• Revenue down 21.8% to $4.5 million, gross profit down 18.0% to $3.8 million
• Loss after tax improved 13.3% to $2.05 million
• Net cash inflows from operating activities improved 145.7% to $1.07 million

FirstWave Cloud Technology Limited reported a 21.8% decrease in revenue to $4,521,849 and an 18.0% decline in gross profit to $3,839,414 for the half-year ended 31 December 2024 compared to the prior comparative period. The reduction in revenue and gross profit was primarily due to Telstra discontinuing its GPA firewall product and closure of its CSX2 platform, as well as the absence of significant non-recurring revenues from the prior period. Recurring revenue represented 96.5% of total revenue. The consolidated entity's loss after income tax improved by 13.3% to $2,051,505, attributed to the company's focus on its most profitable products and geographies, as well as disciplined cost reduction. Net cash inflows from operating activities improved significantly by 145.7% to $1,070,446, primarily due to a $2.47 million reduction in payments to suppliers and employees and a $1.45 million increase in other income. The company released a new 'opHA Message Bus' technology, which provides high availability and real-time information exchange capabilities for large organizations. The directors have determined that the consolidated entity will continue as a going concern based on its current commitments and available funds.