15 July 2021

Spacetalk (ASX:SPA) breaks revenue records

Source: https://themarketherald.com.au/spacetalk-asxspa-breaks-revenue-records-2021-07-15/

Spacetalk (SPA) has reported record revenue for the last quarter of the 2021 financial year.

The communications solutions company achieved $3 million in revenue, up 182 per cent compared to this time last year.

Spacetalk said the revenue had come from strong demand for its devices and continued growth in its app.

Device sales bought in revenue of $1.7 million, up 1600 per cent on the previous corresponding period.

App subscriptions revenue for the quarter was $670,000, up 86 per cent.

Cash burn for the fourth quarter was about $700,000 and cash balance at the end of the period was more than $4.2 million.

Spacetalk is expecting its full 2021 year revenue to hit $15.1 million, an all-time high and be up 43 per cent from the 2020 financial year.

CEO Mark Fortunatow is pleased with the results from the quarter.

“Q4 and FY21 delivered record revenue driven by a combination of strong demand and sell-through of our devices, continued growth in app revenue and the onboarding of large new tier-1 partners,” he said.

“Our new partnerships with some of the world’s largest telcos – including Telstra, Telefonica UK (O2) and Virgin UK – bears testament to the strong growth in the kids smartphone watch category and their urgent focus on participating in it; importantly, with us.

“Spacetalk is the first and presently sole offering in the category of these new partner telcos – a strong worldwide endorsement of the quality, reliability and customer appeal of our devices and app.”

This afternoon, Spacetalk was up 5.71 per cent on the market and is trading at 18.5 cents per share at 2:47 pm AEST.

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