Join our daily newsletter At The Bell to receive exclusive market insights
- Cloud-based communication tech developer Whispir (WSP) is on track to meet its 2021 financial year guidance as it keeps revenue and cash receipts steady
- In its latest quarterly financial report, Whispire highlighted $50.3 million in annualised recurring revenue (ARR)
- This is a 20.3 per cent increase compared to the March quarter in 2020 and a 5.2 per cent increase on the December 2020 quarter
- Whisper has previously given a 2021 financial year guidance of between $53 million and $55.3 million in ARR with revenue between $49 million and $51 million
- With 43 new customers onboarded over the March quarter and a $46 million capital raise completed, the company is on track to meet this guidance
- Whispir had $52 million in available funds at the end of the month, meaning it is well-funded for its international expansion plans
- Shares in Whispir are up a slight 0.31 per cent this afternoon and trading at $3.25 each
Cloud-based communication tech developer Whispir (WSP) is on track to meet its 2021 financial year guidance as it keeps revenue and cash receipts steady.
The company released its latest quarterly financial report this morning in which it highlighted $50.3 million in annualised recurring revenue (ARR) — a 20.3 per cent increase compared to the March quarter in 2020 and a 5.2 per cent increase on the December 2020 quarter.
This was underpinned by cash receipts of $10.9 million, which is slightly lower than the $11.3 million in cash receipts over the December quarter but still 22.5 per cent up on the March quarter last year.
The company onboarded 43 new customers during the quarter, taking its total customer count to 750. This is 192 customers more than the end of March in 2020.
With all these strong financial metrics, Whispir said it’s on track to meet its 2021 financial year guidance of between $53 million and $55.3 million in ARR, with revenue expected to come in between $49 million and $51 million.
Whispir has built a cloud-based communications platform that uses artificial intelligence (AI) and other cutting-edge tech to streamline emails, texts, web chats and other communication channels and bring them into one easily accessible space.
Sturdy funding for research and growth
Despite the relatively stable cash receipts over the March quarter compared to the quarter before, Whispir posted net cash outflows of $1.25 million over the March quarter compared to net cash inflows of $413,000 over the December quarter.
This was primarily the result of more spending on product manufacturing and operating costs and more investment into research and development as Whispir improves and refines its communication platform.
Nevertheless, with a $46 million capital raise completed in March, Whispir had almost $52 million in available funds at the end of the month.
Whispir CEO Jeromy Wells said the capital rasie ensures the company can fast-track its product development and scale the business faster, particularly in Asia and North America.
“While we are continuing to build our customer base, existing customers remain the primary driver of revenue growth,” Jeromy said.
“This reflects the stickiness of our platform, which easily integrates with existing IT systems and can be used for multiple use cases.”
He added that the company’s strong balance sheet means it can accelerate its international expansion plans to support the longer-term goal of having half of all revenue generated overseas by the end of the 2023 financial year.
Shares in Whispir are up a slight 0.31 per cent at 2:56 pm AEST, trading at $3.25 each. The company has a $380 million market cap.
