3P Learning (3PL) H1 2026 earnings summary

Executive summary

• Revenue for H1 2025/2026 was $51.9 million, down 2% year-over-year, with B2B revenue declining 3–4% and B2C revenue rising 1%.

• Underlying EBITDA was $5.7 million, down 16% year-over-year, reflecting lower capitalisation of product development and steady expenses.

• Net profit after tax was $0.4 million, a turnaround from a $0.7 million loss in the prior year.

• Net cash position improved to $7.5 million at period end, with no external borrowings.

• Management is dissatisfied with performance and is reviewing cost base, product investment, and go-to-market strategies.

Financial highlights

• Total revenue declined by $0.8 million to $51.9 million, with B2B revenue down $1.0 million and B2C revenue up $0.3 million year-over-year.

• Underlying EBITDA margin was 11%, down from 13% in the prior period.

• Statutory net profit after tax was $0.4 million, up $1.1 million year-over-year due to lower non-cash adjustments.

• Cash flow from operations before tax was an outflow of $1.8 million, but closing net cash improved to $7.5 million.

• Gross margin remained high at 95%.

Outlook and guidance

• FY2026 guidance: revenue $105–$107 million, underlying EBITDA $13–$15 million, net cash $16–$18 million.

• Intention to assess a dividend with full year results, reflecting improved cash position.

• Stronger cash generation expected in H2 due to APAC billing seasonality.

• Management expects positive cash from operations for the forecast period, supported by contract liabilities expected to be recognized as revenue in the next 12 months.