Urbanise.com Limited (ASX:UBN) released its full year result to 31 December 2023
H1 FY2023 licence revenue of $5.56m1, up 2.6% vs previous corresponding period (pcp) and Q2 FY2023 licence revenue of $2.81m up 2.1% vs pcp driven by new and organic growth
H1 FY2023 revenue of $6.32m, down 0.6% vs pcp and Q2 FY2023 revenue of $3.08m, down 4.0% vs pcp due to a decline in professional fees and loss of Ventia
Q2 FY2023 average monthly cash used was $49k1. Adjusting for late receipts, underlying average monthly cash used was $83k
Urbanise exceeded its cash burn reduction target of $2.5m in Q2 FY2023 with a total of $2.714m realised since Q3 FY2022
Closing cash balance of $2.83m1 (30 September 2022: $2.98m) and no material debt2
From 1 July 2022, Urbanise is expensing all strata development costs. FM development costs are already fully expensed.
Urbanise will release its H1 FY2023 result in February 2023 when it will provide further details on Annualised Recurring Revenue (ARR) and backlog.