IODM (IOD) H2 2024 earnings summary

Executive summary

• Revenue increased 67% year-over-year to $2.61 million, driven by UK education sector growth and a new Convera revenue share agreement.

• Net loss after tax widened 30% to $3.11 million compared to the prior year, reflecting higher operating expenses.

• Cash receipts reached a record in Q3 FY24, supported by the expanded Convera partnership and onboarding of new UK universities.

• No dividends were declared or paid for the year.

• The company raised $800,000 in March 2024 and $1.71 million post-year-end to fund global expansion and working capital.

Financial highlights

• Total revenue rose to $2,607,983 from $1,571,459 year-over-year.

• Net loss after tax increased to $3,105,765 from $2,396,987 year-over-year.

• Basic and diluted loss per share was 0.52 cents, up from 0.41 cents last year.

• Cash at bank declined to $282,712 from $1,782,065 at prior year-end.

• Net cash outflow from operating activities was $2,442,258, compared to $2,078,740 in the previous year.

Outlook and guidance

• Additional UK universities onboarded in Q4 FY24 are expected to drive further revenue growth in FY25.

• New Convera agreement provides a minimum guaranteed monthly payment, partially insulating from seasonality.

• Expansion into North America and continued UK growth are key strategic priorities, supported by recent capital raises.