Large Buddy smart light order exceeds 40% of total 2019 sales
After the market closed on Tuesday, Buddy Technologies Limited (ASX:BUD), announced that it had received its largest set of smart light orders to date, totalling approximately A$3.8 million.
With many people across the world confined to home, this could be the start of a busy period for the company given that it develops and distributes products that are used indoors.
Buddy is an IoT and cloud-based solutions group that services both the commercial and consumer sectors.
Its two core businesses are Buddy Ohm and Buddy Managed Services with the former providing the commercial and industrial sector with monitoring and analytics solutions for energy monitoring, reporting and auditing.
Buddy Managed Services licenses Buddy’s technology platforms to customers for integration into their own products.
Buddy’s Consumer Business trades under the LIFX brand and has established a leading market position as a provider of smart lighting solutions.
The company’s suite of Wi-Fi enabled lights are currently used in nearly one million homes, viewed as second only to lighting giant, Philips Hue.
LIFX products are sold in over 100 countries worldwide, directly and via distribution and sales partnerships with leading retailers and ecommerce platforms including Amazon, Google, Apple, JB Hi-Fi, Bunnings, Officeworks, MediaMarkt, Saturn and Best Buy (in both the US and Canada).
Largest order the company has received
The orders for LIFX White low-cost smart lights, which will reach retailers in time for the northern summer, demonstrates that while the impact of the COVID-19 virus is dominating the news, retailers continue to plan for significant sales of smart lighting products in the second half of the year.
It is worth noting that these first orders for LIFX White smart lights are initial stocking orders destined for the North American online and offline retail markets in North and South America, and comprise only a portion of the initial projected manufacturing run for the product, which will be sold globally.
The company anticipates further orders for other regions of the world (as with all other LIFX products), which are re-ordered by retailers to replenish stock on a regular basis.
Commenting on this development, Chief Executive David McLauchlan said, “Such a large first set of orders marks an important milestone for us.”
“The affordability and ease of installation of LIFX White will help bring smart lighting into the homes of countless new customers around the world who are now spending more time at home.
‘’In unit volume of lights, this single order exceeds 40% of our total sales volume in 2019.’’