Vault Intelligence Ltd (ASX:VLT) has revealed a target of $10 million in annualised recurring revenue (CARR) to be delivered by June 30, 2020.
The target has been set following the acceleration in sales as a result of focused growth initiatives, customer-driven product development (particularly in the Solo product line) and a significant qualified pipeline of new opportunities.
Earlier this month, Vault confirmed it achieved $6.02 million in CARR as at June 30, 2019.
READ: Vault Intelligence confirms record June quarter growth
New agreements and extensions combined for the $6.02 million which includes record net new CARR for a quarter of $1.25 million.
Notably, this represents a growth of more than 2.3 times the previous March quarter.
Vault also delivered record results in the quarter for cash receipts with the business breaking through the $1.5 million barrier for the first time based on revenue from Vault Enterprise product and Vault Solo.
The company ended the quarter with ~$2.8 million in cash (excluding net receivables of ~$330,000) and is well-positioned financially to continue the growth and development of the business.
Cash burn for the quarter was significantly lower at $738,000, representing a reduction of 32% on prior quarter