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Kiwi app developer 9 Spokes reports increased loss off lower revenue

Kiwi app developer 9 Spokes reports increased loss off lower revenue

9 Spokes' cash burn increased to A$5.2 million from $2.6 million in 2020.

Adrian Grant (CEO, 9 Spokes)

Adrian Grant (CEO, 9 Spokes)

Credit: 9 Spokes

Australian Securities Exchange (ASX)-listed, New Zealand-headquartered business management app developer 9 Spokes has reported lower revenue and increased losses of the year to 31 March.

The Auckland-based company reported total operating income of NZ$6.6 million down 4 per cent from $6.9 million in 2020.

Total expenditure reported was $11.6 million, up from $11.1 million.

Net losses increased to $5.1 million from $4.9 million in 2020, also down 4 per cent.

The results were further subdued due to a strengthening New Zealand dollar during the period, 9 Spokes reported.

Annual cash outflows increased to $5.2 million from $2.6 million the prior year.

However, the company raised $9.9 million in extra capital from investors last September and October, so still had $8.8 million in funds at balance date, up from $4.7 million.

Grant income, mainly from Callaghan Innovation, was also down, to $0.7 million from $0.9 million.

In the last couple of years, 9 Spokes has signed deals with BNZ, Visa, Virgin and Bank of America among others. The Bank of America deal was the result of a "co-sell" partnership with Microsoft.

(Updated on 6 June to correct cash outflows figure in sub-header to A$5.2 million.)


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