Sales of the much touted Apple watch fell 71% during the third quarter of 2016 while aggregate worldwide sales growth of the top five wearable device vendors slowed to 3.1% overall for the period.
Then there’s the state of the wearables market to consider. It will take some time for the group to get its device into stores and the customers to buy in such volumes to justify the company’s current market capitalisation of over £50m. The group has no revenue, has generated non-stop losses since inception and is still relying on shareholders to fund its day-to-day operations. Highly speculative betĭespite its distribution agreements, at this point, CloudTag is a highly speculative bet. The group already has an agreement with a leading North American distributor, CITIES Market Studios Group, which will sell and market its products in the US and Canada to its largest regular retail partners, including big names such as Best Buy, Walmart, Target and Amazon. Along with the product announcement, the company added that it’s in early-stage discussions with a further potential UK distributor as well as an online retailer. Speculation on social media forced the company to make this announcement ahead of time, but the premature release doesn’t appear to have done any damage to CloudTag’s share price. The September fund raise took the total value of cash raised by the company since April of this year to £3m.Īt the beginning of this week, CloudTag announced that it expects to receive the first manufactured stock of its wearable device later this month. The September rally in CloudTag’s shares was driven by the company’s decision to raise £500,000 through the issue of 4.4m shares to fund the development of its personal well-being monitoring devices.
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