The camera is a surprisingly powerful tool, recording not just your last meal but also a Karen needlessly yelling at you or a car hitting you and making a run for it. Now that visual proof is everything and “photo or it didn’t happen” has become the norm, cyclists on the road are upping their safety bid with front cameras, like the smart safety, action and sports cycling company Cycliq’s (ASX: CYQ) new Action Camera. Plus, it helps that the camera can also serve as a high-quality video recorder for a thrilling ride (perhaps your next Instagram upload?).
Between 2020 and 2021, 1.75 million bikes were sold in Australia as empty roads paved the way for more recreational activities. Cycling joined the list of the country’s top five most popular sports and physical activities, with walking taking the top spot. However, now that the streets are packed with cars again, cyclists are realising the importance of having a camera on them at all times, especially in case you become the target of someone’s road rage.
“It’s the dashcam you don’t notice until you really need it,” an independent reviewer summed up. Since the launch of Cycliq’s Fly 12 Sport in September, the Company experienced a solid revenue month in October 2022, with gross revenue of $499,000 primarily driven by the US, UK and Australian markets. Cycliq returned a 110% increase in receipts from customers in Q1 FY23, valued at $898,000, compared to Q1 FY22. Thousands of new customers have joined the Company ecosystem, with 61% of all Fly12 sport sales going to new customers.
Cycliq Chairman, Xavier Kris, shared, “We are proud of our restructured and refocused sales and marketing team for achieving this strong result during the month of November. The team’s focus has been on gross margin contribution rather than generating revenue for revenue’s sake. Nevertheless, sales have been brisk, ahead of plan and inventory is in place to continue the sales momentum into Christmas and the New Year.”
Cycliq manufactures all-in-one light and camera safety systems: the Fly6 and Fly12. These are purpose-driven cameras geared towards protecting riders—a great legal asset—and capturing the experience. The Fly12 Sport cam has been well received by the existing customer base, thanks to its extended battery life.
The new Fly12 Sport front action camera features three times the image quality and 25% less weight than its predecessor, the Fly12 CE. Weighing only 148 grams, a reviewer commented that “it’s actually lighter than the GoPro”. Plus, cyclists can record seven hours of footage in camera-only mode and 6.5 hours with the light on in low pulse mode (camera resolution set at 1440p.)
All in all, the Fly12 Sport is reaching beyond cycling safety and into the Action Camera market and is the first Action Camera to be released in the new Sport line. As per its site, this camera is all about capturing “the good, the bad and the beautiful” of cycling.
Besides the Fly12, complimentary product lines, accessories and shopping cart upgrades continue to deliver success in key checkout metrics, with Average Order Value (AOV) jumping from $495 to $604 for November. Plus, gross profit in October and November jumped from 53% in 2021 to 58% in 2022.
It appears that Cycliq is keeping with the times, providing a camera that can protect you in the streets but also produce a cinematic masterpiece; cyclists are all for it.
Alinda is a Business Reporter for The Sentiment
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