EROAD (ASX:ERD) announced financial results for the half-year ended 30 September 2022.

Reported Revenue increased from $48.0m in H1 FY22 to $85.4m for H1 FY23 reflecting a full six-month contribution from Coretex, one-off acquisition accounting adjustment of $7.0m relating to the Coretex merger and growth across all markets.

Annualised Monthly Recurring Revenue increased by $23.7m (18%) from $134.6m in H2 FY22 to $158.3m in H1 FY23 reflecting growth across all markets and a FX benefit of $13.6m.

EBIT increased from a loss of $0.4m restated in H1 FY22 to a reported profit of $1.0m. Normalised EBIT loss increased from $2.5m in H2 FY22 to $3.4m in H1 FY23.

EROAD remains on track for Normalised Revenue of between $154m - $164m* and, with management?s focus on cost-cutting initiatives, remains on track for FY23 Normalised EBIT of between $-5m and breakeven (subject to FX) despite headwinds.

Rationalisation of product suite is underway which increases the efficiency and velocity of EROAD's engineering teams?and reduces R&D spend across the platforms.

Began a cost cutting programme, which will benefit H2 FY23 and beyond. Further initiatives underway will continue to provide increased opportunity for cost-out from FY24.

Looking forward, operating cash flow will improve from decreased integration and personnel costs and forecasted higher revenue.

New Zealand continues to deliver consistent strong growth with new and existing customers.

EROAD has proven the product market fit with the Coretex products by winning business against some of its strongest competitors in North America.

EROAD?s pipeline of opportunities remains robust with 22 enterprise customers at the pilot stage across all the markets, representing some 32,300 contracted units.

Strategic review focused on profitable growth, with a broader range of commercial models being unlocked from the Coretex merger.

Following the announcement the company?s share price unchanged.