SenSen reports third cash-positive quarter with growth plans

SenSen Networks has announced its financial results for the quarter ending 31 December 2024, marking a third successive cash flow positive period.

The company, known for its Live Awareness AI solutions, reported an operating cash flow of AUD $1.3 million for the quarter, a decrease from the prior comparative period's AUD $1.7 million. Financial collections for Q2 stood at AUD $2.9 million, closely matching the previous year's comparable collections. Significantly, SenSen transitioned from a net debt position of AUD $0.5 million in September 2024 to a net cash position of AUD $0.6 million by the end of the quarter.

The financial improvements were partly attributed to receivables tied to Canadian projects currently underway in Calgary, Montreal, and Toronto, expected to bolster revenues in the second half of FY25. "Project delivery in Calgary, Montreal and Toronto are progressing well, with Toronto increasing on their initial orders placed earlier this year," a company statement noted.

SenSen also successfully secured new projects in Tacoma and Port of Seattle, reflecting its strategy to expand through its partner network in North America. The company continues to focus on enhancing this network by providing training and demonstration systems to partners, which helps expedite the sales cycle and increase geographic reach.

In Australia, SenSen expanded its reach with the City of Melville in Western Australia, deploying a fixed camera-based enforcement solution. This solution is adaptable to existing infrastructure such as parking regulation poles, offering a cost-effective proposition to new customers. The City of Melville has adopted this solution to improve road safety by leveraging this innovative fixed camera technology.

SenSen's fuel retail theft prevention solution, SenShield, formerly known as Scancam, is also experiencing growth. An installation pipeline exceeding 200 sites is anticipated as Ampol and Liberty extend their coverage to include more SenShield locations. This expansion is expected to enhance the benefits of the solution through a network effect, thereby increasing the volume of data available for theft detection and prevention.

While the company's underlying operating cost run rate remains stable, certain non-recurring expenses such as audit fees, listing costs, and carry forward legal fees were noted for the quarter.

SenSen maintains confidence in its strategic direction, poised to benefit from both existing and future projects through its partner network and successful deployments across various cities. Its AI-driven platform continues to address urban management challenges, enhancing safety and efficiency in major international cities, while also delivering cost savings for significant fuel retail brands.