K2fly hits $5m ARR

Mining software company K2fly has hit a A$5 million annual recurring revenue (ARR) run rate for the March quarter and had $16.6m of contracts at the end of the period, 81.4% higher than the same time last year.

The ASX-listed supplier of SaaS resource governance and environmental reporting software said it invoiced $3.3m in its Q3, ending March 31, up 60.2% on the same period in FY21.

K2fly’s $5.2m of ARR was nearly 79% more than in Q3 a year ago.

Major private mining software developer, Maptek, came on board as K2fly’s main shareholder post the end of the quarter via a A$6.2m equity raise that saw Maptek invest more than $4m.

The funds add to the $1.5m K2fly had left in its coffers at the end of March. It also had trade receivables of $3.2m.

Mid-tier miner South32 and copper-gold major Freeport-McMoRan signed significant new contracts in the March quarter.

K2fly has a current sharemarket value around A$40m.


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