The quarter’s highlights include a record number of school contracts signed with an annual recurring value of about $800,000, representing year-on-year growth of 175% (when compared to December quarter 2017).
Family Zone also achieved record billings of about $1.34 million, representing year-on-year growth of 125%.
Be the best digital parent you can be in 2019! Here are 3 resolutions to get you startedhttps://t.co/ZkErepujM7— Family Zone (@familyzoneteam) January 9, 2019
The company’s sales momentum in the US is accelerating with $140,000 of recurring contracts signed during the quarter, a 100% win rate with US proof of concept deployments, and a qualified sales pipeline growing beyond $2 million.
Contracts with New Zealand schools have grown through NZ$1 million, up from NZ$$600,000 one year earlier (representing year-on-year growth of 70%).
Family Zone’s achievements in the December quarter indicate that its corporate strategy is continuing to deliver, increasing sales and recurring revenue.
The company’s cash balance as at December 31, 2018 was $3.6 million with an additional $350,000 due imminently from a private placement and $675,000 now received in tax incentives.
Family Zone’s cashflow enhancement program is being supported by a commitment from the board and senior executives agreeing to convert salaries into securities-based remuneration for CY19.
We watched TV. Our kids go online. What's the big deal?https://t.co/R8ZbvSDuzF— Family Zone (@familyzoneteam) January 2, 2019
The company has positioned itself to move steadily to cashflow breakeven on the basis of strong revenue growth and a managed strategy of cash cost reductions.
Importantly, with FY19 revenue (including tax incentives) expected to approach or exceed $9 million, the company is on target to reach cashflow breakeven within 12 months.