Total Revenue

$48.3M

▲ 12.4%

vs prior year $43.0M

Gross Profit

$21.7M

▲ 9.1%

Margin 44.9%

EBITDA

$9.6M

▲ 18.5%

Margin 19.9%

Net Profit

$5.8M

▲ 22.1%

Margin 12.0%

OpEx

$12.1M

▲ 6.2%

Budget $11.8M

EPS

$1.24

▲ 19.2%

Shares: 4.67M

Revenue vs Gross Profit — Monthly

FY 2025/26 actuals

P&L Waterfall

Revenue → Net Profit breakdown

Income Statement Summary

Full Year FY 2025/26 — AUD $000s

Line Item	Budget	Actual	Variance	Var %	Status
Revenue
Product Sales	28,400	31,250	+2,850	+10.0%	On Track
Service Revenue	12,000	13,420	+1,420	+11.8%	On Track
Subscriptions	2,800	3,640	+840	+30.0%	Exceeding
Total Revenue	43,200	48,310	+5,110	+11.8%
Cost of Goods Sold
Direct Materials	14,200	15,800	-1,600	-11.3%	Watch
Direct Labour	8,500	8,180	+320	+3.8%	On Track
Manufacturing OH	2,400	2,650	-250	-10.4%	Watch
Gross Profit	18,100	21,680	+3,580	+19.8%
Operating Expenses
Sales & Marketing	3,800	4,120	-320	-8.4%	Watch
G&A	2,900	2,740	+160	+5.5%	On Track
R&D	2,200	2,480	-280	-12.7%	Watch
Tech & IT	1,600	1,540	+60	+3.8%	On Track
Depreciation	1,200	1,200	0	0.0%	Fixed
EBITDA	8,400	9,600	+1,200	+14.3%
Interest Expense	980	840	+140	+14.3%	On Track
Tax	2,380	2,960	-580	-24.4%	Higher profit
Net Profit	5,040	5,800	+760	+15.1%

Product Sales

$31.3M

▲ 10.0%

64.7% of revenue

Service Revenue

$13.4M

▲ 11.8%

27.8% of revenue

Subscriptions

$3.6M

▲ 30.0%

7.5% of revenue — fastest growing

Avg Deal Size

$84K

▲ 7.2%

574 closed deals

Customer Count

1,240

▲ 8.9%

Net new: +101

Churn Rate

3.2%

▼ 0.8pp

Improved from 4.0%

Revenue by Stream — Trend

Monthly breakdown by product, service, subscriptions

Revenue by Region

FY 2025/26 geographic split

Top 10 Clients by Revenue

FY 2025/26 — $000s

Client	Sector	Revenue	YoY
Meridian Holdings	Mining	4,820	+14%
CorePath Technologies	Technology	4,110	+22%
BlueRidge Infrastructure	Construction	3,650	+9%
Northstar Financial	Finance	2,990	+18%
Axiom Retail Group	Retail	2,440	-3%
Vantara Health	Healthcare	2,210	+31%
Solaris Energy	Energy	1,880	+7%
Kestrel Logistics	Logistics	1,740	+2%
Pinnacle Agri	Agriculture	1,410	-6%
Quorum Capital	Finance	1,290	+41%
Top 10 Total		26,540	+13%

Revenue by Sector

Concentration risk analysis

Total COGS

$26.6M

▲ 8.2%

55.1% of revenue

Total OpEx

$12.1M

▲ 6.2%

Budget was $11.8M

Headcount Cost

$18.4M

▲ 4.8%

38.1% of revenue

Cost per $ Revenue

$0.88

▼ $0.04

Efficiency improving

R&D Spend

$2.5M

▲ 12.7%

5.1% of revenue

S&M Spend

$4.1M

▲ 8.4%

8.5% of revenue

OpEx by Category — Monthly

Stacked by function

Cost Mix

FY 2025/26 full year breakdown

Cost Category — Budget vs Actual

FY 2025/26 — $000s

Category	Budget	Actual	Variance	% Budget	Trend	Status
Direct Materials	14,200	15,800	+1,600	111.3%	▲ Rising	Watch
Direct Labour	8,500	8,180	-320	96.2%	▼ Stable	On Track
Manufacturing OH	2,400	2,650	+250	110.4%	▲ Rising	Watch
Sales & Marketing	3,800	4,120	+320	108.4%	→ Flat	Watch
G&A / Overheads	2,900	2,740	-160	94.5%	▼ Falling	On Track
R&D / Innovation	2,200	2,480	+280	112.7%	→ Flat	Watch
Technology & IT	1,600	1,540	-60	96.3%	▼ Falling	On Track
Depreciation & Amort.	1,200	1,200	0	100.0%	→ Fixed	Fixed
Total Costs	36,800	38,710	+1,910	105.2%

Operating Cash Flow

$8.9M

▲ 15.6%

Strong conversion

Free Cash Flow

$6.2M

▲ 21.4%

After CapEx $2.7M

Cash Balance

$14.1M

▲ 28.2%

vs $11.0M prior year

Debt Outstanding

$9.4M

▼ 12.1%

Net debt: -$4.7M

DSO

34 days

▼ 4 days

Collections improving

CapEx

$2.7M

▲ 8.0%

5.6% of revenue

Cash Flow — Monthly

Operating, Investing, Financing activities

Cash Balance Trend

Running cash position FY 2025/26

Cash Flow Statement

FY 2025/26 — $000s

Item	H1	H2	Full Year	Prior Year	Change
Operating Activities
Net Profit	2,640	3,160	5,800	4,750	+22.1%
Add: Depreciation	600	600	1,200	1,150	+4.3%
Working Capital Changes	710	1,190	1,900	1,800	+5.6%
Net Operating CF	3,950	4,950	8,900	7,700	+15.6%
Investing Activities
CapEx — Property	-820	-940	-1,760	-1,580	-11.4%
CapEx — Equipment	-430	-510	-940	-920	-2.2%
Acquisitions	0	0	0	-1,200	+100%
Net Investing CF	-1,250	-1,450	-2,700	-3,700	+27.0%
Financing Activities
Debt Repayment	-640	-700	-1,340	-980	-36.7%
Dividends Paid	-480	-480	-960	-840	-14.3%
Net Financing CF	-1,120	-1,180	-2,300	-1,820	-26.4%
Net Change in Cash	+1,580	+2,320	+3,900	+2,180	+78.9%

Departmental Budget vs Actual — FY 2025/26

Budget Utilisation by Department

% of annual budget consumed

Headcount vs Budget

FTEs and salary cost by department

Departmental Breakdown

FY 2025/26 — $000s

Department	Budget	Actual	Remaining	% Used	Status
Sales & Business Dev.	4,800	4,220	580	87.9%	Under Budget
Marketing	2,100	2,340	-240	111.4%	Over Budget
Operations	6,400	6,180	220	96.6%	On Track
Technology & IT	2,800	2,640	160	94.3%	On Track
Finance & Legal	1,900	1,820	80	95.8%	On Track
HR & People	1,200	1,140	60	95.0%	On Track
R&D / Innovation	2,200	2,480	-280	112.7%	Watch
Supply Chain	3,100	3,290	-190	106.1%	Watch
Customer Success	1,500	1,390	110	92.7%	Under Budget
Total	26,000	25,500	500	98.1%

Strategic KPI Scorecard — FY 2025/26

Financial Performance

Revenue Growth 12.4% ✓

Target: 10% | Actual: 12.4%

EBITDA Margin 19.9% ✓

Target: 18% | Actual: 19.9%

Net Profit Margin 12.0% ✓

Target: 10% | Actual: 12.0%

Customer Metrics

Customer Growth 8.9% ✓

Target: 8% | Actual: 8.9%

Churn Rate 3.2% ✓

Target: <4% | Actual: 3.2%

NPS Score 62 ✓

Target: 55 | Actual: 62

Operational Efficiency

DSO (Days) 34 days ✓

Target: <38 days | Actual: 34

Revenue per FTE $178K ✓

Target: $165K | Actual: $178K

Gross Margin 44.9% ✓

Target: 42% | Actual: 44.9%

Growth & Innovation

Subscription Growth 30.0% ✓

Target: 20% | Actual: 30%

New Products Launched 3 / 5 !

Target: 5 | Actual: 3 (H2 pipeline)

R&D as % Revenue 5.1% !

Target: 6% | Actual: 5.1%

Balance Sheet Health

Current Ratio 2.4x ✓

Target: >2.0x | Actual: 2.4x

Net Debt / EBITDA -0.49x ✓

Target: <1.0x | Net cash positive

Return on Equity 22.4% ✓

Target: 18% | Actual: 22.4%

People & Culture

Employee Engagement 78% ✓

Target: 75% | Actual: 78%

Voluntary Turnover 8.1% ✓

Target: <10% | Actual: 8.1%

Training Hours / FTE 18 hrs ✗

Target: 30 hrs | Actual: 18 hrs

Revenue Outperformance

$48.3M

Revenue exceeded budget by $5.1M (+11.8%). Subscription ARR grew 30% — ahead of all major revenue lines. Product sales benefited from strong Q3 demand in the Mining and Technology sectors.

Profitability Record

EBITDA $9.6M

EBITDA margin of 19.9% is a company record, up from 18.1% prior year. Net profit of $5.8M (+22.1%) reflects strong operating leverage as revenue scales. EPS: $1.24.

Cash Position Strengthened

$14.1M Cash

Free cash flow of $6.2M. Net cash position of $4.7M — now net-debt-free for the first time in company history. Debt / EBITDA at -0.49x. DSO improved to 34 days.

Cost Pressures — Materials

+$1.6M over budget

Direct materials and manufacturing overheads ran 11% above budget, driven by global supply chain inflation. Procurement team has initiated 3 preferred-supplier negotiations targeting 6–8% savings in FY27.

R&D Pipeline Delay

3 of 5 products launched

Two product launches shifted from H1 to H2 due to extended regulatory review. Both remain on track for Q3 FY27. R&D spend is 5.1% of revenue vs 6% target — reinvestment opportunity in H2.

Customer Base Expanding

1,240 clients (+8.9%)

Net new customer additions of 101. Churn reduced to 3.2% (from 4.0%). NPS score of 62 reflects strong satisfaction. Healthcare sector showing 31% revenue growth — recommended focus for FY27 GTM.

5-Year Performance Trend

Revenue, EBITDA, Net Profit ($M)

FY27 Forecast vs FY26 Actual

Key metrics outlook

Board Resolution Items

For approval at next board meeting

Item	Detail	Amount	Status
FY27 Budget Approval	Total operating budget including all departments	$28.4M	For Approval
Final Dividend	$0.12 per share — FY26 final distribution	$560K	For Approval
CapEx — ERP Upgrade	Cloud ERP migration — 18-month project	$1.4M	For Approval
Procurement Strategy	New preferred-supplier framework for materials	—	For Approval
Audit Sign-off	FY26 financial statements — external audit complete	—	Recommended
Risk Register Update	Supply chain inflation risk elevated to High	—	Action Required