WAY 2 VAT LTD (AU:W2V) has released an update.
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Way2VAT Ltd, a leader in automated VAT claim solutions, reported a 74% increase in revenue for Q3 FY24, reaching $1.415 million, driven by a surge in processed invoices and expanded contracts with Solenis Chemical. The company also saw a significant increase in enterprise clients, including a notable NASDAQ-listed firm. While accounts receivable rose to $4 million, delays in VAT reclaim processes affected cash receipts, which are expected to improve in the next quarter.
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