ASX tech stocks: Dropsuite (ASX:DSE) climbs after reporting 15% increase in annual recurring revenue
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Global cloud backup and archiving software provider Dropsuite (ASX:DSE) led ASX tech stocks today, rising 7.5% off the back of its Q4 FY21 report which flagged annual recurring revenue of $11.93 million — a gain of 15% on the prior quarter.
CEO Charif El Ansari said the company exists to “safeguard businesses’ information and keep them operational in the face of growing challenges, be it ransomware, cyber-attacks or compliance requirements.”
“We have seen ongoing demand for our product and surpassed 500k users, reflecting the continued focus on expanding our product base to address growing customer requirements,” he said.
“Our commitment to provide an exceptional service experience for our partners and end users was once more recognised having been awarded the highest ranking from Info-Tech Research Group for the second year running.”
The company ended the quarter with a tidy cash balance of $2.40 million.
Strong quarterlies are the theme of the day, with the company boasting FY21 revenue was up a huge 200% YoY to $104.5 million – plus it grew revenues by 37% from $44 million in H1 to $60.5 million in H2.
“Organic demand for the product set across: data, cyber, managed services, voice and importantly Spirit’s bundled offering continues to be very positive,” managing director Sol Lukatsky said.
The company said it was continuing to see larger contracts in the mid-size and corporate markets in Q4 FY21, along with its SMB segment.
“At the same time, we continue to take a conservative view on margins into FY22 as labour costs, IT hardware supply chain challenges and availability of IT&T skills potentially impact supply side deployments across the entire industry.“
Skyfii Ltd (ASX:SKF) +4.35%
The company announced the completion of its CrowdVision acquisition – a highly complementary Artificial Intelligence, computer vision and video analytics company.
Basically, the timing of the transaction is strategically counter-cyclical and provides significant scope for the company to generate revenue uplift as global air travel, and airport infrastructure investment, continue to normalise post the impact of COVID-19.
And Skyfii reckons there could be strategic and revenue opportunities to leverage the technology into new verticals with similar use cases including stadiums, casinos, rail and transit hubs.
Titomic (ASX:TTT) +3.66%
Titomic jumped today off the back of its Q4 FY2021 report which highlighted a range of partnerships and joint ventures with key customers.
The company signed a heads of agreement with NEOS International for a joint venture to manufacture and sell Invar 36 Faceplates and multi-metal product solutions in the UK for aerospace, defence, automotive and nuclear industries.
The products will be manufactured using Titomic’s Kinetic Fusion Technology, essentially accelerating the next generation of advanced fibre composite technologies, critical to produce light weight fuel-efficient aircraft.
The company also announced the acquisition of Tri D Dynamics Inc a Silicon Valley based design and manufacturing company developing smart pipe infrastructure which will upgrade and electrify infrastructure by embedding electronics directly into metal structures to outfit them with digitally connected technology.
And the company showed the potential applications and commercial opportunities of its technology to the Aussie defence industry at the Land Forces exhibition in Brisbane – where it exhibited the first ever Cold Spray Additive Manufacturing (CSAM) produced titanium panel.
Delta Drone (ASXLDLT) unchanged
The company just announced it has secured a $120,000 deal for its ‘Rocketmine’ brand to manage end-to-end mine surveying and mapping services for a subsidiary of the world’s largest producer of platinum – Anglo American Platinum Limited – in Mogalakwena, South Africa.
Mach7 Technologies (ASX:M7T) -4.17%.
M7T specialises in innovative medical imaging solutions for healthcare providers. Despite reporting 95% growth in FY21 sales orders (of $25.6 million), shares in the company fell in morning trade.
Limeade (ASX:LME) -2.63%
Limeade also dropped today despite announcing its acquisition of TINYpulse, a leader in employee listening software.
Founder and CEO Henry Albrecht said the company remains confident that “By adding TINYpulse listening capabilities, Limeade is poised to deliver the next-generation employee well- being solution that fits seamlessly into people’s daily work.”