NTG Clarity Networks (NCI) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of $83.4M, up 48.5% year-over-year, surpassing guidance by $5.4M, driven by strong customer retention, referrals, and deepening relationships in Saudi Arabia and the Gulf region.

• Marked 19 consecutive quarters of last-12-months revenue growth, with a 5-year CAGR of 60%.

• NTGapps software revenue grew 179% year-over-year, now representing 11% of total revenue, with growth driven by project-based implementations.

• Gross profit increased 45.3% to $30.3M, with gross margin at 36.3% versus 37.1% last year.

• Net income declined to $5.3M (6.4% of revenue) from $9.9M (17.6%), mainly due to higher income taxes and unfavorable FX impacts.

Financial highlights

• Q4 adjusted EBITDA was $3.8M (15.8% margin); full-year adjusted EBITDA was $11.9M (14.3% margin), within revised guidance.

• Q4 net income was $900K (3.9% margin); full-year net income was $5.3M (6.4% margin).

• Gross margin for 2025 was 36%, slightly down from 37% in 2024.

• Operating expenses in Q4 were 22.9% of revenue (16% G&A, 6.9% sales/marketing).

• Shareholder equity rose to $27.4M from $12.6M year-over-year.

Outlook and guidance

• 2026 revenue guidance set at a floor of $90M, based on $60M contracted backlog and $30M expected renewals/extensions, with upside from new framework agreements.

• Adjusted EBITDA margin guidance for 2026 is 13%-16%, with Q1 expected to be seasonally soft due to Ramadan and Eid.

• Gross margin expected to remain in the mid-to-high 30% range.

• SG&A expected to remain at current levels, supporting growth up to $100M revenue.