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Environmental Technology company, Envirosuite Limited (ASX: EVS) has released its Half-year Investor Presentation for the period ended 31 December 2018. The companyâs Annualised recurring revenue (ARR) as of 31 December 2018 was $4.6 million. (The ARR on 31 January 2019 was $5.1 million.)
Financial Performance:
On 31 December 2018, recurring revenue was up by 126% year-on-year basis. The trading revenue was up by 305% year-on-year basis. The total operating revenue on 31 December 2018 stood at $4,805k from $1,667k in the previous corresponding period (PCP). The gross profit on 31 December 2018 stood at $1,915k from $1,250k in PCP.
However, EBITDA on 31 December 2018 stood at $1,497k, down from $2,498k in PCP.
The total operating expenses on 31 December 2018 stood at $3,412k from $3,748k in PCP.
As of 31 December 2018, total assets stood at $19,050k than $11,120k on 30 June 2018. The net assets on 31 December 2018 stood at $16,213k from $8,586k on 30 June 2018. The entire equity attributable to equity holders of Envirosuite Limited on 31 December 2018 was $16,213k from $ 8,586k on 30 June 2018.
Business Performance:
The important breakthrough attained during the period was the conclusion of the capital raising of $10m from institutional and sophisticated investors in October 2018. Mr Hugh Robertson was appointed as the director of the company on 1 November 2018.
Also, the company is riding high on success in the Middle Eastern market, securing a large Smart City project with the EPA in Kuwait. The Kuwait trial was converted to $1.2million project during the period.
On 15 January 2019, EVS had notified the market that it had secured another material contract in the UK Wastewater sector where the company is already in utilisation at 7 other sites managed by 3 other water utilities.
Waste & Wastewater solutions has been implemented across 40 client sites throughout ANZ, Latin America, North America, offering solutions such as Environmental compliance, Impact modelling and Incident Intelligence. Mining solutions has been implemented across 20 client sites throughout Europe, North America, Latin America and the Middle East. The Envirosuite Solutions included: Environmental compliance, Blast Management and Risk Management. The Envirosuite Solutions in the Smart city sector include Environmental Intelligence, Environmental compliance, Impact modelling, Incident Intelligence, Risk Management and Source Identification.
The Roadmap for Smart Cities
By mid-2019, EVS will deliver the following Smart City functionality:
- Regional (citywide) scale and visualisation.
- Scaling proprietary algorithms to identify a problemâs source at a city level.
- Characterisation of an odour type through machine learning - âFingerprintingâ.
- Enhanced community complaints management.
- Quantification of impact on the community of an incident.
- Development and refinement of hardware for measuring ambient odour.
Odotech - Transaction
The company had finalised the buying of the assets of Odotech Inc, a business headquartered in Montreal, Canada providing solution related to technology to wastewater sector for approximately 2 decades, in Mid-December 2017.
The operations are now fully integrated with hardware leveraging Odotech Brand. The company had managed to migrate 100% of the top clients by revenue and more than 90% of all clients who were under contracted maintenance or warranty when the Odotech acquisition was concluded. The migration plan is expected to be completed by mid-July 2019, and the legacy of Odowatch platform will be effectively shut down.
Outlook:
The company aims toward doubling ARR in FY19 from $3million to $6 million as well as further doubling ARR in FY20 from $6 million to $12 million. The monthly EBITDA is targeted to be positive by FYE20.
Stock Performance:
The stock of the company is currently trading at A$0.095 (as at 1 March 2019, 3:44 pm AEST), up by 3.261%.
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