The RPMGlobal Holdings Ltd (ASX: RUL) share price is up this afternoon, after the company announced it exceeded the revenue stated in its half year investor presentation. At the time of writing, the RPMGlobal share price was up 8% to $1.31.
RPMGlobal is a developer and provisioner of software for the mining industry. It also provides advisory services and professional development to industry members.
Let's look at what was announced this afternoon.
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Revenue update
RPMGlobal updated its total contracted value (TCV) and annual recurring revenue (ARR) derived from software subscriptions sold during the 2021 financial year.
The update included an extra $11.5 million of revenue that was not revealed in the company's half-year investor presentation, released in February 2021.
In February, the company advised that its current software subscription TVC was $14.5 million, whereas today the company confirmed it is actually $23.4 million.
Further, RPMGlobal advised the company's ARR from software subscriptions was $15.8 million, when in actuality it was $18.4 million — a difference of $2.6 million.
Additionally, RPMGlobal stated it has not included another $4.1 million of contracted subscription revenue in the provided figures, as those subscriptions are able to be terminated anytime without a fee.
The company also noted it has closed $800,000 worth of perpetual software licenses since December 2020. A perpetual software licence is an agreement that allows a user access to a software indefinitely with a single payment.
More about RPMGlobal
RPMGlobal states that its software is the industry's only integrated mining operational platform built on industry standards.
The company has offices all over the globe, including in Brisbane, Sydney, Perth, Mackay, Wollongong, and Maitland.
RPMGlobal share price snapshot
At the time of writing, the RPMGlobal share price has risen by 8.26% this afternoon. It is currently sitting at $1.31 after opening at $1.21 this morning.
The RPMGlobal share price is up by 58% over the last 12 months. The company's share price has broken even, year-to-date, with a 1.9% return.
RPMGlobal has a market capitalisation of around $277 million, with approximately 229 million shares outstanding.
