K2fly Limited (ASX:K2F) published its June Q4 and Full Year FY2023 Quarterly Activities Report.

The report highlights an 18% increase in Q4 FY2023 revenue from Q3 FY2023, reaching $4.0m and a 28% Year on Year increase.

The annual recurring revenue was $7.5m in Q4 FY2023, indicating a 7% growth from Q3 FY2023.

The company recorded a net operating cash inflow of $1.0m for the quarter and a net operating cash outflow of $0.6m for FY2023, an improvement from $0.8m in FY2022.

Major contracts updates include a 3-year contract with Eramet SA, a 3-year extension with BHP WAIO, and a 5-year contract with Roy Hill.

K2fly ended FY2023 with a cash balance of $4.4m and an undrawn working capital facility of $2.0m established with Maptek Pty Ltd.