Quarterly Activities/Appendix 4C Cash Flow Report

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Stock Way 2 Vat Ltd (W2V.ASX)
Release Time 30 Jan 2025, 9:53 a.m.
Price Sensitive Yes
 Way2VAT reports record quarterly revenue and 43% full year growth
Key Points
  • Full year revenue of $4.721 million, up 43% on prior year
  • Record quarterly revenue of $1.49 million, up 49% on prior year
  • Cash receipts up 62% on prior year to $758k
Full Summary

Way2VAT Ltd (ASX:W2V), a global fintech leader in automated VAT/GST claim and return solutions, has reported strong financial and operational results for the quarter ended 31 December 2024 (Q4 FY24). The company achieved full year revenue of $4.721 million, up 43% on the prior year, and record quarterly revenue of $1.49 million, up 49% on the prior year. Cash receipts also increased by 62% on the prior year to $758k. The company's enterprise client numbers grew to 395, including the signing of a multinational real estate services company. Way2VAT also continued to conduct pilot programs for its APAI compliance product, which uses AI and machine learning to verify proper submission of accounts payable and domestic VAT/GST expenses. The company implemented cost-saving initiatives in Q4 FY24, resulting in a 20% decrease in total ongoing operating expenses. Subsequent to the quarter end, Way2VAT received firm commitments to raise a further $1.3 million via the issue of convertible notes to key shareholders. The company's founder and CEO, Amos Simantov, expressed confidence in the significant pipeline of VAT reclaim submissions to be processed in the coming quarters, driven by the onboarding of new clients in the second half of 2024.

Guidance

Way2VAT reported full year revenue of $4.721 million in FY24, up 43% on the prior year. The company expects to see a significant pipeline of VAT reclaim submissions to be processed in the coming quarters, driven by the onboarding of new clients in the second half of 2024.

Outlook

Way2VAT's founder and CEO, Amos Simantov, expressed confidence in the significant pipeline of VAT reclaim submissions to be processed in the coming quarters, driven by the onboarding of new clients in the second half of 2024. The company also remains active in tendering for new clients, with recent successes validating its technology and product suite.