Firstwave Cloud Technology Limited (FCT) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to the First Way Shareholder Update. Our presenters today will be Roger Buckridge, Danny Mair, and Sharon Honeybill. I'll now hand over to Roger to open the call. Good morning or good evening to all members of the First Wave family, both staff and shareholders. This is the regular quarterly update and I'll hand over straight away to Danny who is appropriately speaking from Mexico City. in the geography where more than half our cells originate. Danny. Okay. Thanks, Roger. All right. I'll get straight into it. Good morning. Buon dia. Buenos dias. Good afternoon, wherever you are. So yeah, as Roger mentioned, I'm in Mexico at the moment, so pleased to join you all, and I'll get straight into the updates. So next slide, Ruth. Okay, so Q2 is what we're recapping, but of course looking to the future as well. And Q2 was very much focused on a restructure of the business, a capital raise, and a pivot of the company towards AI power compliance management. As we all know, a focal point for that. is the monetisation of our open audit user base, but it is not the only thing that we're doing to pivot the company towards compliance management. All of our products are involved in that. So a summary of what happened in the quarter, which would be of note, was we had key renewals of key agreements with NASSO, Clara, Dominican Republic, Telmex and other renewals as well. All those ones had increased revenues. As I mentioned, we did have further restructuring to align our resources with what we want to do. and where our revenues are. That restructuring is $1.8 million per annum in savings so it was fairly large and of course there's on costs on top of that which are further savings. We released very pleasingly the first version of Open Audit with AI...