EROAD, a leading transportation technology services company, has released its financial results for the 2022 Financial Year (FY22), delivering a strong increase in revenue, 64% growth in contracted units, and an enterprise customer pipeline of 18 customers.
With the completion of the Coretex merger in November 2021, EROAD is now in a period of significant transition to build greater growth momentum targeting to deliver ongoing strong growth in revenue, increasing to at least $250m by FY25.
Operating expenditure increased significantly from $61.2m to $93.9m as EROAD invested in its people capability in a tight labour market to ensure delivery of its future growth strategy.
Reported EBITDA reduced from $30.4m to $21.0m, representing an EBITDA margin of 18%.
For FY23, revenue is anticipated to be between $150 - $170m and EBIT between -$5m and breakeven.
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