BidEnergy Limited (ASX: BID) operates as a cloud-based platform. The Company provides end to end source-to-pay services for energy. BidEnergy offers its services in Australia, the United States, the United Kingdom, and New Zealand.
On 7 January 2019, the group informed to the market that one of its Directors Mr. Andrew Dyer who has a direct and indirect interest in the company acquired 3,028 fully paid ordinary (FPO) shares for the total consideration of the $3,330.80, which results in an average acquisition price of $1.10 per share via on-market trade, as at 31 December 2018. Hence post this acquisition, the holding of the director is as follows:
- Direct Interest - held 294,118 Unlisted class K options which had an exercise price of $1.19 and are slated to get expire on the 26 November 2022. &
- Indirect interest - Georgetown group Pty Ltd holding 46,000 fully paid ordinary shares in the company.
Earlier, the company had come out with its quarterly update for the September 2018 quarter. As per the released update, the company reported an underlying revenue of $1.30 Mn for the subject quarter. This revenue was up from the revenue reported for the June quarter which came in at $1 Mn. The revenue achieved for the quarter comprised of the $0.65 million in BidEnergy subscription revenue; and $0.65 million in RealWinWin rebate capture revenue. The company had a total combined annualized revenue of $4.70 Mn as on the 30 September 2018. The revenue as on the date comprised of the Platform Subscriptions which came in at $2.7 million (up 52% since the start of calendar year) of Annualised Subscription Revenue (ASR); and the Rebate Capture (RealWinWin USA), which was clocked at $2.0 million Annualised Rebate Capture Revenue (ARCR).
For the quarter ended, the company had cash in hand of $4.60 Mn, which was down from the $5.30 Mn levels reported at the beginning of the quarter. The average daily cash burn was $252k, which was less than the budgeted target. This reduction in cash burn was on account of the Management discipline and a growing account base. The company’s Annualised Rebate Capture Revenue (ARCR) of $2.0 million has declined by $0.1 million since the June quarter.
The quarter saw an increase in sales activity with the company’s core target (or “heartbeat”) customers, with 11 new Enterprise customer subscriptions. This was recorded as more than any preceding quarter.
Let us now see how the stock of BidEnergy Limited has performed today. The stock ended the session in green and the stock price has settled at $1.435 per share which implies the rise of $0.185 per share or 14.8% with the market capitalization of circa $136.15 Mn. The stock price is trading slightly towards the higher level. We will now look at the past performance of the stock. Over the period of past six months and three months, the stock has delivered the solid return of 246.84% and 22.55%, respectively.
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