Strong Payments Received Momentum
Payments received increased by 0.4% year-over-year and improved by 3.1 percentage points versus the prior quarter — the highest quarterly value in the financial year and the best since Q2 FY2024-25, indicating improved cash flow despite MRR softness.
Rapid Growth in API Usage Revenue
Payments for API (postpaid per-usage) exceeded USD 0.25 million for the quarter and rose by over 160% versus the previous three months, showing meaningful monetization of usage-based products.
Stable MRR with Only Small Decline
Monthly Recurring Revenue (MRR) at end of March was USD 6.93 million, a decrease of USD 50,000 for the quarter — a smaller decline than in the prior two quarters and a relatively modest absolute fall (~0.7% of MRR).
Higher-Value Customer Mix and Upsell Success
Share of customers with ARPL > USD 500 increased by 1 percentage point this quarter. Significant renewals and upgrades were closed (including large accounts in Biotechnology, Forex and iGaming), aided by SOC-2 certification which management says has already paid off vs. direct costs.
Rising Multi-Product Adoption
Customers paying for more than one product accounted for 38.8% of MRR — up 10 percentage points year-over-year and up 1.6 percentage points versus the prior quarter, suggesting improving wallet-share and cross-sell traction.
Strong AI Agent Performance
AI agents achieved a 74% resolution rate versus an industry average near 59%; fully trained customer implementations show 80%–90% resolution. These metrics position the AI offering favorably versus competitors and human-agent baselines (70%–75%).
Product and Ecosystem Progress
Key product enhancements rolled out (multiple AI agents per workspace, custom skills). Distribution and partnership wins include listings/partnerships in Microsoft marketplace, Kandji, Hexnode and Meta business partner status, improving visibility and integration reach.
New Customer Wins Across Geographies and Sectors
New customers acquired across education (including major universities in Singapore and New Zealand), finance & insurance (U.S.), and sports betting, diversifying the customer base.