Highlights• Revenue of $3.4m in Q3 FY2023, up 19% from Q2 FY2023 and up
35% from Q3 FY2022; due to the commencement of new contracts
signed in recent quarters and the achievement of go live
milestones
• Annual Recurring Revenue (ARR)2 of $7.0m in Q3 FY2023, 2% higher
than Q2 FY2023 and 35% higher than in Q3 FY2022
• Total Contract Value (TCV)2 of $17.1m in Q3 FY2023, 12% lower
than Q2 FY2023 and 3% higher than Q3 FY2022 due to contract
depletion across all existing contracts, including due to the
achievement and billing of implementation milestones,
outweighing the value of new contracts
• Cash Receipts from Customers; up 21% at the end of Q3 year to
date, up 24% at $3.6m in Q3 compared to Q2 FY2023 and up 100%
compared to Q3 FY2022, a function of growth in the revenue base,
the timing of billings including the achievement of implementation
milestones, and payment terms
• Net Operating Cash Outflow; improved 36% at the end of Q3 year
to date at $1.8m compared to the end of Q3 F2022 year to date at
$2.8m; a function of cash receipts on the back of revenue growth
• Material contracts update – implementation go lives of K2fly
Solutions with BHP Iron Ore (Ground Disturbance) and Rio Tinto
(Reconciliation)
o BHP Iron Ore Ground Disturbance solution implementation in its WA
Iron Ore (WAIO) operations in the Pilbara of Western Australia has
gone live.
o Rio Tinto Reconciliation module implementation has gone live, utilised
across 24 reporting sites
• Cash balance on 31 March 2023 was $4.1m (no debt
