Eroad is adopting AI to ensure its business isn’t driven off route by Tesla and other high-tech EV hardware. Video / Carson Bluck
Truck tracking software company Eroad almost broke even for the 2024 financial year, reporting a net loss of $300,000 compared with a $3m loss in 2023.
The company met or exceeded guidance on all measures with revenue rising 10.1 per cent to $182m in the year to March 31,2024, while earnings before interest and tax came to $800,000, compared with negative $7.9m in the previous corresponding period.
Adjusted for 4G hardware upgrade costs, “normalised” ebit increased to $4.4m from negative $4.5m in the previous year.
Eroad, which serves customers in New Zealand, Australia and North America, achieved positive cash flow of $1.3m compared with negative $29.9m in FY2023.
The company said this was due to growth in units, price increases and cost control. Revenue growth was recorded across all markets, Eroad said.
Chair Susan Paterson said the results demonstrated the company was on the right track and reinforced the board’s conviction in its strategic direction.
“Today, Eroad is stronger, leaner, smarter and more sustainable.
“We believe it has the right skills, capital structure, cost-base, product set and customer focus to capitalise on growth opportunities ahead to decarbonise transport as Government look to sustainable revenue streams.”
Co-chief executives Mark Heine and David Kenneson described the year as one of “disciplined delivery”.
ERoad co-chief executives Mark Heine and David Kenneson.
“Last year, we made a commitment that we would return the focus of Eroad to our customers, remove non-essential costs, and put the foundations in place to take advantage of growth opportunities, including in our largest market in North America.
“This has provided us with a robust operating platform and the leverage to expand, diversify and grow in coming years.”
