- Smartwatch company Spacetalk (SPA) recorded revenue of $12.3 million for the first half of the 2022 financial year, a 50 per cent increase from this time last year
- The increase in revenue has come from the products now being available in Australia, New Zealand, the UK, US and Nordic region
- Annualised recurring revenue from the Spacetalk app’s monthly subscriptions was $3.5 million, up 52 per cent on the previous corresponding period
- However, Spacetalk’s MGM school business revenue was $900,000, down 10 per cent, this business has been impacted by COVID-19 disruptions over the past two years
- On the market today, Spacetalk is up 12.1 per cent and trading at 18.5 cents per share
Spacetalk (SPA) has recorded revenue of $12.3 million for the first half of the 2022 financial year, a 50 per cent increase from the prior corresponding period.
This result is also a 78 per cent increase compared to the last half.
The kids smartwatch company said the revenue growth was from the early benefits of geographic diversification, with the wearable devices now sold in Australia, New Zealand, the UK, Finland, Norway, Sweden, Canada and the US.
Notably, the sales in the Nordic and North America regions only commenced in late November 2021.
Annualised recurring revenue from the Spacetalk app’s monthly subscriptions was
$3.5 million, up 52 per cent on the previous corresponding period.
Notably, the device sales growth was achieved with lower marketing expenses.
However, Spacetalk’s MGM school business revenue was $900,000, down 10 per cent. The business has been impacted by COVID-19 disruptions over the past two years, particularly in New South Wales and Victoria.
“Despite lower revenue for the half, the schools business remains a strong net
positive cashflow generator for the group,” the company said.
On the market today, Spacetalk was up 12.1 per cent and is trading at 18.5 cents per share at 11:43 am AEDT.