Mirada seem to have just about turned the corner so they are not expecting and further fundraising rounds, plus seem to now have a healthy pipeline of potential new contracts:-
"out of the 12 most likely opportunities that we are currently working on, six are situated in Eastern Europe, India and South East Asia, which indicates a healthy trend towards diversifying our business into these promising regions"
Announces an update on its largest customer deployment.
Further to the trading update released on 12 October 2016, the rollout of the Iris product across izzi Telecom's full client base continues to progress well. Furthermore, the Company is pleased to announce that it has reached a milestone in this rollout with the successful installation of the first 500,000 set-top boxes using Mirada's software.
Mirada expects to provide further details within its half year results, which are expected to be released in the third week of November 2016.
Jose Luis Vazquez, Chief Executive Officer of Mirada, commented: "This milestone highlights the commercial success of Mirada's Iris platform following the successful launch of the deployment in Mexico on 4 July 2016. This demonstrates once more the superior technical and operational capabilities of our team and the commercial traction of our product."
Jolly, thanks for the response - ignoring all movements of capitalizing expenses, depreciation and amortization etc etc, I believe the revenue for the company in H1 will have been about £2.5million and cash cost of running the business about £3.5million so a deficit of around £1million. Based on the information today, I believe all that deficit has been closed by a reduction in receivables.
Clearly the balance sheet is still weak but I believe if there had been a need for a placing it would have occurred already. Licence fee revenue should now be flowing in regularly on a monthly basis so while I believe net debt will remain higher than is ideal, it will now have peaked and the second half of the year should see a surplus of revenue to expenses of around £1million which should also convert equally on a cash basis.
I was at the AGM a couple of weeks ago, simply haven't had chance to post a review yet, however the company seemed confident that this year would reach financial sustainability with the more reliable and frequent licence fee revenue and today confirmed that commercially things are on track. 2018 will then benefit further from the full 12 months of licence fees.
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