Why the Envirosuite (ASX: EVS) share price bumped up 6% today

The Envirosuite (ASX: EVS) share price is up today off the back of the company's second quarter results. Let's take a look.

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The Envirosuite Ltd (ASX: EVS) share price launched up almost 6% in opening trade today following release of the company's second-quarter results. Its shares have since retreated to 17.5 cents at the time of writing, up 2.94%.

Despite gaining more than 13% over the past six months, the Envirosuite share price has dropped roughly 37% in the 12 months since January 2020.

Why the Envirosuite share price is lifting today

Envirosuite, which develops environmental management technology solutions, listed four key highlights in its quarterly sales update. The company reported $1.1 million in new annual recurring revenue (AAR) during the quarter, having hooked 19 new clients. Envirosuite renewed 37 contracts totalling $2.7 million.

The company earned $3 million in new non-recurring revenue and claims to have $12 million of new APR in unweighted pipeline looking ahead to quarter three. According to Envirosuite, this works out to more than 150 opportunities being pursued.

Other quarterly highlights include a three-year construction deal in the UK, two new airport wins in Europe and a new contract with one of Australia's largest container ports.  

One billion shares outstanding

With one billion shares outstanding, the Institutional Brokers Estimates System (IBES) rates Envirosuite a buy. Curiously, the same Envirosuite share price report scored the company as a 2 out of 10 with a negative outlook. 

This score is calculated by evaluating a company's earnings, fundamentals, relative valuation, risk and price momentum.

The major difference between these two perspectives is that the first one is from a human analyst, the second born out of artificial intelligence (AI).

The Envirosuite market cap presently sits at 174.4 million.

What did the CEO say?

Commenting on the quarterly performance, Envirosuite CEO Peter White said:

EVS continues to build out its product portfolio across air, water and noise as it creates world-leading predictive solutions across wastewater and water, mining, airports and industrial customers.

Envirosuite's focus for 2021 continues to be on transforming our business model to produce higher gross margins through incorporating an ever increasing level of software and automation in our solutions and developing higher value products and outcomes for our customers as we cement our leadership in the environmental intelligence market.

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