- LiveTiles (LVT) reports a slight reduction in statutory net losses as well as in operating expenditure for the 2021 financial year
- LVT reduces its net loss after tax by about 5 per cent to $30.1 million as well as its operating expenditure by 22 per cent to $41.4 million
- The employee experience company has focused on moving towards a path of profitability and, as a result, underlying EBITDA improved by 91 per cent from a $12.56 million loss to a loss of $1.1 million
- Positively, operating revenue has risen 19 per cent to around $45 million which can be attributed to a growth in customers
- Company shares are down 11.8 per cent to 15 cents at 12:22 pm AEST
LiveTiles (LVT) has reported an improvement in revenue and underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for FY21.
LiveTiles, which specialises in employee experience software, increased operating revenue by 19 per cent year-on-year to about $45 million while total revenue (including government grants) rose 5 per cent to $46.7 million. The company attributed this to growth across new and existing customers.
The company also reported a slight improvement in its statutory net loss after tax which reduced by about 5 per cent to $30.1 million in FY21.
LiveTiles focused on reducing operating expenditure which totalled $41.4 million in FY21, down 22 per cent from $52.7 million in the prior corresponding period.
This ultimately aimed to put the company on a path to profitability with underlying EBITDA improving by 91 per cent from a loss of $12.56 million in FY20 to a $1.1 million loss.
Co-Founder and CEO Karl Redenbach said he was pleased with the results during a year that had its challenges.
“We are pleased with LiveTiles FY21 results in a year that was not without its challenges; operationally, and on a global scale due to the ongoing uncertainty with COVID-19. Despite this, we have continued to make significant improvements across the business during the year,” Mr Redenbach said.
Annualised recurring revenue was up 17 per cent to $62.8 million as well as cash receipts which grew 26 per cent to $51.8 million.
LiveTiles also signed significant agreements with world-leading brands such as United Healthcare Group, Nestle and Footlocker. These deals involved LiveTiles rolling out its employee experience solutions for their workers.
As of June 30 2021, the company had $16.8 million in cash and a clear idea of where it plans to be over the next two years. By 2024, LiveTiles hopes to be recognised as a global leader in employee experience, significantly increase licensed user numbers and have 50 per cent of the world’s top 300 employers as customers.
Company shares were down 11.8 per cent to 15 cents at 12:22 pm AEST.