GPS technology-focused holding company GTX Corp (OTC: GTXO) this morning provided a summary of the company’s activities and achievements during the second quarter ended June 30, 2018. Per the update, GTX Corp’s overall revenue for the second quarter saw an increase of 7% over the same period of 2017. Subscriber revenue also demonstrated an increase, rising 108% over the second quarter of 2017. “We had an overall good quarter, with single- or double-digit increases or decreases in all the major metrics – revenues were up, subscribers were up, margins and profits were up, while our cost of operations, professional services, G&A and net losses decreased. Overall product revenues were slightly impacted due the launch of new products and not having enough inventory on hand before the end of the quarter, however a key metric worth noting is number of subscribers and subscriber revenue, both of which are fundamental to our overall success and have been increasing steadily over the past year. This quarter, our subscribers not only increased by 52% but the subscriber revenue increased by 108%; this is a very good indicator that we are adding higher-paying subscribers, which directly correlates to higher margins, higher profits and getting closer to cash flow positive,” GTX Corp CEO Patrick Bertagna stated in the news release.
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About GTX Corp
GTX Corp (GTXO) is a pioneer in smart, mobile and wearable GPS tracking and recovery location-based products, supported through a proprietary IoT enterprise monitoring platform. GTX offers a global end-to-end solution of hardware, software and connectivity. GTX Corp develops two-way GPS tracking technologies, which seamlessly integrate with consumer products and enterprise applications. GTX Corp utilizes the latest in miniaturized, low-power-consumption GPS, cellular, RF and BLE technology, enabling subscribers to track in real time the whereabouts of people or high-value assets through a complete –end-to-end, customizable transceiver module, wireless connectivity gateway, smart phone apps, middleware and IoT portal. Headquartered in Los Angeles, California, GTX is known for its game-changing and award-winning patented GPS SmartSole® – think Dr. Scholl’s meets LoJack – the world’s first invisible, wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. GTX Corp’s business model is built around technology innovation, and the Company holds over 85 patents, with many issued patents in the area of GPS tracking. The company has international distributors servicing customers in over 35 countries and is a U.S. military government contractor. Other customers include public health authorities and municipalities, emergency and law enforcement, NGOs, private companies, public and private senior care homes, and consumers. For more information, visit the company’s website at www.GTXCorp.com
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