Russ McMeekin joined Universal mCloud, Corp. in 2016 and continues to manage activities at the IoT and AI operation as chief executive officer. Russ McMeekin, alongside Universal chief accounting officer Darren Anderson, recently spoke to Proactive Investors about the company’s strong Q2 2018 results.
Over the period, Universal mCloud’s (CVE:MCLD) consolidated revenue increased from $2.4 million to $3 million for a rise of 26 percent over the previous quarter. Gross margins, a strong point for the company due to Universal’s strategic approach to acquiring high margin innovative tech companies, held steady at 64 percent. Universal continues to demonstrate top line growth as the business moves towards profitability, though arguably the best news for the quarter involved the diversity of growth Universal saw across numerous technology types resulting from both strategic acquisitions and organic, in-house development. The company experienced similar success in terms of geographic diversification, with sales moving from the state of California throughout the United States and Canada, as well as certain Asian markets.
Notable customers for Universal have included some of the largest banking institutions in the US and Canada, including Bank of America. To learn more about IoT offerings from Universal mCloud, please visit the company online at www.mcloudcorp.com.
