- NEXION Group (NNG) reports a strong December quarter with total revenue up 50 per cent to $1.87 million (unaudited) compared to Q1 FY22
- Following the Blue Sky Telecom acquisition, NEXION reported its first full quarter of revenue in December, resulting in a 91 per cent increase in the recurring revenue base
- Gross profit increased by 44 per cent for the quarter, compared to 21 per cent in the previous fiscal year, and it continues to rise quarter after quarter
- The company said its leadership team is preparing for NEXION’s next phase of national and worldwide development
- Shares are down 3.23 per cent to 15 cents
Global cloud service provider NEXION Group (NNG) reports a strong December quarter with total revenue up 50 per cent to $1.87 million (unaudited) compared to Q1 FY22, including a 91 per cent increase in monthly recurring revenue.
Following the integration of its Blue Sky Telecom acquisition, NEXION reported its first full quarter of revenue in December, resulting in a 91 per cent increase in the company’s recurring revenue base.
Blue Sky’s personnel and technology are now completely integrated into NEXION Networks, with cost-cutting targets met.
Gross profit increased by 44 per cent for the quarter, compared to 21 per cent in the previous fiscal year, and it continues to rise quarter after quarter.
In November 2021, NEXION completed a $2.75 million (before costs) capital raise, consisting of 16,562,500 shares issued on November 24, 2021, at $0.16 each, plus an additional 625,000 shares to be issued to directors and senior staff at $0.16 each, subject to approval at a shareholder meeting on February 4, 2022.
Furthermore, subscribers will get one attached unlisted option for every two placement shares issued, with an exercise price of $0.30 and an expiration period of three years from the date of issuance, subject to shareholder approval.
The company said its leadership team is preparing for NEXION’s next phase of national and worldwide development, which is being driven by increased customer demand and new prospects with its global technology partners.
Shares were down 3.23 per cent to 15 cents at 3:09 pm AEDT.