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Rakon (RAK) investor relations material
Rakon H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary27 Nov, 2025
Executive summary
Revenue increased 30% year-over-year to $54.2m for H1 FY2026, with gross margin up 11 percentage points to 48.8%.
Underlying EBITDA rose 149% to $3.6m, turning positive from a prior loss, and net loss after tax narrowed to $3.0m.
All core segments—Aerospace & Defence, Telecom, AI & Data Centres, and Positioning—delivered strong growth.
Operating expenses remained flat year-over-year, representing 54.6% of revenue, down 17.6 percentage points.
Successfully executed on a strategic roadmap focused on three growth engines: Aerospace & Defence, AI & Data Centres, and Next-Gen Telecom.
Financial highlights
Revenue reached $54.2m (+30% YoY); gross profit rose to $26.5m (+69% YoY); gross margin improved to 48.8% (+11ppt YoY).
Underlying EBITDA improved to $3.6m (+149% YoY); net profit after tax loss narrowed to $3.0m, a $7.4m improvement YoY.
Operating expenses were $29.6m (-1% YoY); capital expenditure was $7.9m (+14% YoY).
Cash and cash equivalents at period end were $12.4m, down from $15.8m a year ago.
Net cash from operating activities was $6.4m, down from $8.3m last year.
Outlook and guidance
Full-year underlying EBITDA guidance remains at $15–24m, with significant uplift expected in H2 due to seasonality and program timing.
Revenue guidance for FY2026 is around $130m, with strong order book momentum.
Aerospace & Defence expected to continue YoY growth, supported by a record $75m+ backlog.
AI & Data Centre segment to report significant revenue as a separate market segment in FY26.
Transition to a market-based structure with two global business units is underway, expected to impact future segment reporting.
AI segment gross margin expectations
India transfer margin uplift scalability
LEO direct-to-device constellation progress
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H2 202626 May, 2026
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Frequently asked questions
Rakon Limited is a technology company that designs and manufactures advanced frequency control and timing solutions. Its products include crystal oscillators, temperature-compensated crystal oscillators (TCXOs), oven-controlled crystal oscillators (OCXOs), and other frequency control devices. These components are critical for precision timing in various applications, including telecommunications infrastructure, global positioning systems (GPS), aerospace, and defense. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.
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