TradeWindow (TWL) Q2 2025 TU earnings summary

Executive summary

• Trading revenue reached $3.7 million for H1 FY25, up 22% year-over-year.

• Annual Recurring Revenue (ARR) increased 14% since FY24 year-end to $7.2 million.

• Customer base grew by 36 to 549, driven by a new partnership with IFCBAA.

• Customer retention rate improved to 97%, up 4 percentage points from FY24.

• Guidance for FY25 revenue narrowed upwards to $7.5–$8.3 million.

Financial highlights

• Gross margin rose to 61%, up 7 percentage points year-over-year.

• Average Revenue Per Customer (ARPC) for shippers increased 14% to $1,944 per month.

• Freight forwarder ARPC grew 29% year-over-year to $824.

• 38% of expenses allocated to R&D and commercialisation, down 9 percentage points from FY24.

Outlook and guidance

• FY25 revenue guidance raised to $7.5–$8.3 million, reflecting strong H1 performance.

• On track to achieve monthly EBITDA breakeven by March 2025.

• Macroeconomic conditions improving, with rate cuts expected to benefit exporter customers.