Shares of Bigtincan Holdings Ltd (ASX: BTH) spiked at the market open this morning, soaring 7.9% to 68 cents after the company released its quarterly earnings update for Q3 FY22.
At the time of writing, ASX investors are paying 66 cents each for Bigtincan shares, up 5.6%.
Let's take a look at the earnings update.
Bigtincan grows cash receipts 181% year-on-year
- Total quarterly customer cash receipts of $34.3 million, an increase of 181% from Q3 FY21 (yoy)
- Cash operating payments of $33.8 million including Brainshark integration investments
- Operating cash flow positive $500,000 for the quarter. This includes $600,000 in costs related to the integration of Brainshark
- $45.4 million in cash and cash equivalents on the balance sheet.
What else happened this quarter for Bigtincan?
The company notes that it was awarded a gold medal in the 2022 'SoftwareReviews Sales Enablement Data Quadrant Buyers Guide Report'.
It was ranked number one by users for its vendor capabilities and product features. The company said, "this level of market validation against direct competitors shows the power for the Bigtincan platform."
Bigtincan also invested $4.4 million in its systems infrastructure and long-term development. This compares to $4.9 million in the previous quarter. These expenses came on the back of a mammoth 181% jump in customer cash receipts yoy.
Over the quarter, the Bigtincan share price fell by 17%.
What's next?
Regarding its outlook, the company says that it is on track to "achieve or exceed" $119 million in annual recurring revenue (ARR) and $109 million in revenue for FY22.
The company secured a number of new customers including Lumen Technologies Inc (NYSE: LUMN), Lionco Pharmaceutical Group Co Ltd (SHA: 603669), Informa PLC (LON: INF), Panasonic (TYO: 6752), Genentech, American Express Travel (NYSE: AXP), Takeda Pharmaceuticals Co Ltd (NYSE: TAK), Abbott Laboratories (NYSE: ABT), Guardian, Arctic Wolf Networks, and Clarivate PLC (NYSE: CLVT).
Bigtincan share price snapshot
In the past 12 months, the Bigtincan share price has crumbled by 31%. It is down 37% this year to date, including a 20% drop over the past four weeks.
