Join our daily newsletter At The Bell to receive exclusive market insights
- Crowd Media (CM8) achieves positive operating cash flow for the financial year, though its cashflow fell slightly over the June quarter
- Over the 2022 financial year, CM8 posted positive operating cashflow of $20,000 — an upgrade from the cash outflows of $970,000 recorded in the previous year
- However, performance during the June quarter slipped, with $4000 in cash outflows recorded, down from the positive cash flow of $19,000 recorded in the March quarter
- Crowd Media finishes the period with $2.23 million in cash and cash equivalents at the end of June
- Shares are trading down 7.41 per cent at 2.5 cents each at 11:43 am AEST
Crowd Media (CM8) has achieved positive operating cash flow for the financial year, though its cashflow fell slightly over the June quarter.
The financial year saw the company gain $20,000 from operating activities, an upgrade from the cash outflows of $970,000 recorded in the previous year.
However, performance during the June quarter slipped, with $4000 in cash outflows recorded, down from the positive cash flow of $19,000 recorded in the March quarter.
Contributing to this result, receipts from customers declined to $1.42 million from the previous quarter, while research and development expenses lifted to $268,000.
Its largest expense was the $431,000 spent on staffing costs, which is a reduction from the $611,000 forked out in the previous period.
Meanwhile, investing activities were relatively stable, with $248,000 exhausted.
The company said its mobile subscription division showed ongoing profitability, while its Talking Head development was progressing to plan.
CEO Idan Schmorak said the company was continuing to develop its technology.
“We keep rightsizing our teams to support upscaling and building new business functions with top-tier personnel while maintaining a responsible cash flow regime, allowing us to be operating cash flow positive for the year, an exceptional situation for a company in a growth stage,” he said.
Crowd Media finished the period with $2.23 million in cash and cash equivalents.
Shares were trading down 7.41 per cent at 2.5 cents each at 11:43 am AEST.
