Bubs Australia (BUB) Q4 2025 TU earnings summary

Executive summary

• FY25 net revenue reached $102.5m, a 29% increase year-over-year; Q4 FY25 net revenue was $27.8m, up from $23.9m in Q4 FY24.

• FY25 EBITDA expected at $5.5m–$6m versus a $19.8m loss in FY24, with Q4 EBITDA at $4.31m, reflecting improved trading and a $3.6m settlement gain.

• Positive operating cash flow of $5.0m for FY25 and $5.45m in Q4, marking the third consecutive quarter of positive cash flow.

• Gross profit margin for FY25 was 47.2%, slightly down from 48.6% in FY24.

• New Infant Formula Submission lodged with the US FDA, with permanent access decision expected by year-end.

Financial highlights

• Cash and cash equivalents at 30 June 2025 totaled $17.4m, with an additional $10.0m in undrawn debt facilities.

• Receipts from customers for FY25 were $104.1m; operating cash flow for the year was $5.03m.

• Major cash outflows for FY25 included $57.3m for manufacturing/operating costs, $15.5m for staff, $12.2m for admin/corporate, and $12.1m for advertising/marketing.

• Net cash used in investing activities was $121k; net cash used in financing activities was $5.0m for the year.

Outlook and guidance

• FY25 guidance anticipates continued revenue growth, positive cash flow, and EBITDA profitability.

• Expectation of formal FDA notification for permanent US market access by end of calendar year.