Canonical Reports Revenue Growth in 2023, Reaching $251 Million
Quoting: Canonical Reports Revenue Growth in 2023, Reaching $251 Million —
Canonical Ltd., the company behind Ubuntu, has reported a successful fiscal year for 2023, with significant revenue increases and strategic investments in its workforce and development projects.
The company, headquartered in London, UK, saw its revenue rise by $46 million to $251 million compared to the previous year, slightly up from $44 million in 2022.
However, the report noted a decrease in cash flow from operating activities, which fell to $47 million from $62 million in the previous year. This decrease was largely due to the increased working capital necessary to support the expanded scale of operations.
The company’s key performance indicators (KPIs) for the year also highlighted some shifts in financial management. Sales and marketing expenses rose to 21% of total revenue, while research and development expenses remained at 26%.