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Subsequent to quarter-end Company streamlined to focus on its Vantage DX Microsoft opportunity, reduced expenses by 20% and closed a subordinated USD $1.5M debt facility provided by the Co-Chairman of the Board.
- Total revenue was $4.2Mwith 99% of it recurring and 89% gross margins.
- Modern Workplace Optimization solutions contributed 58% of revenues, with Vantage DX user base growing by 60% sequentially from Q4 FY22 to reach 352,000.
- Monthly Recurring Revenue (MRR) was $1.4M
- Adjusted EBITDA loss improved by 32% (to $.65M from $.96M) year over year driven by cost optimization.
- Cost optimization measures and USD $1.5M subordinated loan subsequent to quarter-end part of the Company’s objective to accelerate positive cashflow.
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OTTAWA, ON, Aug. 23, 2022 /CNW/ – Martello Technologies Group Inc.(“Martello” or the “Company”) (TSXV:MTLO), a provider of software that optimizes the Microsoft Modern Workplace environment, a segment of the broader market for digital experience monitoring (DEM) today released financial results for the quarter ended June 30, 2022. Martello software provides businesses with actionable insights on the performance and user experience of cloud services such as video conferencing and voice calls, with a focus on Microsoft 365 and Microsoft Teams.
“I am confident in the Vantage DX market opportunity as demand continues to grow” said John ProctorPresident and CEO of Martello. “Microsoft’s growing dominance is our tailwind helping us shape the market for Modern Workplace environment optimization and we have taken steps to reduce our costs and focus on accelerating the sales cycle. In addition to enterprise sales efforts, we are leveraging our relationships with Microsoft, Orange Business Services and Datacom to expand our sales pipeline.”
“Demand for Vantage DX is strong as Microsoft Teams adoption and user expectations increase. We are applying operational excellence and discipline to increase the velocity of our Vantage DX sales cycle” said Jim ClarkChief Financial Officer of Martello. “The fiscal 2023 cost optimization measures taken are a key step to ensure we can maximize this demand with a path to positive cash flow and profitability. The injection of USD $1.5M in working capital is a buffer for our operations as we prioritize attaining positive cash flow in future quarters”
“I’m pleased with the market position and timing for Martello,” said Martello Co-Chairman Terry Matthews. “The company is more active than ever with new partners, global clients, and solid, well-performing technology. The Martello technology comes at the right time to help clients gain higher service quality and uptime with their new communications platforms while at the same time offering significant reductions in the number of technical support staff required. Better customer and technician experience with higher service reliability and uptime for the enterprise is a good formula for success.”
Q1 FY23 Financial Highlights
|
Financial Highlights |
June 30, |
June 30, |
||
|
(in 000’s) |
2022 |
2021 |
||
|
(Three months ended) |
||||
|
Sales |
$ |
4,178 |
4,401 |
|
|
Cost of Goods Sold |
463 |
428 |
||
|
Gross Margin |
3,715 |
3,973 |
||
Full story available on Benzinga.com
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