- Flexiroam (FRX) continues to increase quarterly revenue and cash receipts for the three months ending June 30, which is the company’s first quarter of FY23
- The mobile data provider received $1.73 million in cash receipts, marking a sharp 369 per cent increase on the pcp, and revenue grew 200 per cent on the pcp to $1.6 million
- New monthly subscribers increased seven per cent QoQ to over 16,900 subscribers and monthly active paying users grew 48 per cent to over 22,900 which indicates increased data usage and people travelling more frequently
- Flexiroam says it’s focused on continued growth and scaling its Travel business which reportedly shows “no signs of slowing down”
- Company shares are up 2.78 per cent to trade at 3.7 cents at 11:21 am AEST
Flexiroam (FRX) has once again increased quarterly revenue and cash receipts for the three months ending June 30, 2022.
For reference, Flexiroam considers the three months to June 30 to be the first quarter of a new financial year, meaning the mentioned period is Q1 FY23.
The mobile data provider recorded $1.73 million in cash receipts which marked a 369 per cent on the prior corresponding period (pcp), being Q1 FY22, and a 20 per cent quarter-on-quarter (QoQ) increase.
Cash receipts from its Solutions business increased by 1451 per cent on the pcp and contributed to 9 per cent of total cash receipts.
Revenue was up a significant 200 per cent on the pcp to $1.6 million and up 30 per cent QoQ.
Flexiroam essentially provides users with data across any device, in any part of the world. Since being established in 2011, the company’s network now spans 520 network operators in over 200 countries and territories around the world.
CEO Marc Barnett said the first quarter of FY23 saw the company continue to scale its Travel business, particularly with a growth in data usage and active users which “show no signs of slowing down.”
The company saw new monthly subscribers increase by seven per cent QoQ and almost triple on the pcp to 16,952. Monthly active paying users increased significantly by 48 per cent to 22,926 which also represents an-almost quadruple increase on the pcp.
Additionally, eSIM activations grew by 54 per cent to around 5700 and monthly data sold increased 34 per cent QoQ to 53.3 terabytes and data utilised increased 53 per cent to 36.6 terabytes.
The growth in new users and sold data reportedly is a forward indicator of revenue and the increase in data utilisation suggests an increase in travel. The company services users from 178 countries in 147 destinations.
Further to its financial growth, Flexiroam signed multiple Internet of Things deals as well as a partnership with Gordian Software to have its eSIM connectivity offered to customers of leading airlines and online travel agencies.
At the end of the June quarter, the company had $3.58 million in cash.
Company shares were up 2.78 per cent to trade at 3.7 cents at 11:21 am AEST.