The technology company, K2fly Limited (ASX: K2F), targeting asset intensive industries, announced on 13 December 2019, that Canada-based Teck Resources has signed a 3-year extension to its original annual RCubed contract commencing December 2019. The Total Contract Value (TCV) of the contract is in excess of AUD 380,000.
With consecutive contracts secured over the last few months, RCubed Total Contract Value (TCV) has increased sharply by 159% in Q2 2019 to more than AUD 2 million, exceeding its initial annual revenue milestone of AUD 500K in less than 6 months immediately after Rio Tinto and Nexa Resources were signed on board in November 2019. With the US SEC regulation changes come into effect in 2021, high level of interest from NYSE listed companies continues.
Source: Company’s announcement dated 2 December 2019
K2fly’s success with RCubed is expected to continue with many multi-year contracts in the pipeline, however, still in negotiations. The company will update the market in due course as these potential contracts materialise.
K2fly Chief Commercial Officer, Nic Pollock commented on the recent development and stated that
K2fly’s Business Segments
Stock Performance: As on 16 December 2019, K2fly’s market capitalisation stands at around AUD 17.15 million with approximately 81.69 million shares outstanding. The stock of K2F is currently priced at AUD 0.215 (AEDT: 2:28 PM). K2F has delivered positive returns of 61.54% Year-to-date, 44.83% in the last six months, 20% in the last three months and 10.53% in the last one month.
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