• Strong Q3 FY2025 EBITDA of ~$7 million
• Total Q3 FY2025 cash flow exceeding $8 million
• Net cash balance of over $10 million and no underlying debt
• Changes to smart metering contract volumes with Intellihub and Bluecurrent

BSA Ltd (ASX: BSA) has provided a trading update for the Q3 FY2025 period, reporting a strong performance with EBITDA of approximately $7 million and total cash flow exceeding $8 million. The company also has a net cash balance of over $10 million and no underlying debt as of 31 March 2025. BSA has been notified of changes to expected volumes for its existing smart metering contracts with Intellihub and Bluecurrent. These evergreen contracts previously contributed around $15 million in annual revenues, but now Intellihub volumes have been materially reduced, and BSA does not expect any revenue from this contract after April 2025. Bluecurrent has also informed BSA that it is unlikely to enter into a new agreement in FY2026, although the full volume impacts are yet to be determined.BSA has taken proactive steps to mitigate the operational and financial impacts, including resource reallocation and ongoing cost management initiatives. The company remains committed to the energy and utilities sector and continues to pursue new growth opportunities to offset the expected decline in revenue from the smart metering contracts.

BSA expects to report EBITDA of approximately $7 million for the Q3 FY2025 quarter, before restructuring costs.