Spotlite360 Iot Solutions Inc. Stock Price, News & Analysis

SpotLite360 IOT Solutions, Inc. (OTC: SPLTF) reported a significant revenue increase in Q1 2022, reaching $0.944 million, up from $0.199 million in Q4 2021. The company's net loss improved to $548,164 or ($0.01) per share, compared to $1.086 million or ($0.02) per share previously. With a backlog of contracted business exceeding $12 million, SpotLite360 anticipates continued growth through 2022. The firm is focused on enhancing supply chain transparency using its scalable SaaS-based technology solutions.

SpotLite360 IOT Solutions reported financial results for the fiscal year 2021, with total expenses of $4.2 million primarily due to startup costs. The company experienced a loss of $0.10 per share but generated $204,000 in revenue in Q4 2021. The secured backlog of contracted revenue exceeds $10 million, following a recent acquisition of E3 Service Group and a new contract with an Arizona cultivation company valued at nearly $10 million. SpotLite360 plans to focus on revenue growth and onboarding new customers throughout 2022.

SpotLite360 IOT Solutions, Inc. (OTC: SPLTF) announces a new contract valued at approximately USD $10 million for indoor cannabis cultivation technology in Arizona. This project will utilize IoT solutions to monitor environmental factors such as airflow and temperature, aiming to improve cultivation quality and operational efficiency. The contract revenue is expected to be recognized within fiscal year 2022. Additionally, the company has granted 3,250,000 restricted share units (RSUs) to consultants and an officer at a price of $0.12 per share, as part of its RSU Plan.

SpotLite360 IOT Solutions, Inc. (OTC: SPLTF) announces plans for expanding operations by opening branch offices in several U.S. states, including Oklahoma and Arizona, to enhance local customer support. The initiative is driven by a customer-first culture aimed at implementing process automation and improving real-time decision-making. These new offices are expected to scale as customer opportunities develop. SpotLite360 focuses on providing logistics technology solutions to enhance supply chain transparency and compliance with upcoming regulations in various industries.

SpotLite360 IOT Solutions, Inc. (CSE: LITE, OTC: SPLTF) has formed a strategic partnership with American Cannabis Consulting (ACC) through a Master Agreement dated March 30, 2022. This collaboration aims to utilize SpotLite360's SaaS technology alongside ACC's expertise in cannabis cultivation to improve supply chain transparency and process efficiency.

Joint initiatives will focus on consulting projects across seven states, targeting opportunities in new construction. The partnership aims to enhance product quality and support sustainability claims in the cannabis industry.

SpotLite360 IOT Solutions has acquired a majority stake in E3 Service Group for US $1 million and 20 million shares at CAD $0.20 each. E3 specializes in environmental solutions for agriculture and cannabis, boasting a contract backlog worth CAD $6 million. The acquisition aims to integrate E3's engineering expertise with SpotLite360's supply chain technology, enhancing product offerings and sustainability data. Additionally, Shawn Phillips has been appointed Senior VP of Operations, and 500,000 stock options were granted to him. This strategic move is expected to improve operational efficiency and market reach.

SpotLite360 IOT Solutions has entered a binding agreement to acquire a majority equity interest in E3 Service Group for US $1 million cash and 20 million shares at CAD $0.20 per share. The transaction aims to enhance operational efficiency and supply chain transparency within the agricultural sector. E3's established engineering capabilities, with over 300 projects across 13 states, will integrate with SpotLite360’s technology. The deal is expected to close in early March 2022, subject to regulatory filings.

SpotLite360 IOT Solutions (OTC: SPLTF) has partnered with Control Union to introduce a global hemp supply chain certification. This certification aims to ensure product quality and sustainability from seed to consumer through innovative technologies like RFID and IoT. Control Union, with operations in over 85 countries, will help author and audit these standards, promoting transparency and environmental governance in hemp products. This initiative is expected to align the hemp industry with recognized agricultural practices, enhancing product trust and visibility.

SpotLite360 IOT Solutions, Inc. (CSE: LITE, OTC: SPLTF) has signed a non-binding letter of intent to acquire a majority interest in E3 Services Group LLC, dated November 12, 2021. This acquisition aims to leverage both companies' strengths in IoT technologies for the cannabis sector. E3 operates in nine states, focusing on HVAC solutions for cannabis cultivation with integrated IoT sensors. The acquisition is expected to enhance revenue opportunities and supply chain visibility solutions. Closing is anticipated by the end of Q4 2021, pending regulatory approvals and board approvals.