FirstWave Q3 FY24 Update

FirstWave Limited (ASX: $FCT) has released its Q3 FY24 shareholder update, highlighting key financial and operational achievements. The company raised $2.5 million through a convertible note, with a conversion price of 3.6 cents and interest repayments of approximately $25k per month. Additionally, it established a relationship with high-quality capital partner Formue Nord A/S and extended its Telstra Product & Services Agreement (PSA) by 15 months until July 2025, underpinning several strategic initiatives.

Executive Commentary

The Q3 FY24 has been a period of significant progress for FirstWave. We successfully raised $2.5 million through a convertible note, providing us with the necessary capital to support our strategic initiatives. The extension of our Telstra agreement further solidifies our position in the market and underpins our ongoing efforts. Additionally, the establishment of a relationship with Formue Nord A/S is a testament to our commitment to partnering with high-quality capital providers to drive our growth. We remain focused on aggressively pursuing opportunities in LATAM and the USA, and our efforts to reduce cash usage and convert sales opportunities remain key priorities for the company.

Summary

FirstWave's Q3 FY24 update reflects the company's successful capital raising through a convertible note and the establishment of a relationship with Formue Nord A/S. The extension of the Telstra agreement provides a stable foundation for the company's strategic initiatives. Despite the impact of lower non-recurring revenue on overall revenue, the company's focus on reducing cash usage and pursuing opportunities in LATAM and the USA remains unwavering. With a closing cash position of $3.50 million and ongoing efforts to control costs, FirstWave is positioned to navigate the challenges and capitalize on the opportunities in the coming quarters.