ASX Tech Stocks: CV Check clocks 83pc revenue increase for December quarter, DroneShield doubles revenue

CV1 Revenue Up 83% for the quarter, and up 84% for the half year
DroneShield doubles revenues, triples cash receipts for December quarter
Adveritas adds new clients and increases total annualised revenue

CV Check (ASX:CV1)

Pre-employment screening tech platform CV Check was up 6.89% in early morning trade today, after announcing it recorded a 83% increase in revenue for the December quarter of $6.5 million.

The company also reported total revenue of $12.8 million for the first half of the year, which is an 84% rise on the prior corresponding period – and includes SaaS revenue of $1.2 million from real-time monitored compliance product, Cited.

CEO Michael Ivanchenko said completing the integration of Bright People Technologies and the kicking off the company’s strategy of consolidating the base and growing new markets is showing results.

“We continue to see strong growth in the pre-employment screening market through our returning business customers utilising more of our screening services including our Covid vaccination checks,” he said.

“We are experiencing unprecedented interest in our SaaS real-time compliance monitoring product, Cited, and progress continues on key innovations which we look forward to announcing soon.

“The business is exceptionally well placed as we move into Q3 and Q4, which have historically been CV1’s strongest quarters for revenue.”

DroneShield (ASX:DRO)

Up 2.85% today was DroneShield, which announced a doubling of its revenues compared to 2020, to $10.5 million, and a tripling of customer and grant cash receipts to $14.8 million – subject to audit.

Customer and grant cash receipts for the last quarter were around $2.7 million and the closing cash balance for the December 2021 quarter was $9.5 million.

CEO Oleg Vornik said 2021 was a pivotal year with the company’s first multi-year, $3.8 million contract with the Department of Defence, doubling of the global team from 30 to over 60 staff, and entering into larger scale Artificial Intelligence contracts with customers that are adjacent to the counterdrone sector.

”2022 is shaping as another record year, with over $200 million in sales pipeline diversified across geographies and products, underpinned by our talented staff who are global leaders in their respective technology segments,” he said.

“We have also taken advantage of our supply chain relationships to secure access to material amounts of complex circuit board and other inventory, which serves as a further differentiator to our customers, reducing final product delivery lead times, in the current environment of supply chain disruptions for much of the industry.

“Importantly, Software as a Service (SaaS) and, generally, software-related revenues are expected to continue increasing as total percentage of customer cash receipts.”

Adveritas (ASX:AV1)

Ad fraud prevention software player Adveritas was down 3.33% today, after welcoming a new client in one of the world’s largest bookmakers William Hill, which has joined global betting companies BetFred, Betbull and Palmerbet to select TrafficGuard over other suppliers to protect against ad fraud and to use the platform to optimise their digital ad spend.

Plus, MyRepublic is now the second telecommunications company in Asia to implement TrafficGuard, after Singtel (parent company of Optus) signed up in September 2021.

The company said the new contracts signed will add a minimum of $315k in annualised revenue, increasing its total annualised revenue to around. $1.85 million, up 80% since 30 June 2021.

“With several well-known, multi-billion-dollar enterprises now using TrafficGuard, more in our pipeline, and the recent addition of a chief marketing officer, we are very focused on the necessary growth levers to achieve rapid growth this year,” co-founder and CEO Mat Ratty said.

Hiremii (ASX:HMI)

Recruitment player Hiremii dropped 3.92% in early morning trade today.

The company appointed a new CFO in Brad Kobus, an experienced finance and commercial executive of ASX and US listed businesses.

“We are extremely pleased to welcome Brad Kobus as chief financial officer. Brad has served in finance, commercial and information system executive roles,” Hiremii MD Andrew Hornby said.

“He joins Hiremii’s executive leadership team at an ideal time to provide new financial and commercial governance and support as the company integrates its services, systems and processes following the acquisition of Inverse Group Pty Limited.”