Orcoda's Q3 FY24 Financial Highlights

Orcoda Limited (ASX: $ODA) has released its financial highlights for the third quarter of the fiscal year 2024. The company reported a 2% increase in Q3 customer receipts compared to the same period in FY23, reaching $5.5 million. Additionally, the operating cash flows for the quarter amounted to $0.3 million, reflecting a 67% decrease from Q3 FY23. Year-to-date, Orcoda achieved a 27% increase in total income, reaching $19.7 million, and a 28% increase in operating cash flows, totaling $21.3 million. These results demonstrate robust growth in customer receipts and consecutive quarters of positive operating cash flows.

Executive Commentary on Q3 FY24 Performance

The company's Managing Director, Geoffrey Jamieson, highlighted the continued growth in customer receipts and positive operating cash flow for the quarter, despite challenges such as severe wet weather conditions in Central Queensland affecting the progress of Betta Group projects. Jamieson also emphasized the strong momentum in the Transport Technology division and the successful implementation of large SaaS contracts, contributing to recurring revenue. He further mentioned the commercialization of new transport software applications and the company's focus on sales & marketing to accelerate penetration of addressable markets and growing recurring revenue. Additionally, Betta Group's move to a larger site and its focus on building work pipeline and capabilities position it for growth in the coming years. Jamieson concluded by highlighting Orcoda's robust balance sheet with $4.8 million cash & cash equivalents and $5.8 million available working capital as of 31 March 2024.

Summary of Orcoda's Q3 FY24 Financial Highlights

Orcoda's Q3 FY24 financial highlights demonstrate a positive trajectory with a 2% increase in Q3 customer receipts and a 27% increase in year-to-date total income. The company's focus on the Transport Technology division has resulted in the successful implementation of large SaaS contracts, contributing to recurring revenue, and the commercialization of new transport software applications. Despite challenges, Orcoda's robust balance sheet with significant cash and available working capital positions it well for future growth. The company's long-term vision to be a leading Smart Cities transport technology solutions provider aligns with its strong performance and ambitions for sustained profitability and positive operating cash flows.