Image Sourced Shutterstock
Market Herald logo


Be the first with the news that moves the market
  • Automotive software developer Connexion’s share price doubled following a successful quarter for the books
  • Total revenue is reported at $1.7 million, following strong subscription bases and partnerships with world-class car dealerships
  • Connexion’s share price has increased by 91.67 per cent today, currently sitting at $0.023 per share

Automotive software company Connexion’s share price has doubled this morning following the release of it quarterly activities report.

The company reported total revenue at $1.7 million during the last quarter and an increase in cash position of $939,000.

The smart-car technology developer says its aim is to revolutionise tech in the automotive industry.

As part of this focus, Connexion finalised the roll out of warranty program with Chevrolet and Cadillac, called the Courtesy Transportation Program and Cadillac Courtesy Transportation Alternative, respectively.

The programs, initiated late last year, offer transport services for customers having their vehicles serviced under warranty.

On top go this, subscriptions for the company’s OnTRAC program in partnership with General Motors have reached over 70,000. The software acts as a fleet managing device.

The company says dealership analytics, reporting and user functions will continue to be enhanced, while new opportunities with General Motors will be explored.

New partnerships with various original equipment manufacturer vehicle dealerships in America and Australia are also set to be pursued.

Subscriptions have reached close to 5000 for another of Connexion’s vehicle management services, Commercial Link.

This brought the company’s subscription revenue to $1.6 million last quarter, up from $1.3 million in the previous quarter.

According to Connexions, monthly subscription revenue is expected to be $550,000 to $600,000 going forward.

To top it all off, Connexion announced at the end of May that it is officially cent debt free.

Connexion’s share price has increased by 91.67 per cent today, currently sitting at $0.023 per share.

CXZ by the numbers
More From The Market Herald
ClearVue Technologies (ASX:CPV) - Non Executive Director, John Downes

" ClearVue Technologies (ASX:CPV) appoints LendLease’s John Downes to board

Smart building materials company ClearVue Technologies (CPV) has appointed LendLease’s (LLC) John Downes as Non-Executive Director.
ELMO Software (ASX:ELO) - CEO, Danny Lessem

" ELMO Software (ASX:ELO) launches new COVID-19 tracking module

ELMO Software (ELO) has launched a new module, enabling businesses to track employee’s COVID-19 vaccination and test status.

" Vection Technologies (ASX:VR1) launches upgraded virtual reality design tool

Vection Technologies (VR1) shares are trading in the green after launching an upgrade to its virtual reality design application MinDesk.
Damstra (ASX:DTC) - Chairman, Johannes Risseeuw

" Damstra (ASX:DTC) completes $18m TIKS Solutions buy

Damstra (DTC) has completed the acquisition of software-as-a-service (SaaS) business TIKS Solutions.