Nuix (NXL) H1 2026 earnings summary

Executive summary

• ACV grew 8.4% year-over-year to AUD 234.4 million, with Nuix Neo ACV up 148% to AUD 46.8 million, now 20% of total ACV and 101 customers.

• Revenue rose 15.2% year-over-year to AUD 121.2 million, driven by new customers, multi-year renewals, and strong adoption of Nuix Neo.

• Adjusted management EBITDA increased 42.6% to AUD 19.1 million, with margin expanding to 15.8%; statutory EBITDA rose 72.7% to AUD 26.5 million.

• Positive underlying and overall cash flow, closing with AUD 57.8 million in cash and net cash of AUD 57.8 million, up 88.4% year-over-year.

• Launch of Nuix Neo migration program and Linkurious acquisition agreement to enhance platform capabilities and drive ACV growth.

Financial highlights

• Adjusted management EBITDA margin improved to 15.8% from 12.7% year-over-year; statutory EBITDA margin at 21.8%.

• Net dollar retention at 101%, down from 109.6% year-over-year; customer churn at 5.9%.

• Free cash flow conversion ratio at 149%, with underlying cash flow of AUD 28.4 million and free cash flow of AUD 20.4 million.

• R&D spend was AUD 28.8 million, 24% of revenue, with 43% capitalised.

• Net tangible assets per share rose to 25.9 cents from 15.9 cents a year earlier.

Outlook and guidance

• ACV guidance reaffirmed at AUD 240–260 million for FY26, excluding Linkurious acquisition impact.

• ACV expected to be weighted to the second half, consistent with renewal cycles.

• Focus remains on business transformation, ACV growth via Neo, revenue growth outpacing costs, and maintaining positive cash flow.

• Strategic focus on expanding Nuix Neo capabilities and customer migration.

• Linkurious acquisition expected to close in Q1 2026, enhancing AI and graph analytics.