Israel-based diamond tech company Sarine Technologies has announced results for Q3 2022 and the nine months ended September 30, 2022.
In Q3, revenues rose 20% year-on-year to $14.5 million. Profitability improved 12% year-on-year to$ 2.2 million, due, primarily, to the increase in sales and financial income. For the first nine months of the year, revenues were down 5% year-on-year, while profitability was down 40% year-on-year to $ 8.7 million.
According to Sarine, “geopolitical uncertainties are expected to continue through to the end of 2022 and quite probably into 2023;” nevertheless, retailers may be cautiously optimistic on prospects for the year-end holiday season as, according “to the latest data from the key US market”, the economy and consumer demand “remain robust and inflation has cooled somewhat.” Sarine predicts that its revenues from digital tender services will continue to expand.
