Buddy Technologies (ASX:BUD) - CEO, David McLauchlan
CEO, David McLauchlan
Source: Sydney Morning Herald
The Market Herald - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Buddy Technologies (BUD) has revealed its first earnings-positive quarter despite the impact of COVID-19 restrictions and supply chain disruptions
  • The company reported its unaudited results for the September quarter today, tabling an earnings before interest, taxes, depreciation and amortisation (EBITDA) of $32,000 compared to a $2.9 million loss in the prior corresponding period
  • CEO David McLauchlan said the company’s results have particularly been buoyed by strong demand for its LIFX and Buddy Ohm products
  • Shares closed 1.6 per cent lower, worth 6.2 cents

Buddy Technologies (BUD) has revealed its first earnings-positive quarter despite the impact of COVID-19 restrictions and supply chain disruptions.

The company reported its unaudited results for the September Quarter today, tabling earnings before interest, tax, depreciation and amortization (EBITDA) of $32,000 compared to a $2.9 million loss in the prior corresponding period.

Consolidated revenues were also higher in the quarter at $9.5 million compared to $7.9 million in the prior corresponding period.

Buddy built momentum over the quarter, reporting a 30 per cent month-on-month increase in consolidated revenue for September to $2.6 million.

EBITDA for September was $510,000, a record for the company and much higher than the $514,000 loss recorded in the previous month.

CEO David McLauchlan said the company’s results have particularly been buoyed by strong demand for its LIFX and Buddy Ohm products, despite challenges posed by the pandemic.

“With the majority of the company’s employees based in and around Melbourne, Australia, it is no exaggeration to suggest that the impact of COVID-19 on the business has been material,” David stated.

“Just as shelves are empty everywhere from craft stores to hardware stores to car dealerships, so too are we at a low-stock level in many of our retailers,” he continued.

Buddy continues to review the voluntary COVID-19 salary reduction program and anticipates that once full inventory levels are restored all reductions will be removed.

Shares closed 1.6 per cent lower, worth 6.2 cents.

BUD by the numbers
More From The Market Herald
The Market Herald Video

Orcoda ranks 54th in Australian Financial Review’s prestigious Fast 100 list

Orcoda (ASX:ODA) has made the Australian Financial Review's Fast 100 list for 2023, ranked the 54th…

NEXTDC reports strong FY23 earnings; sees 2024 domestic AI growth

NEXTDC (ASX:NXT) celebrates a remarkable year of growth and innovation at the 2023 Annual General Meeting.
The Market Herald Video

Orcoda announces new SaaS transport management contract

Orcoda (ASX:ODA) has reported that its subsidiary has signed a new SaaS contract with Mini Tankers…

Findi jumps 10pc as it sweetens relationship with State Bank of India

Findi (ASX:FND) shares were up 10 per cent just before midday AEDT today as the company…