Ann: June Q4 and Full Year FY2023 Quarterly Activities Report, page-2

Strong Growth Across Key Financial Metrics; Approaching Cash Breakeven

Highlights

• Revenue of $4.0m in Q4 FY2023, up 18% from Q3 FY2023 and
up 38% from Q4 FY2022
• FY2023 revenue was up 28% on FY2022
• Annual Recurring Revenue (ARR)2 of $7.5m in Q4 FY2023, 7%
higher than Q3 FY2023 and 25% higher than in Q4 FY2022
• Net Operating Cash Inflow for the quarter was $1.0m; Net
Operating Cash Outflow for FY2023 was $0.6m compared to
$0.8m in FY2022

• Material contracts update

o Eramet SA (Resource Disclosure solution); 3-years - TCV $564k /
ARR $152k

o BHP WAIO (Ground Disturbance solution extension); 3-years -
TCV $1.99m / ARR $664k

o Post quarter end: Roy Hill (Ground Disturbance solution); 5-years
– TCV $2.0m / ARR $300k

• Cash balance on 30 June 2023 was $4.4m

o A working capital facility of $2.0m with 24-month term was
established with Maptek Pty Ltd, providing K2fly with additional
flexibility to manage its working capital requirements

o The facility is undrawn