Addvalue partners with Open Cosmos, reports growth in profits

Image courtesy of Addvalue Technologies.

Singapore-listed Addvalue Technologies, a satellite communications service provider, has just announced a partnership with space mission provider Open Cosmos to provide continuous communication and “data-burst as-a-service” to constellation-based remote sensing and IoT businesses.

The agreement will allow Open Cosmos’s nanosatellites to stay in continuous communications with their operation centre on the ground, thereby enabling mission tasking and mission data delivery in near real time. This will involve integrating Addvalue’s Inter-Satellite Data Relay System (IDRS™) on Open Cosmos’ qbee satellite platforms ranging from 6U, 12U to 50kg, which can then be used on-demand by Open Cosmos’ customers.

Dr Colin Chan, Chairman and CEO Addvalue said:  “This partnership to provide an IDRS™ terminal tailored to the qbee satellite platform as an add-on function will enable us to shorten our turnaround time to deploy the IDRS™ service as and when real-time connectivity is required by Open Cosmos customers.”

Rafel Jorda Siquier, Founder & CEO, Open Cosmos said: “Many of our space mission customers have been asking for near-real time communications with our qbee satellites. Addvalue is using our simple-i service to fully qualify the compatibility of its IDRS™ in our qbkit and when that is done we will be able to offer it as an off-the-shelf service in all our satellites.”

Addvalue reports growth in revenues, profits for 1Q2019

In a separate press release, Addvalue also announced growth in both revenues and profits for the first financial quarter ended 30 June 2018 (“1Q2019”) of the financial year ended 31 March 2019 (“FY2019”) in comparison to that of the corresponding quarter (“1Q2018”) of the financial year ended 31 March 2018 (“FY2018”).

According to the company, its revenue hiked by 33.4% in 1Q2019 vis-a-vis 1Q2018, gross profit increased by 15.5% in 1Q2019 vis-a-vis 1Q2018, and net loss reduced by 20.6% in 1Q2019 vis-a-vis 1Q2018. In terms of real figures, the company’s profits for 1Q2019 totaled US$ 388,000, as compared to US$ 336,000 in 1Q2018.

The company reported that the improved performance was attributed mainly to the maiden delivery of the Group’s new proprietary Software Defined Radio communication modules (“SDR Modules”) to an unspecified Singapore government agency and cost containment measures.

Addvalue expects to register accelerated revenue growth for both its businesses from FY2019 and beyond and with its performance for FY2019 to significantly outdo that of FY2018. Its projections are based on a secured order of about S$1 million (approximately US$728,000) by a Singapore government agency, its fishing fleet terminals in the USA and China, its IDRS™ business, and a focus on the Internet of Things (IoT) industry.

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