Key Highlights:
-- Strong revenue growth: Total revenue of $5.3m in 1H FY23, up 19% on 1H FY22, driven by a 25% increase in recurring license and support fees, due to increased average revenue per customer and revenue expansion across all solutions and geographies.
-- ARR of $9.6m: Annual Recurring Revenue (“ARR”) is tracking at a run rate of $9.6m, up 8% on prior comparative period (pcp).
-- Minimal net cash outflow: Net operating cash out flow of $160K in 1H FY23 and cash balance of $2.8m at 31 December 2022.
-- Enterprise contract renewals: ANZ Bank, Singtel and Optus signed contract extensions for the enterprise Knowledge Management solution, KnowledgeIQ, with a combined total contract value of over $6.7m and an increase in Annual Recuring Revenue (ARR) of $0.3m.
-- Positive outlook for 2H FY23: The strong pipeline of enterprise and mid market opportunities across all solutions, together with disciplined cost control is expected to continue to increase ARR and improve cash flow over the next 6-12 months.
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