Business
Locafy Reports Fiscal Fourth Quarter and Full Year 2023 Results
Fiscal 2023 Highlighted By 27% Total Revenue Increase and Gross Margin Increase to 73.9% Positive Results Driven by Several Reseller Wins and the Completion
About this update from Locafy Limited
[{"type":"text","content":"Fiscal 2023 Highlighted By 27% Total Revenue Increase and Gross Margin Increase to 73.9% Positive Results Driven by Several Reseller Wins and the Completion of Locafy’s Platform Upgrade PERTH, Australia, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Locafy Limited (Nasdaq: LCFY, LCFYW) (“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 fourth quarter and full year ended June 30, 2023. All financial results are reported in Australian Dollars (AUD). Recent Operational Highlights Completed migration of Locafy customers to its upgraded SEO Platform (“Platform”) incorporating Locafy’s proprietary “Entity-Based” software, providing Locafy customers with a high-end technology stack, in-depth analytics and insights, enhanced website templates, and improved customer support tools, among other new features.Further consolidated sales, technology, and operational costs as a result of efficiencies gained through the recently upgraded Platform. A continuation of a series of cost reduction initiatives drove a 52% year-over-year decrease in cost of sales in the fiscal fourth quarter.Signed an agreement with a prominent U.S.-based diversified media company to sell Locafy’s Keystone technology. Locafy management believes that this publisher will be the perfect partner for accelerating their Keystone rollout. The first Keystone sales to end-users have delivered outstanding ranking performance for high-value keywords in competitive markets.Granted an exception to Nasdaq Listing Rule 5550(b)(1) by the Nasdaq Hearings Panel regarding the minimum stockholders' equity required for continued listing on Nasdaq (the \"Stockholders' Equity Requirement\") until October 31, 2023. The exception is subject to certain conditions, including that the Company files its Annual Report on Form 20-F for the year ended June 30, 2023 with the Securities and Exchange Commission by October 31, 2023, demonstrating compliance with the Stockholders' Equity Requirement. Management Commentary“In a constantly changing SEO landscape, we believe that our products displayed excellent results for our customers in our fiscal 2023,” said Locafy CEO Gavin Burnett. “In addition to 27% full-year revenue growth to $5.3 million, we drove significant progress tow...