The founder-led company from Melbourne reported a 14 per cent year-on-year lift in revenue to $12.8 million in the June quarter, amidst momentum in Australia with renewed contracts and the share of overseas revenue increasing over the past 12 months.
The artificial intelligence (AI) powered road safety solutions group also reported an 18 per cent jump in unaudited revenue to $49.6 million for the full year, fully funded with cash reserves sitting at $19.3 million at the end of June.
"I am pleased with the progress we made in the last quarter of the financial year, which positions us well as we head into FY25," says founder and CEO Alexander Jannink, who was crowned Trailblazer at last year's Australian Young Entrepreneur Awards, for which nominations have opened for 2024 entries.
"We continue to educate the market about the benefits of our products and services, which reduce dangerous driving behaviours and improve road safety.
"Our existing customers are electing to extend the terms of their contracts with us and increase units or scope, underscoring the growth potential of the business in Australia and internationally."
Jannink says the company has achieved significant milestones in advancing its growth strategies both in Australia and abroad.
"The successful deployment of Heads-Up fixed site systems in South Australia marked half of Australia’s states and territories actively using our solutions to suppress distracted driving," he says.
"We have expanded our international footprint, particularly in key markets like the United States (US) and the United Kingdom (UK) with revenue contribution from outside of Australia increasing from 1 per cent in FY23 to 4 per cent in FY24."
In the US, contracts have been signed with customers for real-time speed enforcement, real-time distracted driving enforcement and for data collection.
After a six-month trial, the Arkansas Department of Transportation entered into a one-year contract with Acusensus valued at US$400,000 ($600,000), while the success of the first year of the program in North Carolina has led the state's Department of Public Safety providing notice that it will be extending its contract for real-time distracted driving and seatbelt enforcement for commercial vehicles into the second year.
This month, the State of Georgia entered into a one-year contract with one year extension option for real-time distracted driving and seatbelt enforcement with a value of US$800,000 ($1.2 million) for the first year, marking the third ongoing annualised state level deal for real time enforcement in the US.
In the UK the company's Heads-Up solution won the The Chartered Institution of Highways & Transportation (CIHT) Road Safety Award in June 2024, which recognises outstanding achievements to improve road user safety through excellent practice, design and technical application.
Furthermore, data captured by the Acusensus technology was used by the UK Department for Transport to publish a report illustrating the scale of the problem of phone distracted driving and seatbelt non-compliance.
In Australia, the Queensland Department of Transport and Main Roads entered into a contract variation for additional speed enforcement trailers for five years with an estimated contract value of $4.6 million, while Transport for New South Wales entered into a contract variation to turn on the seatbelt enforcement module from the start of this month for its existing distracted driving fixed sites and trailer solutions.
Transport for New South Wales has also extended the Mobile Speed Camera contract for another year since the start of this month.
In addition to these developments, Jannink also points to the active pilot of the company's Road Worker Safety Solution with one of Australia’s largest road constructors, Fulton Hogan.
"The pilot is providing valuable insights to inform an expected commercial product launch in 2025," he says.
"We have also developed a step change improvement in our world class imaging, delivering even sharper and clearer images under all weather conditions than ever before."
