During H123 Checkit made further progress in its transition to a 100% subscription business, achieving 82% recurring revenue and a 48% y-o-y increase in annual recurring revenue (ARR). The pipeline has grown and includes material opportunities with enterprise customers for which conversion timing is uncertain. As customers have become more cautious, sales cycles have lengthened, and we conservatively reduce our ARR and revenue forecasts. Despite this, we have improved our EBITDA loss forecasts for FY23/24 on the back of company plans to accelerate the path to profitability, and we note our end FY24 forecast for net cash of £9.5m.
15 Sep 2022
Checkit - Moderating costs to accelerate breakeven
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Checkit - Moderating costs to accelerate breakeven
Checkit plc (CKT:LON) | 19.5 -0.3 (-7.1%) | Mkt Cap: 21.1m
- Published:
15 Sep 2022 -
Author:
Katherine Thompson -
Pages:
6
During H123 Checkit made further progress in its transition to a 100% subscription business, achieving 82% recurring revenue and a 48% y-o-y increase in annual recurring revenue (ARR). The pipeline has grown and includes material opportunities with enterprise customers for which conversion timing is uncertain. As customers have become more cautious, sales cycles have lengthened, and we conservatively reduce our ARR and revenue forecasts. Despite this, we have improved our EBITDA loss forecasts for FY23/24 on the back of company plans to accelerate the path to profitability, and we note our end FY24 forecast for net cash of £9.5m.