Flexpoint Sensor Systems Inc (OTCMKTS:FLXT) on April 18, 2022, announced significant growth in orders for glove. The orders were placed by a number of virtual reality leaders including Neofect, Gloreha and VR.
Market Reaction
On Monday, FLXT stock jumped 2% to $0.0428 with 1.29K shares, compared to its average volume of 107k shares. The stock moved within a range of $0.0395 – 0.0428 after opening trade at $0.0395.
Flexpoint Continues Significant Growth in Orders of its Patented Bend Sensor From Top Virtual Reality Leaders of the Glove Sector
Flexpoint’s Bend Sensor is much sought after as the VR market continues to grow. Additionally, there has been growth in demand for innovative medical equipment. The firm is implementing technology for use in Automotive manufacturer’s vehicles. It views this as a revenue generator in 2022 and will expand the patented Bend Sensor’s capabilities.
Flexpoint’s President, Clark More expressed delight on the reception of its sensor technology in different applications. More added that the firm has experienced an upturn in its orders in quarter four of 2021 and quarter one of the current 2022. He hopes that the trend will continue throughout the year as well as in the future.
More confirmed on the company receiving and delivering orders for about 2900 gloves and 33,000 additional sensors in last quarter of 2021. This amounts to about $130,000 in revenue. The company has also received extra orders to continue development of sensors for automotive manufacturers.
A number of companies as well as industries are harnessing the virtual reality gloves. Manus gloves having Flexpoint’s Bend Sensor helps in AR, VR and mixed reality experiments.
Key Quote
“We are pleased with the reception of our sensor technology in so many varied and diverse applications. We have experienced a significant upturn in sensor orders over the last quarter of 2021 and the first quarter of 2022 and expect that this trend will continue throughout the balance of 2022 and into the future,” stated Flexpoint’s President, Clark More.
Traders Review
FLXT stock is trading below the 20-Day and 50-Day Moving averages of $0.0461 and $0.0524 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0575.
