TradeWindow (TWL) H2 2025 earnings summary

Executive summary

• Achieved record trading revenue of NZD 8 million (up 30% year-over-year), at the upper end of guidance.

• EBITDA loss reduced by 77% to NZD 1.5 million; EBITDA breakeven achieved in March 2025.

• Net loss after tax improved to NZD 3.5 million from NZD 8 million, a 56% improvement.

• Annual recurring revenue reached NZD 8.7 million, a 37–38% year-on-year increase.

• Customer base grew to 554, with a 61% gross margin and 87% customer retention rate.

Financial highlights

• Cash and cash equivalents at year-end were NZD 0.4 million; monthly cash burn reduced to NZD 0.2 million.

• Employee costs down 27%, other expenses down 31%, reflecting significant cost control.

• Recurring transactional and subscription revenue made up 94% of total trading revenue.

• Transactional revenue grew 44%, subscription revenue up 17% year-over-year.

• Successful $2.2 million capital raise in April 2024.

Outlook and guidance

• Forecast FY2026 trading revenue between NZD 10 million and NZD 11 million, representing 25–37.5% year-on-year growth.

• Expect to maintain EBITDA break-even in FY2026.

• Revenue composition expected to remain stable, with 90% recurring revenue.

• Positioned to benefit from new trade agreements and automation demand among shippers and freight forwarders.

• Continued focus on cross-selling and new customer acquisition, especially in Australia.