The Dubber Corp Ltd (ASX: DUB) share price is pushing higher on Tuesday following the release of its full year results.
At the time of writing, the call recording technology company's shares are up 3% to $3.77.
This leaves the Dubber share price trading within a whisker of its record high of $3.83.
Dubber share price rises on stellar recurring revenue growth
- Revenue up 97% year on year to $23.3 million
- Annualised recurring revenue (ARR) jumped 142% to $39 million
- Subscribers up 118% to 420,000
- Loss after tax of $30.7 million
- Cash balance of $32 million (excluding recent $110 million capital raising)
What happened in FY 2021 for Dubber?
For the 12 months ended 30 June, Dubber reported a 97% increase in revenue to $23.3 million and a 142% lift in ARR to $39 million.
This reflects a 118% increase in subscribers to over 420,000, which was driven by a number of trends that are accelerating thanks to the pandemic.
This includes the working from home trend, the expansion of unified communications, the importance of business insights, and service providers actively seeking to provide value added services.
What did management say?
Dubber's CEO, Steve McGovern, said: "This year has been a landmark year for the Company and is the start of a comprehensive five-year strategy to deliver data services at scale to the world's most significant voice and video networks."
"Our goals at the outset of FY21 related to doubling the size of the business, achieving 300,000 subscribers, targeting an ARR of $30m and building on our base of service provider partners to underpin enduring success. The Company has been successful in exceeding these internal aspirations and is realising increased growth across all metrics."
"FY21 has seen Dubber continue to grow from a disruptor to an established industry leader capable of providing valuable services to a broad demographic of customers from small businesses to large global enterprises and governments," he added.
What's next for Dubber in FY 2022?
While no guidance was provided for the year ahead, management appears confident its growth will continue.
Mr McGovern commented: "In FY22, the Company has an opportunity to capitalise on its improved position with an incredibly strong balance sheet to accelerate growth organically through its established service provider relationships and via targeted M&A. We expect to deliver strong growth in all of our key metrics but particularly ARR, which will be driven through further user expansion, global banking customer wins and continued penetration of the significant immediate addressable market we have in front of us."
Supporting its growth in FY 2022 will be its agreement with global technology giant Cisco. That agreement sees Dubber become a standard feature of every subscription for Cisco's Global cloud telephony platforms – Webex Calling and UCM Cloud. It also has similarly promising deals in place with Microsoft Teams and Zoom.
The Dubber share price has more than doubled in 2021.
