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Objective Corporation posts solid growth with 22% SaaS surge

Objective Corporation wrapped up FY2026 with revenue climbing 9% to $134.7 million, while adjusted EBITDA jumped 11% to $51.5 million. The real standout was SaaS revenue, which grew a impressive 22% year-on-year. The company's subscription model is now fully embedded, with 100% of software revenue locked in under recurring contracts.

The software-as-a-service push reflects Objective's strategic priorities. The company ploughed $33.8 million into R&D—representing 30% of software revenue—signalling serious commitment to product development. That investment is paying dividends in new sectors too, with notable expansion into Defence and National Security, plus fresh wins across Information Intelligence, Planning & Building, and Regulatory Solutions.

However, there's a wrinkle. Annualised Recurring Revenue (ARR) actually dipped 2% to $117.3 million, largely due to the discontinuation of a heritage support contract with the National Heavy Vehicle Regulator. That decision will shave $3.2 million off ARR in FY2027. Despite this headwind, net profit after tax still grew 5% to $37.2 million, and the company maintained a fortress balance sheet with no external borrowings and $92.7 million in cash.

Looking ahead, management expects adjusted EBITDA of at least $40 million in FY2027, with continued heavy investment in Information Intelligence and go-to-market strategies. Shareholders will also pocket 26 cents per share in total dividends—an 18% increase from the prior year.

Ai-Media navigates transition with 42% SaaS growth

Ai-Media Technologies charted a different course in FY2026, deliberately shifting its business toward higher-margin software and away from legacy services. The strategy meant overall revenue fell 7.2% to $60.2 million, but the underlying transformation is compelling.

SaaS revenue rocketed 42% to $34.1 million, driven by LEXI Text, the company's flagship captioning platform. Technology revenue broadly grew 9% to $44.8 million and now represents 74% of total revenue. Most impressively, Annual Recurring Revenue surged 50% to $36 million, demonstrating the durability of the new business model.

The transition came with growing pains. The company posted a loss from ordinary activities after tax of $4.2 million and reported EBITDA of negative $335,000. Strip out non-cash share-based payments, though, and normalised EBITDA swung to a $2.1 million profit. The company ended the year with $15.9 million in cash, positive operating cash flow, and zero debt—a solid foundation for the next phase.

Ai-Media retained all its top 20 customers for a fifth consecutive year and expanded into nine new markets, bringing its footprint to 46 countries. Management plans to lean into this momentum by scaling LEXI Text, converting its installed encoder base to new infrastructure, and pushing LEXI Voice toward commercial adoption.

RAS Technology accelerates with 34% revenue growth

RAS Technology Holdings delivered impressive top-line growth in FY2026, with revenue jumping 34% to $28.4 million. The expansion was broad-based across all business verticals, though the company took a strategic step back on the bottom line.

Despite strong revenue growth, RAS posted a net loss of $0.3 million as management invested heavily in trading capability, product development, and Asian expansion. The board views this as a deliberate choice rather than a sign of trouble—cash on hand fell from $5.7 million to $4.2 million, but that's framed as a timing issue rather than a structural concern.

Annualised Recurring Revenue climbed 8% to $23.5 million, providing a solid recurring revenue base. The company also signed meaningful new agreements with Tabcorp and the LeoVegas Group in the UK, positioning itself for future earnings growth. Management's focus for FY2027 will centre on AI and automation to drive product innovation, operational scalability, and multilingual content expansion.

Change Financial hits profitability milestone

Change Financial delivered a breakthrough moment in FY26, posting its maiden full-year profit of US$0.5 million on revenue of US$18.2 million—a 21% year-on-year increase. The PaaS platform proved to be the growth engine, with active cards more than doubling to over 150,000.

The company also swung to positive operating cash flow of US$1.5 million, a meaningful inflection point. Management expects this momentum to carry into FY27, with the PaaS platform and new client wins—particularly in Australia—driving further expansion. The company is targeting PaaS gross margins of 40-45% and expects to remain net cash flow positive. One housekeeping note: Change will transition to AUD reporting from FY27.

RAIZ Invest turbocharges growth with 93% EBITDA surge

RAIZ Invest capped off a stellar FY26 with revenue up 21.4% to $29.2 million and underlying EBITDA nearly doubling to $5.5 million. The fintech platform's active customer base grew 7% to 351,362, while average revenue per user climbed 13% to $85.87. Funds under management surged 28% to $2.3 billion.

The statutory net profit after tax of $3.5 million was boosted by a $3.2 million non-cash tax benefit from prior year carried-forward losses, but the underlying operational performance is equally impressive. Operating cash flow jumped 30% to $5.1 million, and the company's cash balance grew 18.5% to $15.4 million.

New CEO Craig Keary, who took the helm on 1 June, is inheriting a business firing on all cylinders. Management has ambitious plans to transform RAIZ into a broader wealth management platform, with AI-enabled engagement and platform enablement at the core. The company also plans to launch US-listed equities and ETFs, plus direct ASX trading, in FY27.