Mining software solutions provider K2fly has released impressive second quarter results for the 2022 financial year showing strong annual recurring revenue and order book growth combined with increasing deal size.
K2fly also had its largest ever contract win during the quarter signing Rio Tinto to a $3.44 million contract over five years. Glencore Canada Corporation also renewed a substantial existing contract for a further three years.
Invoices for the quarter were up 58.5 per cent from the same quarter last year, total contract value was up 18.2 per cent over the previous quarter and up a staggering 182.9 per cent from the same quarter last year.
Average recurring revenue grew by 18 per cent over the previous quarter and a healthy 101.2 per cent over the previous corresponding period. Significantly, annual recurring revenue tripled to be greater than $370,000 from a previous figure of less than $100,000.
The report highlighted the company’s cash balance stood at $3.6 million on 31 December with no debt and a further $1.5 million of trade receivables recorded.
Some cost increases were reported with the company scaling up the team to meet contracted growth.
K2fly is a technology provider of enterprise-level solutions in Environmental, Social, and Governance (ESG) compliance, disclosure and technical assurance, to operations of mining and asset intensive industries through its platform-based SaaS cloud solutions.
The company reported significant growth expectations for its ground disturbance solutions it describes as the only commercial off the shelf product of its type in the market. This expected growth follows an increased focus on the industry’s ground disturbance processes and systems to prevent destruction or interference with culturally significant sites. Ground disturbance solutions contracts were viewed as long term and high value.
Using its cloud-based software platform and unique skill set grown through acquisition, development and partnerships, the company says it is building for the future. With customers spanning 54 countries, including many industry heavyweights, K2fly appears to be on an upward trend in its impressive growth record.
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