bullish
X2M Connect Limited - Tracking In-Line Across Key Variables
SUMMARY
- X2M Connect Limited (ASX:X2M) has updated several key variables in conjunction with its December quarter 4C release.
- Most key variables were in-line or ahead of RaaS expectations including a cash-flow positive Q2, device growth of 23% on September 2022 to 361k (RaaS 345k), H1 FY23 revenue +96% to $9.0m (RaaS $9.2m), cash costs of ~$4.3m (RaaS $4.6m) and a cash balance of $3.05m.
- Post-month end we estimate a cash balance closer to $3.5m on receipt of a $1.3m R&D credit offset by the repayment of a related R&D loan.
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