TradeWindow (TWL) H1 2026 earnings summary

Executive summary

• Trading revenue for the half-year ended 30 September 2025 grew 25% year-over-year to $4.6 million, driven by strong recurring revenue and higher average revenue per customer.

• Net loss after tax narrowed to $1.3 million from $2.4 million in the prior year, reflecting improved operating performance.

• Customer retention rate improved to 92%, up five percentage points, with a diversified base of 534 customers and a focus on higher-value, multi-module accounts.

• Accelerated investment in Freight AI platform, targeting EBITDA break-even in FY2027, with a strategic focus on innovation, deeper product usage, and expansion in Australia.

• Successful A$5 million (NZ$5.8 million) capital raise post-period supports expansion, ASX Foreign Exempt Listing, and balance sheet strength.

Financial highlights

• Annual recurring revenue (ARR) increased 21% year-over-year to $8.8 million.

• EBITDA loss reduced by 49% to $654,000–$700,000 compared to the same period last year.

• Gross margin at 58%, down three points due to transition to managed cloud services.

• Cash and cash equivalents at $1.1 million, with additional funds pending or received from capital raises.

• Receipts from customers increased 29% to $5.3 million.

Outlook and guidance

• FY26 revenue guidance reaffirmed at $10–11 million, with expectations for a stronger second half due to seasonal trade activity.

• Targeting EBITDA break-even in FY2027, with disciplined investment focused on Freight AI development.

• Board-approved forecasts project sufficient cash for the next 14 months, contingent on revenue growth and capital raising.