• Transformative changes to cost structure
• Transition of customers to SaaS model and new platform
• Unsuccessful public offer by Seek Limited
• New product launches and increased vendor offerings

Xref Ltd reported a net loss of $1,953,345 for the year ended 30 June 2025, down 66% from the previous year's loss of $5,681,097. The company's revenue increased by 7% to $21,314,154, despite challenging market conditions. Xref's focus during the year was on transformative changes to its cost structure, transitioning customers to a SaaS business model and a new platform, and launching new products such as a new permissioning product, self sign-on for new clients, AI products, and a talent pool. The company also saw an increase in vendors offering checks on its Trust Marketplace and gained the No. 1 ranking on the G2 platform, establishing its credential as a market leader. Despite the strategic review that led to an unsuccessful public offer by Seek Limited, Xref maintained strong levels of customer satisfaction and employee engagement, demonstrating its ability to innovate while balancing costs and short-term cash flow. The company's financial results included $0.7 million in costs incurred on the strategic review. Looking ahead to FY2026, Xref is well-positioned for growth, with a focus on sales growth, expense management, and continued product development.

For FY2026, Xref is targeting sales growth, leveraging technology to improve margins, and continuing the momentum in new product launches through AI-driven technology upgrades to its platform assets.

Xref is well-prepared for the next stage of growth as the market shows delays in recovery, with its lean operating structure, improved and scalable technology, and larger addressable market.