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Regulatory tech company Kyckr has posted record quarterly revenue of over half a million dollars, though customer receipts are smaller than the company forecast earlier this year.

Kyckr (ASX:KYK) — one of the ASX’s few true blockchain stocks — helps financial institutions comply with their Know Your Customer and Anti-Money Laundering obligations by providing them with technology solutions.

Kyckr shares (ASX:KYK) rose 11 per cent on today’s news, hitting an intraday high of 11c.

The company told investors in its latest quarterly report that it had achieved revenue of $548,000, a record, and up 61 per cent on the corresponding FY17 quarter, driven by an 87 per cent rise in online revenue.

But customer cash receipts, which totalled $490,000 for the September quarter, were lower than Kyckr’s forecast earlier in the year.

The ASX hit Kyckr with a please explain earlier this year after the company showed negative operating cash flows in its March quarterly.

Kyckr shares (ASX:KYK) over the past year.

Kyckr responded by saying its estimated cash outflows at the time did “not include cash from customer receipts which we anticipate will increase this quarter [June qtr] to circa $600k”.

The June quarterly showed $475k in customer receipts, down on the previous quarter.

Cash at hand increased slightly in the September quarter, rising from $4.6 million to $4.8m.

The company also says it is investing in staff, with new members joining the development team during the September quarter, as well as a refresh of its website and expanding conversations with key customers to overseas targets.