- Envirosuite (EVS) announces its annual recurring revenue (ARR) is nearing $50 million
- The company received $1.8 million of new ARR, a 64 per cent increase on the previous corresponding period
- EVS said it continues to maintain a strong ARR base with a stable churn rate of about 2 per cent over the trailing 12 months
- The company reports it received a record of total new sales orders of $4.6 million
- Shares are trading 6.98 per cent higher today at 23 cents
Environmental intelligence technology company Envirosuite (EVS) says a strong second quarter performance has pushed annual recurring revenue (ARR) close to $50 million.
At the end of the second quarter, total ARR was sitting at $49 million. The company received $1.8 million of new ARR, a 64 per cent increase on the previous corresponding period.
Its Omnis platform represented 75 per cent of the new ARR at $1.3 million.
Envirosuite said the reported ARR has been impacted in the quarter by discounts in aviation to support long-standing customers and the Australian dollar appreciation across several currencies.
Aviation accounted for $300,000 of ARR, representing 15 per cent of total new ARR.
Envirosuite said its SaaS product, EVS Water, has gained momentum across all regions. Total new ARR for the product suite reportedly doubled from the first quarter from $200,000 to $400,000.
EVS said it continues to maintain a strong ARR base with a stable churn rate of about 2 per cent over the trailing 12 months.
The company reports it received a record of total new sales orders of $4.6 million.
Chief Executive Officer Jason Cooper said he is pleased with the results which will help to strengthen the foundations of the business.
“The second quarter continues to prove our ability to grow and execute in challenging conditions with a pandemic that’s showing no signs of slowing down,” he said.
“With this in front of us, the team have shown focus and discipline to continue to win and renew business across all of our focus sectors and regions.”
Shares were trading 6.98 per cent higher at 23 cents at 12.15pm AEDT.