Orcoda (ASX:ODA) ends Q1 FY21 cashflow positive, share price jumps 67pc

  • Orcoda (ODA) has announced its September quarterly report, showing the company ended the period cash flow positive and with strong revenue growth
  • Customer receipts increased from $349,000 to $881,000 between the June and September quarters
  • Orcoda managed to reduce its cash burn during Q1 FY21, bringing it to $87,000, well under its goal of $100,000 per quarter
  • The positive results come despite the effect COVID-19 continues to have on the company’s transport and healthcare divisions
  • ODA ended the first quarter of the 2021 financial year with over $1.5 million in the bank
  • It’s share price has also ended the week up almost 70 per cent following the release of the company’s 4C
  • ODA shares are currently worth 16.5 cents each, up 66.7 per cent

 

Business efficiency experts Orcoda (ODA) has announced its September quarterly results, leading to a spike in the company’s share price.

The positive quarterly report shows the company ended the period cash flow positive, with $51,000 on its operating balance sheet – a big improvement on the previous quarter’s balance of $612,000.

Orcoda also increased its revenue, with customer receipts rising from $349,000 to $881,000 between the June and September quarters.

Additionally, total cash burn throughout Q1 FY21 was $87,000, well below the company’s target of $100,000 per quarter.

The efficiency experts recieved $270,000 during the quarter from research and development refunds from the tax office, to give it a total cash balance of $1.54 million at September 30.

Meantime, today’s positive financial metrics come despite the effect COVID-19 had on the company.

Orcoda said in today’s update that its Healthcare and Transport division continue to be affected by the coronavirus pandemic, with the company’s executives taking a pay cut as a result

Since the release of the quarterly update, shares in ODA have shot up almost 70 per cent – adding over five cents to the company’s share price.

The business stock ended the day up 66.7 per cent, worth 16.5 cents per share.

Category

Tags

You May Also Like…

June Quarterly FY22 Financial Highlights

June Quarterly FY22 Financial Highlights

Orcoda has delivered record total income for the full year of $16.8 million (unaudited), with strong momentum across all business divisions and annual positive operating cash flow of $1.1 million...

read more
Orcoda Alliance Agreement with Tutis VReddo

Orcoda Alliance Agreement with Tutis VReddo

Orcoda Limited (ASX: ODA) (‘Orcoda’ or the ‘Company’) is pleased to announce that it has entered into an Alliance Agreement (“Alliance Agreement”) with Tutis Holding Pty Ltd (“Tutis VReddo”) to...

read more
Loading...