Boardwalktech Software (BWLK) Q3 2026 earnings summary

Executive summary

• Q3 FY26 revenue was $1 million, flat sequentially but down 25% year-over-year due to non-renewals in Fiscal 2025.

• Gross margin improved sequentially to 86.9% due to lower hosting costs, but declined year-over-year on lower revenue.

• Adjusted EBITDA loss narrowed to $(0.2) million, a 35% improvement sequentially and 19% year-over-year.

• Net loss improved to $(0.4) million, an 18% sequential improvement and 33% better year-over-year.

• Cost alignment efforts reduced SG&A expenses by $0.1 million sequentially and $0.3 million year-over-year.

Financial highlights

• Annual Recurring Revenue (ARR) at December 31, 2025 was $3.8 million.

• Non-IFRS net loss for Q3 FY26 was $(0.3) million, improved from $(0.4) million in both Q2 FY26 and Q3 FY25.

• Cash at quarter-end was $0.1 million, with $0.4 million in accounts receivable; monthly cash burn reduced to $33,000.

• Outstanding debt was $2.5 million, drawn from a $4 million credit line, reclassified as current liability under IFRS.

Outlook and guidance

• Management expects incremental professional services revenue and higher ARR from recent product upgrades and new launches.

• Focus remains on accelerating revenue growth and achieving Adjusted EBITDA breakeven in the near term.

• Anticipates improved year-over-year performance and organic growth into Fiscal 2027 and beyond.