EnviroSuite’s (ASX:EVS) total ARR nears AU$50 million

Be the First to Comment Read

EnviroSuite’s (ASX:EVS) total ARR nears AU$50 million

EnviroSuite, Q2 sales performance, sales, ARR, EVS Water Plant, SaaS, desalination plant
Image source: © Jirsak | Megapixl.com

Highlights

  • In its Q2 sales performance, EnviroSuite reports new sales orders of AU$4.6 million.
  • The company reveals that it received AU$1.8 million of new annual recurring revenue (ARR), up 64% on PCP. This took the Group’s total ARR close to AU$50 million.
  • Backed by today’s announcement, the company’s shares were spotted trading strong during the intraday. Also, the stock ended bullish.

ASX-listed leading environmental technology company EnviroSuite Limited (ASX:EVS), in its Q2 Sales Update, shared that a solid second-quarter performance has resulted in the Group’s total annual recurring revenue (ARR) nearing AU$50 million.

The company revealed that its total ARR stood at AU$49 million at the close of the second quarter. According to EVS, record total new sales orders for Q2 of AU$4.6 million were achieved, including 1.8 million ARR and 2.8 million non-recurring project work. This 1.8 million ARR for the quarter indicated a 64% increase on the prior corresponding period, further adding to the company’s base ARR. The Omnis platform represented 75%, while aviation and water contributed 15 and 10% of the new ARR at AU$1.8 million.

EnviroSuite maintained that the reported ARR got impacted this quarter owing to discounts in Aviation to back long-standing customers and the appreciation of the Australian dollar across several currencies.

In its Q2 Sales update, the company revealed:

  • Envirosuite’s SaaS product, EVS Water, gained support across all regions. The total new ARR for the product suite doubling from Q1 (from 0.2m to 0.4m total ARR).
  • EVS continues to maintain a strong ARR base with a stable churn rate of around 2% over the trailing 12 months.
  • EVS received a record of total new sales orders of AU$4.6 million.
  • In Q2, new projects have been secured In Southeast Asia including the first desalination plant for EVS Water Plant Optimiser.
  • The company raised AU$10.5 million through a strongly supported strategic placement to accelerate EVS Water with the funds going to the direct sales team, the addition of product and technical roles, as well as the creation of further strategic partnerships to support implementation and growth of this high margin, SaaS product suite.

EVS closed today’s session at AU$0.225 per share, up 4.651%.

Bottom Line:

The second quarter demonstrates EVS’ ability to grow and execute in challenging times with a pandemic showing no signs of slowing down.

Disclaimer

Speak your Mind

Featured Articles

Ad
kalkine logo

GET A FREE STOCK REPORT

Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.

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. OK