This morning, Trakopolis announced it had expanded its partnership with Honeywell’s ConneXt Loneworker. The pair will proceed with the integration of over 30 unique wireless gas detection and specialized communication devices.
“With a major win in connected gas detection already fully implemented we know that customers are demanding more options and functionality to connect their entire organization,” said CEO Brent Moore. “To further our leadership position by quickly connecting such a vast and powerful line of unique products is a true testament to our innovative technology strategy. We look forward to working with clients to deliver unmatched, comprehensive, end-to-end industrial Internet of things solutions. Our long-held strategy of collaboration continues to create crucial differentiation in the global safety and productivity market. By rapidly accessing the entire RAE Systems wireless portfolio through our world-class API we propel the Trakopolis platform beyond the competition for the foreseeable future. Major corporations require an enterprise grade platform that can connect everyone and everything and we are pleased to separate ourselves even further from our industry peers in that regard. Having the entire RAE Systems wireless portfolio connected to Trakopolis enables us to provide substantially more to customers and opens the entire multibillion-dollar global gas detection market to us. Our partnership with Honeywell gives Trakopolis brand name recognition, established global sales and support channels, major marketing horsepower and access to an unrivalled selection of proven technologies, all with only a minimal [research and development] spend.”
Garcea says this is a great development for Trakopolis, and one that could be the beginnings of something much bigger.
“We view the deepened relationship with Honeywell as strategically important and provides a key partner of reference going forward,” the analyst says. “The traditional recurring revenue cycle starts with hardware revenue, which then turns into subscription (recurring) revenue.”
In a research update to clients today, Garcea maintained his “Speculative Buy” rating and one-year price target of $1.50 on Trakopolis, implying a return of 76.5 per cent at the time of publication.
Garcea thinks Trakopolis will generate Adjusted EBITDA of negative $3.0-million on revenue of $9.1-million in fiscal 2017. He expects those numbers will improve to EBITDA of negative $1.9-million on a topline of $11.2-million the following year.
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