Novatti’s revenue surges 97% to $32.5 million
ASX-listed fintech leader Novatti Group has today released its June quarter update, following the completion of another incredibly successful financial year.
The first three quarters of FY22 had resulted in record revenue results and this strong performance continued in the June quarter.
Novatti’s annual sales revenue increased 97% on FY21 to $32.5 million, with $11 million in quarterly sales revenue – the highest ever and up 121% YoY.
Whilst revenue increased, the payments company saw a 48% decrease in cash use in the June quarter compared to the previous quarter.
Novatti are also expecting over $8 million in new cash from Reckon’s Special Dividend to add to the $6.1 million end of quarter balance.
Novatti Group Managing Director Peter Cook stated, “Despite the volatility in global markets, Novatti has continued to produce record results, while the longer term, macro-level shift to digital payments shows no sign of easing.
“After several years of development and investment, Novatti’s global, B2B payments ecosystem is now well established and we are focused on monetising and leveraging this hard to replicate, yet scalable investment.
“Importantly, we have already shifted our focus to delivering positive cashflow, with substantial progress made in the June quarter as cash use fell 48%.
“We still remain committed to ensuring Novatti doesn’t miss out on capturing new growth markets. A good example here is our new stablecoin, AUDD. We believe there are enormous growth opportunities in the use of stablecoins as a payment solution going forward, which is why we want our own product in the market. But importantly, we are developing this new product without committing substantial upfront capital by leveraging the resources of our key project partners,” Cook said.
