TradeWindow Posts 20% Revenue Growth and Narrows EBITDA Loss in FY26
TradeWindow has lifted its trading revenue by 20% to $9.6 million in FY26, with annual recurring revenue surpassing $10 million for the first time. The company also improved gross margins and reduced its EBITDA loss, reflecting steady progress in its cloud migration and customer retention efforts.
- Trading revenue increased 20% to $9.6 million
- Annual Recurring Revenue exceeds $10 million
- Gross margin rose to 60%, reaching 63% in Q4
- EBITDA loss narrowed to $1.2 million
- Customer retention improved to 89%
Revenue Growth Accelerates with Recurring Revenue Milestone
TradeWindow Holdings Limited (NZX/ASX:TWL) has reported a 20% rise in trading revenue for the year ended 31 March 2026, reaching $9.6 million. The company’s Annual Recurring Revenue (ARR) crossed the $10 million threshold for the first time, ending FY26 at $10.1 million, a 17% uplift on the prior year. This growth continues an unbroken streak since the company’s NZX listing in late 2021, delivering a compound annual growth rate of 28% since FY23.
Margins Improve as Cloud Migration Nears Completion
TradeWindow’s gross margin climbed to 60% for the full year, with a notable improvement to 63% in the final quarter. This margin expansion coincides with the nearing completion of migrating on-premise customers to the cloud, a strategic shift intended to enhance scalability and efficiency. Despite ongoing investment, the company narrowed its EBITDA loss to $1.2 million, improving by $0.3 million compared to FY25.
Stronger Customer Metrics Signal Growing Platform Engagement
Customer retention strengthened to 89%, up two percentage points year-on-year, underscoring TradeWindow’s ability to maintain its user base amid competitive pressures. Average revenue per customer also rose significantly, with shippers generating $30,352 annually (up 22%) and freight forwarders contributing $13,907 per annum (up 27%). These figures suggest deeper platform adoption and monetisation across core customer segments.
Financial Position and Strategic Initiatives
The company closed FY26 with a cash balance of $4.2 million and no bank debt, providing a solid runway for ongoing development. The Annual Report also highlights progress on the FreightAI development programme, an AI-driven platform expected to launch in 2027, aiming to further enhance TradeWindow’s competitive edge. This aligns with the company’s broader strategy to digitise and streamline global trade operations.
Leadership Stability Amid Recent Changes
Following the appointment of Dewald van Rensburg as permanent CEO in June 2026, TradeWindow appears positioned for continuity in execution and strategy. Van Rensburg’s elevation from acting CEO earlier in the year came after the resignation of founding CEO AJ Smith due to illness, a transition that has not disrupted the company’s operational momentum.
Bottom Line?
TradeWindow’s FY26 results reveal steady revenue growth and improved profitability metrics, but the market will be watching closely how FreightAI development and cloud migration translate into future earnings.
Questions in the middle?
- How will FreightAI’s 2027 launch impact revenue and margins?
- Can TradeWindow sustain its customer retention and ARPC growth amid increasing competition?
- What are the company’s plans to achieve EBITDA breakeven in FY27?
