ActiveOps (AOM) H1 2026 earnings summary

Executive summary

• Achieved strong half-year results with 45% revenue growth to £20.8m, 55% ARR growth to £40.6m, and robust SaaS model performance, supported by strategic investments and the Enlighten acquisition.

• Adjusted EBITDA doubled to £2.0m, with margin improving to 9%, and five new customers secured alongside strong regional ARR growth, notably 88% in South Africa and 43% in Canada.

• Business model is highly resilient, with 90% of annual revenue secured in advance and a global blue-chip customer base.

• Continued product innovation with ControliQ Series 4 adoption, Series 5 in beta, and launch of new AI-driven tools.

• Enlighten acquisition strengthened presence in North America, APAC, Australia, and the U.S., with integration progressing as planned.

Financial highlights

• Organic SaaS revenue grew 22% year-over-year; organic ARR up 27% year-over-year, reaching just under £41m at H1, including £8.1m from Enlighten.

• Revenue rose to £20.8m in H1 FY26 from £14.3m in H1 FY25; ARR increased 55% to £40.6m.

• Adjusted EBITDA margin improved to 9% (H1 FY25: 7%), with adjusted EBITDA of £2.0m.

• Gross margin held at 84%, with SaaS margin at 90% and T&I margin between 50%-60%.

• Cash position remained strong at £13.3m, even after £5.8m paid for Enlighten acquisition, with no debt.

Outlook and guidance

• Double-digit ARR growth expected to continue for FY26 and beyond, with medium-term ambition to reach £100m ARR and 25% EBITDA margin.

• Full-year results expected to be in line with upgraded market expectations: revenue £42.4m–£45.0m, adjusted EBITDA £3.4m–£5.3m.

• Ongoing focus on organic growth, operational leverage, and selective M&A.