FirstWave Cloud Technology Ltd. ( (AU:FCT) ) has provided an announcement.
FirstWave Cloud Technology Limited reported a 21.8% decline in revenues to $4.52 million for the half-year ended December 2024, attributed to the discontinuation of Telstra’s GPA firewall product and closure of its CSX2 platform. Despite the revenue drop, the company’s loss after tax improved by 13.3% to $2.05 million, thanks to a strategic focus on profitable products and cost rationalization. Additionally, net cash inflows from operating activities showed significant improvement, primarily due to reduced payments to suppliers and increased other income.
More about FirstWave Cloud Technology Ltd.
FirstWave Cloud Technology Limited operates in the technology industry, focusing on cloud-based cybersecurity solutions. The company provides products and services aimed at enhancing network security and has a market focus that includes partnerships with telecommunications companies.
YTD Price Performance: 10.0%
Average Trading Volume: 461,718
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: A$38.55M
Learn more about FCT stock on TipRanks’ Stock Analysis page.