Nuheara Limited (ASX: NUH)(Company or Nuheara) has delivered strong growth for the FY21 Half Year (H1 FY21) with $6.9m in invoiced revenue; a result that has underpinned a positive EBITDA of $1.5m for the Company.
- H1 FY21 represents a 406% increase in invoiced revenue over H1 FY20: Exponential sales growth of the newly released IQbuds2 MAX product in conjunction with a successful OEM collaboration with multinational technology company HP Inc.
- $5.1m half yearly (year on year) improvement to Company’s EBITDA: A positive EBITDA of $1.5m that also resulted in a significantly improved net loss position of -$842k.
- Close to break-even net operating cash flow: A significant improvement in net operating cash flow to -$86k.
- HP Inc. relationship solidified with three-year umbrella manufacturing and supply agreement: Nuheara manufactured HP co-branded product on target to commence shipping in Q3.
Comments from CEO Justin Miller:
“We are delighted to have achieved such a strong set of financial results, in what can only be described as an uncertain global financial period.
“I am reassured by the significant improvement we returned across all key financial indicators and most notably, the close to break-even position of our net operating cash flows for the half year.
“The record sales Nuheara has achieved globally with our newly launched flagship IQbuds2 MAX product has been the backbone to this success. Securing a three- year manufacturing and supply agreement with HP Inc. has further validated our unique technology and global opportunity.
“Importantly, the period concluded with a successful capital raise that will enable the Company to build on the momentum gained throughout the first half.”
“The Company has held a long-term strategic ambition to deliver Nuheara designed and manufactured product, to global customers, across multiple diversified sales channels.
“H2 is forecast to see this ambition realised with further growth expected in our global online DTC sales, expansion of sales campaigns with our traditional retail partners, and the delivery of the first mass production units for our OEM partner HP.
“Nuheara is now well positioned to deliver sustained growth in H2 and beyond.”
Full Report: Half Yearly Report