FY26 was a year of change in shape rather than size for Xref. Total revenue was $19.1m, down 10.2% on FY25, but the loss narrowed sharply to $432,066, down 77.9% from last year's $1.95m loss.

The story behind those numbers is a shift towards our New Platform, now generating $11.2m in Annual Recurring Revenue, up 50.1% year-on-year and representing 71.1% of total Group ARR. This SaaS-based, multi-year contract revenue is more predictable than the legacy and API-only business it's replacing, which fell 72.1% as clients migrated across. 954 clients have now adopted the new platform, up 52% year-on-year, with 84% client retention in FY26.

Underlying EBITDA, our preferred measure of core earnings, rose 75.6% to $4.7m, helped by a 23.9% cut in total operating expenses and a 27.0% reduction in wages and salaries as we leaned on AI and self-service tools. Revenue per employee rose 19.8% to $355k.

After year end, we refinanced our debt. The previous facility with Element SaaS Finance was repaid in full, replaced by a $6.3 million term facility with the Commonwealth Bank of Australia maturing in August 2029, plus a $2.0 million overdraft. This facility carries lower rates and no principal repayments until August 2028, and the directors consider it strengthens our liquidity. The Group remains subject to financial covenants under both the going concern assessment and the new facility, and our auditor issued an unmodified opinion while flagging going concern as a key audit matter given the net asset and net current asset deficiencies at year end.

If you have questions about this announcement, we'd welcome you raising them through the question box on this page.