Engage:BDR reports positive cash flow for June quarter, integrations six months ahead of schedule

EngageBDR ASX EN1 positive cash flow June 2019
Engage:BDR’s cash balance at the end of the June quarter was up 328%.

Programmatic advertising company engage:BDR (ASX: EN1) achieved positive cash flow in the June quarter after revealing it had exceeded its integrations target and was six months ahead of schedule.

The company reported this morning its cash balance at the end of the quarter was up 328% on the March period to $2.66 million, boosted by net positive cash flow for the period of $662,000.

Speaking with Small Caps engage:BDR chief executive officer Ted Dhanik said he was “extremely proud” of the company’s accomplishments in 2019.

“The team is dedicated, accountable and on a mission with a unified goal to blow away our targets this year.”

Mr Dhanik added the company was “just getting started” and was looking forward to enjoying more wins in the second half of the 2019 calendar year.

The preliminary results for the June period included $1.44 million in cash from customers and outflows of $782,000.

Meanwhile, net cash from operating activities was $267,660 in the June quarter, compared to a $2.25 million loss in same 2018 period.

Integrations ahead of schedule

Today’s new follows engage:BDR reporting late last month its 2019 integrations target was six months ahead of schedule.

The company’s integrations target for 2019 was 194, but this had been exceeded with engage:BDR revealing 195 integrations before the end of June.

Additionally, engage:BDR has collared four large new programmatic partnerships with AppLovin, mobilityware, Somo Audience and Verve.

“Management is honoured to be aligned with the new partners who are leaders in the US programmatic marketplace and have significant influence in the industry today,” engage:BDR said of its new partners.

AdCel boosts engage:BDR’s bottom line

Adding to engage:BDR’s positive performance was its AdCel business which was acquired last year.

AdCel’s technology assists mobile app publishers to monetise their traffic, or users through premium advertisers and campaigns.

During the June quarter, AdCel released its monetisation software development kit for the Unreal Engine ahead of schedule.

According to engage:BDR, Unreal Engine is the 3D game development platform that was created by the makers of the world renowned game Fortnite.

“Since Unreal Engine is currently one of the largest 3D game platforms in the world, management feels the AdCel integration is a significant revenue opportunity for engage:BDR immediately,” engage:BDR stated.

AdCel has also released its monetisation plugin for the React Native app development platform, which was initially developed by Facebook.

The platform is now a popular opensource development environment and in addition to Facebook, is used by Instagram, AirBnB, Bloomberg, Uber and Pintrest.

AdCel was the second monetisation plugin to be deployed for this platform.

Prior to market open engage:BDR’s shares were at $0.043.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for numerous industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has also covered a myriad of small and large cap ASX and dual-listed stocks.