Nuix (NXL) H1 2026 earnings summary

Executive summary

• Annualised Contract Value (ACV) grew 8.4% year-over-year to $234.4 million, with Nuix Neo ACV surging 148% to $46.8 million, now 20% of total ACV and 101 customers.

• Revenue rose 15.2% year-over-year to $121.2 million, driven by new customers, multi-year renewals, and strong Nuix Neo adoption.

• Adjusted Management EBITDA increased 42.6% to $19.1 million, with margin expanding to 15.8%; statutory EBITDA rose 72.7% to $26.5 million.

• Statutory NPAT turned positive at $11.1 million, compared to a $10.4 million loss in the prior period.

• Positive underlying and overall cash flow, closing with $57.8 million in cash, up 88.4% year-over-year.

Financial highlights

• Adjusted Management EBITDA margin improved to 15.8% from 12.7% year-over-year; statutory EBITDA margin at 21.8%.

• Net Dollar Retention at 101.0%, down from 109.6% year-over-year, with customer churn at 5.9%.

• Free cash flow conversion ratio at 149%, with underlying cash flow of $28.4 million and free cash flow of $20.4 million.

• Multi-year deals accounted for 33% of revenue, up from 22% in the prior period.

• R&D spend was $28.8 million, 24% of revenue, with 43% capitalised.

Outlook and guidance

• Full year ACV guidance reaffirmed at $240–$260 million for FY26, excluding Linkurious acquisition impact.

• ACV expected to be weighted to the second half, consistent with renewal cycles.

• Strategic focus on business transformation, Nuix Neo-driven ACV growth, revenue growth outpacing costs, and maintaining positive cash flow.

• The acquisition of Linkurious is expected to close in Q1 2026, enhancing AI and graph analytics capabilities.