Releasing its results for the quarter ended 30 June 2021 SenSen (ASX: SNS) said it expected revenue (unaudited) for the FY21 to be between $5.3 million and $5.5 million, representing a 40% increase over FY20.
During this period of growth, SenSen managed to reduce cash used in operating activities by 33% to $1.2m for Q4 FY21, when compared to the previous comparable period of $1.8m for Q3 FY21.
Fourth quarter highlights listed by SenSen include:
- Acquired leading provider of AI solutions to fuel retailers, ScanCam Industries Pty Ltd, adding a client portfolio of independent and national fuel retailers such as BP, Ampol (Caltex) and Chevron (Puma), and access to 6,500 fuel stations around the country.
- SNS completed the acquisition with upfront consideration of A$6.5M (A$1M cash plus A$5.5M in ordinary shares in SenSen); and
- Deferred consideration of up to a maximum of about A$4.1M, should the audited ARR of the ScanCam business reach A$3M within 24 months post the Completion date.
- Updated overall Revenue guidance for FY 2022 to A$11.0M (includes an estimated A$3M in ScanCam revenues).
- Updated overall Annual Recurring Revenue (ARR) guidance to A$6.5M for FY22 and beyond, based on current confirmed orders and contracts and ScanCam’s expected ARR including guidance on North American ARR to exceed A$1.5M.
- Expanded North American operations through the hiring of key marketing and sales executives, and opening of North American headquarters in Las Vegas, Nevada, USA.
- Net Cash used in Operating Activities of A$1.2M – compared to A$1.8M in the quarter ended March 2021.
- Cash and cash equivalents of $5.2M and unused finance facilities available of $1.8M at 30 June 2021
SenSen also reports that for the quarter it completed the appointment of key executives covering sales, marketing, account management, project management and other support resources in India - with this recruitment drive aligned to the company’s commitment to service current and new customers as the momentum continues towards revenue growth for FY22 and beyond.
The comany says the quarter performance was a result of “strong management and operational controls implemented by the executives and the growing maturity of the business”.
Commenting on the quarter, SenSen’s CEO Dr Subhash Challa said, “We remain focused on our vision to positively transform people’s lives with Sensor AI, as we develop solutions to unsolved problems through the analysis and fusion of data from multiple sensors and position SenSen as a world leader.”
“Overall this quarter has been one of continued and sustained growth as we delivered on our strategy to expand the commercialisation of our business verticals – Smart Cities, Retail, Casinos and Surveillance – and provide the operational support to grow.
“Our major achievements include record cash receipts from customers since listing, the acquisition of the fuel theft retail monitoring business ScanCam (approved by shareholders at our EGM), and our expansion into the US through our Las Vegas headquarters, and presenting an updated ARR guidance to the market for FY22. We look forward to updating the market as we continue growth throughout FY22.”