Etherstack Reports $6.08M Revenue and $2.54M EBITDA in First Half 2025
Etherstack plc has reported a remarkable turnaround in its half-year results, with revenue nearly doubling and EBITDA surging by over 1500%, signaling strong momentum in mission critical communications.
- Revenue increased 87% to $6.08 million USD
- EBITDA surged 1537% to $2.54 million USD
- Statutory net profit after tax of $1.29 million USD versus prior loss
- Major project progress with AT&T and Rio Tinto deployments
- Strong cash flow and continued focus on R&D and recurring revenue streams
Robust Financial Recovery
Etherstack plc, a specialist in mission critical wireless communications technology, has delivered a striking financial performance for the half year ended 30 June 2025. The company’s revenue jumped 87% year-on-year to $6.08 million USD, surpassing its full-year revenue from 2024 in just six months. This growth was driven by increased project activity, notably with major clients such as AT&T and Rio Tinto.
EBITDA, a key measure of operating profitability, skyrocketed by 1537% to $2.54 million USD, a dramatic turnaround from a loss in the prior corresponding period. This improvement reflects both higher sales volumes and improved gross margins, supported by a favourable revenue mix and cost efficiencies.
Strategic Project Milestones and Market Expansion
During the period, Etherstack made significant progress on critical projects, including supply chain enhancements with AT&T and deployments of digital mobile networks for Rio Tinto in the Pilbara region. The company also advanced its mission critical push-to-talk (MCXPTT) solutions, which are increasingly adopted by public safety and government agencies internationally.
Strategic business development efforts continue to focus on expanding opportunities in Australia, the UK, and international safety markets. The company anticipates further project awards in the second half of 2025, underpinning a positive outlook for sustained growth.
Cash Flow Strength and Investment in Innovation
Etherstack’s operating cash flow improved substantially, with receipts from customers rising to $7.08 million USD, reflecting strong collections and milestone payments. The company invested $1.21 million USD in intangible assets, primarily to enhance its intellectual property and technology portfolio, underscoring a commitment to research and development.
Recurring revenue streams, particularly from Communications as a Service (CaaS), are growing rapidly and are expected to contribute an increasing share of total revenue. This diversification supports a more stable revenue base despite the inherent lumpiness of project-based contracts.
Governance and Auditor Assurance
The independent auditor’s review found no material misstatements and confirmed the company’s ability to continue as a going concern. Directors reaffirmed confidence in the company’s financial position and operational strategy, with no dividends declared as profits are reinvested to fuel growth.
Etherstack’s leadership highlighted the medium to long-term growth potential driven by emerging business models and expanding market demand for mission critical communications technologies.
Bottom Line?
Etherstack’s strong H1 momentum sets the stage for a potentially transformative 2025, but investors should watch for project delivery execution and contract renewals in H2.
Questions in the middle?
- How will Etherstack manage the volatility inherent in project-based revenues going forward?
- What is the expected contribution of recurring CaaS revenues to full-year results?
- How might supply chain restructures with partners like AT&T impact future margins?
