Adveritas Limited (ASX: $AV1) trading update

Adveritas Limited (ASX: $AV1) has announced that it is on track for a record June 2024 quarter, with an expected third consecutive quarter of record cash receipts. The company estimates that customer payments received during the June 2024 quarter amounted to $1.3 million, plus $750,000 of deferred cash receipts, totaling $2.05 million. This represents a year-on-year increase of 105% on the June 2023 quarter.

Executive commentary on strong quarterly result and positive outlook

Co-founder and CEO Mat Ratty expressed his delight at the company's performance, stating, 'I am delighted that our June 2024 quarter is on track to be our third consecutive record quarter. The Company has found strong product-market fit in the global online gaming and sports betting segment and continues to rapidly gain new customers and market share in this segment. Our outlook is strong given new agency partnerships, ongoing release of new product features, which support price increases, and ongoing product cross-sell opportunities.'

Summary of Adveritas trading update

Adveritas Limited (ASX: $AV1) is set to achieve a record June 2024 quarter with strong traction in online gaming and sports betting. The company's outlook remains positive, supported by potential new agency partnerships, increasing traction in sports betting and gaming verticals, ongoing price increases, and ongoing product cross-sell opportunities. With a year-on-year increase of 105% in cash receipts, Adveritas is moving closer to becoming cash flow positive, demonstrating its strong growth trajectory.