Xref (XF1) H1 2025 earnings summary

Executive summary

• Revenue increased 9% year-over-year to $10.9m for H1 FY25, with ARR rising to $18.5m from $10.5m a year earlier.

• EBITDA turned positive at $1.6m, a 179% improvement from a $2.1m loss in H1 FY24.

• Net loss narrowed to $436k from $4.1m in the prior year period.

• Strategic transition to SaaS model advanced, with 80 new clients (95% on subscription contracts) and strong client migration to the Enterprise Platform.

Financial highlights

• Group revenue: $10.9m (up 9% year-over-year); cash collections: $11.8m.

• EBITDA: $1.6m profit (vs. $2.1m loss prior year); net loss after tax: $436k (vs. $4.1m loss prior year).

• Cash balance at 31 Dec 2024: $3.3m; operating cash flow: $475k (vs. $991k outflow prior year).

• Operating expenses reduced by 10% to $10.7m; cost of sales down 22% to $1.2m.

• Basic loss per share: 0.23 cents (vs. 2.19 cents loss prior year).

Outlook and guidance

• Focus remains on SaaS growth, expanding self-sign-on, automating engagement surveys, and maximizing recurring revenue.

• Pathway to sustainable and growing profit, with continued cost efficiencies and operational discipline.