Nuix (NXL) H2 2025 earnings summary

Executive summary

• Annualized Contract Value (ACV) increased 8% year-over-year to AUD 228.4 million, with Nuix Neo ACV surging 132% to AUD 28.1 million and customer count rising from 23 to 75, reflecting strong adoption and growth across all regions.

• Revenue was AUD 221.5 million, up 0.4% year-over-year, impacted by fewer multi-year deals and a shift to recurring subscription licenses.

• Cash EBITDA rose 24.5% to AUD 37.2 million, driven by cost discipline and lower variable pay, while statutory EBITDA declined 14.8% to AUD 47.6 million due to higher R&D and legal costs.

• Positive cash flow was maintained, with a net cash position of AUD 40 million and an undrawn AUD 30 million debt facility, except for AUD 1.3 million in guarantees.

• Product roadmap delivered, including the launch of Nuix Neo Foundation and organisational restructure to a solutions-based model.

Financial highlights

• ACV finished at AUD 228.4 million, up 8% year-over-year, with subscription ACV now 97% of total ACV and strong growth in all regions.

• Revenue was AUD 221.5 million, up 0.4% year-over-year; software revenue comprised 94% of total revenue.

• Cash EBITDA margin improved to 16.8% from 13.6% year-over-year.

• Statutory EBITDA was AUD 47.6 million, down 14.8% year-over-year, impacted by higher R&D and restructuring costs.

• Free cash flow remained positive at AUD 4 million, despite late deal closures shifting some cash collection into Q1 FY 2026.

Outlook and guidance

• Focus for FY 2026 is on business transformation, higher-value contracts, Nuix Neo platform development, and maintaining positive cash flow.

• Revenue is expected to exceed operating cost growth, with continued ACV growth driven by Nuix Neo.

• Underlying cash flow is anticipated to remain positive for the full year.

• No numeric guidance provided, but management remains confident in sustainable growth and operational leverage.