Q1 results for the negative Nellie’s…15 May 2025 07:06
…DI growth is staggering
Summary
· Bookings Metrics
o Strongest Q1 bookings quarter since Q1FY19
o Total bookings in Q1FY25 of $3.0m (Q1FY24 $0.7m) a rise of 330% YoY
§ Q1FY25 Data Integration ("DI") bookings of $2.4m (Q1FY24 $0.3m), a rise of 700% YoY
· Commercial Momentum
o Strategic partnership
§ $2.0m 3-year DI contract signed in Q1 with leading UK retailer, representing the first implementation of an enterprise-wide licence agreement for both static and live data
o First data migration as a service ("DMaaS") contract win through our partner Databricks with a new Telecommunications customer in the UAE
o 14 contracts signed, of which 5 contracts relate to DI
· Financial Discipline and Governance
o Q1 cash burn was $1.4m (Q1FY24: $4.9m)
o Q1 cash overheads reduced to $4.6m (impacted by $0.4m non-recurrent costs) (Q1FY24: $6.2m)
§ Cash overhead annualized run rate exiting Q1FY25 between $16m-$17m compared to $25.1m in Q1FY24
o Cash position as at 31 March 2025 of $8.3m
Trading Update
Total bookings in Q1FY25 grew significantly to $3.0m (Q1FY24: $0.7m), representing a 330% increase YoY and the Company's strongest Q1 bookings quarter since Q1FY19 driven by an enterprise-wide DI contract with a leading UK retailer. Cash burn of $1.4m represents a significant improvement against the previous quarters.