• 1H FY25 Revenue up 5% to $45.8m, Underlying EBITDA of $7.3m
• 24% increase in total subscriber numbers to 200,726
• $36m contract secured for fibre network construction in Greater Melbourne

Swoop Holdings Ltd reported its 1H FY25 financial and operational results, highlighting strong performance across its core business. Revenue increased by 5% to $45.8m, driven by growth in nbn TC4 and mobile service sales. Underlying recurring revenue grew by 15% year-on-year. Core business gross margin, excluding one-off co-build projects and discontinued operations, increased by 10% on 1H FY24, while core business EBITDA was up 12%. The company maintained tight cost control, with operating expenses and overheads at 20% of revenue. Swoop also completed the $8.8m divestment of its wholesale voice business in July 2024 and ended the half-year with $15.5m in available funding. Key achievements included a 3-year agreement to provide wholesale internet services to Flip, expected to add over $10m in annual revenue, and a 24% increase in total subscriber numbers to 200,726. The company also secured a significant 22-year, $36m contract to construct, own and operate a fibre network in Greater Melbourne for a global technology company.

Swoop expects to deliver over $10m in annual revenue from its 3-year wholesale internet services agreement with Flip, with further upside as Flip's subscriber base grows.

Swoop is focused on continued organic growth in its core mobile, nbn and fixed wireless businesses, as well as expanding its residential fibre infrastructure footprint, targeting 10,000-20,000 new high-margin fibre services.