TradeWindow (TWL) Q1 2025 TU earnings summary

Executive summary

• Achieved record Q1 FY25 with trading revenue up 17% year-over-year to $1.8 million, continuing strong quarterly growth since NZX listing in 2021.

• Annual recurring revenue reached $6.8 million, on track for full-year guidance of $7.3–$8.3 million.

• Customer base expanded to 515 brands across Australasia, supporting revenue diversification and resilience.

Financial highlights

• Gross margin improved by 7 percentage points to 61% compared to Q1 FY24, driven by cost-out initiatives and improved onboarding.

• Trading revenue up 17% and total revenue up 20% year-over-year.

• Annual recurring revenue up 15% year-over-year.

• ARPC (Shippers) up 20% to $2,041; ARPC (Freight Forwarders) up 14% to $729.

• Customer retention rate at 99%.

Outlook and guidance

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

• No further cost reductions anticipated in FY25; resources deemed sufficient for steady innovation.