- 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.