Change Financial’s H1 FY26 Revenue Surges 29% to US$9.3 Million

Strong Half-Year Growth and Profitability

Change Financial Limited (ASX: CCA) has marked a significant milestone in its FY26 first half results, reporting record revenue of US$9.3 million, a 29% increase on the prior corresponding period. This growth was largely driven by the company’s Payments as a Service (PaaS) platform, Vertexon, and professional services revenue streams. Notably, Change achieved its maiden half-year profit of US$0.6 million, reflecting disciplined execution and an inflection point in operating leverage.

Underlying EBITDA rose to US$1.8 million, a substantial turnaround from a loss in the previous period, supported by stable fixed costs and cost reductions in its US operations. The company’s focus on recurring revenue streams is paying off, with 70% of H1 FY26 revenue derived from ongoing income such as support, maintenance, and transaction fees.

Scaling the Vertexon Platform and Expanding Client Base

The Vertexon PaaS platform continues to scale impressively, with active cards increasing by 66% to over 110,000. This growth is underpinned by new client wins, including a large New Zealand fintech and a South Pacific-focused client aiming to enhance financial inclusion. Change is also onboarding two contracted PaaS clients, which are expected to be key revenue drivers going forward.

Change’s position as the largest non-bank issuer of debit cards in New Zealand, processing over NZ$1 billion annually, highlights its growing footprint. The company is actively pursuing expansion in the larger Australian market and Southeast Asia, leveraging a partner ecosystem to accelerate geographic reach and market entry.

Accelerating AI Integration and Operational Efficiency

Change has been integrating artificial intelligence into its product suite for some time, particularly in fraud management. Over the past year, the company has accelerated AI adoption, aiming to shorten development cycles, increase team capacity, and speed up new product delivery. This strategic move is expected to enhance margins and support scalable growth as Change leverages its proprietary Vertexon and PaySim platforms.

Upgraded Guidance and Positive Outlook

Reflecting its strong start to FY26, Change upgraded its full-year revenue guidance to between US$17.5 million and US$18.5 million, alongside an Underlying EBITDA forecast of US$3.1 million to US$3.8 million. The company also anticipates net positive cash flow for the full year, with operating cash flow typically stronger in the second half.

With no debt and a cash position of US$2.6 million, plus additional cash-backed security guarantees, Change is well-positioned to continue investing in growth initiatives. The company remains focused on expanding its sales pipeline, securing new deals across Oceania and Southeast Asia, and driving operational efficiencies to sustain top- and bottom-line momentum.