Simble’s sales exceed guidance
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Simble Solutions Ltd (ASX:SIS), has exceeded guidance in relation to sales of its Simble Energy Platform, and in doing so has demonstrated strong product support from large clients such as Ferrero Rocher.
Positive sales momentum follows the launch of Simble Energy Platform in LED bundling arrangement alongside Powercor, one of the world’s largest lighting manufacturers.
Powercor is delivering more than 20 customer sites per month via a technology bundling arrangement alongside one of the world’s largest lighting manufacturers.
Within this channel partnership’s first ten weeks, Powercor has generated orders to date valued at approximately £100,000 (circa A$180,000) for the Simble Energy Platform.
This builds on strong sales already achieved in Australia.
Cumulative orders for the Simble Energy Platform now total $660,000 across Australia and the UK, strengthening Simble’s recurring revenue base and affirming its position as the fastest growing energy management software company on the ASX.
Highlighting the rapid increase in IOT platform users, Simble chief executive Fadi Geha said, “Our recent expansion into the UK is delivering results and we are rapidly growing users on our IOT platform.
“Together with Powercor and other channel partners, we look forward to empowering more UK businesses to take control of their energy consumption via our disruptive IOT technology”.
It should be noted here that Simble is a speculative stock and investors should seek professional financial advice if considering this stock for their portfolio.
Facilitates control and monetisation of energy systems
As a backdrop, the Simble Energy Platform or ‘SimbleSense’ is an integrated hardware and real-time software solution that enables businesses to visualise, control and monetise their energy systems.
The company’s Software as a Service (SaaS) platform has Internet of Things (IoT) capabilities and empowers enterprises and consumers to remotely automate energy savings opportunities to reduce their energy costs.
While based in Australia, Simble operates in the SME SaaS market and targets the distribution of its platform through multiple channel partners.
The company has an international presence with offices in London, Dubai, Auckland and Da Nang (Vietnam).
Recognition of recurring revenue
Customers are already activated or scheduled for installation, the point at which Simble commences recognition of recurring revenue, the first step towards providing investors with earnings predictability.
These orders also incorporate a hardware component which is recognised upfront.
Uptake of the Simble Energy Platform by early ‘blue chip’ adopters including Ferrero Rocher, Richmond Borough Council and Roehamption University is now stimulating demand across the broader small to medium enterprise (SME) sector.
In a strong endorsement of Simble’s technology, Chris Wright, technical director of Powercor commented, “By white labelling Simble’s software, we are able to validate the benefits of new IOT technologies and develop recurring customer relationships.
“Our LED lighting bundle is witnessing significant demand and our sales pipeline continues to grow.”
Interestingly, today’s sales growth news resulted in its share price opening up 10 per cent higher on Tuesday morning.
The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
Following this early success of the Powercor channel partnership, cumulative orders for the Simble Energy Platform now total $660,000 across Australia and the UK.
Partnerships with UK utilities potential game changer
To drive further commercialisation, management has accelerated discussions with UK utilities industry participants surrounding potential partnerships targeting the broader SME sector in that country.
There is no guarantee these initiatives will evolve into definitive agreements, but discussions are at an advanced stage and Simble’s recent track record in that region will have sparked investor attention.
Given the company’s shares have traded strongly in response to today’s news, the receipt of new orders from large clients has the potential to provide further share price momentum.
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