Prophecy International Q3 FY24 Business Growth Update

Prophecy International Holdings Ltd (ASX: $PRO) has announced its Q3 FY24 business growth update, reporting a 20% year-on-year increase in contracted annualised recurring revenue (ARR) to $27.6M, including $1.6M of ARR via Devo. The company also anticipates positive cash flow in FY24 and has achieved a net cash position of $11.3M as of 31 March 2024, with zero debt.

Executive Commentary on Q3 FY24 Business Growth

The Company's CEO, Brad Thomas, highlighted the continued financial and operational progress across its business units in Q3 FY24. He emphasized the consistent sales growth, positive cash flow expectations, and the strategic partnerships signed with Devo, Voxai Solutions, and Tabula Rosa Systems. Thomas also expressed confidence in the potential increase in contracted ARR through the Devo partnership and the positive outlook for the company's emite and Snare segments.

Summary of Q3 FY24 Business Growth Update

Prophecy International's Q3 FY24 update reflects a robust performance with a 20% YoY increase in contracted ARR, reaching $27.6M. The company anticipates achieving positive cash flow in FY24 and has maintained a net cash position of $11.3M as of 31 March 2024, with zero debt. The strategic partnerships with Devo, Voxai Solutions, and Tabula Rosa Systems are expected to contribute to further growth. Prophecy's focus on expanding sales and marketing, increasing emite sales, and penetrating the Snare products market demonstrates its commitment to sustained growth and innovation.