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.

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