A week after reporting ongoing losses for Q2 FY2023, Applied UV (NASDAQ:AUVI) announced an organizational restructuring plan to improve operational performance. The Company expects these steps to position Applied UV for long-term growth “while establishing a clear path to consist profitability and sustainable free cash flow.”
The newly-announced operational restructuring includes the following initiatives:
- Reduction in duplicate headcount to realize cost synergies in integrating Puro Lighting and LED Supply Co.
- Integration of Airocide and Puro sales teams and reporting software
- Price increases across select Airocide and Munnworks products
- Transfer of most all manufacturing of SteriLumen disinfection-related product to Canon Virginia
- Transition future R&D to Canon, Virginia
CEO Max Munn noted that Applied UV’s current market capitalization is not reflective of their achievements, and that a higher valuation will be driven by the combination of these efforts, along with revenue guidance of $45M for FY2023.
Go Deeper: Applied UV’s August 28, 2023 Press Release