FirstWave Cloud Technology Ltd. (AU:FCT) has released an update.
FirstWave Cloud Technology Ltd. reports a 9.7% decline in revenues and an 8.7% decrease in gross profit for the fiscal year ended June 30, 2024, with losses widening by 71.3% to $23,040,028. No dividends were issued during the period, as the company faced challenges including significant non-recurring revenues from the previous year and contract churn with Telstra. Despite an impairment of intangible assets, the company notes a 47.3% improvement in its operational loss, excluding this impairment, due to a strategic focus on profitable products and cost rationalization.
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