Locafy Reports Fiscal First Quarter 2024 Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 27 2023
0mins
Should l Buy LCFY?
Source: businesswire
- Financial Results: Locafy Limited reported fiscal first quarter 2024 results, highlighting strategic partnerships, an 81% gross margin, and a 53% decrease in cost of sales year-over-year.
- Operational Highlights: The company announced partnerships with Method and TransUnion to expand its product suite and publishing network, aiming for growth and increased market share.
- Management Commentary: Locafy's CEO discussed achievements in enterprise partnerships, cost-efficiency initiatives, and software trials, focusing on accelerating growth and profitability in the upcoming calendar year.
- Financial Performance: Total operating revenue decreased by 24.3%, subscription revenue dropped by 28.2%, while advertising revenue increased by 12.2%. Cost of sales decreased by 53.2%, and gross margin improved to 81.1%.
- Key Performance Indicators (KPIs): Metrics like monthly recurring revenue (MRR) saw a 21.2% decrease, total active reseller count increased by 43.5%, and total end user count decreased by 27.2% compared to the previous year.
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Analyst Views on LCFY
About LCFY
Locafy Limited is engaged in the commercialization of company’s developed technologies. The Company has developed online marketing technology (Technology) delivered in a automated manner via a Software-as-a-Service (SaaS) model. Its technology publishes content on search engine optimized (SEO) Web pages that it hosts and manages. The Company’s segments include Publishing and SEO Agency. The Publishing segment includes products and services related to digital properties (that is mastheads) that it owns business data published on Hotfrog, advertising placed on AussieWeb, articles published on scoop.com.au. The SEO Agency segment products and services are applied to digital properties that are owned and operated by third parties. Its consumer-related online searches include local search terms for products and services that are in close proximity to the consumer’s immediate location and national search terms for non-location specific products and services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Expansion: The adoption of Locafy's Localizer platform by 145 independent State Farm agencies demonstrates widespread acceptance in the insurance sector, which not only boosts the company's market share but also lays the groundwork for future sales growth.
- Partner-Driven Performance: Collaborating with Growth Pro Agency, Locafy has achieved significant results in the home services sector, with one roofing client booking five new jobs directly attributable to SEO within the first month, validating the effectiveness of its solutions.
- Product Roadmap Execution: Locafy is on track to deploy advanced AEO reporting and analytics capabilities by the end of 2025, ensuring continuous product innovation that enhances customer satisfaction and strengthens competitive positioning.
See More
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- Market Expansion: The adoption of Locafy's Localizer platform by 145 independent State Farm agencies demonstrates ongoing penetration in the insurance sector, further driving overall sales growth.
- Partner Performance: Collaborating with Growth Pro Agency, Locafy has achieved significant results in the home services sector, with one roofing client booking five new jobs directly attributable to SEO within the first month, validating the effectiveness of its solutions.
- Product Roadmap: Locafy is on track to deploy advanced AEO reporting and analytics capabilities by the end of 2025, ensuring continuous product innovation to meet market demands, thereby enhancing customer satisfaction and competitive positioning.
See More
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Locafy's Technology and Market Potential: Locafy's Localizer solution helps businesses achieve top rankings in local search results, leveraging proprietary technology to enhance visibility in both Google and AI search engines, with significant growth opportunities identified in various local service industries beyond insurance.
See More
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