SDR +10.5% delivered another step forward on profitability, materially narrowing losses and more than doubling underlying EBITDA, though the result fell slightly short of market expectations at the earnings line.
1H26 Highlights
- Net loss: $4.78m (vs $13.9m loss YoY)
- Loss per share: 2.0c (vs 5.0c YoY); consensus expected breakeven
- Underlying EBITDA: $12.3m (vs A$5.3m YoY), below consensus ($14.3m)
- Revenue: $131.1m, +26% YoY (in line with expectations)
- Annualised recurring revenue (ARR): $280.3m, +30% YoY
Revenue and ARR growth remained strong, underscoring continued demand from global hotel customers and reinforcing the quality of the group’s subscription-led model. ARR growth of 30% YoY continues to provide solid forward revenue visibility and remains the key driver of our long-term investment case.
- Analysts remain supportive, with 15 buys, 2 holds and no sells
MM remains patient holders of SDR ~$3.25
Add To Hit List
