Xref (XF1) H1 2026 earnings summary

Executive summary

• Completed transition to a SaaS employer intelligence platform, now 54% of revenue/ARR, embedding services across the employee lifecycle and HR technology stack.

• Revenue for H1 FY26 was AUD 10.2 million, with new platform revenue up 58% year-over-year to AUD 4.2 million.

• 181 clients migrated to the new platform, 124 new clients joined, and active clients increased 54% year-over-year.

• Strategic shift to multi-year SaaS contracts, resulting in more predictable and resilient revenue streams.

• Focused on operational efficiency, leveraging AI and automation to reduce costs and improve scalability.

Financial highlights

• New platform revenue grew 58% year-over-year to AUD 4.2 million, with total revenue at AUD 10.2 million.

• EBITDA was positive at AUD 1.3 million, with adjusted EBITDA up 900% year-over-year.

• Operating expenses reduced by 14% to AUD 9.9 million, driven by efficiency gains and automation.

• Cash balance at 31 December was AUD 2.8 million.

• Debt reduced by nearly AUD 900,000 during the half; principal repayments ongoing.

Outlook and guidance

• Focus on migrating remaining 315 legacy clients to the new platform and deepening product adoption.

• Targeting 300 new clients, 20% increase in platform adoption, and maintaining 80%-85% retention rate.

• Emphasis on margin expansion, AI efficiency, and SaaS migration; no further capital raises planned.

• Deferred revenue expected to fall as clients reach subscription end dates, with larger renewals anticipated.