FLEXIROAM LIMITED — Interim / Quarterly Report 2022

Nov 2, 2021

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FY22 – Q2 Investor Webinar November 3[rd] , 2021

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Providing seamless connectivity everywhere for anything

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Early adopter of eSIM technology

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One of the 10 worldwide Apple certified Global Service Providers

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Enterprise grade IoT solutions

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…with instant access to 520+ mobile networks worldwide

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Listed on the Australian Securities Exchange in 2015

(ASX: FRX)

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Leadership Team

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Marc Barnett

CEO & Executive Director

Prior to joining Flexiroam, Marc was the Chief Executive Officer of video-ondemand service iflix, until its acquisition by Tencent in 2020. Marc accelerated iflix's growth to deliver 50 million app downloads, rapidly expanding the business to 32 markets spanning Asia, Middle East & Africa. Marc has also held senior leadership roles at Microsoft, Mi9 and ninemsn and was was named the Australian Financial Review Boss Magazine ‘Young Executive of the Year’ in 2014.

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Joost Cordes

Chief Revenue Officer

Prior to joining Flexiroam, Joost was the regional business head for Tata Communications’ connected automotive solutions in Europe. In this role he generated new business with European car manufacturers. Before joining Tata communications, Joost was Manager Global Sales at Truphone, where he led a team of senior international new business account managers and prior to this held senior sales positions at Canon and Xerox.

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Lina Nanik Harjani

Chief Financial Officer

Lina was Regional Head of Finance for DSG (subsidiaries of Unicharm), responsible for Malaysia, Indonesia and Singapore. Prior to that, Lina held senior business partnership roles in some global multinational companies such as Nestle, British American Tobacco, and Fonterra. Her main strength is driving business transformation with strategic and operational focus. Lina has a Masters Degree from IPMI Business School, Indonesia.

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Jef Ong

CIO & Executive Director

Jef Ong is the Founder and Chief Innovation Officer of Flexiroam. During his 15 years in the telecommunications industry, Jef successfully co-founded three different technology-based companies. During his leadership, Flexiroam listed on the Australian Securities Exchange in 2015. With Jef at the helm, Flexiroam netted numerous awards, including the World Travel Award and ASEAN Outstanding Business Award.

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Michael King Chief Technology Officer

Michael joins 1[st] January 2022 and is currently VP of Engineering at Infobip, a global leader in omnichannel mobile communication. Michael brings a wealth of global product technology leadership experience, having led teams across the US, Europe and Asia. Michael has expertise in high availability cloud platforms and enterprise software products in a variety of verticals, as well as extensive experience leading agile, cloud and cultural transformations.

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Jon Gregory

Chief Operating Officer

Jon was Global Operations Director at iflix, where he successfully built operations across 15 countries in Asia, MENA and Sub-Saharan Africa. During his tenure he managed key commercial partnerships, optimised iflix’s cost structure and improved processes to enable the business to scale globally. Jon has more than 10 years of operations, project management, business development and recruitment experience, across multiple industries in Europe and Asia. 3

Overview: Summarising the progress made in Q2 FY22

Strong financial performance

• Cash receipts of A$680k, up 84% on the previous quarter (Q1FY22: A$369k) and up 106% on the prior year (Q2FY21: A$330k)

• Revenue of A$793k, up 48% on the previous quarter (Q1FY22: A$534k) and 60% on the prior corresponding period (Q2FY21: A$494k), with wallet top-up increase providing strong revenue pipeline

• Strong cash balance at end of September 2021 of A$1.5 million

• Capital Raise of A$1.5 million in October brings the total cash balance to A$3 million

Operational success

• Leadership Team hiring completed and onboard, with new CTO to commence on 1 January 2022

• Significant improvement in key operating metrics including monthly new subscribers (7.4k), active subscribers (7.6k), paying users (3.7k) and data sales (11.2 TB)

• Solutions products continue to be rolled out for key customers, increasing the cumulative billed sims to 56.2k for the quarter, up 121% on the previous quarter (Q1FY22: 25.4k)

• Powered connectivity requirements of international e-conferences: AIDS2021 (2nd year), HIV Pediatrics and the upcoming European and Developing Countries Clinical Trial Partnership (EDCTP)

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Overview: Summarising the progress made in Q2 FY22

Partnerships

• Korean Air partnership renewed, continuing to provide connectivity to pilots downloading flight and weather plans

• Mastercard accelerated bank onboarding, adding an additional 9 banks across 5 countries

• New sports associations partnerships entered into with ATP Tour, The Athletics Association

• AirAsia BIG Rewards Indonesia to promote Flexiroam products on its platform to their 24 million users

Product

• Implemented 24/7 shifts for main language and new contact applications (i.e. WhatsApp), improving average first response time from 5 hours to 4 minutes

• Resolution Service Levels increased from 25% to 90% overall in the quarter

• Product roadmap centered around developing automated, scalable, Enterprise-grade solutions for both travel and IoT

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Tech Roadmap | We are only just getting started

• CURRENT FY22 FY23 FUTURE - - - Upgraded Travel App Enrich IoT monitoring Vertical optimisations

• • Onboard additional tools - networks - - Telehealth

  • Vertical optimisations - Fleet management

  • • Telehealth

• Support for 520 networks

• Coverage across 200 countries & territories

• Enrich IoT diagnostics capability

• Expand coverage in countries

• Electric vehicles

• iOS eSIM certification

• Global scaling; regional data centres

• Smart cities

• Additional languages & currency options

• Smart logistics

• • Smart buildings

• Optimised for mPOS

• Ability to configure IoT automations

• Global, regional and local plan options

• PCI compliance

• • Improved partner portal

  • Narrowband IoT

• More support for the developer community

• Affiliate partner portal

• Reseller partner portal

• iOS & Android Travel App

• Rest APIs for Developers

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Flexiroam architectural pillars

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PERFORMANCE EFFICIENCY

We focus on using IT and computing resources efficiently

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OPERATIONAL EXCELLENCE

We focus on running and monitoring systems to deliver business value,

and continually improving processes and procedures

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RELIABILITY
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We focus on ensuring a workload performs its intended function correctly and consistently when it’s expected to. A resilient workload quickly recovers from failures to meet busness & customer demand

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SECURITY

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We focus on protecting
information and systems
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COST

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OPTIMISATION
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We focus on avoiding unnecessary costs

We follow industry leading architectural best practices for designing and running a cloud platform

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Q3 Product Priorities | Travel

Improve travel app end-user conversion rates

• Increase ratio of new app installs to registered users

• Increase ratio of registered users to paying users

• All ad campaigns can be attributed to in-app conversion events

Automate process of partner onboarding at scale

• Automated Account Setup

• Transition onboarding workload from Product Development to the Operations team

Deliver new version of travel partner portal to support many reseller models

• Zero dependencies on previous commission models

• 4 key attributes are configurable

• 100% of partner accounts are using the new version

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Q3 Product Priorities | Solutions

Launch new IoT offering to support long device life cycles

• Develop webshop for direct purchases <500 devices

• Implement public launch of plan offering

Deliver new version of the solutions portal to support enterprise bundling

• Implement multiple features such as whitelisting, reset and data allocations

• Partners can create new bundles with zero help from Flexiroam

Deliver a new white-labelled service for brands to resell connectivity

• Complete build of APIs

• Build onboard tools and documentation

• Develop webstore templates for reseller brands and white labeling tools

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Flexiroam Solutions | Building the platform for the future

We are building the foundations for IoT & B2B use-cases, on top of the connectivity that is already in place

In order to meet the requirements, we will develop the required features. In the meantime, we are launching a simple and price-aggressive IoT solution – the Plug & Play Model

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Connected devices Enterprise users,
and infrastructure systems and
applications
full feature
device & connectivity
management in the cloud
Bridging the world of
connected devices with
enterprises systems
and users
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Flexiroam Solutions | The IoT plug & play, fixed-fee offering

The Plug & Play solution will be trackable, easily upgraded with a rich suite of capabilities. This will provide an automated end-to-end solution for generic use-cases and a dedicated account manager for larger and more complex problems.

THE IDEAL DEVICE FOR PLUG & PLAY SOLUTIONS

• Low-data usage

• • Long Life-Cycle • Dispersed Geographical Usage • Requires usage tracking • Portable • Simplistic Functions

PLUG & PLAY

Pricing Model(s) $10 one-off global flat-rate Accessibility 151 Countries - 500 MB included - 10 years validity - Key Features Multi network - No contract - Enhanced Mgt. Platform Expected Launch Nov-2021

KEY HIGHLIGHTS

• Creates awareness of Flexiroam in the IoT market

• Upfront cash collection

▪ Aggressive IoT flat-rate model

Generates leads with more mature needs that aligns with our product vision

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Flexiroam Solutions | Servicing the Enterprise demand for private connectivity

Driven by the growing utility of eSim-enabled devices, connectivity services to enterprises will expand beyond cross-selling partnership opportunities

Powering the workforce with global and secured connectivity

Creating an additional product for Enterprises to offer their clients

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Full control Provides and visibility E-2-E security

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Build your own Global connectivity brand customer service

By creating client specific roaming solutions, enterprises will have the option to provide their workforce with reliable, controlled, visible and secured connections globally wherever they go and wherever they are.

With the growing adoption of eSim, Enterprises are able to offer and sell whitelabelled connectivity to their existing customer base. This will develop significant ancillary revenue opportunities, through value-added service with little upfront cost

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Summary of Key Deals in Q2

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• Signed a partnership with The Athletics Association (“ TAA ”) and Association of Tennis Professionals (“ ATP ”) to provide global roaming data for its athletes, coaches and members

• Expanding social presence through support of numerous Olympic athletes with substantial social media presence, positioning Flexiroam for further partnership opportunities with sports associations

• Members are incentivised to refer Flexiroam’s Global Data Plans to family, friends and followers

• Inclusion into the AirAsia BIG Rewards Program as a Merchant Partner in Indonesia

• AirAsia BIG Rewards Indonesia will promote Flexiroam products on its platform with 2.5 million active users and 24 million users across the ASEAN region

• Renewed international connectivity agreement with Korean Air, providing guaranteed connectivity to download flight plans, weather forecasts and other critical updates, and provides a staff communication platform

• Provided connectivity to all attending delegates of the AIDS2021 & HIV Pediatrics 2021 International Conference

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• Secured a partnership with European and Developing Countries Clinical Trial Partnership (EDCTP) Conference

• Conference connectivity is an ideal opportunity to showcase Flexiroam’s technology, as stable connections and strong network coverage are provided to any part of the world

• Partnership with GHL expanded from only Malaysia to include Philippines and Thailand

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Flexiroam Travel | Conversion funnel continues to show improvement. Significant increase in Data Sold

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New Subscribers
7,470
4,858 4,712
1,771 1,748
Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
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Active Users Paying Users
7,558 3,737
6,132
5,642 5,845
5,044 2,489 2,377
2,062
1,657
Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
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Wallet Credit (A $m) No of users
20,000 18,000 +10% Credit Balance 0.54M
0.52M 0.52M
16,000
14,000 0.50M
12,000 0.47M 0.48M
10,000
8,000 0.46M
6,000 0.44M
4,000
0.42M
2,000
- 0.40M
Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
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eSIM Activation
+11%
57 +181% 1364
54
49
697
485
Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
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ARPU (A$)
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Data Utilisation (TB) Data usage Data Sold (TB)
10.0 usage/user 1.4 11.2
9.0 1.2
8.0 1.2 +180%
0.9
7.0 1.0
6.0 0.8
5.0
4.0 0.4 8.8 0.6 4.0 4.2
3.0 5.3 0.4
2.0
1.0 2.7 0.2
- -
Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
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T10 Country by Data Usage (Sep-21)
USA
Egypt
Turkey
Spain
UAE
France
Italy
Switzerland
Germany
China
contributes to 61% of total usage
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Note: All graphs above reflect monthly data

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Flexiroam Travel | Conversion metrics continue to improve

Install-Registration %

Registration-Payment%

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40%
27.4%
30%
18.8%
17.6%
20%
10.9%
10%
3.6%
0%
May-21 Jun-21 Jul-21 Aug-21 Sep-21
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30%
23.6%
22.7%
20.3%
20%
13.3%
11.5%
10%
0%
May-21 Jun-21 Jul-21 Aug-21 Sep-21
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Installs vs CPI (in AUD)

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26,697 27,242
1.21
0.85
0.73 13,801
0.58 9,480 0.58
2,190
May-21 Jun-21 Jul-21 Aug-21 Sep-21
Installs Cost
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New User Revenue (in AUD) vs ROAS

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73,632
4.23
2.89 3.26
43,810
30,938
21,492
1.37
532
0.20
May-21 Jun-21 Jul-21 Aug-21 Sep-21
Revenue ROAS
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Flexiroam Travel | Unit Economics (App)

	Unit Economics (App Users) YTD Jun-21 Jul-21 Aug-21 Sep-21 CAC (Blended) $ per trx $2.07 $3.69 $1.22 $2.08 $2.47 Revenue per Customer USD $27.5 $25.7 $29.5 $28.9 $26.1 Variable Costs USD $23.2 $20.2 $27.6 $24.1 $18.8 Average free credit usage per transaction USD $1.2 $1.2 $2.3 $1.4 $0.4 Estimated Data Cost USD $18.7 $15.2 $21.5 $19.6 $16.0 Payment Gateway Cost USD $1.4 $1.4 $1.4 $1.5 $1.3 Sim & Delivery Cost USD $0.5 $0.9 $0.7 $0.3 $0.5 Referral / Partner Rev Share USD $1.3 $1.4 $1.6 $1.4 $0.6 Contribution Margin per Transaction USD $4.3 $5.5 $2.0 $4.8 $7.3 Average Lifetime Transactions # 1.32x 1.28x 1.32x 1.33x 1.31x Lifetime Value of Customer(LTV) USD $5.6 $7.1 $2.6 $6.3 $9.6
	LTV/CAC x 2.72x 1.93x 2.14x 3.04x 3.88x

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Flexiroam Travel | Significant opportunity in Social Media dominance

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App	Flexiroam	Airalo	Surfroam	KeepGo	Dent	Numero eSim
Facebook	45,214	7,521	5,963	1,574	648	2,852
Instagram	2,621	4,476	229	n.a	4,103	4,920
Twitter	9,131	823	79	n.a	1,086	375

There are no exceptionally known international eSim players on social media at the moment. Being at the forefront of an industry in its infancy, we are well positioned to build a solid brand on social platforms

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Flexiroam Travel | Developing initiatives around Social Media

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• Daily Postings on Social Media starting October

• Focused on three key pillars; business travel, holiday travel and promotions

• Includes news on reopening borders and travelling SOPs

• Continue to test and learn with different language, creatives and promotions to target different audience segments to see how we can better engage with our community

• Primary focus on Instagram for consumer facing content and LinkedIn for corporate content and

reposting/sharing all content on Facebook

• Leveraging on affiliate promotions to increase reach

Discovering user tendencies through historical data allows us to understand the stage of recovery of the market increase reach and formulate targets for product and marketing improvements for higher sales conversions Flexiroam shoutouts by Affiliate members, with New creative direction with daily postings 18 some members having over 500k followers

Financials | Q2-FY22 Key Highlights

Revenue Q2FY21 incl. one-off adjustment of A$558k, OPEX FY22 incl. STI/LTI provision of A$608k and one-off cost of A$459k

The Company has been investing in infrastructure and additional resources to position the business for long term global growth. The infrastructure expense in Q1FY21 was A$0.4m to improve user experience for Travel customers, build the affiliate and reseller portal, solutions portal to centralise account management and the CORE Operating system to be able to scale globally with customised products and services.

Operational expenses (“OPEX”) in Q2 FY21 are inclusive of one-off cost of A$0.5m and provision of non-cash performance shares incentive of A$0.6m

Q2-FY22 P&L Actual(unaudited)	Q2-FY22 P&L Actual(unaudited)	Q2-FY22 P&L Actual(unaudited)	Q2-FY22 P&L Actual(unaudited)	Q2-FY22 P&L Actual(unaudited)	Q2-FY22 P&L Actual(unaudited)	Q2-FY22 P&L Actual(unaudited)	Q2-FY22 P&L Actual(unaudited)
in AUD	Q2 FY21	Q1 FY22	Q2 FY22	vs. LY		vs. Q1
Revenue - Travel	1,052,788	499,018	749,338	-29%		50%
Revenue - Solutions	0	35,237	43,474	N.A		23%
Revenue	1,052,788	534,255	792,812	-25%		48%
Cash Receipt - Travel	304,862	352,532	627,754	106%		78%
Cash Receipt - Solutions	497	9,350	48,301	9609%		417%
Cash Receipt - Others	24,778	7,193	4,142	-83%		-42%
Cash Receipt	330,137	369,075	680,197	106%		84%
Direct Cost	84,310	143,369	405,560	381%		183%
OPEX	252,935	697,038	2,011,202	695%		189%
EBITDA (exclude FOREX translation)	715,543	-306,152	-1,623,950	-327%		-430%

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Financials | Q2-FY22 Key Highlights

Cash burn of A$0.23/month in line with expectations. Additional A$1.5M raised in Oct-21 bringing total cash balance to A$3.0M

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Cash Balance
1.50
2.20
1.51
1.19
Sep-20 Jun-21 Sep-21
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• Cash balance of A$1.5M at the end of Q2 FY22. Additional A$1.5M raised in Oct-21 to support the strategic growth plans

• Cash burn of A$0.23M/month including significant investments in people, accounting for 70% of the increase in operating expenses

• Direct and Marketing Costs increased 50%, in line with increase in revenue

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Q1 FY22 Q2 FY21
(AUD $m)
Direct Cost 0.19 0.28
Sales & Marketing 0.14 0.20
Operating Expenses 0.24 0.49
Admin & Others 0.26 0.40
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5
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APPENDICES
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Attractive Business Model

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Global network of partners and customers

Spanning over 520 network operators, 200 countries and territories worldwide

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Asset-light

No upstream mobile network infrastructure ownership

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Long-term recurring revenue

Connectivity solutions yield recurring revenue streams

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Digital value chain

Ability to scale rapidly with high cost efficiencies

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…with a world class tech engine

A centralised engine that aggregates all mobile network providers (MNOs), to provide seamless and telco-agnostic connectivity, to any consumer & IoT verticals globally.

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ROBUST INFRASTRUCTURE

Ability to scale up to billions of devices & high availability connection to mission critical applications.

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CoRE

Connectivity Revolution Engine

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EMBEDDED CONNECTIVITY

Allowing various consumer & IoT verticals to embed connectivity into their applications with a few lines of code.

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MULTI NETWORK CAPABILITY

INDUSTRY AGNOSTIC BILLING

Agnostic to different types of consumer & IoT connectivity - 3G/4G/5G to provide global coverage.

Highly customisable subscription plans catered towards various consumer & IoT business model need.

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Early adopter of eSIM technology

One of the 10 worldwide Apple certified Global Service Providers

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No physical SIM cards required

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Faster connectivity and more secure encryption

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Easy one-time setup at your fingertips with Flexiroam X app Get instant access to 580 telecommunication network providers worldwide

eSIM Smartphone Connections by 2025

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50%
40% 40% 2.8Bn
30% Smartphones by 2025
20%
10%
0%
2019 2020 2021 2022 2023 2024 2025
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Percentage of total smartphone connections (install based) globally

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https://www.techradar.com/sg/news/global-esim-adoption-to-reach-34bn-by-2025

Operating in rapidly growing markets

FLEXIROAM TRAVEL The global roaming market is expected to reach USD 88.9 billion by 2027 growing with a CAGR of 4.5%*

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FLEXIROAM SOLUTIONS
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The global Internet of Things (IoT) market is expected to reach USD 1.6 trillion by 2025 M2M CONNECTED CARS SMART HOMES WEARABLES* 350m devices 166m devices 1.2b devices 1.1b devices

*Sources: https://www.grandviewresearch.com/industry-analysis/global-roaming-tariff-market https://www.statista.com/statistics/976313/global-iot-market-size/

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The Flexiroam Revenue Model

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$$ Cash collected Monthly Recurring
upfront revenue
580 Telecommunication
Network Providers Worldwide
Downloadable Preloaded at
onto devices manufacturing level
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REVENUE MODEL

• Fully digital supply chain. Reduced inventory and distribution cost

• Receive cash upfront, pay for usage only when customers utilise data

• Certified provision into devices via manufacturers

• Recurring revenue from enterprise customers with low churn rate (machine lifetime > 10 yrs)

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Disclaimer

This presentation has been prepared by FLEXIROAM Limited (the “Company”). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should treat the contents of this presentation, or any information provided in connection with it, as financial advice, financial product advice or advice relating to legal, taxation or investment matters.

No representation or warranty (whether express or implied) is made by the Company or any of its officers, advisers, agents or employees as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or provided in connection with it, or any omission from this presentation, nor as to the attainability of any estimates, forecasts or projections set out in this presentation.

This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (without incurring any obligation to do so).

Neither the Company, nor its related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to you or to any other person or entity arising out of this presentation including pursuant to the general law (whether for negligence, under statute or otherwise), or under the Australian Securities and Investments Commission Act 2001. Corporations Act 2001, Competition and Consumer Act 2010 or any corresponding provision of any Australian state or territory legislation (or the law of any similar legislation in any other jurisdiction), or similar provision under any applicable law.

Any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded.

Nothing in this material should be construed as either an offer to sell or a solicitation off an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in the Company.

Forward Looking Statements

This presentation contains reference to certain intentions, expectations, future plans, strategy and prospects of the Company (“Forward-Looking Statements”. Those Forward-Looking Statements may or may not be achieved. They are based on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks.

The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation of warranty, express or implied, is made by the Company, or any of its directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these Forward-Looking Statements. The Company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended.

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Get in touch with us

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marc@flexiroam.com www.flexiroam.com Dubai, UAE

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