ASX-listed information security vendor AUCyber received $7.2 million of customer cash receipts in the quarter ending 31 March 2025, down from $8.6 million the previous quarter.
AUCyber said cash receipts of $29.4 million in the year to date showed a trend of declining receipts, "consistent with the rationalisation efforts undertaken by the Company of unprofitable services and the loss of government work, as previously announced”.
The company expected revenue is expected over the coming two quarters as new initiatives aimed at client retention are fully implemented.
Total net cash outflows from operating activities were $3.3 million in the quarter, which was $2.1 million higher than the previous quarter, primarily attributed to one-off costs associated with the AUCyber takeover bid by 5G Networks.
AUCyber reported that there had been a reduction in administrative and corporate costs as a result of decreased engagement of contractors, as well as reduced insurance costs as a consequence of the takeover bid process.
In March of this year, the company announced that its CFO Theo Tragoudistakis had resigned, with his last day being 30 May 2025, and it would search for a new CFO.
A month prior, a larger shakeup of the board and executive team took place, with former 5G Networks CTO and CISO Chris Wright appointed CEO of AUCyber.
Craig Scroggie and Ross Walker resigned as non-executive directors of the board, while Catherine Reid resigned as executive chair.
To replace them, Joseph Demase, Hugh Robertson and Conrad Morgan joined as non-executive directors.
In its interim financial report for the half-year ended 31 December 2024, AUCyber saw its revenue jump to $12.3 million, but that growth was overshadowed by a net loss of $19.5 million.
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