- K2fly spent $565,000 in the September 2019 financial quarter.
- It ended the September quarter with $1.4 million.
- The company raised $1 million in the quarter and plans to spend the cash raised on RCubed contracts.
K2fly Ltd’s (ASX:K2F) information product solutions have been taken to 40 countries across the world by its high-profile resource sector clients.
The Western Australian company, which reported quarterly results to market today, targets the mining industry with its data and consulting services.
Among K2fly’s well-known software-as-a-service type offerings is the Infoscope land information management system.
The Subiaco-based company also resells access to other organisations’ software.
K2fly has been integrating the resource governance pick-up RCubed into its offering and will use a $1 million capital raising from the September 2019 quarter to fund delivery of RCubed contracts.
The company reported today that it continued to “undertake significant consultancy assignments across rail, water, mining and electricity clients”.
Most of the work is in mining-strong regions of Western Australia and New South Wales, with some projects to run until the end of financial year or mid-2020.
K2fly chief executive officer Brian Miller said today, “We can now boast that a number of significant mining companies have invested in our software-as-a-service offerings.
“Companies such as Fortescue Metals Group, Glencore, Newcrest Mining, Mineral Resources, Teck Resources, Anglo Gold Ashanti, Imerys, Nexa Resources, Westgold Resources and Panoramic Resources have put their faith in our intellectual property and it is heartening to know that we are at the core of what matters to the resources sector.
“The fact that we are engaged with companies who have taken our software to more than 40 countries is indeed reassuring that we are on the right track.”
Subiaco-based K2fly spent $565,000 in the September 2019 quarter and plans to spend $2 million in the December 2019 quarter, including a flagged $1 million on product manufacturing and operating costs.