• Customer receipts up 103% to US$3.7m, revenue up 53% to US$3.5m
• H1 FY25 revenue up 61% to US$7.2m, 76% from recurring streams
• Exiting loss-making US operations to improve financial performance

Change Financial Limited (ASX: CCA) has reported a positive start to FY25, delivering strong growth in revenue and customer receipts. Q2 FY25 revenue reached US$3.5m, up 53% on the prior corresponding period, driven by increasing payments-as-a-service (PaaS) revenue as card numbers and transaction volumes continued to increase. H1 FY25 revenue (unaudited) totalled US$7.2m, up 61% on the prior year. The company has also made the strategic decision to withdraw from the US market due to the challenging regulatory environment, which had negatively impacted its US operations. Substantial progress has been made on the wind down of US operations, with the last date for processing transactions being end of January 2025. While there will be some one-off exit costs, the company expects a material reduction in operating costs in H2 FY25, significantly improving its operating leverage and driving a material improvement in EBITDA and cashflow. Change Financial's cash position at the end of the quarter was US$3.5m, with an additional US$0.9m held in cash-backed security guarantees. The company remains on track to deliver its FY25 targets of revenue growth in excess of 30% and a maiden EBITDA positive year.

Change Financial is targeting revenue growth in excess of 30% and a maiden EBITDA positive result in FY25.

Change Financial is focused on building its sales pipeline, winning new deals, particularly in Oceania and Southeast Asia, and driving operational efficiencies to deliver top and bottom-line growth over the coming quarters. The company expects its operating leverage to significantly increase, driving material improvement in EBITDA and cashflow, following the exit of its loss-making US operations.