The Company’s financial position continues to strengthen, building on the positive momentum achieved in the previous quarters. The Company remains profitable and cashflow positive.
The Company’s working capital position remains strong, with a 9% increase from the prior quarter to $3.7m.
The Company recorded a quarterly unaudited net profit before tax of $246k.
The Company believes that the OnTRAC revenues will continue with subscription numbers appearing to have stabilised in recent months. Subscription numbers aside, the Company continues to build on its flagship OnTRAC SaaS solution within GM’s Dealership Network. Today, OnTRAC is used by circa 22% of all Light Vehicle Dealerships in the US, with the platform registering on average over 10,000 logins per day. The Company expects that ongoing optimisation and customisation work currently in hand will continue to drive both customisation and new recurring revenues. The Company continues to actively pursue growth opportunity within the current GM Dealership Network, as well as across other OEMs and their respective Dealerships.
CXZ Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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