• Revenue up 42% to US$15.1m, driven by 391% increase in PaaS revenue
• Maiden positive Underlying EBITDA of US$0.2m
• Positive net cash flow from operating activities of US$0.8m

Change Financial Ltd has reported its full year results and Appendix 4E for the 12-month period ended 30 June 2025 (FY25). The company delivered FY25 revenue of US$15.1 million, up 42% on the prior corresponding period, driven by a 391% increase in PaaS revenue. Change also reported a maiden positive Underlying EBITDA of US$0.2 million, with the company achieving positive net cash flow from operating activities of US$0.8 million. Excluding the impact of the company's US operations, which have now ceased, Underlying EBITDA was US$1.3 million. The company ended FY25 with momentum building across both its Vertexon and PaySim platforms, with seven PaaS clients live and driving material volumes. Change has also signed three additional PaaS clients which are in the process of onboarding and are expected to go live in FY26. Looking ahead to FY26, Change is targeting revenue in the range of US$16.5 million to US$18.0 million and a significant increase in Underlying EBITDA, which is expected to be in the range of US$2.5 million to US$3.5 million. The company also expects to be net cash flow positive for FY26, marking a significant milestone in its lifecycle.

In FY26, Change Financial is targeting revenue in the range of US$16.5m to US$18.0m and a significant increase in Underlying EBITDA, which is expected to be in the range of US$2.5m to US$3.5m.

Change continues to see increased momentum in the growth of the sales pipeline and the speed at which clients are moving through the sales funnel. As the business continues to scale, the company expects to see continued Underlying EBITDA margin improvement through incremental client wins. Change also expects to be net cash flow positive for FY26, marking a significant milestone in the company's lifecycle.