Envirosuite (ASX: $EVS) Interim Financial Report for the half year ended 31 December 2023

Envirosuite Limited (ASX: $EVS) has released its Interim Financial Report for the half year ended 31 December 2023. The report presents key financial metrics, including $60.1 million in annual recurring revenue, a 52.8% gross profit, and a $0.1 million adjusted EBITDA, reflecting a 122.3% increase from the prior corresponding period.

Executive Commentary on Financial Performance

Envirosuite is pleased to report a strong performance in the first half of FY24, with a 5.6% increase in annual recurring revenue, reaching $60.1 million, and a 52.8% gross profit, reflecting a 2.7% increase from the prior corresponding period. The adjusted EBITDA also saw a significant surge, reaching $0.1 million, marking a substantial 122.3% increase from the prior corresponding period. These results demonstrate our continued focus on sustainable growth and prudent cost management, aligning with our strategy to achieve positive Adjusted EBITDA less Capitalised Development costs on a run rate basis during FY24.

Summary of Interim Financial Report and Outlook

Envirosuite's Interim Financial Report for the half year ended 31 December 2023 showcases a positive financial performance, with notable increases in annual recurring revenue, gross profit, and adjusted EBITDA. The company's focus on sustainable growth and prudent cost management has yielded promising results, positioning it on the pathway to profitability. With a strong outlook for the second half of FY24, driven by historical trends in non-recurring revenue and ARR, Envirosuite remains committed to its strategic goals and aims to continue its growth trajectory while maintaining a focus on profitability.