FirstWave Cloud Technology (ASX: $FCT) Q4 FY24 Activity Report and Appendix 4C

FirstWave Cloud Technology Limited (ASX: $FCT) has released its Activity Report and Appendix 4C for the fourth quarter of FY24, ending on 30 June 2024. The company reported an extension of the Telstra Product & Services Agreement, new sales and contract renewals, and financial highlights for the quarter.

Executive Commentary on Q4 FY24 Performance and Outlook

Management remains focused on reducing the rate of cash usage through prudent cost management and sales conversion. The Company's working capital position is being closely monitored, and it aims to explore all available options to mitigate cash usage. Even without new net sales, the Company anticipates having sufficient cash to operate until the end of FY25 Q3. An update on FY24 Q4 performance is scheduled via Teleconference at 9.30am (AEDT) on Wednesday, 31 July 2024.

Summary of FirstWave Cloud Technology's Q4 FY24 Report and Outlook

FirstWave Cloud Technology (ASX: $FCT) extended its Telstra Product & Services Agreement, securing several strategic initiatives and a mix of variable and fixed income streams until July 2025. The company also reported a ~20% uplift for its largest CyberCision customer under the Telstra PSA. Additionally, it confirmed the end of service dates for GPA firewall security and CSX2 cloud infrastructure platform, which are expected to impact FY25 from Q1. Despite a decrease in ARR and revenue, the company's management is actively focused on reducing cash usage and believes it has sufficient cash to operate until the end of FY25 Q3, even without new net sales. FirstWave Cloud Technology has scheduled an update on FY24 Q4 performance via Teleconference at 9.30am (AEDT) on Wednesday, 31 July 2024.