Business
Locafy Reports Fiscal First Half 2023 Results
First Half 2023 Highlighted by 58% Total Revenue and 40% MRR Increases Year-Over-Year Product Upgrades and Cost Structure Optimization Drive Path to
About this update from Locafy Limited
[{"type":"text","content":"First Half 2023 Highlighted by 58% Total Revenue and 40% MRR Increases Year-Over-Year Product Upgrades and Cost Structure Optimization Drive Path to Profitability PERTH, Australia, March 16, 2023 (GLOBE NEWSWIRE) -- Locafy Limited (Nasdaq: LCFY) (“Locafy” or the “Company”), a globally recognized software-as-a-service technology company specializing in local search engine marketing, today reported financial results for the 2023 fiscal first half ended December 31, 2022. Recent Operational Highlights Announced an updated profitability timeline, highlighted by significant reductions in operational expenditures and the launch of Locafy Brand Boost and Keystone products. Locafy management now projects that the Company will reach profitability during the 2023 fiscal fourth quarter.Named as a finalist in the 2022-2023 Cloud Awards in the Best Software as a Service (Outside USA) category, specifically for its Proximity Network and Proximity Booster technologies. The Cloud Awards includes more than 30 software categories that recognize excellence in the cloud across industry verticals. Management Commentary“For the first half of our fiscal year, we navigated our business to best position Locafy for scale and planned profitability in the coming months,” said Locafy CEO Gavin Burnett. “With Jimmy Kelley Digital fully integrated into our platform, we upgraded Brand Boost and launched Keystone, two product sets that we expect to be pillars of our offering moving forward. Even as the sales benefits of these updates are yet to be fully realized, they helped us drive both 58% revenue growth compared to last year’s first half and a 40% increase in MRR over the year-ago period. In addition, our reseller count was up 94% over last year’s second quarter and our total page count eclipsed 93,000, both strong indicators of future recurring revenue. “As we move into the 2023 fiscal second half, we are confident in the software solutions that we provide for our clients and in the opportunity ahead for us to capture additional market share and scale our business. Still, we believe it prudent to balance these efforts with initiatives to optimize our cost structure, and have already made several strides that we expect to help us reach and maintain profitability. These initiatives included adjusting our operations and R&D investments to manage towards a lea...