Cycliq Group Limited (ASX: CYQ) reports that, on the back of a successful Fly12 Sport product launch in September and strong inventory levels, the company has delivered solid sales for the month of November.
Complimentary product lines, accessories and shopping cart upgrades continue to deliver success in key checkout metrics, with Average Order Value (AOV) jumping from $495 to $604 for the month of November.
The company was pleased by an increase in Gross Profit percentage in the two months of October and November, from 53% in 2021 to 58% in 2022, on revenues of $1,795,000 (2021: $2,171,000).
Promisingly, Cycliq experienced an especially strong revenue month in October 2022 (Gross Revenue of $499,000), following the September launch of the Fly12 Sport, with Cycliq returning a 110% increase in receipts from customers in Q1 FY23 ($898,000) compared to Q1 FY22 ($424,000).
With its greater processing power, battery life and image capture system, the Fly12 Sport is reaching beyond cycling safety and into the Action Camera market and is the first Action Camera in the new Sport line to be released.
Since launch, thousands of new customers have joined the Cycliq ecosystem, with 61% of all Fly12 sport sales going to new customers. The Fly12 Sport has been well received by the existing Cycliq customer base, with praise directed in particular towards the action and safety camera’s long battery life.
We are proud of our restructured and refocused sales and marketing team for achieving this strong result during the month of November. The team’s focus has been on gross margin contribution rather than generating revenue for revenue’s sake. Nevertheless, sales have been brisk, ahead of plan and inventory is in place to continue the sales momentum into Christmas and the New Year,” Cycliq Chairman, Xavier Kris, said.
The Cycliq Fly 12 Sport is a purpose-built light and camera safety system for cyclists.
Compared with previous Fly12 models, the Fly12 Sport has optimised battery life, new intelligent features to increase usability and improved recording capabilities.
Improvements include:
Sales in October to November by geographic location were:
USA 32% United Kingdom 27% Australia 18% European Union 8% Singapore 4% Korea 4% Rest of World 7%