X2M has released its results for the FY24 financial year reporting strong growth in gross profit of 29% and SaaS and maintenance revenue up 50%

Total FY24 revenue of $13.4 million, down 17% (FY23: $16.2 million), reflecting the Company’s targeted and previously announced strategy to exit low-margin hardware-only sales
Recurring SaaS (software as a service) and maintenance revenue of $1.7 million, up 50% (FY23: $1.15 million)
Gross profit for FY24 of $4.9 million up 29% (FY23: $3.8 million), reflecting profitable conditions in Japan and South Korea
FY24 Gross profit margin of 37%, up 14 ppts (FY23: 23%) due to increased ratio of higher-margin SaaS revenue and reduced focus on lower-margin product sales
Operating expenditure, excluding cost of sales and share based payments, was $8.5 million, an improvement of 7% (FY23: $9.1 million) reflecting the result of cost saving initiatives including lower headcount
Connected devices as at 30 June 2024 were 537,706, up 25% (FY23: 428,801)
Enterprise/government customers increased to 75, up 15%, (FY23: 64)
Entered Middle East with $2.63 million secured via Placement and Converting Loan Facility

Read the Preliminary Final Report X2M Preliminary Final Report 2024