- K2fly has posted three consecutive months of record sales invoicing in March, April and May.
- The company’s May invoice surged 31% year-on-year to AU$1.011 million.
- The tech firm has inked a reseller agreement with Descartes Labs.
Mining software firm K2fly Limited (ASX: K2F) has continued its run of good luck with the Company reporting three consecutive months of record sales invoicing and looks set to finish the financial year 2021 on a bright note. K2fly’s strong growth is a validation of the successful integration of recent acquisitions such as SATEVA and Decipher, which helped the firm generate more invoices across the full range of solutions.
Source: K2fly ASX announcement as of June 16
The ASX-listed software services company saw its monthly invoice shoot past AU$1 million for the first time to AU$1.01 million in May 2021 as compared to AU$0.77 million in the previous corresponding period, registering a growth of 31%.
Source: K2fly ASX announcement as of June 16
K2fly’s stellar performance in May follows consecutive sales invoicing records in the month of March and April. The company’s monthly invoice for April 2021 stood at AU$0.887 million as compared to AU$0.581 million in the year-ago period. In March, total invoice stood at AU$0.851 million against AU$0.846 million in the same period last year.
Sales Growth to Continue in Q4 FY21
In the March quarter of 2021, K2fly had raised record invoices of AU$2.06 million as against AU$1.61 million during the previous corresponding period. After delivering its first ever quarter of sales invoices exceeding AU$2 million in Q3, the company expects the Q4 FY21 total to comfortably surpass this figure.
According to the company, the improvement in invoicing totals reflect the success of K2F’s “land & expand” strategy whereby it seeks to successfully deliver its range of software solutions to major resources companies. This was also driven by increase in clients and staff which helped the business to grow.
“The growing client base for K2F solutions has allowed us to generate more invoices across the full range of solutions. In the last few months, we have won deals for all of our solutions, including Land Management and Heritage (Rio Tinto, Fortescue Metals Group, The Keeping Place and Griffith University), Reserves Reporting (Alcoa and Couer), Decipher (South African Energy Coal and a BHP pilot) and SATEVA (Roy Hill),” says Brian Miller, CEO, K2fly.
K2fly signs reseller agreement with Descartes Labs
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In another update, the tech company said that it has inked a reseller agreement with Descartes Labs (DL), a geospatial intelligence company based in Santa Fe, New Mexico, USA. The agreement will allow K2fly to resell DL Software as a Service (SaaS) based Deformation solutions bundled with K2fly Solutions.
As per the company, K2fly will initially integrate DL’s SaaS-based systems into K2fly’s tailings and rehabilitation solutions which will further strengthen its position in support of Global Industry Standard on Tailings Management (GISTM). Going ahead, the company will expand the offering across multiple solutions.
K2fly and Descartes Labs have already joint bid on several advanced tailings opportunities with tier 1 and 2 global miners. The integration of the DL spatial intelligence solutions with the K2fly solution will help mining companies in better managing their tailings facilities.
“The Descartes Labs Global Deformation Systems (GDS) is a first of its kind planetary scale deformation model”, says James Orsulak, Descartes Labs head of Mining & Metals.
“Leveraging our history in high performance computing (HPC), geospatial data, and machine learning, we’ve created the world's first automated, low-cost subsidence and deformation system that can be deployed anywhere in the world at any scale,” added Orsulak.
Orsulak further stated that GDS is a suitable fit for the K2fly Dams & Tailings solution, where the deformation outputs can be operationalised and interpreted in the context of all available data. “We believe this will be the beginning of a long and successful partnership with Descartes Labs that will enable K2Fly to deliver world-class remote sensing products and analytics workflows to the mining industry with seamless integration into dam management programs” said Orsulak.
Nic Pollock, K2F’s Chief Commercial Officer commented, “We have met with stakeholders from many mining companies that are awash with expensive data that they cannot adequately turn into intelligence. Other mining companies have very little at all. All of them need to turn the multiple sources of data into useable and actionable intelligence, which is what the K2fly solution provides as well as supporting their path towards GISTM compliance.”
“We were really drawn to the Descartes Labs solutions for a number of reasons. It’s affordable and simple pricing model. It’s fast, and customers get measurements within hours of analysis and it’s fully transparent so the data can be made easily available for customer interpretation. Finally, we found that both companies shared a mutual passion for sustainability in the mining industry. We see Tailings as just the first of many joint solutions, in K2F’s suite of solutions, we can offer to the market,” added Pollock.