FirstWave Cloud Technology (ASX:FCT), a global leader in network management and cybersecurity software, has reported being cashflow positive for the quarter ending 30 September 2024. The company witnessed a slight increase in its cash reserves, which stood at $1.679 million at the end of September, marking a significant improvement from the previous quarter's decline.
FirstWave Cloud Technology made significant strides in the first quarter of FY25 by becoming cashflow positive, a notable turnaround from the previous quarter's cash reserve decline. Key factors contributing to this positive outcome include operational improvements, a strengthened contract with Microsoft, and an R&D offset grant. Since acquiring Opmantek and Saisei, FirstWave has focused on streamlining operations and enhancing high-margin revenue streams. Looking forward, the company aims to maintain this positive cashflow trajectory throughout FY25. Further insights will be shared during a shareholder webinar on 30 October 2024.
The transformation of the company with a focus on high-margin revenues has been crucial. This quarter's results show the effectiveness of our operational improvements and strategic acquisitions.