Educational institutions around the world are looking for solutions that allow the safe return of students. Sterilization of equipment will be an important focus point for a very long time
We are pleased to start working with Norden CEF as our new certified adviser. Their experienced team and large network will support our continued growth journey as well as help us meet the regulatory obligations at Nasdaq First North
We used the lock-down in 2020 to optimize our operations to increase gross margin on Fable EDU and launch a new product, Fable Connect, to help homebound students return to school. This means that Shape Robotics is now active both in the EdTech and Welfare Tech markets. We see a high growth potential for our products in both markets in the coming years. Considering the difficult market situation in 2020, it is positive that the Company has been able to achieve 75% of the same turnover as it did in 2019, increased its gross profit in % and introduced a new high-potential product to the market.
In Q3 we spent a lot of time building the foundation for future growth: Launched new products, optimized our operations, and strengthened our organization. Just like everyone else, we also hope that COVID-19 will soon be history, but as a company we are now prepared even if it takes longer than anticipated.
Steen has the necessary expertise to grow our international sales and build a strong sales department. We're really fortunate to gain a leader with Steen's, talent and vision
We are very proud that Shape Robotics has been awarded this competitive grant that will support our R&D and help us reach our long-term commercial targets
All around the globe, children are struggling to understand technology as part of new curriculas. Technology is a tool, an infrastructure, a community, a media and a problem solver. All this is difficult to grasp. Shape robotics is enabling the teacher introducing technology in the classroom, so that everybody can get a first hand impression on robotics and coding. This is important work, and I am looking very much forward to participating.
A partnership with this global distributor would be a fantastic strengthening of our B2C sales channels. We are very excited about the potential of our new product “Fable Connect”, both on the B2C market as well as B2B
We are satisfied with the performance of the Company during the first half of 2020. The COVID-19 crisis closed educational institutions on a global scale and temporarily reduced their ability to deliver hands-on robotics education to their students. Considering this difficult situation, it is very positive that the Company has been able to achieve the same turnover for the period as it did in 2019, increased its gross profit and introduced a new high-potential product to the market.