Knosys Limited (ASX: $KNO) 1H FY24 Financial Results Overview

Knosys Limited (ASX: $KNO) has reported its first half FY2024 financial results, showcasing operational efficiency that led to a net profit and positive operating cash flow. The company achieved $5.3M in revenue with a significant reduction in cost base, resulting in a positive EBITDA of $0.6M. Knosys also maintained a strong cash balance of $3.9M by 31 January 2024 and is on track to deliver positive EBITDA in FY24.

Executive Commentary on 1H FY24 Results

Knosys Managing Director, John Thompson, expressed satisfaction with the operational and financial results for the first half of FY24. He highlighted the positive EBITDA, NPAT, and operating cash flow, attributing these achievements to efficiency gains, disciplined cost control, and a focus on high-growth potential solutions. Thompson also emphasized the company's confidence in the growth potential of the Library Management Solutions (LMS) and its continued investment in new solution development for next-generation LMS.

Summary of 1H FY24 Results and Outlook

Knosys reported total revenue of $5.3M in 1H FY24, with a positive net profit of $0.1M and a significant reduction in cost base, leading to a positive EBITDA. The company's focus on Library Management Solutions (LMS) and the development of new next-generation mobile applications reflects its refined growth strategy. Knosys aims to deliver positive EBITDA in FY24 while continuing to invest in solutions with high growth potential. The company has identified LMS as the solution with the highest growth potential over the next 3-5 years and remains optimistic about its outlook, with a strong pipeline of qualified leads and a commitment to efficient operations and cost management.