Netlinkz Limited (ASX:NET) Preliminary Financial Report for the year ended 30 June 2024

Netlinkz Limited (ASX:NET) has reported a 4% increase in revenues for the financial year ended 30 June 2024, reaching $21,553,213. The company's consolidated loss for the year was $15.6 million, which included a $3.9 million cost of borrowings. Netlinkz has ceased its service as a global reseller due to continued cost overruns and low margin hardware sales. The company also faced delays in launching its next generation VSN software, leading to a delay in revenue generation. However, Netlinkz is pleased to announce the availability of VSN+ as a product for purchase by businesses of all sizes.

Executive Commentary on Netlinkz Limited's FY24 Results

The company's revenue growth and the launch of VSN+ mark a significant milestone in our strategic transformation. We have made substantial cost reductions, including reduced head count, and internalized the product development function to focus on adding product features as identified by our customers. The launch of VSN+ in the Southeast Asia region, along with key initiatives to generate revenue through partnerships, demonstrates our commitment to positioning Netlinkz for sustainable revenue growth in the cyber security space. We are also in negotiations to restructure our debt facilities and sell our China business to focus on revenue and profitable business in our immediate region.

Summary of Netlinkz Limited's FY24 Preliminary Financial Report

Netlinkz Limited (ASX:NET) reported a 4% increase in revenues for the financial year ended 30 June 2024, reaching $21,553,213. The company's consolidated loss for the year was $15.6 million, which included a $3.9 million cost of borrowings. Despite challenges with cost overruns and delays in product launches, Netlinkz has successfully launched VSN+ as a product for purchase by businesses of all sizes. The company has undergone a major transformation to position itself for revenue growth in the cyber security space, including significant cost reductions and internalization of product development. Netlinkz is also focused on generating revenue through partnerships in the Southeast Asia region and is in negotiations to restructure its debt facilities and sell its China business to streamline its operations and focus on profitable business in its immediate region.