Acusensus 1H FY24 Results Overview

Acusensus Limited (ASX: $ACE) has reported a 25% increase in revenue to $24.7 million and a 35% rise in EBITDA to $2.5 million for the six months ended 31 December 2023. The company also maintained a strong cash balance of $21.1 million as at 31 December 2023.

Executive Commentary

It has been an exciting half-year for the team as we continued to expand the number of systems and contracts in operation to deliver on our road safety goals. Acusensus maintained its trajectory of top-line growth in revenue and gross profit, while investing to support and fulfil future growth expectations. Acusensus now has in place the foundational teams and structures to support operations 24/7 on a global stage. Our innovative products and services provide unique and essential tools toward improving road safety and reducing dangerous driving behaviors. This is evidenced by the continued adoption of our solutions from new customers. Domestically, the signing of the contract with the South Australian Government will result in half of Australia's states and territories using Acusensus Heads-Up to address distracted driving. Internationally, we have made strides in educating the market about our solutions and are seeing increased engagement in both the United Kingdom (UK) and United States (US). We were honored to be recognized by a number of third parties for our technology, service, and successful execution to date. These awards are a testament to the team and the culture that we have developed at Acusensus as we continue to innovate, scale, and advance the work we do to improve road safety globally.

Financial and Operational Summary

Acusensus reported a 25% increase in revenue to $24.7 million and a 35% rise in EBITDA to $2.5 million for the first half of FY24. The company's strong financial position with a cash balance of $21.1 million provides a solid foundation for future growth. Acusensus has secured $165 million in contracted revenue to date for enforcement services and trials since its inception in 2018. The company's international business contributed to 6% of group revenue for 1H FY24 compared with 2% a year ago, indicating growing global interest. Acusensus' growth strategy focuses on global market opportunities and continual enhancement of its product offering to cater to evolving customer needs. The company expects FY24 revenue to be in the range of $49 million - $51 million and EBITDA to be in the range of $4 million - $5 million, reflecting confidence in its future prospects.