Tech penny stocks that shot over 100% in the last month - RXH, IHR, ID8, BUD

Summary

  • Rewardle Holdings Limited reviewed its strategy and operations and created a plan to navigate the business through the current challenging business environment.
  • Despite the broader economic impact of Covid-19, IHR managed to achieve a robust growth of 161% in revenue.
  • Identitii Limited signed a five-year Master Service Agreement with Mastercard International Incorporated.
  • In the month July, Buddy Technologies recorded its first EBITDA positive month.

Technology stocks encompass companies involved in AI, production of semiconductors, software, and technology-related services. These companies had been with instrumental in providing businesses and households sail through the pandemic smoothly. The pandemic has also presented an opportunity for these companies to boost their business. In the following article, we will be looking at some tech penny stocks which rose by more than 100% in the last three months.

Interesting Read: Are Tech ETFs on ASX worth a watch?

Rewardle Holdings Limited

Rewardle Holdings Limited (ASX: RXH) is into digital engagement and business intelligence. The company connects millions of Members with thousands of local businesses in Australia. During the June 2020 quarter, the company reviewed its strategy and operations and developed a plan to pass through the business through this challenging period created by COVID-19 pandemic.

  • Cash receipts for the quarter stood at A$85k, reflecting a decline A$42k or 33% from A$127k for the prior quarter.
  • Outgoing cash payments for the period stood at A$408k with a fall of A$15k or 3% from the previous quarter.
  • The company stated that rebuilding Merchant Services (SaaS) revenue would likely to be challenging until local businesses return to unrestricted trading.
  • RXH undertook various steps for cost reduction, which are likely to set a lower underlying operating cost base for the business in future.
  • The company closed the quarter with the cash balance of A$38k.

At the close of the session, the stock of RXH stood at A$0.008 per share with a fall of 11.111% as on 28th August 2020. The market capitalization of the RXH stands at A$4.74 million. RXH generated a return of 125.00% during the last one month.

IntelliHR Limited

IntelliHR Limited (ASX: IHR) is engaged in the development of an innovative, cloud-based people management platform. Recently, the company released its FY20 results, wherein it outlined the following:

  • IHR reported a rise of 161% in revenue to A$1,250K and a growth of 62% in Annual Recurring Revenue to A$1,955K. These are delivering record new business growth despite the broader economic impact of Covid-19.
  • Due to higher levels of on-boarding activities and repricing, the company witnessed a growth of 153% in professional services to A$322K.
  • IHR experienced a YoY growth of 126% in cash receipts and a decline 36% in net cash used in operating activities. This indicates growth, success, and a relatively fixed cost base, which was implemented in FY20.

Source: Company ASX Update

In the month of May 2020, the company launched a value-based pricing model offering three different plans to suit individual customer requirements and placing the business to execute a genuine land- and-expand strategy.

At the close of the session, the stock of IHR stood at A$0.210 per share with a decline of 8.696% as on 28th August 2020. The market capitalization of the IHR stands at A$46.94 million. IHR generated a return of 270.74% during the last one month.

Identitii Limited

Identitii Limited (ASX: ID8) is a financial technology company, which helps regulated entities reduce their exposure to regulatory risk. Recently, the company has inked a five-year Master Service Agreement with Mastercard International Incorporated. As per the terms of the agreement, ID8 would licence its Overlay+ platform which enables the secure and auditable collection and sharing of information pertaining to financial transactions, to Mastercard. Mastercard possesses the right to cancel the contract for any reason, with 30 days prior notice. The contract auto-renews for additional one-year periods until terminated by either party at the end of the five-year period.

On 27th August, the company released its FY20 results ended 30th June 2020. The results revealed an increased of 48% in Revenue to A$941,592 for FY20 from A$635,134 from the previous year. Identitii reported A$1,411,309 of cash and cash equivalents on hand at 30th June 2020 and recorded A$4,657,603 as a net cash outflow from operating activities during FY20.

At the close of the session, the stock of ID8 stood at A$0.210 per share with a fall of 6.667% as on 28th August 2020. The market capitalization of the ID8 stands at A$24.53 million. ID8 generated a return of 95.65% during the last one month.

Buddy Technologies Ltd

Buddy Technologies Ltd (ASX: BUD) is involved in the designing, development and marketing of global data exchange. In the month of July 2020, the company reported consolidated revenue of A$4.9 million, reflecting a rise of 90% from June 2020. The month of July 2020 also recorded its first EBITDA positive month in 2020, wherein, the company reported an EBITDA of A$36k. Total current assets for the month stood at A$10.7 million, which experienced a rise of 18% from June 2020. This comprises A$5.5 million of trade receivables, A$3.3 million of inventory and A$1.9 million of cash.

At the close of the session, the stock of BUD stood at A$0.092 per share with a rise of 33.33% as on 28th August 2020. The market capitalization of the BUD stands at A$179.1 million. BUD generated a return of 283.33% during the last one month.

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