In today’s briefing:
- Pureprofile Ltd – Q2 Revenue Momentum Builds, Company Affirms Guidance
- SenSen Networks – Record receipts and restructuring
- X2M Connect Limited – Tracking In-Line Across Key Variables
Pureprofile Ltd – Q2 Revenue Momentum Builds, Company Affirms Guidance
- Pureprofile Ltd (ASX:PPL) is a data analytics, consumer insights and media company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.
- The company has an established position delivering insights to clients across 89 countries and has captured through its panel fully declared, deep consumer profiles, first-party data and insights.
- Pureprofile has reported a 21% increase in Q2 FY23 sales revenue to $12.8m and Q2 EBITDA of $1.2m, down 12%, or $0.2m, on the previous corresponding period due to the loss of income from the UK premises, new premises in India, forex losses and a bad debt provision.
SenSen Networks – Record receipts and restructuring
SenSen Networks (SNS) maintained its streak of record year-on-year cash receipts in Q223, with customer receipts up 70% against Q222 to A$2.6m. SNS continues to see growth across its key verticals of smart cities, gaming, retail and surveillance, boosting annual recurring revenues (ARR) to c A$8m, and leaving the company well on track to meet management’s expected ARR of A$10m by the end of FY23. SNS’s operational restructuring and previously announced A$2.5m in cost saving efforts should support management’s goal of cash flow neutrality by the end of the fiscal year. These results lead us to maintain our forecasts and if SenSen can continue to grow ARR, then the valuation gap between peers can potentially close.
X2M Connect Limited – Tracking In-Line Across Key Variables
- X2M Connect Limited (ASX:X2M) has updated several key variables in conjunction with its December quarter 4C release.
- Most key variables were in-line or ahead of RaaS expectations including a cash-flow positive Q2, device growth of 23% on September 2022 to 361k (RaaS 345k), H1 FY23 revenue +96% to $9.0m (RaaS $9.2m), cash costs of ~$4.3m (RaaS $4.6m) and a cash balance of $3.05m.
- Post-month end we estimate a cash balance closer to $3.5m on receipt of a $1.3m R&D credit offset by the repayment of a related R&D loan.
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