Urbanise.com Limited (ASX:UBN) released its full year result to 30 June 2022.
FY2022 revenue of $12.67m up 10.2% on pcp1 with strong growth in licence revenue partly offset by lower professional fees; 86.8% recurring revenue.
Licence fees increased by 20.9% reflecting full period impacts from the successful implementation of the PICA contract, new and backlog customers including two large Middle East customers, higher utilisation of the platform from existing customers and annual price increase.
Annualised recurring revenue (ARR) of $10.85m, up 3.9% on pcp driven by the onboarding of new and backlog customers including Nakheel offset by the ARR reduction from Ventia.
Contracted ARR of $12.1m at 1 July 2022, up 6.1% on pcp, includes estimated backlog of $1.2m.
FY2022 underlying average monthly cash used of $212k (FY2021: $246k) due to a 13.3% increase in receipts driven by revenue growth and advance billing strategy.
Closing cash balance of $3.97m (30 June 2021: $7.82m) and no material debt2.
Urbanise is on track to deliver a significant reduction in cash burn of $2.5m over the nine month period to 30 September 2022 with $1.57m (62.9%) secured by 30 June 2022.