Camplify Holdings Limited reported a significant 62.5% reduction in net loss for H1 FY26, alongside a modest revenue dip and a strong cash position, driven by operational efficiencies and a pivot to higher-margin membership products.
- Net loss narrowed to $2.93 million, down 62.5% from prior year
- Revenue slightly declined 4.7% to $19.06 million
- Cash reserves surged to $23.2 million, with positive operating cash flow
- Full integration of global operations onto a single technology platform
- Strategic partnership with JB Caravans to expand managed service depots
Financial Performance and Operational Improvements
Camplify Holdings Limited has delivered a markedly improved half-year result for the period ending 31 December 2025, reporting a net loss after tax of $2.93 million. This represents a 62.5% improvement compared to the $7.81 million loss recorded in the same period last year. While revenue declined modestly by 4.7% to $19.06 million, the company’s disciplined cost management and operational efficiencies have driven a healthier bottom line.
Key to this turnaround was a strategic focus on reducing marketing expenses from 27% to just 10.5% of revenue, alongside a leaner workforce that saw employee benefit expenses fall from $8.3 million to $6.6 million. These measures, combined with improved conversion rates and a shift towards higher-margin products, have underpinned the financial progress.
Strategic Shift to Membership-First Model
Camplify’s transformation is anchored in its pivot from a marketplace-led approach to a membership-first business model. The launch and scaling of the MyWay Mutual insurance product has been a game changer, boosting gross profit margins on premium memberships from 14% to 33%. This shift not only enhances profitability but also gives Camplify greater control over its risk portfolio and customer experience.
Membership revenue nearly doubled, rising from $2.19 million to $4.36 million, reflecting strong customer uptake of premium services. Meanwhile, the marketplace segment saw a deliberate reduction in low-return gross transaction value, particularly in Australia, as the company prioritises quality over volume to build a more resilient revenue base.
Operational Integration and Market Expansion
During the half, Camplify completed the full integration of its global operations onto a single technology platform, enabling rapid product deployment across seven markets including Australia, New Zealand, and key European countries. This unified platform supports the company’s ambition to scale efficiently and deliver consistent service worldwide.
On the government contract front, Camplify secured a new temporary accommodation services contract with the Victorian government following bushfires, complementing its existing New South Wales engagements. This positions the company well in the B2B segment, despite a reduction in placements during the period.
Cash Position and Going Concern Considerations
Camplify closed the half-year with a robust cash balance of $23.2 million, up from $8.4 million a year earlier, supported by positive operating cash flow of $12.2 million and a successful $3.2 million capital raise. Despite this, the company remains in a net current liability position, prompting auditors to highlight material uncertainty regarding going concern. The board remains confident in the company’s ability to meet obligations, citing cost reductions, forecast revenue growth, and access to additional funding if required.
Looking Ahead: Growth and Partnerships
Looking forward, Camplify is focused on scaling profitable growth. A key catalyst will be its strategic partnership with JB Caravans, rolling out managed service depots to directly offer high-margin products to an estimated 3,000 customers annually. This initiative aims to build a managed fleet capable of competing with major rental operators across Australia.
Entering the peak travel season, Camplify is poised to leverage its unified platform and improved margin profile to restore growth momentum. The company’s disciplined execution and strategic realignment suggest a promising trajectory as it seeks to solidify its position as a global leader in the recreational vehicle sharing ecosystem.
Bottom Line?
Camplify’s turnaround is underway, but investors should watch closely how the company navigates its current liabilities and scales its new membership-driven model.
Questions in the middle?
- How will Camplify manage the material uncertainty around its going concern status?
- What impact will the JB Caravans partnership have on revenue growth and margins in H2 FY26?
- How will European insurance contingencies affect future cash flows and profitability?