• Revenues declined 33% due to major customer deferring 2025 works program
• Transport Technology Division made $2M EBITDA, with $5M in Annual Recurring Revenue
• Diversified customer base and reduced concentration risk

The FY25 period saw Orcoda's revenues decline after experiencing multiple years of growth, mostly because of The Betta Group (TBG) revenue being substantially reduced due to a major customer deferring their 2025 works program. This delay prompted the company to diversify its customer base and significantly reduce concentration risk. The Resource & Infrastructure Division FY25 total income was $9.1M (FY24: $16.7M) and EBITDA was $0.03M (FY24: $3.3M). However, the division achieved an improvement in the second half, with 2H FY25 EBITDA of $0.7M vs 1H FY25 EBITDA of $(0.4)M. The new contracts of $3M provided positive momentum into FY26 with current work in hand for the current quarter of circa $5.4M. The Transport Technology Division (transport SaaS) made $2M EBITDA for FY25, growing from $1.8M in FY24. The division's Annual Recurring Revenue (ARR) is currently circa $5M, and the investments in sales and marketing have yielded positive and encouraging results, giving management increasing confidence about the growth prospects of the division. The company is also pursuing a couple of large deals and expects to grow the 'flow' businesses from existing customers and new customers with planned investments in sales and marketing for FY26.

The future for the Resource & Infrastructure Division looks promising based on the major customer recommencing their works program and the division now being awarded work from other major customers as panel members. The Transport Technology Division is also well-positioned for growth, with a large recurring web access revenue stream and AI software revenue stream, and is pursuing a couple of large deals in addition to 'flow' businesses from existing customers and new customers that are expected to grow with planned investments in sales and marketing for FY26.