Join our daily newsletter At The Bell to receive exclusive market insights
- Spacetalk (ASX:SPA) reports a 77 per cent surge in Mobile active subscribers to more than 26,000 as of December 31, 2023
- This growth is a result of a strong Q2, marked by robust Black Friday and Cyber Monday sales
- Spacetalk now expects a 20 per cent rise in revenue growth in 1H24 compared to the PCP
- Spacetalk last traded at 2.8 cents
Tech company Spacetalk (ASX:SPA) has reported a 77 per cent surge in Mobile active subscribers, totalling more than 26,000 as of December 31, 2023.
This growth is a result of a strong Q2, marked by robust Black Friday and Cyber Monday sales, soft-locking the Loop watch to the Spacetalk Mobile network, and the effectiveness of the Spacetalk ecosystem, ensuring strong customer retention.
The company’s foray into the 4G and 5G mobile handset plans market, coupled with the existing strong subscriber base, positions Spacetalk for further consolidation of subscriber growth and annual recurring revenue (ARR) in the future.
Spacetalk now expects a 20 per cent rise in revenue growth in 1H24 compared to the prior corresponding period.
This forecast is driven by the expansion of Spacetalk Mobile (MVNO) revenue, aligned with the growth in active subscribers.
The wearables segment is also expected to contribute to this growth, showcasing double-digit growth and outperforming the overall category in a challenging market.
“Spacetalk continues to deliver growth that reflects the focused execution of our strategy,” SPA CEO and Managing Director Simon Crowther said.
Mr Crowther confirmed that Spacetalk remains on track to meet its long-term ARR target of $20-$25 million over the three years from FY23.
Spacetalk last traded at 2.8 cents.
