Business
Locafy Exceeds $500k Monthly Revenue Milestone as Product Take-Up Accelerates
Key Highlights Locafy achieved more than a $500,000 in revenue for the first time in April 2022, more than 130% YoY growth from April 2021Locafy Reseller
About this update from Locafy Limited
[{"type":"text","content":"Key Highlights Locafy achieved more than a $500,000 in revenue for the first time in April 2022, more than 130% YoY growth from April 2021Locafy Reseller numbers more than tripled in the current financial year to now exceed 100 in April as the company continues its focus on growing its channel partner network in North America, UK and AustraliaNet new customer numbers continued to grow across channel and direct sales PERTH, AUSTRALIA, May 09, 2022 (GLOBE NEWSWIRE) -- Operations Update Locafy had 103 Resellers at the end of April, more than 3.5x the number of Resellers at the start of the Australian financial year, which commenced July 1, 2021. Resellers are a key part of our plans to drive revenue growth. The onboarding of a large number in the last 11 months highlights the increasing interest and confidence around our product and plans to shake-up the US$700 billion global search engine optimization sector. Customers Across the Locafy client base, published landing pages increased to 44,458 with more than 58% of these appearing in Page 1 search results for keyword and location combinations with more than 40% overall appearing in positions 1,2 or 3. Corporate Update Locafy reached a significant milestone in April by achieving more than A$500,000 in revenue. Exceeding the $500,000 revenue mark in three consecutive months unlocks the first of three tranches of Performance Rights for eligible staff. The second tranche of Performance Rights is activated once A$1m per month is reached for three consecutive months and the third tranche is released upon achieving A$2m per month for three consecutive months. As per the prospectus filed with the SEC on March 25, 2022, the Performance Rights plan has a sunset date of June 30, 2024 to reach the revenue hurdles for the Performance Rights to be vested. Key Hires Sara Harris was appointed as Head of People & Culture, based out of Locafy’s Perth HQ. Two new business development representatives (BDRs) appointed in each of the European and Australian markets and one additional BDR appointed in the North American market. Total staff numbers as at the end of April, 2022 were 56. About Locafy Limited Founded in 2009, Locafy’s (NASDAQ: LCFY, LCFYW) mission is to revolutionize the US$700 billion SEO sector. We help businesses and brands increase search engine relevance and prominence in a specific pro...