K2fly on the move with record quarterly invoices of $2.06 million, ARR up 26% and TCV up 56%
K2fly Ltd (ASX:K2F) experienced a record invoicing quarter, with A$2.06 million in invoices raised in the March quarter, a 28% increase on the A$1.61 million of the corresponding quarter of FY20.
Also adding to the company’s sound financial footing was Annual Recurring Revenue (ARR), which was up 26% to A$2.9 million, while Total Contract Value was 56% higher at A$9.13 million.
At the end of the March quarter, the company was debt-free and had cash available of A$1.52 million along with A$1.58 million in receivables.
Normal economic activity
The company stated: “We are pleased to see that in Q3 K2fly returned to more normal contract signing cadence with four new software subscription contracts signed in the quarter, increasing invoicing (28%), ARR (26%) and TCV (56%) substantially.”
The board believes that the slowdown in new contracts as a result of COVID-19 has now passed in most geographic locations and that normal economic activity across mining has returned.
Shares have been almost 7% higher to A$0.325 this morning.
Software as a service (SaaS)
In Q3 FY21 the company made substantial investments in the following ongoing strategic activities: a new release of the RCubed solution; the further enhancement of Model Manager, and Tailings; and a new solution currently named NextGen.
The new offerings form part of the company’s ‘land & expand’ strategy.
K2fly stated: “We are confident that these investments will pay dividends in 2021 and beyond, especially in conjunction with our new SAP Endorsed Apps Certification bringing these to market.”
Milestone Heritage agreements
In Q3 2021 the Heritage solution was sold successfully into both Rio Tinto Limited (ASX:RIO) (OTCMKTS:RTNTF) (FRA:CRA1) Iron Ore which signed a 3-year agreement and Griffith University which signed a 5-year agreement.
In addition, this solution was also expanding its footprint within Fortescue Metals Group Limited (ASX:FMG) and Mineral Resources Limited (ASX:MIN) (FRA:F5J) (OTCMKTS:MALRF).
The company is also in advanced discussions with other major mining organisations for global roll out of its land access solution.
RCubed deals in North America
The RCubed solution continues to grow its client base with new contract awards from Alcoa USA Corp (NYSE:AA) (FRA:185) (BMV:AA1) (VIE:ALCA) and Coeur Mining Inc. (NYSE:CDE) (FRA:CDM1) (BMV:CDE) – both contracts with 5-year terms.
In addition, Newmont and Gold Fields Australia (a subsidiary of Gold Fields Limited (NYSE:GFI) (JSE:GFI) (FRA:EDGA)) had successful Go Live events with their implementation of the RCubed software.
TCV grew strongly in Q3 FY21 (56%).
SATEVA solutions
The SATEVA solutions continue to go from strength to strength with new purchase order cover gained from Roy Hill, FMG and Rio Tinto Iron Ore for a 63% increase for the quarter.
The company hopes that these offerings will soon become available for general release to all its clients and prospective clients.
Decipher acquisition complete
On March 31, 2021, K2fly completed the acquisition of Decipher for Mining from CSBP Limited a subsidiary of Wesfarmers Ltd (ASX:WES) (OTCMKTS:WFAFF) (FRA:WF3).
The Decipher business provides cloud-based software-as-a-service technology and compliance solutions for mining industry customers and creates leading commercial off the shelf (COTS) end-to-end tailings management solution in support of GITS (Global Industry Tailings Standard).
CSBP now has a 10% shareholding in K2fly.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/945837/k2fly-on-the-move-with-record-quarterly-invoices-of-206-million-arr-up-26-and-tcv-up-56-945837.html
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