This represents a 20% increase on the previous quarter and the company expects to achieve its market guidance of $6 million CARR by the end of June this year, based on several material opportunities at advanced stages of commercial negotiations.
Cash receipts were also the highest for any quarter, amounting to $1.36 million with $942,000 in receipts from customers as well as $420,000 from government refunds.
Customer retention was maintained at a rate of more than 99% for a second successive quarter.
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The company’s sales pipeline for both its Vault Enterprise and Solo product lines have reached record levels, with substantial deals for both products lines expected to be converted during the remaining financial year and into the next.
Key management changes during the quarter have strengthened the business, with the appointment of former Xero senior executive Ross Jenkins as Vault chairman having a positive impact on the company’s strategy and execution.
The team additions also include former Samsung national transport & logistics industry enterprise mobility lead Stephen Mummery stepping into the role of Vault’s general manager sales for Australia.
Vault ended the quarter with AUD equivalent funds of $3.53 million cash in hand, positioning it to continue its growth and development strategy.
The company anticipates strengthening its cash position from increased revenue, as well as being bolstered with additional government grants worth about $600,000 expected this quarter.
A significant number of options also expire at June 30, 2019, which if exercised will result in a cash inflow of about $625,000.
Cash burn for the quarter amounted to $1.08 million and is expected to substantially decrease in the upcoming quarter.