Cycliq Group Limited (ASX:CYQ) Announces Half-Year Financial Results
Financial Performance
Cycliq Group Limited (ASX:CYQ) reported an 18% increase in revenue for the half-year ended December 31, 2024, reaching $2.967 million compared to $2.524 million in the previous year. Other income rose by 13% to $277,000. The net loss before tax decreased by 8% to $211,214 from $230,695. EBITDA saw a significant decline, with a loss of $135,000 compared to a loss of $61,000 in the prior period.
Operational Achievements
The revenue growth was driven by higher average transaction values, a strong focus on product quality, customer support, and revised marketing initiatives. Notably, Cycliq’s organic marketing strategy led to viral TikTok videos amassing over one million views in August, enhancing brand visibility and sales.
Strategic Partnerships and Capital Raise
In August 2024, the company entered a 10-year licence agreement with NVISO Group Ltd (BeEmotion.ai Ltd) to integrate AI technology into its Fly cameras and edge devices. To fund payments under this agreement, Cycliq raised $352,000 at $0.004 per share, issued on September 2, 2024. Additionally, Cycliq received a $276,840 tax refund under the Federal Government’s R&D Tax Incentive Scheme in October 2024.
Board Appointments and Advisory Board
Cycliq appointed Andrew Cotterill and Gareth Jakeman as Non-Executive Directors on November 21, 2024. The company also established an Advisory Board in December 2024, appointing Professor Adam Osseiran to provide contemporary knowledge and expertise in Edge AI.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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