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  • Q3 Fiscal 2022 Results: CalAmp Corp. (CAMP) Plunges Deep Pre-Market

    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.

  • Here is why CalAmp Corp. (CAMP) stock plummeted in the after-hours on Thursday?

    CalAmp Corp. (CAMP) shares plunged 7.12% in after-hours on Thursday, June 24, 2021, and closed the day at $13.30 per share. Earlier in the morning session, CAMP’s stock gained 4.07% to close Thursday’s session at $14.32 per share. CAMP shares have risen 89.92% over the last 12 months, and they have moved up 3.24% in the past week. Over the past three months, the stock has gained 33.09%, while over the past six months, it has declined 53.81%.

    Let’s have a look at its recent news and developments.

    Latest financial results announcement

    On June 24, 2021, CalAmp announced its financial results for its first quarter of the fiscal year 2022 ended May 31, 2021.

    Q1 2022 financial highlights

    • CalAmp reported total revenue of $79.67 million for Q1 2022 compared to $73.73 million for Q1 2021.
    • The gross margin was 40.7% in Q1 2022, compared to 39% in Q1 2021.
    • The company suffered a GAAP net loss of $6.0 million from continuing operations, or a loss of $0.17per share in Q1 2022 compared to a $6.58 million loss or a loss of $0.19 per share in Q1 2021.
    • Adjusted basis non-GAAP net income was $2.9 million, or $0.08per diluted share in Q1 2022 compared to adjusted non-GAAP net income of $3.0 million or $0.19 per share in Q1 2021.
    • Adjusted EBITDA was $8.4 million in Q1 2022 compared to Adjusted EBITDA of $8.3 million in Q1 2021.
    • As of May 31, 2021, the company had $96.2 million in cash and cash equivalents.

    CalAmp’s Tracker and cap hpi Partnership

    On June 22, 2021, Tracker, which is a subsidiary of CalAmp, signed a partnership agreement with Cap hpi which will help car dealers deliver security to their customers, while also tapping into new income streams hidden on their lots.

    LoJack® Italia partnership with Koelliker Group

    On June 21, 2021, LoJack® Italia, which is a subsidiary of CalAmp announced a partnership with Koelliker Group to provide the pre-installedLoJack® Connect cutting-edge connected car intelligence and services that encourage better driving habits and enhance vehicle safety for more secure and sustainable mobility.

    Update about CalAmp Board members

    The two long-standing directors of CalAmp, A.J. “Bert” Moyer and Larry Wolfe both announced their retirements but will keep serving until the new slate of directors has been ratified at its upcoming Annual Meeting of Stockholders on July 28, 2021. Moyer has served on CalAmp’s Board for more than 16 years and also served as chairman from July 2013 to July 2020. Wolfe served on the Board for more than 12 years and had previously chaired the Company’s Audit Committee.

    Conclusion

    The financial results announcement was the reason behind its poor performance in the after-hours on Thursday. The results improved but not significantly which resulted in declining the CAMP share price.