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Total turnover: $1.3 million for the second quarter of fiscal 2025, down 16% year over year and up 2% sequentially.
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Annualized Recurring Revenue (ARR): $4.6 million as of September 30, 2024.
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Gross margin: 88.6% for the second quarter of fiscal 2025, slightly higher than the 87.9% in the previous quarter.
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Adjusted EBITDA: Loss of $366,000 for the second quarter of fiscal 2025, a sequential improvement of 10%.
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Cash flows from operating activities: Positive net inflows of $219,000 for the second quarter of fiscal 2025, an improvement of 24% year over year.
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Net IFRS loss: $0.7 million for the second quarter of fiscal 2025, a sequential improvement of 10%.
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Money and claims: Approximately $800,000 at the end of the second quarter of fiscal 2025.
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Net Debt: $2.2 million as of September 30, 2024.
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Available credit facility: Just under $900,000 available from Celtic Bank.
Release date: November 27, 2024
For the full earnings call transcript, please refer to the full earnings call transcript.
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Boardwalktech Software Corp (BWLKF) has seen a 44% CAGR in recurring revenue over the past three years, driven by its land and expansion strategy.
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The company has strengthened its sales and distribution strategy by partnering with major global IT services providers such as Tata Consulting Services and HCL Tech.
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Boardwalktech’s Velocity solution is gaining traction in the financial services industry, with successful implementation at a top five US bank.
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The company reported positive net cash inflows from operations of $219,000 in the second quarter, an improvement of 24% year over year.
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Boardwalktech focuses on achieving break-even adjusted EBITDA with modest assumptions for revenue growth and cost-saving measures.
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Total revenue for the second quarter of fiscal 2025 declined 16% year-over-year, primarily due to a decline in software and subscription services.
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The company experienced a 21% decline in professional services revenue as two customers declined to renew their licenses.
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Adjusted EBITDA for the second quarter was a loss of $366,000, indicating continued financial challenges.
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The company’s net IFRS loss for the quarter was $0.7 million, showing only a slight improvement from the previous quarter.
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Boardwalktech’s cash position remains limited, with approximately $800,000 in cash and trade receivables collected at quarter end.
Q: Can you explain the roadmap for your products as there seems to be a shift from three products to two, Unity Central and Velocity? What is the progress in the field of the digital ledger? A: Andrew Duncan, CEO: Our Digital Ledger platform continues to expand and has contributed to a CAGR of 44% over the past three years. We are transitioning to an information intelligence platform, integrating AI into our offering. The Velocity product is an Excel automation engine on the Digital Ledger, while Unity Central focuses on document and information management. Demand for both Digital Ledger and Excel automation remains high, especially among large corporations and banks.
