Martello moves closer to break-even mark as yearly revenues surge
Kanata-based software firm Martello Technologies says it’s nearing the break-even point as monthly recurring revenues continue to rise and the company capitalizes on growing demand for its services in the COVID-19 era.
Martello (TSX-V:MTLO), which makes products that help customers detect and troubleshoot problems in their high-speed communications networks, reported revenues of $13.1 million in fiscal 2020, up 27 per cent from a year earlier.
Revenues for the three-month period ending March 31 were down slightly to $3.3 million, but Martello said its monthly recurring revenues – a key metric for the software-as-a-service firm – rose 13 per cent year-over-year in the final quarter of fiscal 2020.
Ninety per cent of Martello’s revenues in the period were recurring, up from 78 per cent in the fourth quarter of 2019, as the company continues its shift from one-time licensing fees toward a subscription-based sales model.