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Appen (APX) investor relations material
Appen Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 FY25 revenue reached $55.3 million, up 2% year-over-year, with underlying EBITDA (before FX) of $1.0 million, matching the prior year and improving $1.6 million sequentially from Q2 FY25.
China business delivered standout performance: $28.6 million in revenue (+81% year-over-year), annualized run-rate over $115 million, and $3.3 million underlying EBITDA, marking six consecutive profitable quarters.
A major project with $10 million+ annual revenue potential transitioned from pilot to full production in Q3 FY25.
Growth in China offset by ongoing volatility in the US AI market, particularly around large LLM project timing and volumes.
Financial highlights
Group revenue for Q3 FY25 was $55.3 million, up 2% year-over-year; YTD revenue (excluding Google) was $157.3 million, up 2% year-over-year.
Gross margin for Q3 FY25 was 39.2%, down 2.0 percentage points year-over-year; YTD gross margin was 37.8%, down 1.0 percentage point.
Underlying EBITDA (before FX) for Q3 FY25 was $1.0 million, flat year-over-year; YTD underlying EBITDA was -$1.2 million.
Cash balance at 30 September 2025 was $50.9 million, down from $60.9 million at 30 June 2025.
Net cash used in operating activities for Q3 FY25 was $4.9 million, with $8.3 million generated YTD.
Outlook and guidance
FY25 revenue is tracking toward the low end of the $235–$260 million range, with positive full-year underlying EBITDA reaffirmed.
Limited visibility remains on timing and volumes for large LLM projects, but long-term revenue opportunity is viewed as strong.
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