Record Full-Year Revenue
Reported record FY2025 revenue of $101.4 million, up 35.7% year-over-year, delivering inside prior guidance of $100M–$110M.
Major IFRS Profitability Turnaround
IFRS operating loss narrowed to ~$13.7 million from $66.9 million a year ago (improvement of $53.2 million, a 79.6% reduction). IFRS net loss narrowed to ~$11.3 million from $64.8 million (82.6% improvement). IFRS basic EPS improved to about $0.51 (reported ~91.7% improvement vs prior period).
Strong Adjusted Profitability
Adjusted EBITDA around $19.1 million and adjusted net income about $19.9 million. Adjusted basic EPS $0.89 and adjusted diluted EPS $0.88.
Quarterly Beats vs Consensus
Q4 revenue approx. $35.6M vs consensus ~$34.75M (beat). Implied Q4 adjusted EPS ~ $0.37 vs consensus $0.30 (~22% beat). Full-year adjusted EPS of ~$0.89 was reported as ~6% above consensus.
Strong Cash Position and Collections
Ended FY2025 with total cash ~$104.8M. As of Feb 26, 2026 unrestricted cash $108.0M and total cash $116.6M. Collected >$22M in the first two months of 2026 from largest customers for 2025 invoiced solutions; CFO indicated an additional expected collection of roughly $10M (±$2–3M).
Reduced Debt and Improved Balance Sheet Flexibility
Total debt reduced to ~$13.8M from $21.4M prior year (35.6% reduction). Refinancing and repayments released >$5.3M of deposits previously held as collateral.
Active Capital Allocation (Buybacks)
Company repurchased >$11M in shares, while still increasing cash balances and maintaining flexibility to fund growth.
Maintained Ambitious FY2026 Revenue Guidance
Maintained revenue guidance range for FY2026 of $137M–$200M (CFO noted mid-range implies an approximately 70% increase vs prior year).
Large Pipeline and Infrastructure Ambition
Company highlighted a multi-billion dollar pipeline (CFO referenced a $7 billion revenue opportunity in pipeline and prior mention of $1.4B SEA contract). Management is targeting >600 MW of GPU/AI capacity and is exploring buy-and-build data center ownership to create recurring infrastructure-led revenue.
Product and R&D Progress
Investing in product roadmap: post-quantum cryptography and quantum-safe SD-WAN targeted for April 2026, Astrikos integration for real-time infrastructure intelligence, and continued R&D across edge, security, and local interception capabilities.