Camplify’s Core Revenue Falls 4% as Operating Cash Flow Hits Negative $5.6m

Revenue Holds Firm Despite Demand Shock

Camplify Holdings Limited (ASX:CHL) demonstrated notable revenue resilience in the June quarter of FY26 despite a significant demand shock triggered by the escalation of the US/Iran conflict. While Gross Transaction Value (GTV) plunged 29% compared to the prior corresponding period (PCP), core revenue declined by a much smaller margin of just 4%, underscoring the success of the company’s strategic shift towards higher-margin, recurring revenue streams such as Premium membership and the MyWay Mutual protection product.

Seasonal Cash Flow Dynamics and Cost Discipline

The quarter’s operating cash flow was negative $5.585 million, a figure consistent with Camplify’s normal seasonal working capital cycle, where cash outflows occur as holiday bookings made during peak periods are settled with RV owners. Total cash expenditure for the quarter included $29.4 million in operating costs (including payments to RV owners), $2.9 million in staff costs; of which $0.4 million were one-off redundancy payments linked to the ongoing cost reduction program; and $1.1 million in marketing expenses, which remained in line with budget.

Forward Bookings Recover in Key Markets

Forward bookings, a key leading indicator, stabilized at $16.75 million as at 30 June 2026, recovering from an initial 29% decline earlier in the quarter. This recovery was driven primarily by the Australian and New Zealand markets, where consumer confidence rebounded despite ongoing fuel security concerns. European markets, however, remain subdued, with management continuing to align expenditure accordingly. The company also reported a 10% decline in total membership to 4,837, attributed mainly to seasonal cancellations and softer owner activity during the fuel-driven demand disruption.

Strategic Cost Management and Future Outlook

Camplify’s management responded swiftly to the demand shock by reducing the operating cost base, allowing the company to maintain margins even as trade softened. CEO Justin Hales highlighted that the deliberate pivot away from low-margin volume towards higher-margin recurring revenue was instrumental in keeping revenue stable despite a sharp fall in transaction volume. Looking ahead, Camplify enters FY27 with a reset cost structure and key initiatives such as the MyWay Mutual product scaling up and the managed services rollout with JB Group moving from pilot to network. The company’s technology platform now operates on a unified global system, supporting faster development and operational leverage.

Cash Position and Funding

At quarter-end, Camplify held $10.04 million in cash and cash equivalents, down from $15.6 million in the prior quarter. The company reported no outstanding financing facilities and does not currently intend to raise additional capital, expecting operating cash flows to improve with the upcoming summer holiday season in Australia and New Zealand. The business anticipates following its usual seasonal cash flow pattern, with positive operating cash flow expected over the next two quarters before returning to negative in the subsequent two.