TradeWindow (TWL) H1 2025 earnings summary

Executive summary

• Achieved continued quarter-on-quarter revenue growth since NZX listing in November 2021, with strong momentum in the first half of FY25.

• Trading revenue reached NZD 3.7 million, up 22% year-over-year for the half-year ended 30 September 2024.

• Annual recurring revenue (ARR) grew 14% since March 2024 to NZD 7.2 million, reflecting a focus on larger enterprise customers.

• EBITDA loss reduced by 73% to NZD 1.3 million; net loss after tax halved to NZD 2.4 million.

• On track to achieve monthly EBITDA break-even by March 2025.

Financial highlights

• Monthly average cash consumption dropped to NZD 200,000 from NZD 400,000 in the previous half-year.

• Cash and cash equivalents at period end were NZD 500,000, with an additional NZD 300,000 pending from a capital raise.

• Gross margin increased by 7 percentage points year-over-year to 61%.

• Receipts from customers grew 29% to NZD 4.1 million; payments to suppliers and employees reduced 29% to NZD 5.3 million.

Outlook and guidance

• Trading revenue guidance for FY25 narrowed upwards to NZD 7.5 million–NZD 8.3 million.

• Targeting monthly EBITDA break-even in March 2025, with sufficient cash runway to reach this milestone.

• Guidance remains subject to macroeconomic conditions and customer onboarding timing.