The company’s share price has increased more than 37% since the start of 2017, last trading at A$0.044.
The ROVA drone is a light and compact flying selfie camera costing US$299, which connects to mobile phones and has a one-touch sharing option to social media.
The selfie drone is expected to become available on Amazon.com by early March 2017 and will be exclusive to Amazon.com customers for the first 90 days.
IOT is also continuing to conduct sales meetings with numerous other “big box” and specialty retailers.
The ROVA drone has generated significant interest from these retailers and the company is expecting purchase orders to be issued this quarter.
Importantly, IOT is projecting CY2017 revenues of at least A$25 million, based solely on the expected sales of its ROVA product in North America.
In anticipation of the initial demand for the device, IOT has already placed an order for the manufacture of 40,000 ROVA drones with AEE, one of the largest drone manufacturers in the world.
The ROVA is a potential game changer in the drone space as it focuses on selfies, which is an exciting new category for retailers.
IOT is well funded with a cash balance of $7.1 million at the end of the December 2016 quarter.
Story by ProactiveInvestors