- Buddy Technology (BUD) releases a monthly cashflow report for the month of February 2022
- The internet of things company posted a 158 per cent year-on-year increase in monthly revenue to $890,000 and a total of $1.95 million in cash receipts
- While Buddy had an adjusted EBITDA loss of $630,000 for February, this marks an improvement from the $1.2 million EBITDA loss in February 2021
- The company also recently strengthened its board with a new CFO and Chief Revenue Officer and expects to launch a new LIFX light product in the US this year
- Company shares are up 7.69 per cent to trade at 0.7 cents
Buddy Technologies (BUD) has released an unaudited report on its cashflow for the month of February 2022.
Buddy Technologies is an internet of things (IoT) and cloud-based technology company which has a commercial business and consumer business which trades under the LIFX brand.
LIFX sells smart lights which are reportedly used in nearly one million homes and the LIFX products are sold in over 100 countries, both directly and through partnerships with major retailers like Amazon, Google, JB Hi-Fi, and more.
In February 2022, the consumer discretionary stock earned $890,000 in revenue which is a 158 per cent increase compared to the prior corresponding period (pcp) February 2021.
Cash receipts totalled $1.95 million, however, monthly receipts weren’t reported in the pcp. Due to this, Buddy recounted that receipts for the March 2021 quarter were $4.1 million.
The company reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss of $630,000, however, this marks an improvement from the $1.2 million EBITDA loss in the pcp.
As of February 28, Buddy Technologies had $1.4 million in cash which is a slight increase to the $1.28 million it started the month with.
The company hasn’t provided an operational update but over the month of March, Buddy appointed a new chief financial officer (CFO) and Chief Revenue Officer as well as secured a new agreement.
In mid-March, Mr Mark Sacco joined the company as CFO and Mr Martin Carroll, formerly BUD’s General Manager for Europe, assumed the role of Chief Revenue Officer.
Buddy also signed a vendor program agreement with consumer electronics retailer Best Buy.
The deal aims to increase promotion and marketing of LIFX products in Best Buy stores and support online sales at bestbuy.com. The agreement will also make room for new products launching this year, including the LIFX Downlight.
Company shares were up 7.69 per cent to trade at 0.7 cents at market close.