Iveda Solutions $IVDA surged 30% higher in early trading on August 8, 2022, after the company received $3 million in projects from Taiwan.
Iveda Awarded $3 Million in Taiwan Projects
On August 8, 2022, Iveda $IVDA, a worldwide provider of artificial intelligence (A.I.) video search, Internet of Things (IoT), video surveillance, and smart city digital transformation technologies, announced four signed contracts in Taiwan worth approximately $3 million gross revenues. These projects are in process and are slated to be completed by the end of the 2022 calendar year. Iveda Taiwan will manage and see the projects to completion.
The largest of the projects is for $2.7 million with a government agency to provide a video security surveillance system at 61 locations countrywide. Iveda cannot disclose the agency’s identity due to the project’s sensitivity and security reasons. Iveda will provide networking equipment and interprocess communication (IPC) computers to assist its partner in designing and installing a state-of-the-art video command, communication, and control system. This deployment has the potential to be replicated at all 300 locations.
The second contract is with the Taiwan Stock Exchange. Iveda will update the existing video surveillance system, access control, and facial-recognition system with enhanced A.I. functionality.
The third contract is with the Kaohsiung Road Excavation Administration Center to replace, update and expand the existing cloud-based surveillance system. The improvement includes updating CCTV and I.P. cameras, visitor display walls, cloud-based software, and a public address system. This will enhance the central operation center’s real-time field data and activity awareness.
The fourth contract is with in-house small arms shooting range of an undisclosed Taiwan Ministry. Iveda will replace video surveillance systems with our cutting-edge network video technology, all designed for safety and efficient range management.
“We are seeing great business momentum now after more than two years of COVID-related setbacks,” said Ing-Hang Shiau, president of Iveda Taiwan. “We are very optimistic about our revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... growth as we approach the end of 2022 and enter 2023,” said Shiau.
“The new and returning clients in Taiwan are as anticipated in our aggressive pursuit of exponential revenue growth,” said David Ly, CEO of Iveda. “Enhancing public safety and quality of life in the Republic of Taiwan is the result of the solutions we provide,” added Ly.
According to a June report by Fortune Business Insights, the video surveillance market will increase to $33.6 billion globally in 2026, up from $19.1 billion in 2018.
Iveda Solutions initiated with a Buy at Maxim
On June 2, 2022, Maxim analyst Allen Klee initiated coverage of Iveda Solutions with a Buy rating and a $4.00 price target. The company’s AI-backed video surveillance solutions address smart cities’ large and growing markets and the Internet of Things. The company’s growth will likely be driven by strategic partners and a trusted track record with large cities and agencies.
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📈 Iveda Solutions $IVDA Chart
$IVDA stock has been scraping along a bottom for the last four months, from May to August 2022. Unfortunately, long-term indicators fully support a continuation of the lateral move. Institutional investors want to see more such contracts before investing in $IVDA stock. Institutional investor ownership has increased by 76% over the previous 3-month period, which is bullish. The stock won’t move until bigger investors like Blackrock and Vanguard take a position. So far, A.I. Aladdin seems unconvinced that the most recent contracts justify large positions at this time.