The company recorded customer receipts of $1.5 million in the December quarter, an increase of 35% over the prior corresponding period.
SenSen Networks Ltd (ASX:SNS, OTCQB:SNNSF) secured lucrative deals with a range of customers looking to increase data collection and automate compliance activities in 2021 – and it drove strong growth in the quarter of December.
The company reported cash and cash equivalents of A$8.1 million and unused funding facilities totaling A$1.8 million on the last day of the year.
Sales drove growth
The adoption of AI in a range of applications across industries is undoubtedly part of SenSen’s success story. The company offers targeted data collection technology, including compliance, monitoring and GPS services for betting tips and tracking for casinos.
Some of the most impactful names on its client list include National Heavy Vehicle Regulator, Transport for NSW, Chicago Parking Meters, Sunshine Coast Regional Council, Queensland Revenue Office, Brisbane City Council, Crown Casino and Hippodrome Casino. from London.
The company generated record monthly recurring revenue (MRR) of approximately A$0.45 million, or annual revenue of approximately A$5.3 million, and is on track to increase its MRR to 0.65 million Australian dollars (approximately 8.0 million Australian dollars in annual recurring revenue) by the end of this year thanks to new contracts won.
SenSen absorbed net cash outlays of A$3 million for its operations in the quarter as it continued to focus on growth, investing in sales and marketing initiatives to promote its AI services.
At the same time, it reduced its debt with repayments of $1.3 million during the quarter to shore up its balance sheet and give it the firepower for aggressive future revenue growth.
The growth won’t stop there
In its report, the company said it expects to see higher and growing cash receipts in 2022.
It was a period of strong customer growth for the company, with the announcement of eight new commercial contracts with a combined value of more than $4.8 million.
These included five smart cities, two casinos, and retail with a stable of over 50 gas stations.
The company expects this momentum to accelerate in the coming months as its aggressive business strategy continues to bear fruit.