• Strong momentum in Transport Technology division with 56% SaaS revenue growth
• Continuing to grow recurring revenue, with ARR of $4.5 million at period end
• Challenging first half due to lower revenue from Betta Group within Infrastructure Services division

Orcoda Limited (ASX: ODA) has announced its half year results for the period ended 31 December 2024 ('1H FY25'). The company reported strong momentum in the Transport Technology division, with SaaS revenue growth of 56% on the previous corresponding period (pcp), reflecting growing demand for Orcoda software solutions. The company continued to execute on growing recurring revenue, with Annual Recurring Revenue (ARR) of $4.5 million at period end, up 11% on pcp. However, the Betta Group within the Infrastructure Services division was affected by its largest customer deferring its works program, resulting in a 34% decline in total income to $9.5 million and EBITDA of $(0.5) million, overshadowing the growth in the Transport Technology division. Despite the challenging first half, the company generated positive net operating cash flows in each quarter and ended the half with cash and cash equivalents of $3.1 million. The company remains positive about the outlook, with the Transport Technology division expected to continue growing its SaaS recurring revenue and significant opportunities within the Infrastructure Services division as the situation at Betta Group is expected to be temporary.

The company expects the Transport Technology division to continue growing its SaaS recurring revenue, underpinned by a strong pipeline, and significant opportunities within the Infrastructure Services division as the situation at Betta Group is expected to be temporary.

Orcoda is focused on growing its pipeline across its solutions portfolio in the Transport Technology division, such as transport optimisation and booking SaaS, carpooling SaaS, turn-by-turn navigation SaaS and a suite of in-vehicle fleet management solutions. In the Infrastructure Services division, the company expects the current situation at Betta Group to be temporary and is focused on winning more works from multiple customers.