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.