K2fly closes on key milestone

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K2fly CEO Nic Pollock
Growth in sales outpacing costs

ASX-listed mining governance software-as-a-service company K2fly says it is close to its operating cash flow breakeven target after lifting FY23 revenue 28% year-on-year to A$12.8 million and cutting net cash outflow for the year to $0.6m compared with $0.8m in FY22.

The company, which lists many of the world’s tier one and two miners among its clients, has achieved 48% compound annual growth in its annual recurring revenues ($7.5m at the end of Q4 FY23) over the past three years and 38% CAGR in its total contract value ($17.7m at the end of June).

K2fly has made significant investments in its products, platform and people to consolidate its leading position in the growing mining environmental, social and governance reporting segment of the SaaS market.

Q4 revenue of $4m was up 38% on the same period last year.

K2fly said its net operating cash inflow for the latest quarter was $3m.

“Q4 was a strong result from the K2fly team leaving us 28% up on revenue yoy and very close to our operating cash flow breakeven target,” CEO Nic Pollock said.

“Our cash balance and working capital facility collectively give us a $6.44m cash platform.”

K2fly’s share price is up about 10% in the past month, capitalising the company around $18.4m.


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