K2fly Reports Highest Ever Invoice Value, Up 102% for Q2 FY20; Stock Surges 5.8%

January 07, 2020 06:34 PM AEDT | By Team Kalkine Media
 K2fly Reports Highest Ever Invoice Value, Up 102% for Q2 FY20; Stock Surges 5.8%

Western Australia-based technology company, K2fly Ltd (ASX: K2F), announced on 7 January 2020, its Operational Update for the second quarter of the financial year 2020 (Q2 FY20), the company raised ~ $ 1.67 million in invoices.

This marked an improvement of 102% over $ 0.83 million recorded in the prior corresponding period in FY19 as well as the largest quarterly figure for invoicing ever attained by K2F.

Source: Company’s Update 7 Jan 2020

Business Segments

Sales Update - Q2 FY20

  • On 25 October 2019, Brazil-based Nexa Resources, listed on the NYSE, signed a one (1)-year contract for the roll out of RCubed Mineral Resource and Reserve software solution across its 12 sites. Nexa Resources operates 5 polymetallic mines across Brazil and Peru.
  • On 19 November 2019, multi-listed (NYSE, ASX, LSE) Anglo-Australian metals and mining multinational Rio Tinto contracted with K2fly to deploy its RCubed software solution across 20 sites under a five (5)-year agreement.
  • Furthermore, on 13 December 2019, existing client Teck Resources extended its RCubed solution contract for a further three (3) year.
  • Another existing client Westgold Resource extended is the length and breadth of its Infoscope contract with K2F when it signed for a further 5 years as announced on 18 December 2019.

On 15 December 2019, K2fly informed that a newly formed entity, “The Place of Keeping” had agreed to take over the roll-out of the Infoscope software and services to Aboriginal groups across Australia. This new entity is also expected to give momentum to the rollout of the Keeping Place solution, which is based upon Infoscope functionality, to many communities in 2020. As a secure, customisable online platform, ‘The Keeping Place’ allows Traditional Owners to maintain data sovereignty, manage native title, apply cultural protocols, achieve improvements in governance and unlock social and economic opportunities for the current and future generations.

As at the end of the second quarter, K2fly’s software-as-a-service -based offerings (RCubed and Infoscope) have been deployed or are in the process of being deployed in 45 countries across 235 sites. Moreover, the company is currently in negotiation with several other major mining companies for SaaS solutions, and expects to win contracts from these prospective clients before 30 June 2020.

SaaS Contracts

The average recurring revenue (ARR) and current total contract value (TCV) have both grown in the period by 40% and 188% to more than $ 1.4 million and over $ 3.5 million respectively.

Source: Company’s Update 7 Jan 2020

Capital Update

During the three months, the company issued the following securities:

  • 81,522 shares and 750,000 unlisted options exercisable at $ 0.35 each on or before 11 October 2022 issued on 11 October 2019 as per an investor marketing mandate between K2fly and Canary Capital.
  • 323,419 shares issued on 11 December 2019 upon exercise of 323,419 unlisted options exercisable at $ 0 each which expire on 26 November 2020.
  • 1,751,200 unlisted options issued on 20 December 2019 to directors and consultants, as approved by shareholders at the Company’s Annual General Meeting (AGM).
  • 2,150,580 unlisted options issued on 20 December 2019 to employees under its shareholder approved Employee Incentive Option Plan.
  • 380,000 shares issued on 27 December 2019 upon the exercise of $ 0.225 options which expired on 28 December 2019.
  • 200,000 shares issued on 27 December 2019 upon the exercise of $ 0.25 options which expired on 28 December 2019.

Stock Information: K2fly has a market cap of around $ 21.47 million and ~ 82.59 million shares outstanding. On 7 January 2020, the K2F stock was trading higher at $ 0.275, edged up 5.769% at AEDT 01:29 PM with approximately 350,919 shares traded.

Besides, K2F has also delivered positive returns of 57.58% in the last three months, 48.57% in the last six months and 18.18% in the last one month.

Read More: K2fly Outperforms Benchmark Indices and How! Year-to-date Commentary


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.