Released 22 January 2021
Quarterly Report For the quarter ended 31 December 2020
Highlights Nuheara Limited (ASX: NUH)(Company or Nuheara) continues to drive solid growth in FY21 with a strong second quarter (Q2): $4.81m in customer receipts and invoiced sales revenue of $3.37m. Total invoiced sales (net of returns) of $6.9m for the FY21 half year, represents 403% growth over the same 6-month period in FY20, and is a record for the Company.
Comments from CEO Justin Miller:
“The Nuheara brand has solidified its global recognition and sales momentum. This was reinforced by a record quarter of new sales for our flagship IQbuds² MAX product and securing a three-year manufacturing and supply agreement with global technology company HP inc.
“With manufacturing now in full swing and backorder status removed, our subsequent ability to a ship on order should see further strengthening in our DTC sales.
“Importantly, ship on order status will allow us to implement sales expansion with our traditional global retail partners. Add the expected Q3 HP product shipments into the mix and we are in for an exciting second half of the financial year.”
- •Customer receipts of $4.81m up 429% on the sameperiod last year. Driven by strong Direct ToConsumer (DTC) cash receipts, where payment issecured on placement of order.
- •Invoiced quarterly revenue up 314% on sameperiod last year: FY21 half year total of $6.9mexceeds total FY20-revenue ($1.74m) by 297%.
- •HP Inc. relationship solidified with three-yearumbrella manufacturing and supply agreement:Nuheara manufactured HP co-branded productexpected to commence shipping in Q3.
- •New Q2 orders of 3,696 IQbuds² MAX: 75% growthfrom Q1 in DTC new customer orders.
- •Improved DTC Return On Advertising Spend(ROAS) of 2.1x for Q2: Previous quarter 1.7x.
Full Report: ASX Quarterly_31Dec20