ARB IOT Stock Surges On Bagging $20M AI Equipment Order: Retail Strikes A Bullish Note

Shares of ARB IOT Group Ltd. (ARBB) staged a recovery to gain over 6% in Tuesday’s after-hours trading session after the company bagged an annual recurring artificial intelligence-powered (AI) equipment order, lifting retail sentiment.

This comes after the ARBB stock tanked more than 25% during Tuesday’s regular trade.

ARB announced that its wholly-owned subsidiary, ARB Agro Technology, has received an order to manage 3,000 acres of palm oil plantations in the Sabah region in Malaysia. For this, the company will use its AI Smart IOT Palm Farming System.

The company plans to use its AI Smart IOT Palm Farming System towards this effort, which is expected to improve operational efficiency and enhance yields.

ARB anticipates the deal, worth about $20 million, to recur annually – almost equivalent to the company’s current market capitalization, which stood at $19.79 million as of Tuesday's market close.

“We believe that Whizzl’s extensive market expertise and distribution network will help expand the reach of our Smart IoT Palming Farming solutions, empowering palm farmers with data-driven insights and automation,” said Dato’ Sri Liew Kok Leong, CEO of ARB IOT.

Last week, ARB bagged a $45 million AI data center order to supply 500 units of its ARB-222 AI servers, sending the stock ripping.

Retail users expressed optimism about the deal, with one saying the stock could touch the $1.17 mark.

ARB’s stock has gained more than 177% in the last six months, but it is in the red over the past year, with a decline of more than 51%.

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