Rubicon Water Posts Record A$69.1m Revenue, Narrows Net Loss to A$7m
Rubicon Water reported a record FY25 revenue of A$69.1 million, driven by strong growth in the US and Rest of World markets, while reducing its net loss and building a robust project pipeline for FY26.
- FY25 revenue up 18% to A$69.1 million, highest since ASX listing
- Net loss narrowed to A$7.0 million from A$11.0 million in FY24
- Operating cash inflow of A$5.4 million, strongest since FY18
- Major contracts secured in Mexico, Italy, and US with a $184 million project pipeline
- Completed decade-long automation of Murrumbidgee Irrigation network in Australia
Record Revenue and Improved Profitability
Rubicon Water has delivered its strongest financial performance since listing on the ASX in 2021, posting a record revenue of A$69.1 million for FY25, up 18% from A$58.4 million the previous year. This growth was largely driven by a 24% increase in US revenue to A$31.7 million and a remarkable 123% surge in the EMEA region, reflecting the company’s expanding global footprint.
Despite continuing to report a net loss after tax of A$7.0 million, this represents a significant improvement from the A$11.0 million loss in FY24. The company also achieved a positive operating cash flow of A$5.4 million, its strongest since FY18, signaling improved operational efficiency and cash management.
Strategic Project Wins and Geographic Diversification
Rubicon’s FY25 was marked by several landmark contracts, including a A$6.0 million automation project in Italy aimed at reducing water use by 20% and pumping by 40%, and a A$3.5 million contract in Mexico supporting the country’s national water efficiency agenda. The company also secured nine major projects totaling A$24 million during the year, growing its sales pipeline to 22 projects valued at A$184 million heading into FY26.
Geographically, Rubicon is broadening its reach beyond its traditional ANZ and US markets, with notable progress in Latin America, Europe, and India. The company’s integrated irrigation technology solutions are gaining traction as global water scarcity and climate change pressures intensify, driving demand for smarter, more efficient water management systems.
Operational Milestones and Technology Leadership
One of the company’s standout achievements was the completion of a decade-long automation program for the Murrumbidgee Irrigation Area in New South Wales, Australia. This project has transformed over 1,700 kilometres of channels servicing 190,000 hectares, boosting water delivery efficiency to over 90%. Such modernization efforts exemplify Rubicon’s mission to replace inefficient manual canal operations with real-time, connected systems that reduce water losses and improve agricultural productivity.
Rubicon’s technology suite, including its NeuroFlo software platform and integrated gates and flow meters, enables customers to transition from manual to autonomous irrigation operations. This digital transformation not only improves water use efficiency but also supports compliance, monitoring, and billing processes, creating long-term value and recurring revenue streams.
Financial Position and Outlook
The company’s balance sheet strengthened with a 55% reduction in net debt to A$14.3 million, aided by a successful capital raise in late 2024 that also funded debt retirement. Working capital management improved, with net trade working capital reduced by A$12.7 million to A$59.8 million.
Looking ahead, Rubicon is well positioned to capitalize on growing global demand for irrigation modernization. Its diversified geographic presence, expanding recurring revenue base, and a robust project pipeline underpin expectations for continued revenue growth and margin improvement in FY26.
Bottom Line?
Rubicon Water’s FY25 results underscore its growing role in global water efficiency, but execution on its expanding project pipeline will be key to turning losses into profits.
Questions in the middle?
- How will Rubicon manage execution risks across its geographically diverse and growing project pipeline?
- What impact will the repositioning in Asia, especially China, have on future revenue streams?
- Can recurring software and support revenues accelerate sufficiently to offset ongoing capital expenditure?