The Cirralto Ltd (ASX: CRO) share price hit an all-time record high of $0.055 this morning. However, the price has since plummeted to 0.043% at the time of writing. Cirralto has had an eyewatering share price run from its lows of $0.002 back in May this year.
What does Cirralto do? Cirralto offers a Software as a Service (SaaS) that modernises business IT systems. This involves migrating data from current systems to the cloud. Cirralto also implements a client’s data into systems that help with areas such as driving scale, improving sales, integrating with other systems and driving down costs. The company has three SaaS offerings including:
- Spenda, a platform that integrates data in real-time across PoS, inventory, warehousing, sales teams and mobile techs while automatically updating financial needs
- Flash Convert, which allows customers to migrate data from their current system to the cloud quickly, easily and for a fixed price
- Synk’d, which enables businesses to connect applications together to remove repetitious data entry and automate information exchange
Cirralto share price slammed Interestingly, the company announced its quarterly report at 10.50am. Following the brief rally on open, its shares were sharply sold off and are currently down 15% at the time of writing. Here is the run down of its quarterly report.
Financial highlights Its quarterly highlighted a 118% increase in revenue from $82,313 to $179,745 and quarterly Average Revenue Per User (APRU) up 57.5% from $21.17 to $33.40. This quarter included the successful completion of a $2.7 million capital raising and proposed Appstablishment acquisition planned for completion this year.
The company currently has a market capitalisation of approximately $65 million with total cash at the end of the quarter of $1.98 million.
Product development Early in the quarter the company released a new product, SpendaCollect. This software enables any business to collect debt from any customer. In a retail setting this involves functionality, allowing customers to pay for goods or services either in-store, online or on-the-go through its virtual terminal. For suppliers and wholesalers, this means a custom portal enabling customers to see outstanding invoices which they can pay off using Cirralto’s integrated payment collection system.
During the quarter, the company continued to release product updates focused on scaling the core systems transactional processes capabilities. Its strategy moving forward is to bolster its integration services that support more payment services adoption and exploitation of its competitive advantage in this area.
The post The Cirralto (ASX:CRO) share price slammed after quarterly report appeared first on Motley Fool Australia.
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