Felix Group (FLX) Q4 2025 TU earnings summary

Executive summary

• Achieved record 23 contract expansions in FY25, with six in Q4, adding $232k new enterprise ARR in the quarter.

• Signed 13 new customers in FY25, three in Q4, contributing $128k new enterprise ARR in Q4.

• Total enterprise ARR reached $6.9m, up 20% year-over-year; group ARR at $8.6m, up 11% year-over-year.

• Vendor Marketplace network grew to 113k vendors, an 11% increase from FY24.

• Delivered full-year positive operating cash flow of $418k, a turnaround from $(3.3)m outflow in FY24.

Financial highlights

• Q4 FY25 added $374k new enterprise ARR; total group ARR for FY25 was $8.6m, up from $7.7m in FY24.

• Net Revenue Retention (NRR) at 106% at FY25 close, up 2 percentage points year-over-year.

• Enterprise MRR for June 2025 was $586k, a 25% increase year-over-year.

• Q4 FY25 net operating cash outflow was $(227)k, improved by $537k from Q4 FY24; full-year operating cash flow was $418k.

• Receipts from customers in Q4 FY25 totaled $2.6m; cash and cash equivalents at period end were $2.0m.

Outlook and guidance

• Focus for FY26 is on accelerating growth, especially in Vendor Marketplace monetisation.

• Plans to unlock untapped value in Vendor Marketplace and expand international presence, particularly in North America.