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Appen (APX) investor relations material
Appen H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY 2025 revenue reached $230.8 million, up 4.5% year-over-year excluding Google impact and major contract termination, driven by new project wins and Generative AI expansion, especially in China.
Underlying EBITDA before FX was $12.2 million, with a full-year margin of 5.3% and Q4 margin of 18.2%.
Operational efficiencies and technology-led cost savings of $10 million were realized, driving margin improvements.
Strong momentum heading into FY 2026, with a robust balance sheet and strategic focus on high-value AI data projects.
Cash balance increased to $59.8 million, reflecting robust cash flow from operations.
Financial highlights
Gross margin improved by 100 basis points to 40.3%, driven by a higher mix of Generative AI projects.
Underlying EBITDA grew 251% year-over-year to $12.2 million.
Cash balance at year-end was $59.8 million, up $5 million from December 2024.
Cash flow from operations improved by $23.4 million year-over-year, with 178% EBITDA cash conversion.
Underlying NPAT was a loss of $10.3 million, with statutory NPAT at a loss of $21.8 million, impacted by non-cash amortisation.
Outlook and guidance
FY 2026 revenue guidance is $270 million–$300 million, with underlying EBITDA before FX margin of 5%–10%.
Continued focus on data quality, customer growth in hyperscalers and model builders, new data segments, and operational efficiency.
Strong Q4 momentum and confidence in AI data market growth, with positive signals for LLM-related growth in both segments.
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