Knosys (ASX:KNO) announced financial results for the quarter ended 30 September 2022.

Record cash receipts: Q1 FY23 cash receipts hit a record high of $4.3m, up 45% on Q1 FY22. Seasonally, the first quarter has the strongest cash flow due to annual renewals across all product lines.

Increasing Annual Recurring Revenue (ARR): ARR of $9.6m as at October 2022, up 16% year-on-year.

Positive quarterly cash flow: An increase in R&D costs and product manufacturing & operating costs was more than offset by record cash receipts to deliver positive operating cash flow of $1.1m.

Major contract extension: ANZ Bank signed a 3-year contract extension for enterprise Knowledge Management solution, Knowledge IQ, with a total contract value over $5m.

Outlook for FY23: Approaching cash flow breakeven in FY23 with a solid pipeline of opportunities, continued growth in the recurring revenue base and increased operating leverage.

Following the announcement the company?s share price rose 11.111%.