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- Envirosuite (EVS) reports annual recurring revenue (ARR) growth, with plans to open an office in the Philippines
- During the quarter, the company achieved $2 million in new annual recurring revenue (ARR), climbing 23.6 per cent from the previous corresponding period (pcp)
- North America is a significant market, representing over 40 per cent of new ARR
- The company saw growth across its three products streams, after it secured strategic customer wins
- Shares are trading 6.90 per cent higher today at 15.5 cents each
Environmental intelligence technology company, Envirosuite (EVS) has reported annual recurring revenue (ARR) growth, with plans to open an office in the Philippines.
During the quarter, the company achieved $2 million in new annual recurring revenue (ARR), climbing 23.6 per cent from the previous corresponding period.
North America is a significant market for the business, representing over 40 per cent of new ARR.
The company saw growth across its three products streams, after it secured strategic customer wins.
It’s most successful branch of business was Omnis, which is focussed on the mining, industrial, cities, waste, and wastewater sector. It had $1 million in new ARR for the period.
This comes after the company signed new customers, which included a major Taiwanese manufacturing company and two departments within the City of Chicago.
Meanwhile, EVS is hoping to expand its water product suite, which recorded the smallest amount of ARR of $300,000.
In this segment of business, the company expanded its offerings to the Water Corporation and secured national water agency, PUB Singapore during the quarter.
“EVS Water is an exciting part of our business, particularly as it continues to be recognised as a key digital twin platform by international leaders in the water industry,” Chief Executive Officer Jason Cooper said.
“We’re delighted with the Singapore PUB contract and our expansion with Water Corporation that will enable us to build on the momentum of this product across all global markets.”
Looking ahead, the company is planning to establish an office in the Philippines, which will enable it to capitalise on lowers costs and high quality talent.
Shares were trading 6.90 per cent higher today at 15.5 cents each at 12:54 pm AEST.
