Fatman releases FY2020 results and reveals major R&D projects on IoT applications

For the fiscal year ending 30 November 2020, revenue of Fatman decreased to EUR 3.1 million, operating loss was at EUR 58 000, and the average number of employees was 38.

According to the company management, several major customer projects that were originally planned for 2020 were postponed due to financial uncertainty and unusual working environment caused by the COVID-19 pandemic. Market environment and Fatman’s business are slowly expected to return to normal during 2021, but there is still a lot of uncertainty due to the prolonged pandemic. The estimated impact of COVID-19 to Fatman’s annual revenue was approx. 25% in 2020.

Despite of an extremely challenging business environment, the continuous business has remained stable and Fatman has been producing high quality SaaS services with most of the team working remotely since April 2020. Last year, the company also started major R&D projects in the field of IoT applications with an aim to push the market towards a direction where data from different devices is systematically collected and analyzed to define WHO should do WHAT, WHERE and WHEN.

Under this concept, Fatman has introduced the first solutions where large data sets are collected and structured, forecasting algorithms are used to define probable future events, and task optimization is done to ensure efficient use of available resources. This work continues in 2021 with an increasing pace.