Asset Vision Co (ASV) H2 2026 earnings summary

Executive summary

• FY 2026 marked a transition to scale-up, with strong recurring revenue growth and expansion across four verticals: Transport, Civic & Community, Utilities, and Social Infrastructure.

• Annual recurring revenue (ARR) grew 46% year-over-year to AUD 6.45 million, driven by both new and existing customers, with sales revenue up 32.7% to AUD 6.67 million.

• Customer concentration risk reduced, with the largest customer now representing 35% of revenue, down from 50%, and top-three customer concentration at 35.8%.

• Investment in delivery capability, technology, and team supported recurring revenue growth while maintaining stable EBITDA and strong margin profile.

• Net revenue retention increased to 110%, reflecting successful expansion within the customer base and renegotiation of long-term contracts.

Financial highlights

• ARR reached AUD 6.45 million, up 46% year-over-year, and sales revenue increased to AUD 6.67 million.

• Rule of 40 metric at 55, indicating strong SaaS growth and profitability balance.

• Cash balance increased from AUD 2.35 million at year-end to AUD 3.5 million post-year-end.

• EBITDA remained stable at approximately AUD 660,000 despite increased investment.

• Licensing gross margin held steady at 73%.

Outlook and guidance

• Entering FY 2027 with increased financial capacity, a larger recurring revenue base, and a robust pipeline of AUD 8 million, with AUD 4 million qualified under BANT criteria.

• Focus remains on organic growth, expanding within existing accounts, and disciplined investment in product and AI innovation.

• Strategy includes scaling the Australian model into adjacent and selected international markets.

• Profitability is now a focus in management incentives for FY 2027.