Skyfii Ltd (ASX:SKF, OTC:SFIIF) has reported strong results for the March 2022 quarter (Q3 FY22), generating total operating revenues of A$5.7 million, up 59% from Q3 FY21.
The cloud-based software company delivered a number of contract wins during the quarter across a range of geographies and verticals, delivering a total contract value of over A$2.8 million.
This has helped Skyfii lift its recurring revenues for Q3 FY22 to A$3.8 million, up 30% from Q3 FY21.
Commenting on the March quarter, Skyfii CEO and managing director Wayne Arthur said: “I am delighted to report another strong revenue result and to see the Company exit the March quarter with an Annualised Recurring Revenue of $15.4m.
“Our recurring revenue has grown 30%, and our Total Operating revenue is up 59% over the past year.
“This continued revenue growth is a reflection of our industry leading technology and data solutions as well as the increasing global focus on crowd analytics, occupancy management which continue to generate strong interest in all regions.
“The long term and sustainable value provided by our solutions is reflected in our customer churn rate of < 4% and our rolling 12 month deal pipeline, which now stands at over $32m in advanced stage deal value.
Cash flow breakeven by FY23
Arthur added; “The 2022 financial year has been a period of investment in our people, platforms and technology to deliver scalable and long term growth, particularly into our International markets.
“We have focussed on balancing that investment with financial discipline to ensure we can continue to deliver the growth funded by our own cash generation and our strong balance sheet.
“During the year we have invested into our sales, marketing and customer support functions, particularly in our international operations.
“Finally, based on our current pipeline and growth trajectory we expect that the Company will achieve a sustainable cash flow breakeven position during FY23.”
Outlook
Skyfii reconfirmed that 2H FY22 revenues will exceed the record levels achieved in 1H FY22.
The company's cost base is set to normalise further over the remainder of FY22 and it expects to achieve a sustainable cash flow breakeven position in FY23.
Skyfii’s focus remains on expansion in the rapidly growing North America and EMEA regions with continued business development focus on key verticals including airports, stadiums, grocery and quick service restaurants.