Biztrak Revenue Climbs 29% to AUD182k Despite Cancelled Rights Issue

Strong Growth in Biztrak Amid Market Challenges

Cape Range Ltd (ASX:CAG) reported a solid quarter for its Malaysian software subsidiary Biztrak Business Solutions Sdn Bhd, with revenue climbing 29% year-on-year to RM506,000 (AUD182,000) in the March 2025 quarter. This growth was underpinned by strategic product improvements and a focused push on e-invoicing training and implementation services, positioning Biztrak well ahead of the mandatory e-invoicing compliance deadline set for 1 July 2025.

Biztrak’s increased cash receipts from customers, up 12% to RM658,000 (AUD238,000), reflect the company’s successful engagement with enterprises across Malaysia and other Asian markets. The rollout of Malaysia’s e-invoicing regulations has created a timely demand for software upgrades and training, which Biztrak has capitalised on through both physical and virtual sessions.

Rights Issue Cancellation and Capital Raising Uncertainty

Despite operational momentum, Cape Range faced a setback when its planned rights issue to raise capital for investing in Vaultavo, a digital asset custody and security company, was cancelled. The withdrawal of support from its major shareholder, iFree Group (International) Limited, amid ongoing market turmoil, forced the company to abandon the capital raising initiative shortly after launch.

This cancellation led to increased professional and advisory expenses during the quarter, yet Cape Range managed to reduce its net cash outflow to AUD91,000, an improvement from AUD127,000 in the prior year quarter. The company’s tight cost control and revenue growth helped mitigate the financial impact of the rights issue failure.

Product Development and Market Positioning

Biztrak continued to enhance its software offerings across multiple platforms. The Biztrak MSB desktop accounting software saw new features including the BizSmart ePay Module for Alliance Bank customers and ongoing development of the Biztrak Enterprise edition to support larger businesses. Middleware solutions like Biztrak eBridge 17.0 further enable seamless data integration and automation for clients.

On the cloud front, Biztrak Online released its e-Invoice module in April 2025, with an inventory module slated for the next quarter, supporting increasing user adoption. Meanwhile, Biztrak’s Warehouse Management System (WMS) achieved key milestones including a new sales order loading module and a digital signing proof of concept, enhancing mobile and web user experience.

Looking Ahead

With the July 2025 e-invoicing compliance deadline looming, Biztrak’s expanded training programs and software upgrades are expected to drive further revenue growth. Cape Range’s board remains actively engaged in exploring new value-adding opportunities, though the cancellation of the rights issue introduces some uncertainty around near-term capital availability.

Investors will be watching closely for Cape Range’s next moves on funding and strategic expansion, as well as the company’s ability to sustain operational momentum in a challenging market environment.