For the First Quarter Fiscal 2024, these key fundamentals showed continued improvement: Growth in top-line revenue, with an increase in technology fees that are recurring; Reductions in operating expenses, including selling and technology expenses through automation and AI; Stable but improving gross profit margins that are expected to improve due to increasing technology fee revenues as a percent of sales.
Additionally, management is focussed on monitoring adjusted EBITDA, adjusted to remove non-cash expenditures to monitor its progress towards achieving positive net operating cash flows, since this metric is a good indicator of operating cash flows not impacted by interest, share-based compensation and other non-cash expenditures.This metric emphasizes the inherent strength of the business fundamentals, allowing a clearer understanding of the Company's financial health.
'We are pleased to announce that our results for the first quarter of FY2024 show continued strength of our fundamentals. We have enhanced our margins, materially lowered our expenses, all while driving revenue growth,' commented Waqaas Al-Siddiq, CEO of
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