Harvest Technology Group funding boost and financial strategy

Harvest Technology Group (ASX:HTG) has announced receiving $1 million in additional funding with another $1 million committed within the next 30 days. The company also confirmed the receipt of a $1.59 million R&D rebate for FY24, which, together with cost reductions, has strengthened their financial position.

Harvest Technology Group's strategic outlook

Harvest Technology Group's recent announcement marks significant progress in financial stability, aided by new funding and an R&D rebate. The company's monthly cash burn rate has been reduced to $225,000, and the break-even revenue point has been lowered to $6.5 million. Currently, the company is 46% towards its break-even goal, with aims to achieve profitability by FY27 or potentially sooner. The company's strategy focuses on sustainable revenue growth and operational efficiencies, with further updates expected at the upcoming AGM.

Executive commentary on financial milestone

We are delighted to welcome our new shareholder and are grateful for the support demonstrated with this additional funding. The timely filing of the R&D rebate claim by our team has been instrumental in reaching this financial milestone.