Craneware (CRW) H2 2025 earnings summary

Executive summary

• Achieved strong financial and strategic performance, with revenue up 9% year-over-year to $205.7m and adjusted EBITDA up 12% to $65.3m, reflecting years of investment in customer satisfaction and platform development.

• Recurring revenue remains high at 94% of total, with $184m ARR and 107% NRR, supported by over 90% customer retention and top customers averaging over 20 years of tenure.

• Ongoing sales momentum driven by the Trisus platform, expansion sales to existing customers, and a strengthened Microsoft partnership, including joint go-to-market and AI initiatives.

• Cash reserves strengthened to $55.9m, bank debt reduced to $27.7m, and operating cash conversion reached 94%.

• Board confident in continued growth, leveraging proprietary data, high customer retention, and multi-year contracts.

Financial highlights

• Revenue increased 9% year-over-year to $205.7m, with adjusted EBITDA up 12% to $65.3m and a 32% margin.

• Adjusted and diluted basic EPS grew 22.5% to 116.1 cents per share; unadjusted EPS growth exceeded 60%.

• Gross margin held at 87%.

• Operating cash conversion remained high at 94% of EBITDA; cash reserves at $55.9m.

• Profits after tax increased 68% year-over-year to $19.7m.

Outlook and guidance

• Confident in maintaining 30%+ EBITDA margins and strong cash generation, with ARR and NRR growth supporting further acceleration.

• Significant growth opportunities identified within the existing customer base and untapped market segments, with potential for further doubling of revenue from top customers.

• Microsoft partnership and AI initiatives expected to drive future expansion and innovation, with 13 Trisus solutions on Azure Marketplace.

• Market opportunity remains considerable, with 60% of the market still available.

• Trading in the first months of FY26 has started well, supporting confidence in further acceleration.