Global Invacom Group (QS9) H2 2025 earnings summary

Executive summary

• FY2025 revenue from continuing operations fell 12.1% YoY to US$30.4m, while gross margin improved to 46.2% and total net loss narrowed to US$2.2m from US$8.4m.

• 2H FY2025 returned to net profit of US$2.3m on revenue of US$19.1m, signalling improved momentum after a challenging first half.

Financial highlights

• Continuing-operations gross profit rose 2.5% to US$14.1m; cost of sales declined to US$16.4m from US$20.9m.

• Continuing-operations loss narrowed to US$1.8m from US$4.7m; discontinued-operations loss was US$0.4m versus US$3.7m, bringing total loss to US$2.2m.

• Administrative and R&D costs fell 11.6% to US$16.0m from US$18.1m following cost-control and restructuring measures.

• Cash and cash equivalents were US$3.8m at 31 Dec 2025 versus US$5.1m a year earlier; operating cash outflow was US$0.9m.

• Reported continuing-operations loss includes US$0.661m one-time final distribution from receivers of the discontinued North American businesses.

Outlook and guidance

• Near-term conditions are expected to remain challenging, particularly as streaming services pressure Direct-to-Home TV customer numbers; outlook remains cautiously optimistic as connectivity demand and LEO deployments support the market.

• FY2026 priorities include expanding sales and marketing reach, strengthening long-standing customer relationships, entering adjacent defence markets and maintaining strict cost control.

• Growth opportunities include GSaaS through eNexus and commercial production of a multi-orbit Ka/Ku flat-panel antenna under an MOU with Satwave Arrays.