Nuix (NXL) H2 2025 earnings summary

Executive summary

• Annualized contract value (ACV) grew 8% to AUD 228.4 million, with Nuix Neo ACV up 132% year-over-year, expanding to 75 customers and driving growth.

• Revenue was AUD 221.5 million, up 0.4% year-over-year, with 94% from software and a lower incidence of multi-year deals.

• Cash EBITDA increased 24.5% to AUD 37.2 million, reflecting cost discipline and lower variable pay.

• Positive cash flow was maintained, with net cash of AUD 40 million and an undrawn AUD 30 million debt facility.

• Strategic focus shifted toward higher-value contracts, larger deal sizes, and technology team restructuring.

Financial highlights

• ACV finished at AUD 228.4 million, up 8% year-over-year, with subscription ACV now 97% of total ACV.

• Revenue was AUD 221.5 million, up 0.4% year-over-year; multi-year deals represented 27% of revenue, down from 31%.

• 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 legal 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.

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