Whispir share price: the 122% run-up in focus

We examine Whispir’s recent share price performance as well as its Appendix 4C cash flow report.

Whispir share price surpasses expectations, doubles in a month

It’s been a parabolic month for the cloud-focused & workflow software as a solution (SAAS) company Whispir (WSP) – with the company’s stock more than doubling – rising 122%, between June and July, to finish out Tuesday’s session at $4.71 per share.

Intriguingly, while Whispir listed in 2019, the stock traded flat for most of the 2019 calendar year, dipping as low as 68 cents in March off the back of the coronavirus led selldown.

This bullish price action comes as the company reported a strong set of quarterly and to an extent annual results as part of its Appendix 4C cash flow report. Released last Monday, as part of that report the company reported annualised recurring revenues of $42.2 million – representing an impressive year-over-year increase of 35.7%. Moreover, during the recent quarter customer cash receipts came in at $11.3 million – representing a 36.5% increase, also on a year-over-year basis.

From a customer growth perspective, the company said it acquired 72 new customers in Q4 – bringing its total customer count to 630 – at the close of the June quarter. Whispir’s management attributed this uptick in customers to the ‘easy integration’ of its products and the company’s ‘ready-to-use 'return to work' templates.’ Some of Whispir’s key customers include the Victoria Department of Education, PersonaTech and Mt Buller Ski Resort.

From an operational perspective, Whispir said it aggressively reduced the net cash used in its operating activities during the quarter, and noted that it was set to meet all of the key fiscal 2020 prospectus forecast metrics.

Management musings

The company’s Chief Executive – Jeromy Wells – described Whispir’s Q4 performance as strong, despite the headwinds impacting companies across the globe. These results, said Mr Wells, were 'driven by increased platform utilisation from our existing customer base, particularly in ANZ and Asia, as well as significant new customer growth.'

Mr Wells added that:

'With current turbulent operating conditions constantly evolving, our customers realise how important it is to have a system that enables them to communicate effectively at scale to diverse stakeholder groups through multiple channels.’

Looking forward, Whispir’s management team believes the company’s total addressable market could hit US$8 billion by FY24.

Mind you, while the company has captivated investor enthusiasm in recent months, Whispir remains a loss making enterprise – in June forecasting negative FY20 earnings (EBITDA) of between ($7.9-7.4 million), a forecast estimate, which the company was keen to point out, was ahead of the prospectus forecast.

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