HARVEST ACTIVITY REPORT – JUNE QUARTER 2022

ACTIVITY REPORT – JUNE QUARTER 2022
KEY HIGHLIGHTS DURING THE QUARTER
• 16% higher Monthly Recurring Revenue (MRR) in June 2022 ($257K) compared to March 2022, with forecast MRR of $340K-$380K in September 2022.
• Commencing FY2023 with a resilient balance sheet and an opportunity pipeline at least three times its forecast MRR and total revenue targets following the recent expansion of sales resources across the UK, Europe, Middle East and Africa, and U.S. regions to complement the existing APAC sales team.
• In addition to growing and diversifying revenue streams, core focus is on disciplined spending to reduce the cash burn rate and extend the cash runway. Net operating cash outflows were significantly reduced to $2.19m in the June quarter, down from $3.65m in the March quarter.
• $4.5m cash at bank on June 30, 2022, exclusive of $1.0m committed placement proceeds from directors.
• Signed a reseller agreement with RSM Australia, a 100-year-old professional services company promoting technology to improve efficiency and sustainability, and reduce costs, for its customers across a range of industries and government.
• In partnership with Inmarsat Aviation, delivered a new innovative solution to livestream high-quality video at less than 100kbps for beyond visual line of sight operations for small commercially deployed drones.