TradeWindow (TWL) Q4 2026 TU earnings summary

Executive summary

• Trading revenue for FY 2026 reached NZD 9.6 million, up 20% year-over-year and within revised guidance.

• Annual recurring revenue (ARR) hit NZD 10.1 million, up 17% year-over-year, surpassing the NZD 10 million milestone.

• Customer count ended at 547, down by 7, due to rationalization of lower value legacy accounts, not traditional attrition.

• Customer retention rate improved by 2 percentage points to 89%.

• Consistent organic revenue CAGR of 25% since FY23, reflecting sustained demand.

Financial highlights

• Gross margin for Q4 was 63%, up 3 percentage points sequentially from Q3; full-year gross margin was 60%, down 1 percentage point year-over-year due to transitional migration costs.

• Shipper ARPC (annualized) was NZD 30,352, up 22% year-over-year; only 2% of this growth was from price increases, with the rest from increased usage.

• Freight forwarder ARPC (annualized) was NZD 13,904, up 27% year-over-year, driven by recontracting, mid-market focus, and new pricing.

• Monthly ARPC for shippers was NZD 2,529 and for freight forwarders NZD 1,159, both up by the same respective percentages.

• Customer retention rate rose to 89%, up 2 percentage points from the prior period.

Outlook and guidance

• Gross margin is expected to recover and trend higher in FY 2027 as migration to cloud completes and revenue scales.

• Medium-term gross margin is expected to reach mid-60s%, with potential to exceed 70% post-Freight.AI launch, aligning with typical SaaS margins.

• EBITDA profitability targeted by 31 March 2027, with profits to be reinvested for growth; no dividends planned.

• Continued Australian growth is the top commercial priority for FY 2027.

• Entering FY27 with clear strategic priorities and a strong product roadmap.