Swoop’s FY25: $106.5M Revenue, $15.2M EBITDA, and $49M Fibre Contracts

Strong Financial Momentum

Swoop Holdings Limited has delivered a transformative FY25, posting revenue of $106.5 million, a 20% increase year-on-year. This growth was driven by a 32% organic rise in underlying recurring revenue, signaling robust demand for the company’s telecom services. Underlying EBITDA stood at $15.2 million, with core business EBITDA; excluding one-off government-funded projects and discontinued operations; up 14% compared to FY24.

The company’s operating cash flow surged 64% to $17.6 million, while free cash flow swung from a negative $5.7 million in FY24 to a positive $5.1 million in FY25. These cash flow improvements reflect Swoop’s operational discipline and the benefits of its ongoing automation and simplification initiatives.

Market Share Gains and Subscriber Growth

Swoop’s subscriber base grew 14% organically over the year, contributing to a remarkable 300% increase in its National Broadband Network (NBN) market share, now at 0.69%. This rapid expansion underscores the company’s successful strategy of leveraging its scalable, automated platform to attract and retain customers in a competitive market.

Operational efficiencies are evident in the reduction of operating expenses as a percentage of revenue to 19%, a 20% decrease over four years, highlighting Swoop’s focus on cost control alongside growth.

Strategic Contracts and Infrastructure Expansion

Central to Swoop’s growth story is its $49 million portfolio of long-term customer commitments supporting a major fibre network build in Greater Melbourne. This infrastructure investment positions the company to capitalize on increasing demand for high-performance connectivity in Australia’s second-largest city.

Additionally, Swoop signed a three-year wholesale internet services agreement with Flip, expected to generate over $10 million in annual revenue with potential upside as Flip’s subscriber base expands. These deals not only diversify revenue streams but also reinforce Swoop’s reputation as a reliable partner in the wholesale internet market.

Financial Position and Outlook

As of 30 June 2025, Swoop held $18.1 million in available funding, including $8 million in cash, excluding proceeds from a $6.2 million divestment of Vonex shares expected to complete in October 2025. This strong liquidity provides the company with the financial firepower to pursue further organic growth and strategic opportunities.

CEO Alex West highlighted the transformational nature of FY25, emphasizing the company’s commitment to innovation, customer focus, and operational excellence. Employee engagement ranking in the top 25% globally and multiple service awards reflect a culture aligned with delivering superior customer outcomes.

Looking ahead, Swoop aims to leverage its fibre infrastructure and automated platform to accelerate growth, reshape Australia’s digital landscape, and solidify its position as a challenger in the telecommunications sector.