• New Vertexon PaaS client signed in Australia and NZ
• One-off sales secured with Vertexon On-Premises and PaySim clients
• Q4 FY25 revenue of US$4.0m (A$6.2m), up 26% on pcp - record revenue quarter

Change Financial Limited (ASX: CCA) has released an update on the company's Q4 FY25 business activities and financial results. Key highlights include: securing a new Vertexon PaaS client with existing card programs in Australia and New Zealand, one-off sales with Vertexon On-Premises and PaySim clients, record quarterly revenue of US$4.0m (A$6.2m) in Q4 FY25, up 26% on the prior corresponding period, and FY25 revenue (unaudited) of US$15.1m (A$23.2m), up 42% on FY24 and exceeding previous guidance. The company's PaaS revenue continued to scale, with 73k+ active cards on the Vertexon PaaS platform, up 133% on pcp. Change delivered positive Underlying EBITDA of US$0.2m (A$0.3m) in FY25, and positive net cash flow from operating activities of US$0.7m (A$1.1m) for the full year, excluding US operations costs. The company's cash holdings increased to US$3.9m (A$6.0m) at the end of Q4 FY25, with no debt. Change has provided positive FY26 guidance, expecting revenue in the range of US$16.5m (A$25.4m) to US$18.0m (A$27.7m) and Underlying EBITDA of US$2.5m (A$3.8m) to US$3.5m (A$5.4m), with the company also expected to be net cash flow positive for FY26.

Change expects revenue in FY26 to be in the range of US$16.5m (A$25.4m) to US$18.0m (A$27.7m) and Underlying EBITDA in the range of US$2.5m (A$3.8m) to US$3.5m (A$5.4m). The company also expects to be net cash flow positive for FY26.

Change remains focused on building the sales pipeline, winning new deals, particularly in Oceania and SE Asia, and driving operational efficiencies to deliver top and bottom-line growth over the coming years.