TSXV:OEE.H - Post by User
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TriumphSpitSixon Jan 23, 2020 12:49am
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Financials: Revenue up 14% to $3.25M, Cash burn down 58%.
Financials: Revenue up 14% to $3.25M, Cash burn down 58%.Bookings, Revenues and Backlog
Memex reported $3.25 million in revenue for the year ended September 30, 2019, a 14% increase over 2018, and the highest annual sales level ever reported; Q4-2019 revenue of $932 thousand was a 13% decline from the same quarter a year ago, however, still the second highest quarterly revenue amount ever reported.
Bookings for fiscal 2019 of $3.48 million was up 27% from a year ago and represents the best annual bookings level since commencing operations; Q4-2019’s gross bookings of $735 thousand was a 75% increase from a year ago, and net bookings of $503 thousand was up 19% from Q4-2018.
The Company finished fiscal 2019 with $1.19 million in project backlog up $89 thousand or 8% from the beginning of the fiscal year, but down 32% from the beginning of the quarter.
Sales and Marketing
Marketing efforts in fiscal 2018 including tradeshows, webinars, speaking events and other market presence events generated a significant number of quality prospective customer leads which Memex’s sales team spent a substantial part of 2019 working through. It allowed the Company to take a step back from regional tradeshows and events in 2019. Memex did continue its market presence through an assortment of lower cost on-line marketing campaigns and thought leadership events as well as attendance at the Canadian Manufacturing Technology Show (“CMTS”).
For 2020, the Company will consider an increase in marketing events over 2019, as current leads on hand are run to ground. The marketing pinnacle for Memex in 2020 will be attendance at IMTS2020 (the “International Manufacturing Technology Show”) in September.
Cash Consumed in Operations
Cash consumed from operations in 2019 (before changes in non-cash working capital balances) was $822 thousand, down $1.13 million, or 58% from a year ago; cash consumed in Q4-2019 (also before changes in non-cash WC items) of $71 thousand was $49 thousand higher than Q4-2018, yet the second lowest operational cash burn thus far.