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Harris Tech’s refurbished business fuels record fiscal year

Harris Technology closed the fiscal year with a stronger fourth quarter as revenue reached $4.3 million, bringing full-year sales to $17.8 million, up 29 per cent from the previous year. 

Refurbished technology remained its biggest growth driver, contributing about $2.5 million, or 58 per cent of quarterly revenue.

CEO Garrison Huang said the business has reached a “self-sustaining” scale that positions it for further expansion.

“As the refurbished tech division has blossomed over the past two years, the scale of our supply chain and sales has become self-sustaining, which will create opportunities for us to target growth both vertically into more supply chain elements and horizontally into more product categories,” he said.

For the full year, the category generated $7.8 million, which the retailer says its largest revenue by both revenue and net profit.

During the quarter, shareholders’ equity increased by about $897,000 after FSP Technology made an investment last month.

“We are delighted to welcome FSP Technology as a strategic shareholder, being a highly respected global technology company with an extensive track record of innovation and manufacturing excellence,” Huang added.

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