- Tesserent (TNT) is reporting a ‘strong’ start to the 2022 financial year, despite a slip in turnover from $39.2 million to $26.9 million
- The full-service cybersecurity company says the quarter on quarter drop in turnover is to be expected as the July quarter often see’s increased sales
- TNT had operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of $2 million in Q1 FY22, with customer receipts totalling $40 million
- The company ended September 30 with over $8 million in the bank and cashflow positive, before raising $25 million in capital to buy Loop Secure and fund other acquisitions
- TNT shares are down 1.11 per cent at 22.3 cents per share
Tesserent (TNT) is reporting a ‘strong’ start to the 2022 financial year, despite a slip in turnover in the September quarter.
The full-service cybersecurity provider’s turnover dropped from $39.2 million at the end of July to $26.9 million at the end of September.
TNT explained the quarter-on-quarter drop in turnover was to be expected, as the July quarter often sees increased sales.
The technology stock brought in operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of $2 million, a 351 per cent increase on Q1 FY21.
Customer receipts totalled $40 million, while annual recurring revenue (ARR) now makes up 42 per cent of the company’s overall turnover.
The company ended September 30 with over $8 million in the bank and cashflow positive at $600,000.
Just before the end of Q1, TNT announces it had received commitments to raise $25 million in capital via an institutional placement.
The money will help the tech stock buy fellow cybersecurity business Loop Secure and also fund future acquisitions.
“Each of these identified acquisitions expand the capability offering which Tesserent can bring to its customers and are priced at a level where they are EPS accretive,” TNT said.
Company shares were trading down 1.11 per cent at 22.3 cents per share at 12:40 pm AEDT.