RemSense Technologies Ltd (ASX:REM) has tabled its interim financials for FY22, with revenue nearly doubling over the prior half to surpass the $2 million mark.
The technology solutions partner, which works with other companies to provide insights, imaging and scanning offerings, recorded a 93% jump in revenue over the half to $2.054 million.
Over the period, RemSense accumulated a $947,000 loss, more than a quarter of which was tied to its initial public offering (IPO) preparations.
RemSense hit the boards in November 2021 after completing a strongly supported $5 million IPO, with the funding runway earmarked to help grow the company’s Virtual Plant digital twinning product.
Essentially, the Virtual Plant platform helps companies access their secure data anywhere, using existing hardware, software and networks.
Earlier this month, Remsense partnered with Amazon subsidiary Matterport Inc to extend Virtual Plant’s development — a mission that forms part of its roadmap for 2022’s first half.
Some of the company’s highlights from the interim period include:
- Further developing its key Virtual Plant digital twin relationships with Matterport and AmazonWeb Services;
- Successfully completing the Virtual Plant digital twin work scope at Chevron’s Wheatstone facility ahead of schedule;
- Completing a number of inspection and geophysical survey operations for multiple clients predominantly in the resources sector; and
- Continuing to provide technology development services, predominantly to the oil and gas sector.
The company held $3.7 million in cash and cash equivalents at the end of the half.