TradeWindow (TWL) Q4 2025 earnings summary

Executive summary

• Achieved 30% year-over-year growth in trading revenue, reaching $8 million, surpassing guidance midpoint.

• Annual Recurring Revenue (ARR) rose 38% to $8.7 million as of March 31, 2025.

• Customer base expanded by 24 to 554, with ARPC up 21% for shippers and 43% for freight forwarders.

• Monthly EBITDA break-even achieved in March 2025, marking a key profitability milestone.

Financial highlights

• Trading revenue: $8.0 million, up 30% on FY24.

• Gross margin improved to 61%, up seven percentage points year-over-year.

• ARR: $8.7 million, up 38% on FY24.

• Customer retention rate at 87%, down six percentage points from FY24.

• Revenue per headcount increased 198% over two years to $138k.

Outlook and guidance

• FY26 guidance to be provided with full year results before end of May 2025.

• Product roadmap focuses on launching an AI-enabled freight operating system and scaling TW Cube globally.

• Ongoing expansion into new markets, targeting high-income, trade-dependent countries.