Flexiroam (ASX: FRX) – global eSim mobile data distributor
COMPANY SCOREBOARD
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ABOUT COMPANY
Flexiroam (FRX) (https://www.flexiroam.com/) provides voice and data roaming services by leveraging its global connectivity in more than 200 countries and 520+ mobile networks. Its main customers are frequent travelers, airline crew members, sea workers, and ePOS sector.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| FRX | 0.019 | 789049271 | 14991936.149 | (3.1)/(4) |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 1007 | 0.684 | 68.50% | 34.29% | 79390000 | last raise $1m@2.5c; pre raise $2m@2.3c |
The number of shareholders has increased from 315 in FY20 to 1,419 in FY21 while the board refreshed itself in 2021. It is now a much better tradable stock even the majority of the shareholders are still Malaysia-based.
The new board participated in the last two cap raise at 4c and 4.8c (all at a premium to the share price at the time), the then CEO, Marc, left after 2 years. In Feb 2024, the company appointed a new credible Executive Chair.
BUSINESS
Below is the company’s past five years performance:
| FRX | 2023 | 2022 | 2021 | 2020 | 2019 |
| Operation Revenue | 8905 | 3668 | 2520 | 7285 | 5929 |
| Cost of Sale | -5045 | -2190 | -358 | -4442 | -3301 |
| Gross Revenue | 3860 | 1478 | 2162 | 2843 | 2628 |
| Gross Margin | 0.4335 | 0.4029 | 0.8579 | 0.3903 | 0.4432 |
| Overheads | -6197 | -5314 | -1243 | -5859 | -5373 |
| Fixed Overheads | -3149 | ||||
| Variable Overheads | |||||
| Total Operation Expense | -6197 | -5314 | -4392 | -5859 | -5373 |
| Operation Profit | -2337 | -3836 | -2230 | -3016 | -2745 |
| Other Revenue | -198 | -151 | 987 | -524.7 | -216 |
| Interest Expense | -469 | -162 | -56 | -393 | -324 |
| D&A | -27 | -17 | -26 | -63 | -75 |
| Income Tax | |||||
| Net Profit | -3031 | -4166 | -1325 | -3996.7 | -3360 |
| NOTES | $0.8m share pay | $1.3m share pay | fixed volume commitment |
Below is the company’s operation metrics:
Based on its metrics above, it operates at around 15% margin, and will need some 100k paying users to breakeven (as at December 2022, it has 31.7k active users).
SUMMARY
The company has increased its overheads base by recruiting an Australia-based management team, it will need $5m revenue (currently $3m) a quarter to break even.
The company’s account is audited by a small audit firm.