A mini-3M (Three M Company) that's developing augmented reality and Internet of Things (IoT) solutions for industrial clients.

• Video Management Software (VMS): Cemtrex offers cloud-based and on-premise software solutions for video surveillance and management across diverse industries.
• Digital Applications & IoT Solutions: The company develops custom software and platforms that leverage artificial intelligence, machine learning, and data analytics for enterprise-grade digital transformation and connectivity.

Cemtrex Inc. (CETX) primarily operates as a **business-to-business (B2B)** company, focusing on its **Industrial Services** segment. According to its latest Form 10-K filing for the fiscal year ended September 30, 2023 (filed in January 2024), Cemtrex has divested its Advanced Technologies segment, and its operations "consist solely of [its] Industrial Services segment as of September 30, 2023."

The Industrial Services segment provides comprehensive electrical contracting, mechanical contracting, general contracting, and maintenance services predominantly to industrial and commercial facilities across the United States.

While Cemtrex's SEC filings indicate a concentration of revenue from a few key customers, the company **does not publicly disclose the names of its major customers**. For instance, in its 10-K filing, Cemtrex states:

• For the year ended September 30, 2023, its largest customer accounted for 16.5% of consolidated revenues, and the two largest customers accounted for approximately 25.1%.
• For the year ended September 30, 2022, its largest customer accounted for 15.6% of consolidated revenues, and the two largest customers accounted for approximately 25.5%.

The company views the loss of a major customer as a material risk, but specific customer names are not provided in its public disclosures. Therefore, it is not possible to list the names or symbols of Cemtrex's major customer companies.

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Saagar Govil, Chief Executive Officer

Saagar Govil has served as Cemtrex's Chief Executive Officer and President since December 2011, having joined the company in 2008. Before becoming CEO, he was Vice President of Operations, overseeing sales, marketing, production, and engineering. His career at Cemtrex began as an applications engineer. Under his leadership, Cemtrex's revenues grew significantly from under $3 million to over $100 million, and the company was recognized multiple times on the Deloitte Fast 500 Technology list (2012, 2015, and 2016). Govil was named #17 on Business Insider's "Top 100 of Silicon Alley" and recognized in Forbes' 30 Under 30. He holds a B.E. in Materials Engineering from Stony Brook University, N.Y. He is also the CEO of Vicon Industries.

Paul J. Wyckoff, Chief Financial Officer

Paul J. Wyckoff was appointed Cemtrex's Chief Financial Officer effective January 6, 2025, after serving as Interim CFO since January 2022. He joined Cemtrex in March 2014 as the Manager of Financial Reporting and later served as the Corporate Controller since January 2019. Mr. Wyckoff brings over two decades of private accounting experience to his role. Prior to joining Cemtrex, he was the Controller at Vaso Corporation (formerly Vasomedical, Inc.), a medical device distribution company. He earned a B.S. in Accounting from SUNY College at Old Westbury.

Chris Wagner, Director

Chris Wagner is a Director at Cemtrex and a technology expert who works with investors, executives, and entrepreneurs to expand their brands, revenues, and customer base. He is currently a Managing Partner at OTT Advisors. Notably, Mr. Wagner co-founded the internet start-up NeuLion, which he helped grow to $100 million in revenue before it was sold to Endeavor for $250 million in cash.

Manpreet Singh, Director

Manpreet Singh serves as a Director at Cemtrex. He is the founder and Chief Investment Officer of Singh Capital Partners (SCP), a multifamily office that allocates investments across venture capital, real estate, and growth equity. SCP invests on behalf of Fortune 500 CXOs and Unicorn founders. Before establishing SCP, Mr. Singh co-founded TalkLocal, a venture-backed local services marketplace. He previously managed $1 billion in technology company investments globally at Profit Investment Management. Mr. Singh holds an MBA from the Wharton School of Business and a B.S. in Finance from the University of Maryland, College Park.

Metodi Filipov, Director

Metodi Filipov is a Director at Cemtrex and an entrepreneur and technology executive with more than 25 years of experience in creating, operating, and growing technology companies. He possesses a strong record of identifying business opportunities and developing compelling products. Mr. Filipov previously held the position of VP of Operations at Cemtrex from 2008 to 2010. Following his time at Cemtrex, he served as the Managing Director of Bianor, a mobile consulting firm.

The key risks to Cemtrex's business include:

1. Financial Distress and Going Concern Risk: Cemtrex faces significant financial challenges, including a history of persistent operating losses, deeply negative free cash flow, and a substantial accumulated deficit. The company's Altman Z-Score indicates financial distress, and management has expressed substantial doubt about its ability to continue as a going concern due to operational losses, working capital constraints, and debt maturities. This ongoing cash burn necessitates external funding, raising the risk of further financial instability.
2. Share Dilution and Nasdaq Listing Risk: To address its liquidity issues and settle debt, Cemtrex has frequently resorted to issuing new equity, leading to significant dilution for existing shareholders and creating downward pressure on the stock price. The company's stock is highly volatile and trades as a penny stock, which can deter investors. Cemtrex has also faced challenges in maintaining compliance with Nasdaq listing rules, and a failure to meet these requirements could lead to delisting, further reducing liquidity and investor confidence.
3. Acquisition Integration and Execution Risks: Cemtrex's growth strategy heavily relies on strategic acquisitions, but this approach introduces inherent execution risks and potential financial strain. Successfully integrating new businesses and realizing anticipated synergies can be challenging. Furthermore, the company operates in highly competitive technology and industrial services sectors, facing well-financed competitors, which can make sustained growth and profitability difficult.

The rapid emergence and consolidation of comprehensive industrial Internet of Things (IoT) and Artificial Intelligence (AI) platforms by major global technology and industrial firms (e.g., Siemens, Rockwell Automation, PTC, GE Digital). These integrated platforms offer end-to-end solutions for manufacturing optimization, predictive maintenance, and environmental monitoring, potentially rendering Cemtrex's more specialized, standalone industrial services and environmental systems less competitive or desirable by offering superior data integration, analytics, and operational efficiencies across entire industrial ecosystems.

Cemtrex Inc. (CETX) operates in several key markets, primarily through its Security Technology and Advanced Industrial Services (AIS) segments. The addressable markets for its main products and services are as follows:

Security Technology (Vicon Industries)

Cemtrex's Security segment, primarily through its subsidiary Vicon Industries, provides advanced video management software, high-performance security cameras, and integrated surveillance solutions, including AI-enabled systems. This segment addresses the global equipment monitoring market.

• Global Equipment Monitoring Market: The global equipment monitoring market was valued at approximately USD 3.51 billion in 2024 and is projected to reach around USD 6.08 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.65% from 2025 to 2034. Another estimate places the market at USD 4.43 billion in 2023, expected to reach USD 6.98 billion by 2031, with a CAGR of 6.45% from 2024 to 2031. North America holds a significant share, dominating the global equipment monitoring market in 2023.

Advanced Industrial Services (AIS)

The Advanced Industrial Services (AIS) segment offers expert rigging, millwrighting, process piping, and equipment installation services. It is also expanding into industrial automation, including robotic workcell design, controls programming, and systems integration. This aligns with the broader Industrial Internet of Things (IIoT) market.

• Global Industrial Internet of Things (IIoT) Market: The global Industrial Internet of Things market was estimated at USD 483.16 billion in 2024 and is projected to reach USD 1,693.44 billion by 2030, with a CAGR of 23.3% from 2025 to 2030. Other estimates for the global IIoT market size in 2024 range from USD 80.8 billion to USD 414.05 billion, with projections to reach between USD 176.2 billion and USD 2,334.44 billion by 2030-2033. North America dominated the global IIoT market in 2023, while the Asia Pacific region is expected to exhibit the highest CAGR during the forecast period.

Environmental Monitoring Systems

Cemtrex provides environmental monitoring systems, which include equipment designed to monitor and control air quality in industrial settings. This falls within the air pollution control equipment market.

• Global Air Pollution Control Equipment Market: The global air pollution control equipment market was valued at approximately USD 87.48 billion in 2024 and is projected to reach USD 150.57 billion by 2034, growing at a CAGR of 5.58% between 2025 and 2034. Another source indicates the market was valued at USD 86.5 billion in 2024 and is expected to reach USD 144.6 billion in 2034, with a CAGR of 5.3% from 2025 to 2034. The Asia-Pacific region is expected to dominate and contribute significantly to the market's growth.

SmartDesk and VR/AR Solutions

While Cemtrex has offered products like the SmartDesk, a workstation with integrated IoT capabilities, and virtual reality (VR) and augmented reality (AR) solutions, specific current addressable market sizes for these individual products were not consistently identified in recent market research reports focused on Cemtrex's current core operations. Therefore, for these specific products:

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Cemtrex (symbol: CETX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its Security and Industrial Services segments. The primary drivers include:

1. Expansion in the Security Segment with New Technologies and Major Orders: The Security segment, particularly through Vicon Industries, is a significant growth engine. Recent performance highlights include a 110% year-over-year revenue increase in Q2 FY 2025 for Vicon, fueled by a substantial $10.4 million government order and growing demand for AI-driven security products. The company also expects further growth from new product launches such as the Anavio cloud security platform and the NEXT Modular Sensor System.
2. Sustained Growth in the Industrial Services Segment (Advanced Industrial Services - AIS): Cemtrex's Industrial Services segment has consistently demonstrated strong revenue growth, with a 49% increase in Q3 2024 and an 11% increase for the nine months ended June 30, 2025. This growth is attributed to increased demand for its services and contributions from strategic acquisitions like Heisey Mechanical. Management anticipates more than 30% annual revenue growth in this segment for fiscal year 2024 and continued growth into fiscal year 2025.
3. Strategic Acquisitions to Enhance Market Reach and Capabilities: Cemtrex has a stated strategy of pursuing targeted acquisition opportunities to enhance its market reach and service capabilities. These acquisitions are expected to contribute to additional operating income and overall growth, with potential acquisitions adding $3-4 million in annual operating income. The company's strengthened balance sheet, partly due to a $10 million public offering, positions it to explore such opportunities.
4. Increased Demand for Industrial Services and Infrastructure Projects: Beyond specific acquisitions, the core demand for services within the Industrial Services segment is a significant driver. This segment has shown consistent increases due to heightened demand for its offerings and ongoing execution on infrastructure and industrial projects.

Share Repurchases

• Cemtrex's Board of Directors authorized a share repurchase program in August 2023 to repurchase up to 2,300,000 shares of its outstanding Series 1 Preferred Stock, commencing September 1, 2023, and ending August 31, 2026.
• Prior to this, the company had acquired a total of 331,839 common shares under a share repurchase authorization approved in 2016.

Share Issuance

• On May 29, 2025, Cemtrex closed an underwritten public offering, issuing 1,250,000 shares of common stock at $1.00 per share, raising approximately $1.25 million in gross proceeds.
• A 1-for-15 reverse stock split became effective on September 29, 2025, reducing the number of outstanding common shares.
• As of May 12, 2025, prior to the reverse split, the company had 1,784,581 shares of common stock issued and outstanding.

Outbound Investments

• In July 2025, Cemtrex acquired $1 million worth of Solana (SOL) cryptocurrency as part of a new digital asset treasury strategy, aiming to expand its crypto reserves to $10 million over time.
• The company is in advanced discussions to acquire a Midwest-based robotics integrator to expand its capabilities in robotic automation.
• Cemtrex signed letters of intent for two strategic acquisitions in robotics and aerospace in August 2025.

Capital Expenditures

• In the last 12 months (ending June 2025), capital expenditures amounted to -$2.30 million.
• Net cash used in investing activities was $1,482,232 for the nine months ended June 30, 2025, an increase from $406,224 in the prior year.
• Cemtrex's operations in manufacturing services, industrial contracting, monitoring instruments, and environmental control systems suggest ongoing capital expenditure for necessary equipment and facilities.