TraceSafe Inc. (CSE:TSF) has said it will recognize US$3.4 million in revenue for Q2 2021, a 6.6 times increase over Q2 2020.
The company noted that together, Q1 and Q2 2020 revenue now exceeds 2020 full-year revenue, while gross margin for Q2 was $389,140, an increase of 100% compared to Q2 2020.
It said the current trends are expected to continue into Q3 and throughout 2021 with sales pipeline deals.
READ: TraceSafe debuts new contactless access control system for the cruise industry
TraceSafe is currently pivoting towards higher levels of software support revenue in addition to ongoing hardware sales and is moving away from solely providing contact tracing solutions. Current areas of expansion are asset tracking, employee time and attendance, and worker safety.
Customers currently using TraceSafe's contact tracing hardware can expect add-ons to various TraceSafe devices, including RFID and rechargeable batteries, over the coming months, the company said.
As of July 21, 2021, in addition to agreements with Calgary Stampede, Oil Search, and others, TraceSafe said orders have been received from three different cruise line companies to provide products on an ongoing basis. These three contracts encompass a mixture of hardware deliverables and software support. With deliveries that commenced in late June, the majority of revenue will be realized in Q3.
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons and enterprise cloud management. Its leading cloud management solution ensures both user privacy and comprehensive administrative control.
The company's patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading-edge solutions for Enterprise, Healthcare, Education, Government, and large-scale venue management.
Contact the author at jon.hopkins@proactiveinvestors.com