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K2fly posts record December quarter as growth continues

Invoices for the December quarter were 17% higher than the prior June quarter and 102% higher than the previous December quarter.

K2fly Ltd - K2fly Limited posts record December quarter as growth continues
Cash at hand on 31 December was $1.1 million with $1.05 million in receivables

K2fly Ltd (ASX:K2F) has raised invoices of $1.67 million for the December quarter, more than double that of the previous December quarter.

The company sells its own software (RCubed and Infoscope), resells third party’s software, and provides experienced consultants to clients using the software.

The December quarter is the best quarterly result to date achieved by the company.

The growth is the results of new contracts being signed such as with Rio Tinto, Nexa Resources, Teck Resources, and Westgold Resources.

Annual recurring revenue (ARR) grew by 40% in the quarter to >$1.4 million and total contract value (TCV) grew by 188% in the quarter to >$3.5 million.

Growth expected to continue

K2fly noted that significant progress is being made with other prospective clients including paid work in advance of contract signing.

As at 31 December 2019, the available cash at hand was $1.1 million with an additional $1.05 million in aged receivables largely from tier-one clients.

There is also another $0.10 million of work in progress with existing clients which will be invoiced on delivery.

Quick facts: K2fly Ltd

Price: 0.28 AUD

ASX:K2F
Market: ASX
Market Cap: $23.12 m
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