• Transport SaaS revenue up 56% vs. 1H FY24
• Annual Recurring Revenue (ARR) up 11% vs. 31/12/23
• Infrastructure Services revenue down 53% vs. 1H FY24

Orcoda Ltd, an integrated provider of smart city technology and infrastructure solutions, has reported its 1H FY25 results. The company's Transport SaaS revenue grew 56% compared to 1H FY24, driven by the full roll-out of the Mini-Tankers fleet within Refuelling Solutions and new contract wins. Annual Recurring Revenue (ARR) increased 11% compared to 31 December 2023. However, the Infrastructure Services division saw a 53% decline in revenue compared to 1H FY24, primarily due to a major customer deferring its works program and the division cycling an exceptionally strong 1H FY24. The company expects the situation in Infrastructure Services to be temporary and is focused on customer diversification to position the division for long-term sustainable growth. Overall, the company's 1H FY25 results were negatively impacted by the weak performance in Infrastructure Services, with EBITDA of $(0.5)m compared to $1.5m in 1H FY24. The company is continuing to invest in sales and marketing, technology, and people to drive growth in its Transport Technology division and increase recurring revenue through direct sales.

Orcoda is focused on growing its pipeline across its Orcoda solutions portfolio, including transport optimisation and booking SaaS, carpooling SaaS, turn-by-turn navigation SaaS, and in-vehicle fleet management solutions. The company is also beta testing a simpler last mile software solution that can be easily integrated with telematics solutions. In Infrastructure Services, the company expects Betta Group to bounce back from a weak 1H and is focused on customer diversification to position the division for long-term sustainable growth.