• Continued investment in market-leading technologies, particularly Aura Ai-X
• Strong revenue growth of 5% driven by Detect segment
• Significant EBITDA growth leveraging stable cost base and strong gross margins
• Cash positive in FY2025 with $5.6M balance

Ava Risk Group delivered a strong performance in FY2025, with total revenue of $31.7 million, up 5% year-on-year. This was driven by a 15% increase in the Detect segment, which benefited from the fulfilment of a significant backlog order from the prior year. The company continued to invest in its market-leading technologies, particularly the Aura Ai-X fibre optic sensing solution, expanding its applications to serve the telecommunications sector and developing solutions for shorter perimeter deployments. A highlight was the successful deployment of Aura Ai-X to a Telstra subsea cable in Q4 FY2025, demonstrating the significant opportunities in telecommunications, a key driver of future growth. The company also made progress in its Access and Illuminate segments, launching the LoRa wireless connection solution and providing integration support to distribution partners. While the Access segment saw a decline in revenue due to a lack of repeat dormakaba stocking orders, the company remains confident in its partnership with dormakaba to drive growth in this segment. Financially, the company delivered a strong EBITDA improvement to $2.1 million, compared to a $0.9 million loss in FY2024, reflecting the company's strong gross margins and a lean, stable cost base. The company also recognized an impairment charge of $5.6 million, representing the remaining goodwill in the Illuminate segment, but remains confident in Illuminate's complementary role to Detect and its potential in new markets. The company entered FY2026 with a sales order backlog of $6.4 million, including $2.6 million in annual recurring revenue, and a cash balance of $5.6 million, positioning it well for future growth. The company's priorities for FY2026 include increasing sales order intake, growing the sales order backlog and recurring revenues, maintaining gross margins, and continuing targeted investment in technology to extend its market leadership.

For H1 FY2026, the company expects revenue in the range of $17.0 million to $18.2 million, dependent on the timing and fulfilment of Detect project orders. The company anticipates EBITDA margins expanding to double digits in FY2026.

The company is focused on accelerating revenue growth in FY2026, with catalysts for growth in each of its Detect, Access, and Illuminate segments. In Detect, the company aims to increase Aura Ai-X penetration in priority segments and target 20%+ revenue growth, while also pursuing adjacent opportunities via partners. In Access, the company will drive U.S. and European volumes through the dormakaba distribution network, and in Illuminate, the company will look to grow sales momentum from key distributors and explore integration with Detect solutions.