Strong Revenue Growth
Third quarter revenues were $92,300,000, an 11% increase compared with $83,500,000 in Q3 of last year. Subscription fees were $67,600,000, up 13% year over year.
Subscriber Base Expansion
The subscriber base reached 2,588,000 at quarter end, an increase of 40,000 in the quarter and 219,000 year over year. They are on track to add between 220,000 and 240,000 net new subscribers in 2025.
Cash Flow and Dividend
Generated $21,300,000 in operating cash flow during the quarter. Declared a dividend of $10,000,000 to shareholders for the quarter.
New Market Launches
Launched Ituranmob in the United States, targeting small to medium car rental companies. Strong market interest and success seen in Brazil, creating a new growth avenue.
Partnerships and OEM Growth
Added Stellantis as an OEM partner last quarter and in discussions with others. New product targeting motorcycles gaining traction in South America with BMW Motorrad in Brazil.