Siteminder (SDR) H2 2025 earnings summary

Executive summary

• Achieved FY25 annual recurring revenue (ARR) of $273.0m, up 27.2% year-over-year (cc, organic), and total revenue of $224.3m, up 19.2% year-over-year (cc, organic).

• Underlying EBITDA improved to $14.3m from $0.9m in FY24, with underlying free cash flow turning positive at $4.7m (2.1% of revenue).

• Property count grew to 50.1k, with net additions of 5.6k, targeting larger and higher-value properties.

• Smart Platform contributed to ARR acceleration and all pillars commenced monetisation.

Financial highlights

• Subscription revenue grew 12.4% y/y (cc, organic), while transaction revenue grew 32.2% y/y (cc, organic).

• Subscription gross margin increased to 86.4%, and transaction gross margin to 33.7%.

• Group gross margin remained stable at 66.3%.

• Monthly ARPU increased 6.6% y/y to $405; churn remained low at 1.0%.

• LTV/CAC ratio improved to 6.2x from 5.4x in FY24, with LTV up 13.2% y/y and CAC stable.

Outlook and guidance

• Positioned for strong ARR and revenue growth in FY26, with continued improvement in EBITDA, free cash flow, and Rule of 40 performance.

• Smart Platform adoption and product expansion expected to drive medium-term revenue growth towards 30%.