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Netlinkz confident customer receipts will continue to rise after posting quarterly record

The company’s receipts from customers grew 77% quarter-on-quarter to $5.5 million in the September quarter 2020 from $3.1 million in the June quarter 2020.

Netlinkz Ltd - Netlinkz customer receipts will “continue to increase considerably” after posting quarterly record
Netlinkz is well placed to meet its guidance of $15.5 million of receipts for this year

Netlinkz Ltd (ASX:NET) achieved record receipts from customers for the quarter ended September 30, 2020, driven by increasing demand for the company’s VSN (virtual secure network) platform, particularly in China.

Receipts from customers grew 89% quarter-on-quarter to $5.8 million, up from the June quarter total of $3.1 million.

Netlinkz’s recurring revenue continues to track up and is likely to account for a greater percentage of customer receipts as new VSN deployments are secured.

Well-positioned to meet guidance

This is the third consecutive quarter of strong growth in receipts from customers this calendar year and Netlinkz is comfortably placed to meet its previously stated guidance of $15.5 million of receipts from customers by the end of 2020.

Large opportunity in China and India

Executive chairman and chief executive officer James Tsiolis said: “Netlinkz is very pleased to report continuing top-line growth and the September quarter is another record performance.

“We’re excited about the large market opportunity we have in China with the rest of the world to follow.

"The Natsoft partnership is one such initiative that will drive this global growth outside of China.

“A key focus for our team right now is to deliver our greatly enhanced VSN ‘2’ platform which is in the final stages of development.

“Enhancements to the platform ensure that we maintain a market-leading position and deliver high levels of tendering success.

“We look forward to reporting on progress as well as some other pleasing growth initiatives we are close to delivering.”

Quick facts: Netlinkz Ltd

Price: 0.069 AUD

ASX:NET
Market: ASX
Market Cap: $149.12 m
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