Photo: ERoad
Transport software company Eroad has trimmed its losses to report a net loss of $2.9 million in its first financial year after acquiring Coretex.
Key numbers for the year ended March compared with a year ago:
- Net loss $2.9m vs net loss $9.6m
- Revenue $174m vs $114.9m
- Operating earnings net loss $4.5m vs net loss $7.2m
- No dividend vs no dividend
Eroad supplies devices and software for trucking companies to manage fleets, maintenance, driver hours, and road user charges, as well as dashboard cameras.
Chief executive Mark Heine said the results reflected the company's dedication to strategic discipline.
"I am proud to report that our financial results have met the market guidance we provided 12 months ago, demonstrating our commitment to delivering on our promises," he said.
"As a result of our strategic business model review, we are shifting to a segmented customer service model, refining R&D priorities, right-sizing the cost base while growing revenues and focusing on differentiating to win Enterprise clients in North America."
Heine said the company's operating earnings improved from a loss of $7.2m in FY22 to a profit of $1.7m, reflecting the recognition of one-off acquisition revenue and integration costs.
However normalised for those one-off items, operating earnings were at a loss of $4.5m at the midpoint of the company's guidance.