SenSen Networks reports record sales revenue for financial year 2018

Artificial intelligence solutions provider SenSen Networks (ASX: SNS) has announced a record unaudited sales revenue for financial year 2018 of at least A$4.04 million.

Revenue for the second half of the financial year was up 62% on the previous corresponding period to A$2.24m.

Major contracts wins during the year with clients in Canada, Singapore and Australia were significant contributors to final revenue figures.

In March, SenSen secured a A$0.9m contract expansion with the City of Calgary, its flagship North American customer, for five SenFORCE mobile parking enforcement units, amounting to an upfront 2018 revenue for systems, software and commissioning of approximately A$547,500.

The contract expansion followed SenSen’s signing of a multi-year contract with the City of Calgary in late 2017 to monitor parking and traffic in Calgary, one of Canada’s largest and smartest cities.

At the City of Edmonton, 300 kilometres from Calgary, SenSen won a separate A$2m multi-year contract for the supply of five SenFORCE units and 19 fixed systems for four of the city’s council car parks, providing upfront 2018 revenue of approximately A$474,448.

Closer to home, SenSen received an A$819,000 order from Brisbane City Council for its SenSIGN sign audit system and for SenFORCE, both of which utilise vehicle-mounted systems fitted with cameras, high accuracy GPS and SenSen software.

The order formed part of a 2017 Suburban Safety Mobile Technology Solution contract signed between SenSen and Australia’s largest council, and provided upfront FY2018 revenue of A$339,000 from software, hardware and professional services.

Software to automate business processes

SenSen specialises in data-driven business process enhancement solutions.

The company combines enterprise video and sensor data acquisition, data fusion and Big Data analytics into a highly scalable and configurable platform based on Nvidia edge to cloud servers, allowing customers to improve the speed and accuracy of their decisions and automate business processes.

SenSen currently services clients in Australia, Canada, Europe, India, Singapore and the United Arab Emirates.

The company said its 2019 business growth plan includes a pipeline of potential new clients, as well as building on its presence in the Intelligent Transport Systems and gaming sectors.

At mid-morning, SenSen shares were up 6.25% to $0.17.