Yojee has expanded its MOSAIC freight software customer base to 17 signed agreements, with five customers now processing live jobs after the platform’s July commercial launch. The company has $11.2 million in cash and no debt, but must now turn early usage into billable activity.
- 17 signed MOSAIC customer agreements, including two in New Zealand
- Five customers processing live freight, up from two
- MOSAIC jobs processed increased 532% on an adjusted basis
- $10.5 million raised before costs and $11.2 million cash at quarter-end
- Initial MOSAIC billing targeted for the December quarter
MOSAIC moves from signed contracts to live freight
Yojee Limited (ASX:YOJ) now has 17 signed agreements for its MOSAIC freight-forwarding platform, but the more important number may be five: that is how many customers were processing live jobs during the September quarter, up from two in the June quarter.
The platform launched commercially on 8 July after its beta phase. The customer tally comprises 13 participants in the Ignition program and four Everest Founding Partners, with the first two New Zealand customers extending MOSAIC beyond Australia. Yojee said jobs processed increased 532% during the quarter after adjusting for one unusually high week from a single customer; the unadjusted increase was 894%.
The figures indicate early operational adoption, although Yojee cautioned that volumes remain modest while customers ramp up. Initial MOSAIC billing is targeted for the December quarter, once implementation work and accounting integration are complete. That makes revenue conversion, rather than contract accumulation alone, the next test for the platform.
Capital raising gives Yojee room to pursue growth
Yojee ended September with $11.191 million in cash, no debt and a reported 14.3 quarters of funding based on the quarter’s net operating cash outflow. The balance was supported by a $10.5 million capital raising before costs, comprising a $7 million placement and a $3.45 million Share Purchase Plan at $0.23 a share. The raise builds on the August MOSAIC funding round, which was aimed at accelerating the platform’s commercial rollout.
Cash receipts from customers rose 88% to $160,000, with the established TCMS transport software contributing the majority. Net operating cash outflow was $784,000, while investing outflow reached $1.237 million, including $1.218 million capitalised in MOSAIC development. After $696,000 of equity-raising costs, net financing inflows were $9.756 million.
Sales campaign targets freight forwarders and TCMS opportunities
Yojee has appointed a senior international logistics sales executive to pursue small-to-medium freight forwarders for MOSAIC while also developing opportunities for TCMS. Management said the role is intended to build a qualified pipeline and convert prospects into customers as the company carries the platform into 2027.
The commercial launch represented a shift from development into operating use, following the July MOSAIC commercial launch, when the platform moved from beta into commercial operations. The immediate priority is now less about demonstrating that MOSAIC can handle freight and more about increasing the number of jobs customers process, ending applicable free periods and attaching revenue to those jobs.
December quarter puts revenue conversion in focus
Yojee expects the December quarter to be shaped by freight-forwarding seasonality, with customers focused on peak Christmas volumes and staff leave during January. The company plans to use the period to advance its sales pipeline and prepare implementations, while targeting initial MOSAIC billing before the new year’s onboarding activity gathers pace.
Bottom Line?
Yojee has funded the rollout, but the next quarterly report needs to show whether 17 agreements are becoming recurring, billable freight activity rather than simply a larger customer list.
Questions in the middle?
- How many of the 17 signed customers will be generating billable MOSAIC jobs by the next quarterly report?
- Can MOSAIC customer receipts begin to overtake TCMS as implementations mature?
- Will the new sales executive convert the expanded pipeline without materially increasing the current cash burn?