ASX-listed Netlinkz, head-quartered in Sydney, has executed a convertible securities facility agreemenet to raise up to A$10 million through investor Obsidian Global of the United States.
The facility will provide the cloud-based network provider and Starlink satellite service reseller with additional funding to advance its global expansion plans, the company said.
“Efforts to diversify and expand our funding base has been further progressed with the execution of this convertible securities raising," James Tsiolis, Netlinkz chief executive and managing director, said.
"The extra advantage provided by this raising is that it simultaneously extends the maturity profile of our nonequity funding," he added.
"With additional funding now in place, we can do so much more than just focus on building scale in our Asia Pacific business operations, where we have been steadily adding to our stable of partnership agreements," Tsiolis said.
"We can also continue to lay the groundwork for a further material expansion in our geographic footprint into other regions, including South America and Europe," Tsiolis concluded.
In its annual report for the year ended June 30, Netlinkz said it had earnt around $1 million sales revenue for Starlink, over the final part of the full 2023 financial year with gross margins exceeding 20 per cent.
Total revenue for the FY23 was $20.7 million, up 32 per cent on the preceding year.
Netlinkz counts telco incumbent Spark in New Zealand, PT&T in the Philippines, Telestart Communications in Australia, Hutchison Global Communications, and Telespazio in South America as customers.
The company said it has further partnership agreements in the pipeline, and that the addressable market for these is continually expanding.
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