Company: KNRX
Filing Date: 2025-01-15
Form Type: F-1/A
Source: 0001493152-25-002249
Chunk: 91

Company: KNOREX LTD.
Filing Date: 2025-01-15
Form: F-1/A
Chunk 91
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 the overall progress and direction of our business, as well as to select and pursue customers who can keep pace with our growth.

Comparison of Results of Operations

Six months ended June 30, 2024 compared to six months ended June 30, 2023

Revenue. Our revenue increased by 41.1% from US$3.9 million for the six months ended June 30, 2023 to US$5.5 million for the six months ended June 30, 2024, primarily due to the increase of US$1.6 million in our revenue generated from our U.S. operation from US$3.7 million in 2023 to US$5.4 million in 2024, which is slightly offset by the decrease of approximately US$5,000 of our revenue generated from our international operation from approximately US$148,000 in 2023 to approximately US$143,000 in 2024 as we have channeled our focus and our resources to the U.S. market since 2020, and as we continue to sharpen our focus on prospects and customers who fit to our Ideal Customer Profile (ICP).

The increase in our U.S. revenues is mainly due to the increased demand and our strong adoption in the U.S. market, which is our key market of focus while we continue to streamline our customer base in terms of their fit to our ICP. Our data indicates that customers fitting our ICP have significantly increased their usage and advertising spending on our platform, resulting in higher revenue. Additionally, they expand their usage of our platform services when we upsell to them.

As we retain and acquire more customers who fit our ICP, they are committing to longer contract terms and make more extensive use of our XPO platform. In the six months ended June 30, 2024, we saw an increase of customer count of approximately 11%, from 27 for the six months ended June 30, 2023, to 30 for the six months ended June 30, 2024. Meanwhile, the average revenue per customer has increased from US$144,290 to US$180,747, an approximate 25.3% rise during the same period. This initiative has enabled us to better utilize our resources while bolstering our interaction with customers. We have also expanded our range of customers across diversified industry sectors, including automotive, healthcare, e-commerce, business-to-business, retail, consumer packaged goods, travel, and hospitality.

Cost of revenue