FirstWave Cloud Technology Ltd. (AU:FCT) has released an update.
FirstWave Cloud Technology Ltd. has reported a mixed financial quarter with a cash position increase to $3.50m and a slight rise in Annualized Recurring Revenue (ARR) by 2.8%, despite a downturn in quarterly revenue by 5.6%. The company raised $2.375 million through a Convertible Note and extended a key agreement with Telstra, which will provide steady income streams until July 2025. Efforts to manage costs and accelerate sales conversions include relocating executives to the US and LATAM, aiming to improve the company’s working capital position.
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