SenSen Networks tables best cash receipts on record since ASX listing
The technology stock is developing solutions for the smart cities, casinos, retail and smart surveillance sectors, with a recent acquisition positioning the company to achieve higher revenue in the new financial year. SenSen’s technology is being trialled across the globe as a smart city solution.
SenSen Networks Ltd (ASX:SNS, OTCQB:SNNSF) ended the June quarter with A$1.6 million in cash receipts, marking the best result since the company listed on the ASX.
The technology company, which operates the SenDISA software platform, acquired artificial intelligence (AI) solutions provider ScanCam Industries Pty Ltd during the June quarter, adding a suite of new clients to the SenSen portfolio.
iTWire Thursday, 29 July 2021 12:35 Quarterly revenue up, cash receipts highest since listing for SenSen Featured SenSen CEO Dr. Subhash Challa
Artificial intelligence solutions provider SenSen Networks recorded cash receipts from customers in the fourth quarter 2021 of $1.6 million, which it says is the highest quarterly cash receipts since listing, and $200,000 more than in Q4 2020.
Releasing its results for the quarter ended 30 June 2021 SenSen (ASX: SNS) said it expected revenue (unaudited) for the FY21 to be between $5.3 million and $5.5 million, representing a 40% increase over FY20.
During this period of growth, SenSen managed to reduce cash used in operating activities by 33% to $1.2m for Q4 FY21, when compared to the previous comparable period of $1.8m for Q3 FY21.
SenSen launches into retail market on completing Scancam acquisition
The acquisition is expected to provide SenSen with strong organic growth opportunities to expand Scancam’s customer base of 250 service stations to 6,500 sites across Australia. SenSen will integrate Scancam’s technology into its Sensor AI platform SenDISA.
SenSen Networks Ltd (ASX:SNS) (OTCMKTS:SNNSF), a leading sensor AI solutions provider, is expanding into the retail industry after completing the acquisition of Scancam Industries Pty Ltd.
This strategic acquisition will enable SenSen to launch its solutions into the retail business vertical starting with Scancam’s current client portfolio of national fuel retailers, such as BP plc (LON:BP), Ampol Ltd (ASX:ALD) and Chevron Corporation (NYSE:CVX).
SenSen Networks focused on growth as it completes acquisition of Scancam
SenSen Networks Ltd s (ASX:SNS) (OTCQB:SNNSF) Dr Subhash Challa caught up with Proactive s Andrew Scott soon after the completion of its acquisition of Scancam Industries Pty Ltd - Australia’s leading provider of AI anti-theft solutions to fuel retailers. The acquisition provides SenSen with a strong foundation to grow into the retail industry as Scancam’s award-winning AI technology prevents drive-offs at service stations.
Quick facts: SenSen Networks Ltd
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