ReadCloud Ltd

Cyan C3G Fund continues to hold ReadCloud Ltd (RCL) following its strong quarterly performance, which included customer revenues of $5.2 million and positive operating cash flow of $2 million. The company, which provides digital eLearning solutions to secondary schools and the vocational education and training (VET) sector, has demonstrated significant progress since the installation of new management last year. With these positive results, Cyan C3G Fund sees potential for further growth and believes ReadCloud’s recent turnaround is a positive indicator for the company’s future performance.

Cyan C3G Fund continues to hold its position in ReadCloud Ltd, a provider of digital learning solutions to secondary schools and the VET sector, due to the company's strong signs of recovery since the appointment of new management last year. The company recently reported its 1H24 earnings for the period ending March 31, 2024, showing a 13% increase in revenue to $8 million and achieving an EBITDA of $1 million. This marked a significant improvement compared to prior years. With a current market capitalisation of just $8 million, no debt, and $3 million in cash, Cyan C3G Fund sees ReadCloud as a company with strong potential for further growth and value creation, particularly as it continues its turnaround in the digital learning space.

Cyan C3G Fund continues to hold ReadCloud Ltd. (RCL) due to the company's strong performance, particularly in its VET-in-school products, which have seen impressive growth and are expected to grow by more than 25% this year. ReadCloud's business model benefits from the cyclicality of school billing, which results in the company's strongest cash flows in the next two quarters. With FY25 forecast to be the company's strongest year ever, Cyan C3G Fund is confident in ReadCloud's ongoing growth and its ability to capitalize on the expanding demand for digital curricula and VET training.