Transport technology services company EROAD is reporting net loss after tax of NZ$4.9m for its full year results to March 31.
Its revenue is up 40% to NZ$61.4m and EBITDA up 48% to NZ$15.6m for the period.
Total contracted units in New Zealand/Australia grew 19% to 71,446 and in North America rose 40% to 24,944.
EROAD is also warning shareholders some legal costs may be incurred over the next 12 months defending itself from a third party claiming the company infringes a number of its patents.
“From our internal review of the patent claims asserted by the other party, the group believes there are grounds in support for why we do not infringe their patents and also strong grounds that the patents would likely be considered invalid if EROAD was to challenge them.
“The group strongly asserts that we do not infringe the patents and have informed the other party that we would seek our attorney fees from them in the event we succeeded in any potential litigation,” EROAD says.
Meanwhile, EROAD chief executive Steven Newman says the company has “built a solid platform for future growth”.
“We’ve made significant progress implementing the investment programme set out in the strategic plan … ensuring we can scale efficiently, improve our customer experience and provide greater operating leverage.
“In the past year, EROAD has supported journeys of more than 3.2 billion kilometres travelled by trucks and light vehicles in New Zealand, Australia and the United States of America.
“More customers, more journeys, more data, more knowledge for informed decisions. We must continually evolve the business to remain relevant in this constantly changing environment.
“Maintaining this momentum requires continued innovation, exemplary service and sustained reliability. Preserving these factors has required the programme of investment commenced during this past year.
“EROAD is more robust and well positioned for sustained growth across all markets.
“To drive on our roads should not require spinning the roulette wheel of life. It is heart-warming indeed to know that what we do, what our products and services enable for our customers, also helps get more people home safely, every night,” Newman says.
EROAD is also warning shareholders some legal costs may be incurred over the next 12 months defending itself from a third party claiming the company infringes a number of its patents.
“From our internal review of the patent claims asserted by the other party, the Group believes there are grounds in support for why we do not infringe their patents and also strong grounds that the patents would likely be considered invalid if EROAD was to challenge them.
“The Group strongly asserts that we do not infringe the patents and have informed the other party that we would seek our attorney fees from them in the event we succeeded in any potential litigation,” EROAD says.
