Reaffirming Record FY23 EBITA Guidance on Forecast 69% Jump in Revenue to ~$40M
MELBOURNE, AUSTRALIA, 27th July 2023: Beam Communications Holdings Ltd (ASX: BCC) is pleased to announce: Reaffirming Record FY23 EBITA Guidance on Forecast 69% Jump in Revenue to ~$40M
Beam Communications Holdings Ltd (ASX: BCC, “Beam” or the “Company”), notwithstanding that preparations for the year ended 30 June 2023 statutory financial statements are ongoing, is pleased to confirm that FY23 earnings and revenue are expected to demonstrate a record year for the Company.
The Company expects to meet its full-year guidance of:
• Circa $4 million in earnings before interest, tax, depreciation and amortisation (EBITDA); and
• Revenue of approximately $40 million, which is significantly ahead of its FY22 revenue of $23.7 million.
Further, Net Profit After Tax (NPAT) is expected to exceed $2 million for FY23 as a result of the strong performance in the year and the write up of remaining unrecognised tax losses, as noted in the prior year’s financial statements. This decision is the result of confidence in the business model going forward and the strong FY23 expected outcome.
As mentioned in prior market updates, closing cash is expected to show the working capital investment cycle back to cash, with closing of ~$5 million anticipated. Despite reports of rising cost of living pressures weighing on the broader economy, trading conditions are tracking at or above the Company’s expectations and it believes this momentum will continue into FY24.
We also note the performance our Joint Venture, ZOLEO Inc:
• Expected FY23 Total Revenue USD$27m,
• Expected FY23 Subscription Revenue USD$17m,
• Total number of global subscribers at 30 June 2023 of ~71,000.
As ZOLEO Inc is not a controlled entity, these results are not consolidated into BCC’s results and are accounted for pursuant to AASB 128 Investments in Associates and Joint Ventures.
All figures are subject to audit. This announcement was approved by the Board of Directors.
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For media and investor enquiries please contact:
Brendon Lau
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m: 0409 341 613
About Beam Communications Holdings Limited
Beam Communications Holdings Limited is an Australian publicly-listed company (ASX:BCC) that specialises in the design, development, manufacture and distribution of satellite, cellular and dual-mode equipment applications and services. Beam has developed several world-first innovations and its products and services are adopted by some of the world’s largest satellite and telecommunications companies, such as Iridium, Telstra, KDDI, Inmarsat and Thuraya. Beam also developed the multi-award winning ZOLEO device, which generates recurring subscription revenues for the Group. Beam Communications Holdings Limited owns 100% of Beam Communications Pty Ltd and SatPhone Shop Pty Ltd www.satphoneshop.com. For more information, visit www.beamcommunications.com.
About ZOLEO Inc.
Formed in 2018 and headquartered in Toronto, Canada, ZOLEO Inc. is a joint venture between Beam Communication Pty. Ltd. and Roadpost Inc. that is pioneering the development of innovative lower cost, consumer-oriented global messaging solutions, including innovative wireless devices and apps based on Iridium short burst data (SBD), cellular and Wi-Fi standards. The company serves three primary markets including consumers residing on the fringe of cellular coverage, outdoor recreation and lone worker safety. Its products are offered through authorised retailers in the US, Canada and Australia. Roadpost is responsible for retail distribution in North America and Beam is responsible for the Asia Pacific region. Staged distribution in other regions will be jointly managed. For more information visit www.zoleo.com.