• Q3 FY2025 revenue of $74.0m, up 12.3% vs prior period
• Q3 FY2025 EBITDA (incl. restructure costs) of $7.4m, up 26.6% vs prior period
• Net cash position of $11.4m as at 31 March 2025

BSA Ltd has published its quarterly activities report, trading update and Appendix 4C statement of cashflows for the quarter ending 31 March 2025 (Q3 FY2025). The company delivered Q3 FY2025 revenue of $74.0 million, an improvement of 12.3% versus the prior comparative period (pcp). Q3 FY2025 EBITDA (incl. restructure costs) of $7.4m increased by 26.6% versus pcp, with EBITDA margin of 10.0% for the quarter also increasing vs pcp. The company's Q3 FY2025 operating cashflow was $9.4m, resulting in a net cash position of $11.4m as at 31 March 2025, with $16.5m of undrawn banking facilities available. However, BSA was unsuccessful in a bid for a new NBN Co Field Module contract, and expects the volume of work orders to progressively decrease from around May 2025, with new work orders stopping by mid-July 2025. Additionally, BSA has been notified of significant volume reductions in its existing smart metering contracts, with no material revenue expected in FY26. To address these changes, BSA expects to incur restructure costs of approximately $7.0m in the current financial year. The Joint CEOs stated that the company's focus is now on an orderly demobilisation of key contracts, while adapting the operating model to match the go-forward customer portfolio.

BSA expects to incur restructure costs of approximately $7.0m in the current financial year (FY2025) in order to reduce operating costs in connection with the revenue decline, of which $1.2m was incurred in Q3 FY2025.