iTWire - Spacetalk revenue up 33% to $8.3m for FY 2023
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Monday, 28 August 2023 22:05
Spacetalk revenue up 33% to $8.3m for FY 2023 Featured
By Gordon Peters
Australian-listed technology company Spacetalk has reported results for the year ended 30 June 2023, reporting revenue (ARR) growth of 33% to $8.3m compared to the prior year, which it says was supported by strong Mobile Virtual Network Operator (MVNO) subscriber growth since launch in November 2022.
Spacetalk Chief Executive Officer and Managing Director Simon Crowther, said Spacetalk had delivered ”pleasing financial and operational performance with Annual Recurring Revenue (ARR) growth of 33% to $8.3m compared to prior year, supported by strong MNVO growth since launch in November 2022”, and MVNO subscribers grew by 14,720, contributing $1.4m in FY23. revenue.
Crowther said that on an annualised basis, MVNO revenue is $2.6m, contributing 31% of June 23 ARR, while FY23 recurring revenue as a proportion of total revenue grew by 15ppts to 54%, ”demonstrating the shift in mix from hardware to a subscription-based model”.
”Our clean temporary wind down of loss-making UK, EU, and US operations has resulted in significant cost savings, while selling excess legacy Adventurer 1 inventory generated cash and freed up space for our exciting new products.
“Our turnaround is well progressed and is starting to deliver solid tangible results. We recorded strong normalised 2H23 EBITDA of -$0.6m, an improvement of +$1.8m on 1H23. I am confident that with the new products that are planned for launch in FY24, together with the strong foundation set in 2H23 , Spacetalk is set for sustainable revenue and cash flow growth in the future."
Spacetalk (ASX:SPA) also announced a non-renounceable Rights Issue on a 1-for-2.5 basis to raise up to a further 2.73 million through the issue of 124.4 million shares at an issue price of $0.022 per share and 62.2 million free attaching options exercisable at $0.035 and expiring on 22 September 2025 (Options).
Spacetalk said Veritas Securities Limited acted as lead manager to the Placement announced to ASX on 24August 2023, and will act as lead manager to the Rights Issue and will receive up to 6% of the total combined capital raised as the fee for this service, plus 4,000,000 options and a further 1 option for every $1.50 raised, exercisable at $0.035 and expiring on 22 September 2025, subject to shareholder approval.
“The Rights Issue is underwritten to $850,000 by Tiga Trading Pty Ltd and Thorney Technologies Ltd," said in a statement to the ASX.
“The Underwriter has a relevant interest in 18,197,974 Shares and 9,098,987 Options through its interest in TIGA Trading Pty Ltd, a Shareholder of the Company. The Underwriter has agreed to subscribe for its full Entitlement under the Offer in respect of all of the Shares in which it has a relevant interest and to subscribe for 20,438,410 Shares and 10,219,205 New Options under the shortfall offer.
“The Underwriter will receive one (1) option for every one (1) Share subscribed for and issued in accordance with the Underwriting Agreement between the Company and the Underwriter, on the same terms and conditions as the Options (Underwriter Options), subject to Shareholder Approval. In the event that Shareholder Approval is not obtained by the Company for the issuance of the Underwriter Options, the Company will pay a fee of 8% of the underwritten sum to the
Underwriter," Spacetalk concluded.
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