Flying car and drone play Mobilicom doubles cash receipts
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Communications software maker Mobilicom says its cash receipts over the past six months are 157 per cent higher than a year ago as the company works across several global projects.
The company (ASX:MOB) released its June quarter figures to the market this morning, reporting $756,000 from customers, bringing it up to $1.4 million over the last six months.
In the same period last year, Mobilicom received $359,000 in cash receipts.
It’s still not cashflow-positive though, burning $872,000 in the quarter — slightly more than the same quarter last year.
Mobilicom makes secure communication systems and is best known for its wireless “mesh” network which connects phone users to each other’s handsets without the need for phone towers.
Last month, it also announced it was getting into the flying car game, declaring it had been chosen to supply communications technology for the “Cormorant” — an unmanned aerial vehicle that’s being developed into a flying car.
The quarterly recaps what Mobilicom sees as its top achievements for the quarter, including completing proof-of-concept trials of its communications technology with rescue teams in Sri Lanka and the Czech Republic .
These deals are expected to generate revenue, but haven’t at this stage.
The past three months called for more spending than usual, with the business having to pay for one-off manufacturing costs for a year’s worth of inventory.
Mobilicom expects to spend another $1.6 million this quarter — including $766,000 on staff.
It had $6.6 million in the bank at the end of June.
Over the past 12 months the share price has dropped 42 per cent, from 12c to 7c.