Verimatrix SA announced consolidated revenue for the first quarter of the 2024 financial year ended 31 March. For the period, the company reported consolidated total revenue of $14.2 million as compared to 14.0 million a year ago. Recurring revenue increased 14% in the period, to $8.5 million, versus $7.5 million in a year ago.

Recurring revenue accounted for a full 60% of total revenue over the period. This proportion is constantly increasing and set to reach the target previously communicated by VERIMATRIX of 70% by 2025. Recurring revenue generated from subscriptions continued to grow, up an impressive 31% to $4.2 million, compared with $3.2 million in a year ago.

Revenue generated by maintenance totaled $4.3 million in the period, versus $4.2 million a year ago (+2%).