Boardwalktech Software (BWLK) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue was $4.8 million, down from $6.0 million in fiscal 2024, mainly due to non-renewal by two customers, partially offset by a 9% increase in professional services revenue.

• Annual recurring revenue (ARR) at March 31, 2025, was $4.0 million.

• Gross margin remained strong at 87.7%, slightly lower than 89.6% in the prior year.

• Adjusted EBITDA was $(1.8) million, compared to $(1.6) million in fiscal 2024.

• IFRS net loss for fiscal 2025 was $(3.2) million, or $(0.06) per share, versus $(3.1) million, or $(0.06) per share, in fiscal 2024.

Financial highlights

• Non-IFRS net loss for fiscal 2025 was $(2.2) million, or $(0.04) per share, compared to $(1.7) million, or $(0.03) per share, in fiscal 2024.

• Adjusted operating expenses decreased to $6.0 million from $6.9 million, reflecting cost realignment.

• Ending cash balance as of March 31, 2025, was $0.4 million, with $0.6 million in trade receivables.

• Outstanding debt was $2.6 million, drawn against a $4 million line of credit, reclassified as current liability under IFRS.

Outlook and guidance

• Fiscal 2026 is expected to be pivotal, with strengthened balance sheet and focus on execution following $1.3 million in recent financings.

• Plans to launch the Boardwalktech Grid Security Protocol, targeting AI authentication and security, aiming to address major enterprise pain points in password management and security.

• Positioned for potential geographic expansion and deeper relationships with large multinational enterprises.