Key Highlights:
-- Total FY23 cash receipts up 13% on pcp: Q4 FY23 cash receipts of $2.2m including $0.8m R&D rebate, with an additional $3.0m received from customers to date in July. Total FY23 cash receipts of $11.2m, up 13% on pcp.
-- Steady Annual Recurring Revenue (ARR): ARR of $9.5m at July 2023, up 1% year-on-year and steady quarter-on-quarter.
-- Revised growth strategy: In the past quarter, the growth strategy has been refined to prioritise product development and customer acquisition in the Knowledge Management and Library Management solutions.
-- Restructure of operations to align with revised strategy: Focus on operational efficiency and a reduction in operating expenses by around $1m for FY24.
-- Solid cash position: Cash balance of $2.0m at 30 June 2023, increased to $4.2m at the date of this report.
-- Outlook: Targeting cashflow and EBITDA breakeven, while continuing to enhance solution features to satisfy existing customer and market requirements and pursuing growth in recurring revenue.
Knosys Limited (ASX:KNO) (“Knosys” or the “Company”) is pleased to provide its June 2023 quarterly activity report and update on the Company’s operations and business.
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