A race to zero
Engaged in a long-running court case with the PIC to repay its investment, AYO Technology has been spinning plates to try to keep itself afloat.
21 September 2022
At its current cash burn rate, there is unlikely to be much left of the controversial AYO three years from now. Its most recent accounts from February show its enormous cash pile had declined by more than R1.8 billion in the last two years. It now only has R1.5 billion in the bank.
Ordinarily, this wouldn’t be a problem. But the technology services firm lost R117 million in the first half of its 2022 financial year. Last year, the total loss was R254 million on revenue of R1.7 billion.
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