SUMMARY 

•  Total revenue of $1.84m, up 35% on prior corresponding period (pcp). Total revenue includes sales revenue of $788k, down 32% from pcp, due to the impact of COVID-19
•  Total expenses of $2.31m, reflecting a 69% reduction from $7.50m in pcp. Continued lean cost base following COVID-driven reductions last year, with a $677k reduction in operating expenditure (excluding depreciation and amortisation (D&A) and provisions for impairment), down 23% to $2.2m from pcp and $871k reduction in operating cash outflows, down 28% to $2.2m from pcp
•  Loss from continuing operations after tax of $327k, a significant improvement from $5.86m in pcp, highlighting resilience through COVID
•  Improving shift towards Recognised Recurring Revenue (RRR) with RRR contributing 86% of total revenue this half year compared to 68% from pcp
•  Including the shortfall placed after the half year, the Company raised $3.7m, before costs, to fund the Company’s growth strategy focused on achieving profitability
•  Cash balance of $2.95m as at 31 December 2020 (30 June 2020: $1.69m). This excludes $1.55m raised as part of the shortfall placement in February 2021

Quarter ended 31 December 2020

Key highlights

• Achieved Recognised Recurring Revenue of ~$346k in Q2 FY21, up 4% on Q1, despite upswing in COVID-19 disruptions in US and Europe

• Closed new deals worth ~$252,000, up 26% from Q1 FY21

• Continued lean management of expenses with net operating cash outflows of $645k in Q2 FY21, representing a 20% reduction compared to pcp

• Cash balance of $2.9m as at 31 December 2020