This places the company in a strong position for continued success in FY22 as the focus remains on organic growth and acquisitions.
SenSen concluded the financial year for 2021 in a strong cash position, posting $5.2 million in cash and cash equivalents with unused finance facilities available of $1.8 million.
Recurring revenue growth
The company’s annual recurring revenue (ARR) (unaudited) profile continued to grow throughout the financial year with customer renewals and many new customers moving to utilise its software and services across new and established territories.
SenSen delivered an ARR (unaudited) of $2.7 million representing a ~33% year-on-year growth for FY21.
The company’s FY21 zero churn rate and a customer net retention rate (NRR) of ~120% reflect the value SenSen brings to improving the business operations and service experiences of its customers.
The company has seen strong renewals and extensions from customers such as Chicago Parking Meters, Brisbane City Council, City of Calgary and Edmonton.
SenSen’s improved operational loss for the period (unaudited) of $3 million is the result of global revenue growth supported by strategic investment in sales and marketing resources, together with ongoing prudent costs management.
Remote installations due to COVID-19
The company has managed to perform remote installations across the globe for many of its partners in all business verticals.
SenSen plans to continue to uncover ways to be of value to customers in this way, unlike pre-COVID times when teams of technicians would travel to every new site.
Despite COVID-19 disrupting the business operations of SenSen’s clients, its growth in international markets has been unhampered.
The pandemic has highlighted the urgent need for many industries and cities to have real-time data insights when responding to critical incidents, and to be able to respond to customer demands and evolving needs with intelligent decision making.
The success of SenSen’s landmark contract with the City of Las Vegas (Nevada) for parking management and enforcement – and the renewal and extensions from cities of Calgary and Edmonton (Canada) – demonstrates a stable, high-reference client base for further sales growth in North America.
SenSen continued to invest in its R&D pipeline in FY21, filing four additional patents to consolidate its technical leadership position within the global AI, Internet of Things and Video Analytic solutions space.
This adds to SenSen’s four patents already awarded.
More patent applications are in the pipeline with strong progress in developing innovative and patentable products and solutions across SenSen’s five business verticals.