Cluey Ltd (ASX: $CLU) Q3 FY24 Report Highlights

Cluey Ltd (ASX: $CLU) has released its Appendix 4C Quarterly Cashflow Report and Quarterly Activities Report for the quarter ending 31 March 2024. The report highlights a 65% improvement in Group Q3 FY24 Underlying EBITDA¹ loss of $1.8 million compared to the prior corresponding period (Q3 FY23) ('PCP') of $5.2 million. Cluey Learning implemented cost-saving initiatives resulting in a $4.8 million (53%) reduction in operating and marketing costs compared to PCP.

Executive Commentary on Q3 FY24 Performance

This is our fifth quarter-on-quarter reduction in cash burn compared to PCP, demonstrating consistent improvement in reducing costs and getting closer to profitability.

Q3 FY24 Performance Summary and Outlook

Cluey Ltd (ASX: $CLU) reported a 65% improvement in Q3 FY24 Underlying EBITDA loss, showcasing consistent efforts in reducing costs and moving towards profitability. The company implemented cost-saving initiatives resulting in a significant reduction in operating and marketing costs compared to the prior corresponding period. Despite a decline in revenue, new students, and student sessions, the Group Gross Profit margin improved by 1.6% in Q3 FY24. Cluey's Variable CAC per New Student reduced to $181, indicating ongoing marketing optimization initiatives. The company reported a total operating cash burn for Q3 FY24 of $1.8 million, showing a 48% improvement compared to PCP. With total cash on hand amounting to $5.8 million as of 31 March 2024, Cluey remains focused on managing its cash position effectively. The company's efforts to reduce costs and improve profitability reflect its commitment to delivering sustainable growth and value to its stakeholders.