Advanced network security software company Netlinkz (ASX:NET) has delivered another strong performance during the June quarter to cap off a successful FY21. Image: Getty
Tech
Special Report: Advanced network security software company Netlinkz (ASX:NET) has delivered another strong performance during the June quarter to cap off a successful FY21.
The company, which services its enterprise clients by securely transmitting their data direct from cloud networks to ‘edge’ devices such as mobile phones, tablets and PCs utilising its proprietary Virtual Secure Network solution, recorded $2.7 million in unaudited revenue during the quarter.
The result takes the Company’s total FY21 revenue to ~$15 million, a 174% growth over FY20.
The company also reduced its operating expenses to $3.5 million, down from the three prior quarters of FY21 where it averaged $4.4 million.
Netlinkz finished the quarter with a healthy cash balance of $11 million, thanks to a successful capital raising completed back in May.
It managed to repay $2.1 million in debt including $0.9 million in convertible notes and another $1.2 million of short term loans.
Netlinkz told its shareholders it was continuing to benefit from the shift to remote working brought about by COVID-19.
This shift has accelerated demand for cybersecurity products and Netlinkz stands out from its competitors by providing secure connectivity to devices rather than to branch or edge.
“This not only supports the work from home change, but it also provides secure connectivity to the masses through the Netlinkz VSN products,” the company said.
Netlinkz’s other achievements in the quarter included the establishment of an alliance with regional focused telco SouthCloud, which will see Netlinkz underpin SouthCloud’s network security backbone.
It also executed a Joint Venture Agreement with Qatar-based Al Rabban International to establish an Internet of Things lab in Qatar, and from there develop business development opportunities in Qatar and other nearby Middle Eastern countries.
Rounding out a busy quarter, Netlinkz also hired two new senior executives in Rotem Salomonovitch as Chief Technology and Product Officer and Sam Akbari as Chief Marketing and Revenue Officer.
The company also engaged former Ericsson CEO and former Telstra CTO/CIO Hakan Eriksson as a consultant to support the senior team in bringing its products to market.
This article was developed in collaboration with Netlinkz, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
