FlexiRoam’s Balance Sheet Recovery Hinges on AI Platform Success and Partnerships

Financial Turnaround Signals New Chapter

FlexiRoam Limited (ASX, FRX) has marked a significant milestone in its financial journey, reporting a second consecutive quarter of positive operating cash flow and returning to a positive net current asset position for the first time in over eight years. This turnaround is a clear validation of the financial discipline and strategic restructuring implemented throughout FY25.

As of 31 December 2025, FlexiRoam’s net current assets stood at $0.3 million, a $1.7 million improvement from the negative $1.3 million reported six months earlier. This shift not only improves liquidity but also lays a robust foundation for the company’s growth ambitions in FY26.

Operational Performance, From Loss to Profit

The company’s operational results tell a compelling story. FlexiRoam delivered an underlying EBITDA of $2.0 million for the first half of FY26, its strongest half-year performance since listing. This represents an 18% sequential increase from the previous half and a dramatic swing from a $1.0 million loss in the prior corresponding period.

This profitability leap was driven by the strategic exit from low-margin revenue streams and improved operational efficiency, demonstrating that the company’s cost base is now scalable and sustainable.

Strategic Innovation and Partnerships

FlexiRoam’s momentum is further bolstered by its commercial launch of Flexiroam.ai, the world’s first AI-powered eSIM agent. This platform enables users to discover, purchase, and activate eSIMs through familiar channels like WhatsApp using voice, image, or text commands. Its “Zero-Integration” feature allows enterprise partners to deploy co-branded connectivity solutions rapidly, reducing implementation time from months to days.

Validating this innovative approach, FlexiRoam secured major partnerships with Generali Insurance Malaysia and Dialog Group’s subsidiary DIV Services. Generali is leveraging the AI platform to offer complimentary roaming data to policyholders, tapping into the growing global travel insurance market. Meanwhile, the Dialog Group partnership positions FlexiRoam as a key provider of connectivity for Malaysia’s MyKasih welfare distribution platform, supporting over 8 million recipients and securing a recurring revenue stream.

Cash Position and Outlook

FlexiRoam ended the quarter with a strong cash balance of $3.2 million, which increased to approximately $3.5 million by late January 2026. The company’s positive operating cash flow of $0.5 million for the quarter was impacted by timing differences in customer receipts, with an additional $0.7 million collected shortly after the period ended.

Looking ahead, FlexiRoam aims to scale its newly won partnerships and convert a strong pipeline of enterprise opportunities across sectors such as airlines, banking, and insurance. The company also plans to leverage the frictionless user experience of its AI platform to drive organic growth and reduce marketing costs, all while maintaining financial discipline to protect its positive EBITDA margins.