• Revenue up 5% YoY, with 15% organic growth in underlying recurring revenue
• Underlying EBITDA of $7.3 million, with 12% increase in Core Business EBITDA
• 24% increase in total subscriber numbers, all organic growth
• Opex as a percentage of Revenue reduced by 15% over the last 3 years

Swoop Holdings Ltd has reported strong financial and operational performance in the first half of FY25. The company's revenue grew by 5% year-over-year to $45.8 million, with a 15% organic growth in underlying recurring revenue. Underlying EBITDA was $7.3 million, and the company's Core Business EBITDA, which excludes one-off co-build projects and discontinued operations, increased by 12% compared to the same period in the previous year. Swoop also saw a 24% increase in total subscriber numbers from December 2023, all of which was organic growth. The company has continued to simplify its business through automation and product focus, which has delivered significant synergies and benefits from operating as a combined entity with an optimised scalable automated platform. This has resulted in a 15% reduction in Opex as a percentage of Revenue over the last 3 years. The company also completed the divestment of its wholesale voice business in July 2024 for $8.8 million and has $15.5 million of available funding as of 31 December 2024. Swoop has also signed a 3-year agreement to provide wholesale internet services to Flip, which is expected to add over $10 million in revenue annually, with further upside as Flip's subscriber base grows. Additionally, the company has commenced the build of a 300-kilometer owned fibre network, which will result in coverage of 42,000 businesses and around 450,000 residential premises, supported by an up to $36 million long-term contract with a key Nasdaq-listed global technology company.

The company reported a positive NPAT result of $0.1 million for the first half of FY25, a $1.1 million improvement on the same period in the previous year. The company also signed a significant customer contract with Flip to provide wholesale NBN services, which is expected to provide at least $30 million in revenue over the 3-year term.

The company is looking forward to further success for the remainder of FY25 and beyond, with a focus on automating its product stack and ensuring it is always delighting its customers. The company's significant progress in automation and the delivery of self-service options is reflected in the number of customer service awards it has received again this year across both its Swoop and Moose brands.