SenSen Networks reports record financial results for FY24

SenSen Networks has reported record financial results for the final quarter and full year of FY24. The company, which specialises in Live Awareness AI solutions, revealed several notable achievements that have marked a significant phase in its financial evolution.

In Q4 FY24, SenSen recorded its highest-ever quarterly customer cash receipts at over AUD $4.0 million. This represents a 23% increase, or AUD $0.7 million, over the previous corresponding period (PCP). The company has also achieved a cash flow positive quarter, with operating cash flow amounting to AUD $0.4 million, indicating an improvement of AUD $1.4 million over the PCP.

The company also witnessed its highest annual customer cash receipts for FY24, totalling over AUD $12.4 million, an 11% increase from the previous year. This growth has been achieved despite SenSen's exit from the Gaming market, which had been contributing approximately 8% to its previous cashflows.

A key highlight in SenSen's update was the completion of its exit from the Gaming market. The company reported the dismissal of court proceedings brought against it by Angel in all courts. This legal resolution has allowed SenSen to fully extricate itself from the Gaming sector.

Apart from revenue growth, SenSen has implemented significant cost-saving measures. The annualised operating expenditure (Opex) was reduced from AUD $13.4 million in Q4 FY23 to AUD $10.6 million in Q4 FY24. Additionally, the company has made strides in reducing its debt, paying down AUD $0.6 million since June 2023, with plans to continue debt reduction as cashflows improve.

The company appointed Mark Brayan as the new Non-Executive Chairman of the Board, effective from 1 May 2024. Brayan, who takes over from SenSen's founder, Dr Subhash Challa, brings a wealth of experience in leading technology businesses, including AI, software, services, and outsourcing. Dr Challa will remain as Managing Director and CEO and is expected to work closely with Mr Brayan.

SenSen's product and services have seen increased demand in various sectors. In the smart cities segment, notable customers such as the National Heavy Vehicle Regulator (NHVR) and the City of Vancouver ordered additional systems. The fuel retail segment also saw significant orders, with approximately 60 new fuel stations owned by major brands like Ampol, Chevron, Liberty, and EG opting for SenSen systems during the quarter.

SenSen's smart city initiatives have continued to generate interest. During the quarter, the company organised a user forum in New South Wales for current and prospective clients. This event, and similar forums held in Queensland and North America, have created several qualified leads, setting strong sales momentum for FY25 and beyond.

The city of Medford, Massachusetts, received the International Parking and Mobility Associations (IPMI 2024) Professional Excellence Award for Technology and Innovation. The award acknowledged the efficiency of SenSen's automated remote compliance product and the solution provided by its channel partner, Gtechna. The technology has garnered recognition in other regions as well, with cities like Brisbane and Sunshine Coast in Australia winning similar awards for on-street parking innovation in recent years.