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K2fly chalks record quarterly invoicing as it continues to invest in new products and capability

For the financial year 2021, it recorded invoices of A$7.8 million, an 18% increase from the A$6.6 million invoices raised for FY20.

K2fly Ltd - K2Fly chalks another record invoicing in the fourth quarter as it continues to invest in new products and capability
Annual recurring revenue (ARR) stood at A$3.38 million, up 50% from the fourth quarter of 2020

K2fly Ltd (ASX:K2F) had another record invoicing quarter, raising invoices for A$2.54 million in the June quarter, up 34% from A$1.9 million in the same quarter of 2020.

For the 2021 financial year, the company recorded invoices of A$7.8 million, an 18% increase from the A$6.6 million invoices raised for FY20.

Annual recurring revenue (ARR) stood at A$3.38 million, up 50% from the fourth quarter of 2020.

As of June 30, 2021, the cash available was A$6.90 million and there was A$2.13 million in receivables, predominantly from Tier 1 clients.

Total contract value in the fourth quarter rose by 48% to $9.9 million from the corresponding quarter in 2020 and K2F has no debt.

Continued investment

The technology company said the fourth quarter saw its software division continuing to invest in strategic products, with a major new release of its highly successful RCubed solution due in the new calendar year.

In the quarter, there was also further enhancement of the Mine Technical Assurance Suite and the Tailings solution.

In a statement releasing its operating update and FY21 financials, the company said: “Our investments are working towards creating both new products and capability to meet our rapidly growing pipeline.

“The new offerings form part of our well-advertised ‘land & expand’ strategy.

“We are confident that these investments will add immediate and long-term value to K2F.

Sales in Q4 FY21

In the fourth quarter of FY21, K2fly made its inaugural sale of the full Mine Technical assurance suite from the SATEVA acquisition.

The company is positive that this is the beginning of a long-term partnership with Roy Hill, following the five-year agreement worth A$2.44 million.

In June 2021, K2fly expanded its relationship with Rio Tinto Iron Ore with a new agreement to implement its Maximum Return, Geology Data Management solution.

The initial three-year agreement is valued at A$750,000.

K2fly has also contracted with Heathgate Resources Pty Ltd to implement a land access and monitoring solution at its Beverley and Beverley North mine site in South Australia.

The agreement is for five years with a total contract value (TCV) value of over A$200,000.

Follow through from record Q3

The company, which provides software and solutions to tier-one mining clients to support resource definition, topped its sales invoicing record in May and delivered its first-ever A$2 million-plus quarter at the end of March.

In May, invoicing exceeded the A$1 million benchmark for the first time.

Quick facts: K2fly Ltd

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K2fly highlights record invoicing in May and new partnership with Descartes Labs

K2fly Ltd's (ASX:K2F) Nic Pollock tells Proactive's Andrew Scott they've recorded three consecutive months of record sales invoicing. The company topped its sales invoicing record in May and delivered its first-ever A$2 million-plus quarter at the end of March. Pollock also provides an update on...

on 17/6/21

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