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.”