• Revenue of $55.3 million, +2% vs prior corresponding period
• Underlying EBITDA of $1.0 million, in line with prior corresponding period
• Ongoing strong performance in China business with 81% revenue growth and standalone EBITDA profitability

Appen Limited (ASX: APX) reported its Q3 FY25 Quarterly Activity Report and Appendix 4C. The company reported revenue of $55.3 million, up 2% compared to the prior corresponding period. Underlying EBITDA (before FX) was $1.0 million, in line with the prior corresponding period. The company's China business continued to perform well, delivering 81% revenue growth and achieving standalone underlying EBITDA profitability for the sixth consecutive quarter. This strong China performance was offset by ongoing volatility and dynamic nature of the US AI market. Appen made further progress against its near-term strategy, including the successful transition of a $10 million+ annual revenue project from pilot to full production. The company also executed against its previously announced cost efficiency program, with approximately $7 million of the $10 million planned annualised cost out now complete. Appen reaffirmed its FY25 guidance, with revenue tracking towards the low end of the $235 million to $260 million range and positive full year underlying EBITDA.

Revenue tracking towards low end of $235 - $260 million range; Positive full year underlying EBITDA