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Big Technologies (BIG) investor relations material
Big Technologies H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Annual Recurring Revenue (ARR) grew 12% year-over-year to £48.9m, driven by APAC expansion and new contracts in the Americas.
Total revenue for H1 2025 was £24.8m, down from £26.5m in H1 2024, but underlying constant currency revenue grew 9% excluding the Colombia contract loss.
Adjusted EBITDA was £12.5m (H1 2024: £14.3m), with a margin of 50.4%, impacted by a £4.0m exceptional FX loss.
Statutory operating loss of £27.1m (H1 2024: profit of £2.4m) due to significant litigation provisions and FX losses.
Strong net cash position of £94.9m and no debt as of 30 June 2025.
Financial highlights
Gross margin declined to 67.5% (H1 2024: 70.0%) due to FX headwinds.
Adjusted basic EPS fell to 3.2p (H1 2024: 4.1p); statutory EPS was a loss of 10.0p per share.
Net cash from operations was £5.4m (H1 2024: £9.5m), despite ongoing litigation costs.
Provisions for litigation increased to £42.7m, significantly impacting net assets, which fell to £84.9m (30 June 2024: £133.5m).
Outlook and guidance
Further ARR growth expected in H2 2025 as new contracts in Northern Ireland and APAC commence.
Foreign exchange headwinds anticipated to negatively impact revenue and EBITDA by c.5% and c.10%, respectively.
Focus on accelerating topline growth and expanding the customer base, with competitive pricing expected to slightly reduce gross margins.
A hedging programme will be initiated to mitigate FX risks.
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