• New platform revenue up 56%, adoption and engagement growing
• Transition to SaaS model, 54% of ARR now from new platform
• Operating efficiency improved, EBITDA positive despite revenue decline

Xref Ltd has reported its interim results for H1 FY26, a period defined by a surge in client acquisition on its new platform and a significant increase in operational efficiency driven by AI integration and platform consolidation. The company has successfully continued its transition from a credit-based point solution into a SaaS Employer Intelligence Platform, ensuring its 'Data Engine' is always on and capturing the full employee lifecycle. This has driven strong adoption across key platform features, with customers using the new platform growing 54%, adoption of Pulse & Exit Surveys up 165%, and self-service platform adoption at 97%. While headline revenue declined 6.6% due to pressure on legacy platforms, the new platform delivered 58% year-on-year growth to reach $4.2m. The company also improved operational efficiency, with total operating expenses reduced by 14% and the use of AI tools leading to 57% of code being AI-generated. This allowed the company to deliver positive EBITDA of $1.3m for the period. The company's goal moving forward is to migrate its final legacy clients to the new platform, drive deeper adoption of its expanded product suite, and accelerate client acquisition.

The company's operational resilience is evidenced by its positive EBITDA, proving it is fundamentally profitable. The company has also strengthened its balance sheet by reducing debt. Going forward, the company's goal is to migrate its final legacy clients to the new platform, drive deeper adoption of its expanded product suite, and accelerate client acquisition.