Record revenues and boost to sales pipeline for AI tech biz

Aussie AI surveillance company Spectur has reported a record revenue performance in FY22, with the MD declaring its newly bolstered sales pipeline will underpin the business’s growth in FY23.

Aussie AI surveillance company Spectur has reported a record revenue performance in FY22, with the MD declaring its newly bolstered sales pipeline will underpin the business’s growth in FY23.

Spectur Limited (ASX: SP3) – which uses its AI platform to help protect the community from floods, bushfires, tsunamis, storms, shark attacks and more – finished Q4 with a steady revenue performance of $1.43 million for the quarter and $491,000 of revenue in the month of June.

The company’s full-year FY22 revenue totalled $5.83 million – up 11% on full-year FY21 ($5.25 million). Its recurring revenue for the year grew to $3.33 million, with June annualised recurring revenue equivalent to a yearly run rate of $3.76 million.

For FY22, recurring revenue comprised 57% of overall revenues at 70% gross margin.

Spectur’s unweighted pipeline of sales opportunities has also shown positive signs of growth – sitting at $6.8 million at the end of Q3, $8.35 million at the end of Q4 and $10.2 million last week (as at 18th July, with its probability weighted pipeline at $3.55 million on the same date).

“This last quarter has seen the results of an extended period of marketing and sales activity, which substantially built our sales pipeline,” Spectur MD Gerard Dyson said.

“Whilst the last two months of Q4 FY22 were slightly subdued from an equipment sales perspective in response to the volatility of global financial markets and related concerns, the volume of new opportunities that fit our strategic profile increased substantially.

“This pipeline will underpin our growth into FY23.”

‘Clear strategic path’ in new financial year

FY23 has started strongly too, Dr Dyson said, with Spectur announcing a placement this month of $1.862 million with sophisticated and institutional investors.

The funds will be deployed to accelerate the growth of the business towards EBITDA and cash breakeven, including expansion across Australia and further platform development, the MD said.

“We have a clear strategic path and, with recent funding activities, the balance sheet to execute.

“It is our expectation that the work we will be doing to build the sales and marketing resources, globalise our technology and plan for further expansion internationally will drive the inflection point in sales, revenue and ultimately profitability and cash generation.”

Spectur also appointed a chief technology officer and product manager during Q4. Peter Dickinson is a qualified engineer with more than two decades of experience in the intersection of remote sensing, cloud services and machine learning.

Spectur MD Gerard Dyson will be holding an investor briefing on Friday 29th July at 1pm (AEST), where he will discuss how the company’s wide technological moat leaves the company with no direct competition, its weighted sales pipeline (which has grown 93% year-on-year as at June 2022) and how Spectur is ready to scale and move into its next growth phase. Click here to book in.

Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Spectur Limited and will receive fees for its services.

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