Continued Robust Growth | Record Quarterly Results
ORCODA (ASX:ODA), the innovative transport management solutions company, has recently released its 1Q FY24 financial results, revealing outstanding results in various key performance indicators. The company’s unwavering commitment to excellence and customer-centric approach has yielded impressive outcomes, underpinned by the positive momentum in its transport management software business, The Betta Group, and Future Fleet.
Read the article and watch the interview by The Market Herald with Samuel Yue, Chief Financial Officer or ORCODA regarding the latest quarterly ASX releases.
Solid Financial Performance
ORCODA’s financial highlights for the first quarter of fiscal year 2024 demonstrate a significant upswing compared to the same period in the previous year:
- Record quarterly results with Customer Receipts $9.4 million (up 38%), Total Income $9.0 million (up 55%), Operating Cash Flows $1.8 million (up 50%)
- Investing Cash Flows: $0.7 million for the acquisition of Future Fleet and software development
- Cash & Cash Equivalents: Ended the quarter at $5.5 million, a 15% rise compared to last quarter’s balance.
- Working Capital: $6.5 million at end of quarter
These exceptional financial results are a testament to ORCODA’s dedication to sustainable growth and innovation in the ever-evolving transport and logistics industry.
Driving Growth through Key Focus Areas
The Betta Group, a vital component of ORCODA’s business ecosystem, played a pivotal role in the impressive first-quarter performance. ORCODA’s strategic focus within The Betta Group included the successful execution of large transport-related infrastructure contracts. Furthermore, the company concentrated its efforts on implementing streamlined systems and processes to enhance profitability.
In the realm of transport management software, ORCODA reported remarkable success with recurring revenue business. During Q1, the company concentrated on delivering and implementing newly signed SaaS contracts. Additionally, ORCODA worked on pursuing product integration and cross-selling synergies with Future Fleet and marketing our products through Channel Partners such as Teletrac Navman and Telstra.
Innovating for the Future
ORCODA’s forward-thinking approach extends beyond its current successes. The company is actively working on launching new software products in the vehicle pooling and vehicle rental segments in the coming months. A trial of Orcoda Rental Connect is already underway, promising substantial market opportunities once commercialised. These initiatives signify ORCODA’s commitment to staying at the forefront of industry trends and addressing evolving customer needs, to deliver commercial products that deliver revenue and profits for our shareholders today, whilst planning for the future through our innovative R&D programs.