italy, and France, is an innovative car subscription service.
As per the partnership, LoJack through its connected car solutions will allow Bipi to manage fleet operations more effectively. Furthermore, LoJack’s solutions will also track stolen vehicles and enable preventative fleet maintenance for Bipi.
The co-founder and CEO of Bipi, Hans Christ, shares his optimism and satisfaction over the partnership. This will allow Bipi’s customers to roam around freely with the satisfaction that LoJack and Bipi are ever ready to assist.
