• Q1 FY2026 revenue of $17.5m, down 77% vs pcp due to nbn, Bluecurrent and Intellihub contract losses
• EBITDA of $3.9m, down 41% vs pcp
• Completed business restructuring, staff numbers reduced from 150 to 50

BSA Ltd published its quarterly activities report, trading update and Appendix 4C for the quarter ending 30 September 2025 (Q1 FY2026). The Group delivered Q1 FY2026 revenue of $17.5 million and EBITDA of $3.9 million. The Q1 FY2026 performance was significantly supported by non-recurring transition out payments received from nbn and other projects. The nbn contract expired on 30 September 2025, and all associated payments have been received. As of 30 September 2025, the business restructuring implemented in light of the nbn contract loss is largely complete, with redundancy-related cash outflows during the period of $5.6 million. Staff numbers have been reduced from approximately 150 as at 30 June 2025 to around 50, with the restructure expected to be fully completed before the end of the next quarter. The Foxtel platform delivered positive financial performance, and BSA is advancing a new IP project with the potential to bundle IP and PATV services. In Wireless, the Waveconn Statement of Work is progressing on schedule, and in Electrical Services, planned growth of EV charging sites in H2 is expected to drive revenue growth. Looking ahead, the company continues to address the challenge of ongoing unprofitable trading by making prudent and effective use of its positive cash position and asset base, and pursuing growth opportunities where available.

The executive team is focused on addressing the challenge of ongoing unprofitable trading and, in conjunction with advisors, will explore all available options for the business to optimise stakeholder outcomes.