TradeWindow (TWL) H1 2025 earnings summary

Executive summary

• Revenue grew 25% year-over-year to $4.6 million for the six months ended 30 September 2025, driven by new enterprise customers, expansion into Australia, and improved cost discipline.

• Annual recurring revenue (ARR) increased 14% to $7.2 million, with a 97% customer retention rate and a focus on larger enterprise clients.

• EBITDA loss narrowed 73% to $1.3 million, and net loss after tax reduced to $1.3 million from $2.4 million in the prior year period.

• On track to achieve monthly EBITDA break-even by March 2025.

• Continued focus on technology solutions for international trade and product development.

Financial highlights

• Gross margin improved by 7 percentage points year-over-year to 61%.

• Cash and cash equivalents at period end were $1.1 million, with an additional $0.3 million pending from a capital raise.

• Monthly average cash consumption dropped to $0.2 million, down from $0.4 million in the previous half-year.

• Receipts from customers grew 29% to $4.1 million; payments to suppliers and employees reduced 29% to $5.3 million.

• Total operating expenses decreased 35% to $5.0 million, mainly due to reduced headcount.

Outlook and guidance

• FY25 revenue guidance raised to $7.5 million–$8.3 million, with FY26 budgeted to increase 25–37% over the prior year.

• Targeting monthly EBITDA break-even in March 2025, with sufficient cash runway to reach this milestone.

• Board-approved forecasts project sufficient cash to meet obligations for the next 14 months, subject to revenue growth and cost management.

• Guidance remains subject to macroeconomic conditions, customer onboarding timing, and global trade uncertainties.