Fitell Corporation filed its Annual Report for the fiscal year ended June 30, 2024, on November 15, 2024. The company reported annual revenue of $4.47 million and a substantial annual net loss of -$9.31 million for the trailing twelve months ending June 30, 2024. This indicates continued operational challenges for the period.
The financial data also showed a compressed gross profit margin of 19.33%, with operating and net profit margins deeply negative at -135.10% and -166.92%, respectively. Operating cash flow for the trailing twelve months was also negative at -$12.25 million, reflecting significant cash outflows from operations.
Despite these challenges, the company maintained an adequate liquidity position with a current ratio of 2.34 and a quick ratio of 1.02. Management also reported an unaudited 24% increase in revenue for October 2023 compared to October 2022, indicating early signs of a potential revenue recovery in the post-fiscal year period. As of June 30, 2024, 20,123,386 Ordinary Shares were outstanding.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.