- Spirit reports Q1 FY22 revenues of AU$30.9 million, up by 98% year on year.
- The Company has achieved AU$2.0 million EBITDA during lockdowns and a seasonally slower quarter.
- Spirit had a cash reserve of AU$12.3 million and AU$7.0 million available in its CBA debt facility as of 20 October 2021.
The ASX-listed telecommunication service provider Spirit Technology Solutions (ASX:ST1) provided a positive Q1 FY22 update with unaudited Revenue of AU$30.9 million and an underlying EBITDA of AU$2.0 million.
The Company stated that the Q1 period was seasonally slower compared with Q2 & Q4. Additionally, the Company has informed that the result was achieved during three months of lockdowns stretched across Sydney, Melbourne and Brisbane. The lockdown has constrained the ability of the group to execute on required installations across three capital cities fully.
ST1’s Q1 result shows the strength and health of the business. The Company has witnessed a short and sharp impact on its SMB new sales and installations in the period. Spirit has reported that it is well-positioned to capitalise on the ongoing structural change in the modern workplace in terms of cyber risk, remote worker needs, demand for data, cloud and shortage of IT skills are being seen by all companies through its one-stop-shop for Telco and IT offering.
Despite facing numerous challenges during the Australia lockdown, the Company has still managed to generate revenues of AU$30.9 million in the quarter along with a solid balance sheet.
Meanwhile, on the ASX, the ST1 stock was spotted trading 4.166% higher at AU$0.250 per share at 1:24 PM AEDT.
Irrespective of the fact that the Company has faced hardships due to lockdown and other COVID-19 restrictions during the quarter, Spirit still managed to deliver positive financials. This signifies the Company’s excellence in strategy building and execution.