Carly Holdings achieves record number of active subscribers in September quarter

• Carly Holdings (ASX:CL8) releases its consolidated cash flow report and business update for the quarter ended September 30, 2023
• Throughout the quarter, the company achieved key objectives, including a notable increase in fleet size and a record number of active subscribers
• Subscription revenue increased by 15 per cent compared to the previous quarter and surged by 106 per cent compared to the same period in 2022
• The company’s cash balance at the end of the September 2023 quarter was $970,000
• CL8 last traded at 1.6 cents

Carly Holdings (ASX:CL8) has released its consolidated cash flow report and business update for the three-month period ended September 30, 2023.

Throughout the quarter, the company achieved key objectives, including a notable increase in fleet size and a record number of active subscribers.

Subscription revenue

Subscription revenue increased by 15 per cent compared to the previous quarter (June 2023) and surged by 106 per cent compared to the same period in 2022 (September 2022).

This growth was attributed to a rising number of subscriptions and an increase in new 2023 model vehicles.

The company’s total fleet size stood at 359 vehicles at the end of September 2023, with 72 per cent of them being owned or financed by Carly.

Elsewhere, customer receipts exceeded $1 million in the quarter, representing a 41 per cent increase over the September 2022 quarter and an 11 per cent increase over the June 2023 quarter.

Cash balance and funding

The company’s cash balance at the end of the September 2023 quarter was $970,000, a decrease of $693,000 from the June 2023 Quarter.

On July 26, 2023, shareholders approved the issuance of 14 million shares at an issue price of 2.5 cents per share, raising an additional $350,000. These shares were issued on August 24, 2023.

CL8 last traded at 1.6 cents.