COVID-19

K2fly uses remote to switch off Covid-19

K2fly shielded from COVID-19 impacts due to Saas focus.

This article is 4 years old. Images might not display.

Australia's Mining Monthly is making some of its most important coverage of the COVID-19 pandemic freely available to readers. For more coverage, please see our COVID-19 hub. To subscribe to AMM, click here.

 

K2fly told the Australian Securities Exchange while most businesses had been affected by the changing environment it had been relatively easy for the company to shift fully to a work from home state and the software development teams in Australia and South Africa had been homebound since early news broke about the virus.

The company has still swung the axe and reduced personnel numbers to just 10, although it said it might look at availing itself of the government's JobKeeper programs.

Board members have also taken a pay cut while CEO Brian Miller will take home only half his salary until at least June 30, with some senior executives also putting their hands up for a pay cut.

Miller said travel, marketing, promotional and non-essential expenses had also been slashed.

K2fly supplies RCubed and Infoscope software to miners' and other customers around the world, with the company reporting positive third quarterly results on the back of new contracts and contract extensions with existing clients with $1.63 million in invoices, a 94% increase on the previous quarter.

Invoices for the year were also up 13% on the previous year to $4.75 million, compared to $4.15 million.

Miller said companies had to report their mineral resources and reserves under any economic conditions so implementation of previously announced RCubed and Infoscope contracts was continuing because installations could be managed remotely.

The contract wins with Golds Fields Australia, Newmont, South 32 and Vale and contract extension with Anglo Gold Ashanti brings K2fly's total SaaS annual recurring revenue to $1.8 million.

Miller said barring any major unexpected jolts K2fly should be cash flow positive in the next quarter.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence: Automation and Digitalisation Report 2024

Exclusive research for Mining Magazine Intelligence Automation and Digitalisation Report 2024 shows mining companies are embracing cutting-edge tech

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets