2 heads are better than one, right? Am I right?

https://go.eroad.com/webmail/105232/1054909303/b65db1a9ee9016823e79fe91a5bbae3e1158add57989eb4c2c311f7c0478b278

Waiting and watching bagholder IRL.

Finding the AI integration with Microsoft rather interesting. Held IRL & hopeful bagholder.

Dear Shareholders,

Positive HY Results 

We are pleased to announce today that our HY results demonstrate that we are delivering on our targets, reinforcing that the new organisational strategy launched in March this year is translating into improved financial performance. On the back of this result, we are reconfirming our full year guidance of $175m - $180m, and forecasting we will reach free cash flow positive on a consistent basis in the latter part of calendar year 2024.

This result has been underpinned by a lot of hard work and a relentless, disciplined focus on both the bottom and top lines: A 13% increase in normalised revenue, reduced cash burn down 79%, and identified a further $8.5m in annualised costs to be removed from the business. More details of the HY results can be read in the HY24 Results Presentation.

OPEN HY24 RESULTS PRESENTATION 

Positioning for Growth

We have key enterprise customer wins, renewals and expansions totalling over 14,000 connections between 8 customers globally. In North America we have also reached the milestone of 100k connections, establishing a credible foothold in a large market that is pivotal to achieving enduring shareholder value.

As part of our growth strategy we are pleased to announce a technology collaboration with Microsoft, enabling us to use generative AI to assist product development. While the entire global roadmap will benefit, our Cold chain product CoreTemp, which uses advanced algorithms to predict the core temperature of products, is the first product priority as we look to enhance its existing advanced predictive analytics through AI. The cold chain market has over 400,000 trailers in North America alone, and expanding our position through enhanced product development is a key pillar to our strategy. To further our cold chain position, we have also forged a data sharing partnership with OEM ThermoKing.

Optimistic for the future

EROAD has a bright future. We have laid the foundations for continued growth in New Zealand and Australia, and to target high-growth opportunities in North America. We have quality products in place, including new developments in sustainability management that increase EROAD’s exposure to the strong growth in business needs as climate change imperatives drive public and private sector decision making.

Lastly, we have a great mix of relevant skills and experience in our Board and Executive teams, a sound strategy, good energy and a clear sense of purpose to deliver great outcomes for customers and shareholders. We remain committed to continue delivering results in line with or above guidance, and we trust that these efforts will be recognised by the market in due course.

As always, thank you for your continued support.

Susan Paterson, Chair & Mark Heine, CEO

Direct links to reports and presentations: 

• Video recording of Investor Presentation H1 FY24
• Investor Presentation H1 FY24
• Interim Report 2024

Was caught holding this one on the way down in 2022 and now hope for some kind of turnaround miracle that may (or may not) happen.

Held IRL.