More AI products to be launched soon
Melbourne, July 28, 2022 AEST (ABN Newswire) - One week on since launching two AI-powered consumer products, artificial intelligence company Crowd Media Holdings Limited (
ASX:CM8) (CM3:FRA) has their sights on more as the Company progresses through its growth phase where they have generated positive cash flow for the financial year.
Although that positive operating cash number is only $21k from $6.4 million in customer receipts for the 12 months ended 30 June 2022, it is a significant achievement for the small cap company which has spent three years clearing debt off its books while developing their Talking Head conversational AI platform.
With a healthy balance sheet having eliminated their legacy debt issues, 2022 had long been flagged as the year of commercialisation by Crowd Media. In the last six months alone, this has led to commercial deals with PangeaMed, Impssbl and SourceFlare as enterprise clients which was then followed last week by their launch of Bedtime Stories and Astrology VIP as subscription-based consumer products.
"Crowd continues to develop its technology while pushing commercialization ahead of schedule and "soft-launching" products to scale the system sensibly and adapt its features to target markets that open new revenue channels," said Crowd Media CEO, Idan Schmorak.
"We keep rightsizing our teams to support upscaling and building new business functions with top tier personnel while maintaining a responsible cash flow regime, allowing us to be operating cash flow positive for the year, an exceptional situation for a company in a growth stage."
While the bulk of Crowd Media's revenue comes from its Subscription division, which effectively funds the R&D for their Talking Head platform, tides may soon be turning with the Company's partnership with SourceFlare already delivering returns.
What was supposed to be a Proof-of-Concept delivered by the end of September has already generated $26k in revenue which has exceeded Crowd's internal expectations. With more tinkering over the next two months, the POC is expected to be delivered in a more complete product that can then be scaled further by SourceFlare which cite Amazon, Facebook and TikTok as some of their core partners.
Crowd Media is expected to release its audited financials next month but has confirmed that the Subscription division's profit per customer is increasing with more products like Bedtime Stories (EUR4.00 per month), which can be converted into any language, to be released soon.
In addition to being operationally cash flow positive for FY22, Crowd Media has $2.23m of cash on hand and a further $600k to be raised next week from a share placement to Directors, pending shareholder approval.
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https://abnnewswire.net/lnk/Q0CH362D
About Unith Ltd
Unith Ltd (ASX:UNT) is a leading digital human brand. It unifies the research and development of facial movement deep learning, audio machine learning, and conversational design (NLP) to generate the first customizable, interactive avatar of its kind.
Businesses can create their own digital humans to immerse, assist, and educate customers in real time and in multiple languages, all through one full stack platform. For further information, please visit: unith.ai
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