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Vault Intelligence posts record quarterly results amid strong growth pipeline

The software-as-a-service company is predicting further growth in upcoming quarters due to advanced commercial deals currently under negotiation.
Vault Intelligence posts record quarterly results amid strong growth pipeline
Vault was up 2.7% intra-day, reaching 19 cents a share

Vault Intelligence Ltd (ASX:VLT) has posted record results for the March 2019 quarter with contracted annualised recurring revenue (CARR) growth of $542,000, lifting total CARR to $4.77 million.

This represents a 20% increase on the previous quarter and the company expects to achieve its market guidance of $6 million CARR by the end of June this year, based on several material opportunities at advanced stages of commercial negotiations.

Cash receipts were also the highest for any quarter, amounting to $1.36 million with $942,000 in receipts from customers as well as $420,000 from government refunds.

Customer retention was maintained at a rate of more than 99% for a second successive quarter.

 

READ: Vault Intelligence enters strategic partnership for Solo safety solution with Jurong Port in Singapore

The company’s sales pipeline for both its Vault Enterprise and Solo product lines have reached record levels, with substantial deals for both products lines expected to be converted during the remaining financial year and into the next.

Key management changes during the quarter have strengthened the business, with the appointment of former Xero senior executive Ross Jenkins as Vault chairman having a positive impact on the company’s strategy and execution.

The team additions also include former Samsung national transport & logistics industry enterprise mobility lead Stephen Mummery stepping into the role of Vault’s general manager sales for Australia.

READ: Vault Intelligence delivers strong development in first half of 2019 financial year

Vault ended the quarter with AUD equivalent funds of $3.53 million cash in hand, positioning it to continue its growth and development strategy.

The company anticipates strengthening its cash position from increased revenue, as well as being bolstered with additional government grants worth about $600,000 expected this quarter.

A significant number of options also expire at June 30, 2019, which if exercised will result in a cash inflow of about $625,000.

Cash burn for the quarter amounted to $1.08 million and is expected to substantially decrease in the upcoming quarter.

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