Carly Holdings (ASX:CL8) reports 83pc jump in subscription revenues

• Carly Holdings (CL8) reports an 83 per cent increase in subscription revenues YoY compared to the June 2022 quarter
• The company has expanded its fleet to 212 vehicles
• Advertising and marketing costs are cooling down from 2022 inflationary trends helping the company reduce its quarterly operating costs
• Cash balance at the quarter’s end was $1.66 million
• Carly Holdings shares last traded at 2.3 cents

Carly Holdings (CL8) has reported an 83 per cent increase in subscription revenues year on year (YoY) compared to the June quarter last year.

The company has grown the size of its fleet through the quarter and maintained high utilisation rates. Compared to the March quarter, subscription revenues jumped 12 per cent.

Carly also continued to expand its vehicle fleet to 212 vehicles in the June quarter.

Average monthly subscription revenue hit the $212,000 mark, up from $189,000 in the March quarter.

Operating costs and product manufacturing fell 16 per cent YoY; while advertising and marketing costs declined 19 per cent YoY, cooling down from 2022 inflationary trends.

Customer receipts, meanwhile, exceeded $1 million for the quarter; with 11 per cent growth over the March quarter and 25 per cent over the 2022 June quarter.

Net cash used across the quarter was down by 14 per cent compared to the 2022 June quarter, excluding a $127,000 R&D refund.

Carly has drawn $2.2 million from a $10 million facility secured in the March quarter; most of this money has gone towards vehicle purchases.

The company will continue to balance the growth of its fleet with its target to keep utilisation rates above 85 per cent.

Carly Holdings shares last traded at 2.3 cents.