ERoad is back in profit after a net loss of $5.3 million in the last financial year.
Its latest annual report shows the transport technology services company made a profit of $210,000 in the 12 months to March 31.
Total sales grew in both the Australia, New Zealand and North American markets by 61.5% with 77,600 units sold.
Its total revenue is up 57% to $51.5 million with the company reporting self-sustaining cash flows for the first time.
It also reports major growth among customers such as Downer Group, Waste Management, Fulton Hogan and Bidfood.
During the financial year it raised $21.5 million of new capital. This included $6 million through a share purchase plan for existing shareholders and $15.5 million through an equity placement to existing and new institutional shareholders.
ERoad also saw record sales growth of 191% in the North American market with its third quarter result exceeding sales in Australia and New Zealand for the first time.
Chairman Michael Bushby says ERoad has now firmly established itself in North America with options for future growth and development.
“The hard work that has gone into developing a best-in-class [electronic logging device] solution that allows us to address the US-wide opportunity has paid off with annual growth of 191% in North America.
“We have begun planning for our next phase of growth in North America, which may involve deeper strategic partnerships, and have engaged First NZ Capital to help us with this work,” Bushby says.
ERoad chief executive Steven Newman says the North American business “is now close to cash flow breakeven on a monthly basis”.
Meanwhile, the company continued to increase its share of road user charges (RUC) in New Zealand.
It collected 42% of all heavy vehicle RUC, up from 38% in 2017 and 81% of all eRUC (electronic RUC).
A major milestone was reached in June 2017 with eRUC payments in New Zealand overtaking paper RUC payments for the first time.
ERoad has now collected $1.9 billion in RUC since it began offering its services to customers.
Sales in Australia and New Zealand is also driven by heavy and light vehicle fleets aiming to meet health and safety obligations.
“Our focus on solving complex problems for our customers applies to light as well as heavy vehicles.
“Both are subject to the same health and safety requirements, and are discovering that preventative safety is key to improving road safety and compliance – as well as reducing costs,” Newman says.
