Energy monitor Bidenergy hit $2.5m in revenue; shares climb 13pc
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Energy monitor BidEnergy has more than doubled the number of energy meters using its tech since December.
The company (ASX:BID) — now focused on expanding in US and Australia — generated just over $1 million in customer receipts in the June quarter, and reduced cashburn to $123,000.
Last quarter the business also generated about $1 million in receipts but burned $911,000 in operating activities.
A $600,000 research and development tax incentive rebate received in June helped lessen cash burn this quarter.
The shares climbed 13 per cent to 7c in early Thursday trade – and are up about 170 per cent over the past year.
At the moment most of its subscribers are corporates, but last week the company unveiled plans to launch “Bid Billy”, a bill monitor and power rate reviewing system for small business and domestic household consumers.
Bid’s annualised subscription revenue from its energy management platform is now at its highest point since 2015, with $2.5 million in subscription revenue expected in 2018 including an additional $2.1 from US operations.
Two years ago, revenue from subscriptions was sitting at around $700,000.
The company now has 53 energy subscriptions in operation in Australia, and a further five in the US and UK.
Since December 2017, Bid says it’s increased the number of energy meters it tracks from from 10,065 to 21,518 after bringing on more customers.
Managing director Guy Maine told Stockhead last week he is getting strong demand from small businesses and franchises.
The company says it has a “strong pipeline” of opportunities, some of which were secured in the past quarter, including a large US retailer who will use BidEnergy’s power use management services across more than 850 stores.
Over the past 12 months, BidEnergy’s share price is up 170 per cent to 6.5c.