- Unith (ASX:UNT) accelerated the development of its Digital Human platform while maintaining consistent revenue growth in Q2 FY24
- Revenue increased by 12 per cent to $1.4 million, operating cash outflow improved by 30 per cent, and a $2.0 million fair value gain was recorded
- Unith partnered with Union Avatars and unveiled collaborations in human resources and recruitment during the soft launch
- CEO Idan Schmorak is optimistic about scalability in 2024 for the company’s digital humans
- UNT last traded at 1.8 cents
Unith (ASX:UNT) delivered strong progress in Q2 FY24, accelerating the development of its Digital Human platform while maintaining consistent revenue growth.
During the quarter, the company initiated a controlled soft launch for its self-service Digital Humans to a select group of users and clients.
“Building out the Digital Human platform has been a major milestone, delivering on all that was set out in our 2023 Roadmap,” UNT CEO Idan Schmorak said.
During the soft launch, Unith is gathering user feedback, ensuring a refined experience for the broader audience in the official launch phase. The company is also developing a backend component for future integration with external sources.
The self-service platform’s soft launch revealed several opportunities for application, including human resources functions, recruitment, and collaborations with industry leaders. The B2C Subscription Division recorded significant growth, with 800K total customer sign-ups.
The upcoming development of the Digital Human platform includes introducing a customer panel with toolkits for creating and managing digital humans, set to be released in Q3 FY24.
Financials
The company posted a revenue of $1.4 million for the quarter, marking a 12 per cent increase from the prior quarter.
Unith also showcased a 30 per cent improvement in operating cash outflow, reaching $800,000 for the quarter. Additionally, a fair value gain of $2.0 million was recorded on the company’s investment in AudioStack.
And finally, Unith reported a cash position of $1.4 million at the end of December 2023.
UNT last traded at 1.8 cents.