Flexiroam achieves positive cash flow in 2Q19
By Kiran Kaur Sidhu October 18, 2018
- From negative cash flow of AU$275,000 in 1Q19 to a positive AU$84,000 in 2Q19
- Increase of 64% and 170% in overall subscribers and total users respectively
FLEXIROAM Limited, a global data solution provider listed on the Australian Stock Exchange, has announced positive net cash flows for the first time in 2Q19 with AU$84,000 (US$59,868), attributing this to improved consumer and corporate sales.
In 1Q19, the company reflected a negative cash flow of AU$275,000 (US$195,997). The company experienced a significant 188% increase in cash receipts to AU$3.5 million in the half year ended Sept 30, 2018, compared to AU$1.2 million in the same period last year.
Flexiroam’s customer base experienced growth with a 64% increase in overall subscribers to 168,920. Meanwhile, total users increased by 170% from 26,444 to 71,311 in comparison to the corresponding previous half year.
Additionally, the company also raised AU$1.16 million through a private share placement in August 2018.
Flexiroam’s customer base now spans 190 countries with the top five countries being Malaysia, Singapore, Indonesia, the United Arab Emirates and Brazil.
The founder and managing director, Jef Ong, commented: “With the momentum we have generated, I am highly optimistic about the performance for FY2019. We remain focussed on executing the strategies we have put in place to scale globally.”