The Skyfii Ltd (ASX: SKF) share price is exploding today amid an agreement with McDonald's Corp (NYSE: MCD).
Skyfii shares are soaring 45.71% at the time of writing and currently trading at 5.1 cents. For perspective, the S&P/ASX 200 Index (ASX: XJO) is climbing 0.4% today.
Let's take a look at why this ASX tech share is rocketing ahead today.
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McDonald's deal
Skyfii has signed a deal with McDonald's to supply technology at eight restaurants in the United States.
The three-year contract has a total contract value of $2 million.
Skyfii will provide the fast food chain with real-time restaurant monitoring and analysis technology. This is an industry first, according to Skyfii.
The data from the technology will enable McDonald's to find out how long it takes for a customer to receive their order. Skyfii has partnered with global strategy and research company Halverson Group on this solution.
Commenting on the news, Skyfii CEO Wayne Arthur said:
The opportunity to partner with both Halverson Group and McDonald's to create an industry-first solution that solves some critical pain points for such a large and
globally recognised QSR brand is a privilege
What else?
Skyfii also delivered an investor presentation to the market today. Total operating revenue lifted 7% on the prior corresponding period to $5.4 million. Net operating cash flow improved 333% to -$0.9 million.
Skyfii said 75% of its new contract wins are outside the APAC region. Of the deals closed, 79% have been in the last six months.
Looking ahead, the company is expecting to deliver another year of "strong revenue growth".
Skyfii share price snapshot
The Skyfii share price has fallen 46% in the past year, while it has lost 48% in the year to date.
For perspective, the ASX 200 has fallen nearly 7% in a year.
This ASX tech share has a market capitalisation of about $21 billion based on the current share price.
