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Xref H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary10 Sep, 2025
Executive summary
Achieved a $5 million turnaround in EBITDA, moving from a loss to a positive $2.5 million year-over-year, a 237% increase, driven by a strategic shift to a SaaS subscription model and operational streamlining.
Revenue grew 7% to $21.3 million, now largely subscription-based, outperforming previous credit usage models.
Annual Recurring Revenue (ARR) rose 29% to $19.3 million, with 95% of clients on SaaS contracts and 35% using the new platform.
Streamlined operations to a single technology platform and product brand, reducing overheads and simplifying the business.
Secured a $3.6 million strategic placement, strengthening the balance sheet and supporting growth plans.
Financial highlights
Total revenue grew 7% to $21.3 million, with $16.8 million from SaaS contracts and $2.4 million from credits.
EBITDA improved by 237%, from a negative $2.4 million to a positive $2.5 million year-over-year.
Net loss after tax narrowed by 61% to $2.2 million.
Operating cash flow turned positive, generating $1.3 million.
Revenue per employee increased from $163,000 to $217,000 as headcount reduced from 102 to 74.
Outlook and guidance
Expecting to see full benefits of cost reductions in FY2026 as one-off costs are not recurring.
Focused on driving new business and revenue growth through self-sign-up, expanded product offerings, and platform consolidation.
No plans for additional equity raises; debt to be paid down from operational cash flow.
Positive operating cash flow expected to continue, with a 12-month cash runway at FY2025 exit.
Expansion of API integrations and AI toolsets to drive automation and new revenue streams.
Capital allocation for growth vs. debt reduction?
Detail mid-market and international growth strategy.
Key drivers of operational efficiency and scalability?
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Next Xref earnings date
H1 202621 Feb, 2026
Xref
Next Xref earnings date
H1 202621 Feb, 2026
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Xref Limited engages in the development of human resources technology that automates the candidate reference process for employers. Its software allows employers to forward job offers, collect feedback from the candidates' personal network, and discover more about their abilities without having to contact them directly. The company was founded in 2009 and is headquartered in Sydney, Australia.
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