Qoria Limited - FY2024 Financial Results Show Strong Growth and Positive EBITDA
QORIA LIMITED (QOR) Share Update August 2024 Tuesday 27th
Qoria Limited Reports Significant Growth in FY2024 Financial Results
Qoria Limited (ASX: QOR), a global leader in K12 safety and wellbeing platforms, has reported impressive financial results for FY2024, showcasing significant revenue growth and positive EBITDA for the first time.
Instant Summary:
- Revenue increased by 21% to $99.4 million.
- Annual Recurring Revenue (ARR) grew by 22% to $116 million.
- Positive EBITDA of $2.0 million, up from a negative $26.1 million.
- Gross margin increased by 29% to $71.3 million.
- Operating cash flow turned positive at $6.8 million.
- Significant growth in student and parent user base.
Financial Performance
Qoria Limited has reported a strong financial performance for FY2024, with revenue increasing by 21% to $99.4 million. This growth was driven by a 17% increase in the K12 segment and a 37% increase in the consumer segment. The company's Annual Recurring Revenue (ARR) grew by 22% to $116 million, reflecting its expanding market presence.
For the first time, Qoria achieved a positive EBITDA of $2.0 million, a significant improvement from the negative $26.1 million reported in the previous year. The company's gross margin also saw a substantial increase of 29%, reaching $71.3 million.
Operational Highlights
Qoria's operational highlights for FY2024 include a 17% increase in the number of children kept safe using its platforms, totaling over 24 million. The number of schools using Qoria's platforms grew to 29,000, and the number of parents using its services increased by 12% to over 6 million.
The company also reported a positive operating cash flow of $6.8 million, a significant turnaround from the negative $23.6 million in the previous year. This improvement was driven by increased receipts from customers and effective cost control measures.
Segment Performance
In the US K12 segment, revenue grew by 30% to $37.5 million, while the consumer segment saw a 37% increase to $25.2 million. The UK segment reported an 8% growth in revenue to $31.6 million. However, the ANZ K12 segment experienced a slight decline of 2% to $5.1 million.
Future Outlook
Looking ahead, Qoria is optimistic about its future growth prospects. The company expects the December half to be free cash flow positive and anticipates further growth in its key markets, including the US and UK. Major product releases and strategic partnerships are expected to drive continued expansion.
The positive financial results and significant growth in revenue and EBITDA are likely to have a positive impact on Qoria Limited's stock price. Investors may view the company's strong performance and optimistic outlook as indicators of continued growth and profitability.
Investor Reaction:
Analysts are likely to react positively to Qoria's financial results, noting the significant improvements in revenue, EBITDA, and operating cash flow. The company's strong market position and growth prospects may further boost investor confidence.
Conclusion:
Investors should consider Qoria Limited's strong financial performance and positive outlook when making investment decisions. The company's continued growth and strategic initiatives position it well for future success. Stay informed on Qoria Limited and other stock market news by subscribing to our newsletter.