A Strong Q4 Sees Adveritas' Full Year Revenue Grow by 145pc as it Flags Further Growth Ahead
Adveritas’ strong quarter and year was underpinned by new customer wins via sales from direct channels and the Google Cloud Marketplace
Digital ad fraud prevention specialist, Adveritas (ASX:AV1), is having a breakout year with annualised revenue for FY22 topping $2.51 million, up 145% on the previous corresponding period (pcp).
For Q4, revenue grew by 87% above the pcp to $599k, while cash receipts for the quarter increased by 261% on pcp to $610k.
It was an eventful quarter as the company won new contracts with key enterprise clients in the banking, technology, entertainment and betting sectors.
Adveritas also recorded its first ever sale on the Google Cloud Marketplace platform in the quarter, providing it around $210k of annualised revenue.
In addition, the company’s flagship product, TrafficGuard, saw its second product (a mobile app anti fraud offering) added to Google Cloud Marketplace.
All key metrics have been hit with continued growth seen in revenue leading indicators such as new trials, cross-sell opportunities to existing customers, and the number of freemium subscribers.
During the quarter, Adveritas also successfully raised $3 million through the issue of convertible notes, which underpins its healthy pro-forma cash balance of $6.2 million (including the once-off R&D grant of $1.15 million).
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