Bigtincan (BTH) H1 2025 earnings summary

Executive summary

• Operating revenue for 1H FY25 was $50.5m, down 15% year-over-year, with a net loss after tax of $64m, including a $54m goodwill impairment.

• Adjusted EBITDA was $5.6m, nearly flat compared to $5.7m in 1H FY24, while reported EBITDA rose 49% to $2.8m.

• A scheme of arrangement with Vector Capital was recommended, offering $0.22 per share, subject to shareholder and court approval.

Financial highlights

• Revenue declined to $50.5m from $59.3m year-over-year; gross margin remained strong at 87% (vs 88%).

• Net loss after tax widened to $64m from $10.7m, driven by a $54m goodwill impairment.

• Cash and cash equivalents at period end were $25.0m, down from $31.4m at June 2024.

• Operating cash outflows reduced by $8.1m to $49.7m compared to the prior period.

• Basic and diluted EPS were both (7.86) cents, compared to (1.77) cents in 1H FY24.

Outlook and guidance

• Directors expect positive operating cash flows in 2H FY25 due to seasonality in customer billing.

• Cash flow forecasts indicate sufficient liquidity to meet commitments, including Regal loan repayment in September 2025.

• Board expects to bring the Vector proposal to a shareholder vote in March/April 2025.