Highlights:
- Continued growth in quarterly cash receipts, increasing by ~68% vs Q2 FY23
- Continued growth in quarterly revenue increasing by 60% to ~$1,765m vs Q2 FY23
- Completed successful placement of $400k to expand newly formed cybersecurity division
- Restructuring initiatives completed with ~$112k in one-off costs incurred during the quarter, resulting in annual savings of more than $750k
- Restructure of ~$736k of deferred consideration to unrelated parties from acquisition of Attained Group Pty Ltd
This strategy has delivered another strong quarter outlined by the following quarterly results compared to Q2 FY23:
- Cash receipts for the quarter of $1,977m, increasing by ~68%
- Total revenue for the quarter of ~$1,757m, up by 60%
Pleasingly, revenue for the quarter from the Companys core divisions (excluding Miner Hosting) increased ~3% from the September 2023 quarter, to $1,481m. During the quarter the Company continued to execute its plan to cross-sell services between its existing business units to drive further organic growth.
Generative AI offering
The Company continues to work on leveraging it’s existing assets with a focus on offering generative AI driven solutions. These solutions are being developed as individual AI powered microservices, eventually leading to the Company selling a suite of different AI powered solutions. The Company plans to initially use these solutions internally to further drive operational efficiencies, and then offer them to it’s existing customer base and the broader market as a new product offering.
The Company is continuing to develop it’s first AI microservice, a de-identification tool for Personally Identifiable Information (PII), to remove or anonymise PII data before sending sensitive information to any AI Large Language Model (LLM) (ASX: 26 Oct 2023).
The PII microservice being developed and tested by the Company will allow PII data to be found and either masked, redacted, encrypted or replaced to ensure data that is sent to the LLM is private and secure. Once developed, the PII microservice will be the first AI powered microservice offered by the Company to existing and new clients. It will also provide the Company with the initial toolset to develop further AI products and services.
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