ArchTis looks towards equity funding as fortunes sink

ArchTis looks towards equity funding as fortunes sink

Both revenue and profit plummet for half year

Daniel Lai (ArchTis)

Daniel Lai (ArchTis)

Credit: ArchTis

Canberra-based ArchTis has felt the burn in the last half year after seeing its revenue plummet by 73 per cent. 

The security company made just $248,809 in revenue for the six months ending 31 December 2019, down from $936,847 the previous corresponding period. 

It also posted a loss of $2.2 million, a marginal 5 per cent dip from the 2018 period, but one still flagged by the company.

“The ability of the consolidated entity to continue as a going concern is dependent upon the future successful raising of necessary funding through the issue of new equity,” ArchTis told shareholders. 

“The existence of this condition indicates a material uncertainty that may cast significant doubt on the consolidated entity's ability to continue as a going concern.”

However, ArchTis said it was confident it could continue ‘business as normal’ if marketing and a sales pipeline of its Kojensi product proves fruitful. 

According to the company, “several” Federal government agencies signed contracts to use Kojensi Gov during the half year, including Australian Criminal Intelligence Commission (ACIC) and the Australian Attorney General’s Department.

In addition, it also signed a deal with DXC Technology during the half year, which it claims will open a pathway to access up to 7,000 users in the Australian National Intelligence Community.

However, it still owes $177,000 in software-as-a-service and advanced fees for Kojensi Gov and Kojensi Enterpise respectively. 

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