Tech: IntelliHR welcomes 17pc rise in subscribers; shares up 16pc
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HR software company intelliHR (ASX:IHR) says it has lifted subscriber numbers by 17 per cent since the end of March, which may help the company start to beat its money woes.
The company’s share price rose 16 per cent on the news, to 10c.
intelliHR sells its software to small-to-enterprise sized businesses and charges by the user. It told the market that users — subscribers — were spread over 55 business customers.
Subscriber numbers jumped in the last six weeks from 6945 at the end of March to 8114 on May 3.
Annual recurring revenue, a commonly-used metric among software-as-a-service companies, has gone from $952,000 to $1.1m.
But since the June quarter last year the company has struggled to lift its quarterly receipt take from a tight band of $148,000 to $154,000.
The company said standard subscribers pay $15 a month, suggesting the June quarter this year could see cash receipts of around $365,130.
As at the end of March this year, the company had just under $1m in the bank and a burn rate of $1.3m.
It raised $1m from sophisticated investors in April, but earlier this month cancelled the remainder of the capital raising, a $2.76m rights issue to all shareholders, claiming “the rights issue … at this time not in the best interests of the company and shareholders”.
IntelliHR’s share price has come off the all-time lows it hit last week, but is still very close to that 8.5c mark.
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The identity and payment verification service says it is breaking even “on a weekly cash run rate basis”. That means gross profit now exceeds operating costs. The company wouldn’t provide details as to what those costs and profit are, but said annualised costs were $8.75m and gross profit “comfortably exceeds” that. As at the end of March ISignThis took $1.4m in receipts and burned $1.7m in operating costs.
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They expect pro forma earnings before interest, taxation, depreciation and amortisation (EBITDA) for the full year to be around $3m.
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“The earnings revision has primarily been driven as a result of volumes to China, not growing as strongly as had been expected in the second half, following Chinese New Year,” they said.
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