- A projected 75% revenue uplift in this last March quarter compared to the second quarter of this financial year
- Signed 10 new deals throughout the quarter
- Launched team evaluation tools, as well as building out training and accreditation programs
- Brand awareness has increased thanks to a number of recent publications in Australian media
- Ongoing discussions with Microsoft on broader initiatives
Transcript of the monthly update. Please note that this transcript has been edited slightly for readability.
Welcome investors to the Gooroo Ventures March quarterly update.
You may have noticed we’ve brought these updates back to a quarterly cadence. We’re doing this to pack them with all sorts of detail, so they’re going to be slightly longer. Then throughout the quarter we’re going to be sending a range of other announcements and messages out to you from experts across the Gooroo business.
There are 5 things I’d like to cover off today:
- First, is a recap on the quarter
- Second, a sales update
- Third, progress with product development
- Fourth, our brand awareness and how we’re building that in market
- And fifth, an update on our partnership with Microsoft
Okay, let’s get started with a recap on this March quarter.
As you will have read in the announcements we have made to market, we’re projecting another strong revenue growth quarter as the sales we’ve completed over the previous months now start to kick into revenue. We’re projecting at least a 75% uplift in this last March quarter from the second quarter of this financial year.
On the back of the successful placement that was completed in February of this year, our cash balance is in a strong position. We’re pushing forward toward cashflow positivity - by continuing to drive revenue and sales in.
I talked about in a previous update some of our priorities for this year, two of those being around building out our partner network, and establishing our training and accreditation programs.
We’ve made significant progress on each and I’ll talk more about these over the course of this update.
So now I’d like to give you an update on our sales progress for this last quarter.
As you would have read in a recent announcement back late March we signed 10 new deals throughout that Quarter. Each of those deals were of varying scope and size. Probably the premium deal that we signed that everyone knows about is the Randstad relationship which is a multi-faceted relationship covering reselling, consulting, and the hiring process.
These are really important deals for Gooroo because they represent adoption and acceptance from the market. We’re seeing increased levels of engagement from each of those clients. Those deals drive revenue and drive people talking about the business within the market. And from our perspective this represents a really strong quarter and a quarter that investors should be excited about.
What we’ve also seen over this quarter is an increasing portion of opportunities coming via our partner network and these are now starting to land. This was an important part of our strategy and something that is now starting to be delivered against. And I’m expecting over the coming months more and more opportunities will start to land via our partners.
The third thing I’d like to talk about today is the progress we’re made from a product development standpoint.
In line with our strategic positioning as a workforce planning and people analytics platform, and also the feedback we’re getting from customers in market we’ve launched some pretty cool new functionality this last quarter. This is focused around team evaluation and team design.
What this functionality allows is an organisation to evaluate a team or numerous teams within the organisation to understand the strengths and weaknesses of each of the individuals across that team. This functionality is critical in understanding what an organisation needs to do to drive towards high performance. There are a range of other features we’re working on and I’ll be sure to update you on some of those over the coming periods.
In addition, this quarter we’ve been focused on building out our training and accreditation programs. These represent a critically important step in the development and adoption of the Gooroo platform. These programs inform and educate on the underlying frameworks for our clients. They also help our partners understand how to apply our technology to the projects they are working on whether that be hiring, right the way through to organisational design. We’re seeing people now signing up to and engaging with these programs which is great validation.
The fourth thing I would like to talk about today is our brand awareness. One of the questions that I get often is “what is Gooroo doing to increase market understanding of what we do?
Well let me share with you some of the things that have happened this last quarter and what we’re working on. First and foremost, this last quarter the Australian Financial Review, The Australian and Business Insider, have each published articles about Gooroo and our thinking. These are really important credibility pieces and help to establish Gooroo’s position in market.
Second, we’re also distributing on a fairly regular basis newsletters out to our customers, to our partners, to our prospects, and also to a broader audience. These are important to have everyone understand what we’re doing, how we’re differentiating and some of the progress we’re making in market.
The third thing we’re doing is working directly with our partners on some joint collaborations and initiatives, whether they be events or other initiatives that are going to drive awareness and interest in the Gooroo platform.
And finally - I’m particularly excited about this last one - is the launch of our new book, called “How we make up our minds: Making more and better choices”. The book has been authored by our Chief Scientist Dr Colin Benjamin OAM, and supported by our team.
This book is a core piece of the Gooroo puzzle, and it talks about the foundations of our business and some of the neuroscience that sits underneath. It will give everyone an opportunity to learn more about our approach.
And finally, I’d like to share with you an update on our alliance with Microsoft.
I had the pleasure of meeting some of the senior leaders in Redmond at Microsoft headquarters during March. The nature of these discussions were broad, around the future of work and the change technology is having on our society, on our people, and obviously on our organisations.
Together we’re working on some interesting initiatives and I hope to announce some of those over the coming weeks and months.
Thanks investors, that’s it for this quarter. I’ll be in contact again next quarter, and in the meantime we’ll be sending out various forms of email communication and notices so stay tuned.
As always if you have any questions at all, please don’t hesitate to contact me.
Investor & media enquiries
Mr Peter Nesveda
Corporate Affairs & International Investor Relations, Intuitive Pty Ltd
Tel: +61 3 9504 8420, Mob: +61 (0) 412 357 375
Email: [email protected]