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HomeFinTechAdveritas: Posts record quarterly cash receipts, launches $4m placement

Adveritas: Posts record quarterly cash receipts, launches $4m placement

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Adveritas Posts record quarterly cash receipts, launches $4m placement

  • Adveritas (AV1) posts record cash receipts of $887,000 over the December 2022 quarter — a 36 per cent increase compared to the same quarter the year before
  • Staff costs for the quarter topped $2.4 million, though AV1’s net operating cash outflows were offset by $1.9 million in government grants and tax incentives
  • AV1 attributes the higher-than-usual cash spend to servicing its increasing trial pipeline and hiring several new key staff members to accelerate growth
  • The platform ends the December quarter with a pro-forma cash balance of $7.1 million when including a $4 million placement announced today
  • At market close on Monday, AV1 shares are up 1.3 per cent and trading at 7.6 cents

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