Swvl (SWVL) H2 2025 earnings summary

Executive summary

• Achieved profitability in FY2025 with net income of $1.3M, reversing a net loss of $10.3M in FY2024, and revenue up 41% to $24.2M.

• Operating loss narrowed by 94% to $0.5M, approaching operating profitability.

• Total equity turned positive to $2.9M and working capital improved to $1.0M.

• Recurring revenue increased to 84% of total, and dollar-pegged revenue rose to 33.2%.

• Strong commercial momentum in Egypt and GCC, with high LTV:CAC ratios, net dollar retention above 125%, and a $38.2M sales backlog providing visibility into FY2026.

Financial highlights

• Revenue: $24.2M in FY2025, up 41% from $17.2M in FY2024.

• Gross profit: $4.4M, up 21% from $3.6M; gross margin compressed to 18.2% from 20.9%.

• Operating loss reduced to $0.49M from $8.4M; net profit swung to $1.3M from a $10.2M loss.

• Operating expenses: $7.2M, down 36% from $11.2M; operating expenses as % of revenue decreased from 65% to 30%.

• Cash and cash equivalents: $4.41M; cash used in operations improved 42% to $2.1M.

Outlook and guidance

• Management expects accelerated growth into FY2026, with continued focus on recurring, dollar-pegged revenue.

• Sales backlog of $38.2M and NDR of 128% indicate strong revenue visibility for FY2026.

• Expansion planned across GCC, United Kingdom, and United States, with new market entries in Kuwait and Qatar expected to contribute in FY2026.

• Margin improvement anticipated as new geographies mature and cost base remains lean.