Prophecy International Holdings Ltd. (ASX: PRO) announced a successful third quarter in FY24, marked by substantial growth in its recurring revenue and new partnerships. As of March 31, 2024, their annual recurring revenue (ARR) increased by 20% year-over-year to AU$27.6 million, influenced by a new partnership with Devo Technology, which is expected to raise the ARR above AU$30 million once fully operational. Invoicing rose by 13.1% to AU$20.2 million over the same period, with the company maintaining a strong cash position of AU$11.3 million and no debt.
The company's emite platform expanded its market through a North American distribution agreement with Voxai Solutions, enhancing its presence across various sectors. Similarly, Snare, their cybersecurity product, secured significant contracts and expects additional growth through a strategic partnership with Devo, projecting a potential sales pipeline of AU$19.7 million over the next 12 months. Prophecy continues to focus on expanding market reach and enhancing product offerings, positioning itself for sustained growth in the software and cybersecurity sectors.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
