Perth-founded edtech company Qoria has posted strong growth in its quarterly financials, including a record $10 million growth in revenue from its K12 segment.
Perth-founded edtech company Qoria has posted strong growth in its quarterly financials, including a record $10 million growth in revenue from its K12 segment.
The Tim Levy-led cyber safety app, formerly known as Family Zone Cyber Safety, hosts a unique cloud-based parental control solution which has been adopted by 29,000 schools around the world.
Posting its June quarter results today, the company revealed a $10m growth in gross annual recurring revenue from its K12 segment, and a 57 per cent growth in pipeline work.
A large chunk of the growth in AAR was attributed to its business in the United States, which grew US$5 million during the quarter – a 15 per cent increase.
Growth in all three regions it operates (ANZ, US, UK) saw overall gross ARR tally $116 million.
The company were impacted negatively by currency fluctuations and saw its exit AAR drawn down $5 million after the divestment of wholly owned subsidiary Migiri.
Looking forward, the company expects to hit operating cashflow and EBITDA profitability in the coming financial year, bolstered by a $10 million extension to its debt facility with AshGrove – bringing the total to $47.85 million.
Qoria managing director Tim Levy said the company was well set up for the December half with a record K12 pipeline of $22 million.
The company also expects significant growth in Texas – already one of its largest markets, where it services 12 per cent of all students – after the passing of the SCOPE Act.
The Act, implemented in 2023 with full compliance expected by September 2024, requires Texas school districts to ensure parents have visibility and control of learning devices.
With Qoria already servicing three (and in trials in five) of the state’s top 20 districts by student count, the company expects the legislation to further bolster growth.
The company listed on the ASX as Family Zone Cyber Safety in late August 2016, after successfully raising $6 million in an oversubscribed IPO.
It changed its name from Family Zone Cyber Safety to Qoria in April 2023.
Qoria shares were down one per cent to 38 cents today.
