- Dragontail Systems’ (DTS) cash receipts for the December quarter are up 141 per cent on the prior corresponding period to US$516,000 (roughly A$670,000)
- On the other side of the ledger, operating expenses were held steady for the three months to December
- In more good news, the company says the pipeline of stores contracted to receive their food delivery systems more than doubled in 2020 to 9,291
- Meanwhile, Dragontail has updated the market on the recently announced US$4.2 million (approximately A$5.25 million) cash injection
- Dragontail shares ended the session up 8.7 per cent at 12.5 cents
Dragontail Systems (DTS) has reported cash receipts of US$516,000 (roughly A$670,000) for the December quarter, up 141 per cent on the prior corresponding period.
The result is also up around 28 per cent compared to the previous quarter.
On the other side of the ledger, operating expenses were held constant for the three months to December. The food delivery disruptor, says the restrained spending demonstrates a continued trend of the business to scale globally using its recurring revenue model.
To add to the positive news, the pipeline of stores contracted to receive Dragontails food delivery systems more than doubled in 2020 to 9,291 stores.
As at December 31, DTS had no outstanding loans, and was holding a cash balance of US$2.2 million (around A$2.85 million)
Capital injection
In other developments, Dragontail has updated the market on the recently announced US$4.2 million (approximately A$5.25 million) cash injection from U.S. investment firm Eldridge.
DTS says Eldridge is executing its option to proceed with the investment under a binding agreement, announced in March last year.
Receipt of the funds is still subject to shareholder approval at an extraordinary general meeting set for February 3.
Dragontail shares ended todays session up 8.7 per cent at 12.5 cents.