Urbanise reported H1 FY2024 license revenue of $5.77m, a 3.7% increase from the previous year, driven by new and backlog contracts and organic growth.
Total revenue for H1 FY2024 was $6.27m, a slight decrease of 0.9% from the previous year, due to a decline in professional fees despite the increase in license fees.
The company achieved an Annualised Recurring Revenue (ARR) of $11.99m, up 6.3% from the previous year, indicating growth from new customers and organic expansion.
Contracted ARR (CARR) was $12.8m at the start of 2024, showing a 4.0% increase from the previous year, including an estimated backlog of $0.8m.
Urbanise reduced its EBITDA loss to $1.52m, a 29.1% improvement from the previous year, mainly due to lower operating expenses.
The company's cash usage decreased, with an underlying average monthly cash used of $77k in H1 FY2024 compared to $98k in H1 FY2023.
Urbanise ended the period with a closing cash balance of $3.76m and no material debt.
The company continues to focus on growth strategies for its Strata and Facilities Management (FM) platforms, targeting sectors like retirement villages, property managers, and FM service providers.
Urbanise is on track to achieve cash flow breakeven by FY2025, with significant operational improvements and cost savings identified.
The company is in discussions to extend a contract with a major APAC customer and expects to finalize a new fee structure in Q3 FY2024.
This announcement is a summary of the company approved ASX announcement on 21/2/2024 and is based on facts.