Carly Holdings Limited (ASX: $CL8) Quarterly Activities Report

Carly Holdings Limited (ASX: $CL8) has released its consolidated cash flow report and business update for the quarter ended 30 June 2024. The company achieved accelerated growth in active subscribers, revenue, and fleet size, with a 69% increase in Subscription Revenue and a 48% increase in Customer Receipts compared to the June 2023 Quarter. Additionally, there was a 7% reduction in net cash used in operating activities compared to the June 2023 Quarter and March 2024 Quarter, despite additional investment in growth resources.

Executive Commentary on Quarterly Performance

Carly has continued to deliver on its business objectives, achieving accelerated growth in active subscribers, revenue, and fleet size. The growth in revenue was attributed to increases in consumer subscribers, expansion of the corporate customer base, and an increase in electric vehicle subscriptions driven by EV Trial. New product launches continued with the deployment of CarlyNow in multiple automotive dealerships. The company also received a Claims Experience Discount of $13,000 on the motor fleet insurance policy and an R&D tax incentive rebate of $115,000 before costs. The asset light fleet increased by 72% vs June 2023 Quarter, and 33% vs the March 2024 Quarter as more automotive dealers and manufacturers seek subscription monetization for their vehicles via Carly. The in-dealer subscription tool, CarlyNow, was launched in a number of automotive dealerships during the quarter with deployments continuing in the September 2024 Quarter.

Summary of Quarterly Report and Outlook

Carly Holdings Limited (ASX: $CL8) has reported significant growth in subscribers and revenue, with a 69% increase in Subscription Revenue and a 48% increase in Customer Receipts compared to the June 2023 Quarter. The company's focus on expanding the corporate customer base and increasing electric vehicle subscriptions has contributed to this growth. Additionally, the deployment of CarlyNow in multiple automotive dealerships has supported the expansion of the asset light fleet. The company's strong performance has also resulted in a reduction in vehicle insurance premiums and a reduction in staff costs. Looking ahead, Carly is well positioned for material revenue and subscription growth in the coming quarters without further increases in costs, indicating a positive outlook for the company's corporate strategy and business objectives.