TradeWindow (TWL) H1 2025 earnings summary

Executive summary

• Revenue grew 25% year-over-year to $4.6 million, driven by new enterprise customers and expansion into Australia, with continued quarter-on-quarter growth since NZX listing in November 2021.

• Annual recurring revenue (ARR) increased 14% to $7.2 million, with a 97% customer retention rate.

• 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.

• Focus remains on technology solutions for international trade and expansion in Australia.

Financial highlights

• Gross margin improved to 61%, up 7 percentage points year-over-year and 17 points above the median for comparable ASX-listed companies.

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

• Monthly average cash consumption dropped to $0.2 million from $0.4 million sequentially.

• Receipts from customers grew 29% to $4.1 million; payments to suppliers and employees fell 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 narrowed to $7.5 million–$8.3 million, with FY26 revenue budgeted to increase 25–37%.

• Targeting monthly EBITDA break-even in March 2025.

• Guidance and forecasts are sensitive to macroeconomic conditions and customer onboarding timing.

• Board-approved forecasts for FY26 and FY27 project sufficient cash to meet obligations for the next 14 months.

• Continued focus on revenue growth in Australia, new customer acquisition, and product development.