t42 IoT Tracking extends loan date, receives USD2.5 million in orders

(Alliance News) - t42 IoT Tracking Solutions PLC on Tuesday said it has received orders worth more than USD2.5 million from Contguard Ltd, and has agreed to extend its existing USD1.3 million loan.

Shares in t42 were up 23% at 2.71 pence in London on Tuesday afternoon. The stock remains down 40% over the past year, however.

The provider of real-time tracking solutions for the freight market said the maturity date of its USD1.3 million secured convertible loan from Ewave Mobile Ltd has been extended to December 10, 2027.

Contguard has also placed purchase orders for t42 tracking product units, worth more than USD2.5 million, with payments in advance of deliveries. The orders are scheduled for 2025 and 2026.

"The board views this agreement as a strong endorsement of the company's technology and market positioning. The order reflects only part of the growth in demand expected from Contguard, whose operational performance has led to a marked increase in order volumes," said t42.

"Furthermore, once deployed and operational, the units are expected to generate additional significant [software as a service] revenues to the company."

t42 expects to release its results for the six months to June 30 by the end of August.

By Emily Parsons, Alliance News reporter

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T42 Iot Track.