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April 24, 2024
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to provide its quarterly report and Appendix 4C cash flow statement for the period ended 31 March 2024, as it continues to build on it’s unique technology offering and sovereign IT capability.
Highlights:
- Commenced new strategic focus towards creating a compelling value proposition to SMEs operating in the Australian defence industry supply chain
- Appointment of Strategic Advisor to pursue a range of opportunities
- Quarterly cash receipts increasing by ~42% vs Q3 FY23
- Quarterly revenue increasing by ~57% to ~$1,725m vs Q3 FY23
- Net cash used in operating activities decreasing by ~72% to ($60k) vs Q3 FY23
For the March quarter, the Company reported cash receipts of $1,903m, and total revenue of ~$1,725m (up ~42% and 57% respectively, compared to Q3 FY23). Revenue for the quarter from the Company’s core divisions (excluding Miner Hosting) decreased slightly by 2% from the December 2023 quarter, to $1,447m.
The Company has conducted a comprehensive review of its various operations and has prioritised high growth, high margin sectors to focus its future business development activities. In particular, the development of a comprehensive suite of products and services as part of a compelling value proposition to SMEs operating in the fast growing Australian defence industry supply chain. Over time, we expect this to result in growth in longer term recurring revenues with associated higher margins.
Appointment of Strategic Advisor
On 19 February 2024 the Company announced the appointment of a strategic advisor, Mr Harry Karelis. Mr Karelis will be retained as the Company’s Strategic Advisor with a focus on identifying and securing strategic partnerships, assisting with investor relations and general business development activities.
On 15 April 2024 the Company outlined it’s new strategic direction, with a focus on using the Company’s strategic edge in supporting the growing defence industry supply chain.
The Australian Government is investing an additional $5.7 billion in defence capability over the next four years to 2027-28 and $50.3 billion over the next decade to 2033-34, above the previous trajectory over that period. This investment will see the Defence budget grow over the next ten years to an estimated $100 billion by 2033-34, with total funding of $765 billion over the decade. The Australian Government will invest $15-$20 billion in enhanced cyber domain capabilities alone over the decade.1
The Company has recently formed a new advisory board as it looks to expand and focus it’s unique service offering towards the growing defence industry in Western Australia (ASX: 15 April 2024). Mr Karelis has been appointed Chairman of the advisory board, and will spearhead the expansion of the advisory board with defence industry experienced members.
Adisyn Cyber
The Company continues to explore new partnership opportunities to expand it’s cybersecurity offering, reducing the need to spend significant funding and time on developing new products in- house. The cybersecurity offering of the Company will remain a key component of the business as it targets the defence industry supply chain sector, with the Company’s in-house cybersecurity and AI capability allowing it to build niche AI enabled tools for business’ sovereign and personally identifiable data where the necessary tools cannot be supplied through partnerships.
On 17 July 2023, the Company announced that it had completed the successful acquisition of Thomas Cyber. The consideration for the acquisition was for nil cash consideration and included performance rights with various revenue and time-based milestones for the Thomas Cyber management team (ASX: 17 July 2023). On 19 April 2024 the Thomas Cyber management team resigned from the Company, and have agreed to provide services to the Company on a contract basis per customer project where required. All performance rights relating to the acquisition will be forfeited. The Company retains all assets and intellectual property from the acquisition.
The Company expects to be announcing a series of key strategic partnerships to significantly expand the Company’s existing suite of cyber capabilities and through these partnerships clearly differentiate Adisyn in the marketplace.
Share placement
As announced on 19 February 2024, the Company completed a share placement to raise $298,000 to expand the Company's business development in existing and new areas within the business, along with general working capital. The Placement was conducted pursuant to the Company’s existing placement capacity. 13,950,000 shares were issued pursuant to ASX Listing Rule 7.1, and 950,000 shares were issued pursuant to ASX Listing Rule 7.1A. All shares were issued at an issue price of $0.02.
Update on the Miner Hosting business
For the December 2023 quarter, total unaudited revenue for the Company’s non-core Miner Hosting division was ~$278k, which was up ~1% from the December 2023 quarter and down ~52% from the March 2023 quarter. As announced on 25 January 2024, the Company has implemented a new pricing structure for the division, with a focus on organic customer acquisition.
The Company continues to explore options for the division, including potential strategic partnerships or divestment.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AI1:AU
31 October 2024
Quarterly Activities/Appendix 5B Cash Flow Report
16 May 2024
Advisory Board Expansion
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to announce it has made threeappointments to its Industry Advisory Board (IAB); Mr Oscar Leslie, Mr Jesse Gane and Dr Craig Valli. These appointments complement the appointment of IAB Chair Harry Karelis earlier in the year (ASX: 19 February 2024).
Highlights:
- Expansion of Adisyn’s Industry Advisory Board with three key appointments.
- Appointees bring valuable experience in cybersecurity, defence and national security.
- Brings strong insights into geopolitical trends and access to relevant networks.
- National security-clearances differentiate Adisyn from its peers.
- Continued tangible progress towards positioning Adisyn as the premier, sovereign provider of managed IT services to the defence industry supply chain.
Adisyn’s advisory board serves to expand the Company’s profile, networks and service capabilities in a cost-effective manner. Each IAB member is required to provide their guidance and
recommendations to the Company’s management and board of directors for the activities of the Company which are relevant to the IAB members domain expertise. These appointments also provide the Company with personnel holding national security clearances, potentially opening new opportunities and further differentiating Adisyn from other managed IT services companies in the marketplace.
Mr Oscar Leslie
Oscar has an extensive background in the Australian National Security community and is the Co- Founder and Managing Director of Phase (www.phase.au) with whom Adisyn recently established as a strategic partnership (ASX: 6 May 2024).
Phase is a veteran-founded Australian research, development and commercialisation firm specialising in critical technology for the Defence and National Security community. Since its founding Oscar has led Phase in establishing strategic partnerships across academia, industry and government and supporting the delivery of novel solutions to end users. Oscar brings a capability- first approach to technology, layering a rich operational background in the national security
community with a passion for innovations that aim to change the way front-line personnel operate.
Mr Jesse Gane
Jesse is currently a Director of Space, Cyber, and Federal Government Services at Downer Group, managing critical contracts with national responsibilities and fostering strong partnerships between organisations, government entities, and industry partners.
Jesse has a background in the Australian Navy as a submariner with specialist communication and cybersecurity skills. He has demonstrated a commitment to delivering cutting-edge IT solutions in diverse operational landscapes. His efforts in system architecture and product delivery have left an enduring mark on naval operations, earning accolades for his commitment to excellence and innovation.
Jesse has unique insights into the interactions between commerce and government as well as the unique challenges facing small and growing companies seeking to bolster their internal systems.
Dr Craig Valli
Craig has over 35 years’ experience in the computing, information and communication technology industry. He conducts research and consults to industry and government on cybersecurity and digital forensics matters. Along with being the inaugural Director of the Edith Cowan University (ECU) Security Research Institute, he was also the research director and lead academic for the Australian Cyber Security Research Institute that resulted in the AU$140 million Cyber Security Co- operative Research Centre (CSCRC) that is now headquartered at ECU Joondalup Campus. He is a former member of the INTERPOL Cyber Crime Experts Group as well as the INTERPOL Digital Forensics Expert Group. Craig has over 150 peer reviewed academic publications in cybersecurity and digital forensics.
As consideration for their roles and to align the interests of each IAB member with that of shareholders, each appointee will be granted 1,000,000 options with an exercise price of $0.03 and a three year expiry date from the date of issue. These options will vest on the 12 month anniversary of each appointee being appointed to the IAB, and the issue of the options will be subject to shareholder approval at a future shareholder meeting of the Company.
The Company continues to remain focused on preserving it’s cash balance, and no ongoing cash consideration will be payable as consideration for each IAB members duties beyond specific project work (if any), which is subject to agreement between the IAB member and the Company on a case- by-case basis and will be paid at a per diem rate.
Adisyn’s Managing Director, Blake Burton, stated: “We are delighted to have attracted advisors of the calibre of Oscar, Jesse and Craig to our advisory board. We are laser focused on implementing new growth strategies for the Company to deliver an expansion in our sovereign capabilities to small and medium sized businesses interacting with Defence. These appointments sit alongside a series of strategic partnerships to position Adisyn as the go to provider of key services to this segment of the market We look forward to leveraging the combined networks and insights of the IAB to bolster the growth ambitions we have for Adisyn.”
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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