June 2024 (Q4 FY24) Activities and Cashflow Report

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 30 June 2024, as it continues to build on its unique technology offering and new strategic focus.

• Completion of strategic review with outcomes focused on divestment of non-core assets, streamline business with focus on AI and cybersecurity, and targeting business development opportunities in the defence industry supply chain.
• Divestment of VMware cloud assets to Zettagrid to generate up to $1.4m in cash, with $850k received to date.
• Expansion of Adisyn’s Industry Advisory Board with three key appointments, bringing valuable experience in cybersecurity, defence and national security.
• Strategic partnership with Canberra-based group, Phase, strengthening Adisyns defence industry capability.

Post Quarter Highlights

• As announced on 29 July 2024, the Company received firm commitments to raise ~$1.5m via a share placement of 46 million shares at $0.033c per share

For the quarter, the Company reported cash receipts of $1,538,000, following the disposal of its VMware Cloud Platform to Zettagrid Pty Ltd on 1 May 2024. Underlying total revenue for the quarter was $1,138,000, when excluding April 2024 revenue from the VMware Cloud business sold.

During the quarter, the Company focused its attention on new strategic partnerships, expanding its technological capability, and reviewing non-core assets for potential disposal to streamline the business moving forward and provide the Company with the balance sheet strength required to execute on its business development activities.

The Company remains focused on prioritising high growth, high margin sectors to further advance it’s AI enablement and cybersecurity capabilities, including it’s collaboration with leading semiconductor IP business, 2D Generation Ltd, which aims to generate transformational opportunities in the AI space, leveraging Adisyn’s expertise in data centre management, managed IT services, and cybersecurity, alongside 2D Generation’s industry-leading capabilities in developing next-generation AI semiconductor solutions (ASX: 15 July 2024).

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.