Carly Holdings (ASX:CL8) achieves key milestones in December quarter

• Carly Holdings (CL8) continues to deliver key objectives, marks December quarter its strongest ever for Carly Car subscriptions
• The company achieved a material increase in its fleet size and saw a 72 per cent jump in subscription revenue
• Other key milestones include an 18 per cent increase in customer receipts and a 26 per cent decease in net cash used in operating activities on the pcp
• At the end of the December 2022 quarter, the company maintained a cash balance of $1.62 million, an increase of $1.34 million from the September 2022 quarter
• Shares in Carly are up 4.55 per cent, trading at 2.3 cents as of 11:42 am AEDT

Carly Holdings (CL8) has continued to deliver key objectives in its December quarter, calling the quarter its strongest ever for Carly Car subscriptions.

The company achieved a 72 per cent increase in subscription revenue compared to its December 2021 quarter, with monthly subscription revenue averaging $156,000 a month.

This is a new record for the business, which represents an annualised run rate of $2 million.

Other key milestones included an 18 per cent increase in customers receipts, and a 26 per cent decease in net cash used in operating activities compared to the December 2021 quarter.

The company said the quarter showed that it is continuing to demonstrate success in securing asset finance facilities that support growth in fleet size, securing supply of vehicles promptly and increasing overall subscription transaction value.

Additional asset finance facilities are also currently under negotiation and Carly said it will continue to apply its same ‘nimble strategy’ to order, acquire and introduce new vehicles into the fleet.

During the quarter, Carly placed forward orders for over 100 new vehicles.

Cash flows during the quarter included payments for research and development of $283,000, product manufacturing and operating costs of $579,000 and advertising and marketing costs of $47,000.

At the end of the December 2022 quarter, the company maintained a cash balance of $1.62 million, an increase of $1.34 million from the September 2022 quarter.

Shares in Carly were up 4.55 per cent, trading at 2.3 cents as of 11:42 am AEDT.