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- Buddy Technologies (BUD) has received a $3.8 million purchase order for its LIFX White smart lights
- This is the largest order for smart lights that the company has ever received
- The company says its LIFX lights are a cheap, user-friendly, energy-efficient bulb for smart homes
- Buddy says the order is a significant milestone, and brings it one step closer to achieving its 2020 goals
- It believes this sizeable order is only a fraction of the company’s initial projections for the product’s manufacturing run
- The low-cost lights will reach retailers in time for summer in the Northern Hemisphere
- Buddy’s share price is up 22.2 per cent to trade at 1.1 cents per share
Buddy Technologies (BUD) has received a massive purchase order for its LIFX White smart lights, worth $3.8 million.
The purchase is the largest order for smart lights that the company has ever received.
Buddy Technologies recently announced the low-cost smart lights, called LIFX White, as the company’s latest product line. They cost approximately $15 each and are designed with energy efficiency and easy installation in mind.
The first orders for the lights are initial stocking requests and come from North America’s online and offline retail markets. Units are destined for sale in the U.S., Canada, and Mexico.
Buddy Technologies has stated that this sizeable order is only a fraction of the company’s initial projections for the product’s manufacturing run. The company is already anticipating more orders from other parts of the world.
This order has given Buddy Technologies a head-start on achieving one of its eight goals for 2020; “to grow scale via a low-cost, high-quality entry point light”. The company has been working to meet this goal since October 2019.
Buddy Technologies CEO, David McLauchlan, called the large first set of orders an important milestone for the company. He also referenced the importance of energy-efficient lighting during the self-isolation period caused by COVID-19.
“LIFX White’s affordability and ease of installation will bring smart lighting into the homes of countless new customers around the world, who are now spending more time at home,” David explained.
“Given the propensity for customers to remain loyal to our brand, and buy their way up their product portfolio, we’re optimistic about the flow-on effects on broader sales from these low-cost, but profitable products,” he said.
The company expects that orders for LIFX White smart lights will reach retailers in time for summer in the Northern Hemisphere.
Buddy’s share price is up 22.2 per cent to trade at 1.1 cents per share at 12:18 pm AEDT.
