Senetas Corporation (ASX: $SEN) Announcement

Senetas Corporation Ltd (ASX: $SEN) has announced its largest ever order for its encryption hardware, which is expected to add between $2.5-$3.0 million to Senetas's FY2024 revenue and between $2.0-$2.3 million to Senetas's FY2024 profit before tax. The order also includes maintenance services that will contribute to Senetas's revenue in the medium term. The company also provided an update on the business momentum of its majority owned subsidiary, Votiro Cybersec Global Pty Ltd (Votiro), and confirmed an investor presentation and conference call for 10.30am on Tuesday, 7 May 2024.

Executive Commentary

Senetas CEO, Andrew Wilson, expressed his satisfaction with the largest ever order, highlighting the significant boost to Senetas's revenue in FY2024 and the expected cash flow in the first quarter of FY2025. He also emphasized the robust sales pipeline and good momentum expected through the remainder of FY2024 and into FY2025. Regarding Votiro, Mr. Wilson noted the continued good growth in annual recurring revenue (ARR) and the positive market reaction to Votiro's recent launch of the industry's first Zero Trust Data Detection and Response (DDR) platform. He also mentioned the expectation of strong growth in Votiro's ARR and the ongoing growth in its total sales pipeline.

Summary

Senetas Corporation (ASX: $SEN) has secured its largest ever order for encryption hardware, expecting a significant boost to FY2024 revenue and profit before tax. The company also provided an update on the business momentum of its majority owned subsidiary, Votiro Cybersec Global Pty Ltd (Votiro), and confirmed an investor presentation and conference call for 10.30am on Tuesday, 7 May 2024. Senetas's CEO, Andrew Wilson, highlighted the robust sales pipeline and good momentum expected through FY2024 and into FY2025. The company expects strong growth in Votiro's annual recurring revenue (ARR) and an acceleration of its technology and business partner programs. Cash flow breakeven for Votiro is now expected within the December quarter, and any cash requirements will be met from Senetas's cash reserves and/or third-party funding.