Nuix posted a robust FY26 with 18.8% revenue growth and a 179% jump in Nuix Neo ACV, driving a 60% rise in core EBITDA. The company’s strategic pivot to platform value and AI integration sets the stage for continued expansion.
- Nuix Neo ACV soars 179% to $78.5m
- Adjusted Management EBITDA up 60.4% to $59.8m
- Underlying cash flow surges 154% to $51m
- Linkurious acquisition integration progressing well
- ASIC case dismissed with appeal pending
Nuix Neo Drives Explosive Contract Growth
Nuix Limited (ASX:NXL) accelerated its FY26 momentum, reporting a 179% surge in Annualised Contract Value (ACV) for its Nuix Neo platform to $78.5 million, now representing 30% of total ACV. This dramatic rise was fuelled by customer migration from legacy components, new client wins, and upselling within the existing Nuix Neo base. The platform’s appeal is particularly strong in government sectors across North America and EMEA, where complex investigative and compliance demands are rising.
Overall, Nuix’s total ACV climbed 13.9% to $260 million, comfortably within guidance, with organic growth excluding the Linkurious acquisition at 8.6%. The company’s Net Dollar Retention improved to 105.2%, reflecting effective upsell strategies in the second half, despite slightly elevated churn.
Profitability and Cash Flow Leap Amid Operational Leverage
Revenue grew 18.8% to $263.2 million, boosted by an increase in multi-year deals, which now account for 35% of revenue, up from 27% a year earlier. Adjusted Management EBITDA, a key profitability metric that fully incorporates R&D spend, jumped 60.4% to $59.8 million, lifting margins to 22.7%. This reflects Nuix’s strategic goal of growing revenue faster than costs, demonstrating expanding operating leverage.
Cash generation surged, with underlying cash flow up 154% to $51 million and free cash flow rising more than eightfold to $37.4 million. The company ended the year with net cash of $49.9 million, despite the Linkurious acquisition financed partly by debt.
Linkurious Acquisition Enhances Platform and Sales Pipeline
Nuix completed its acquisition of Paris-based graph analytics firm Linkurious in April 2026, integrating its technology and team smoothly. Linkurious adds a vital visualisation layer to Nuix Neo’s data processing capabilities, creating a unique workflow from raw data to actionable intelligence. Early cross-sell wins have emerged, notably within government agencies in APAC, underscoring the strategic fit and commercial potential of the combined offering.
Strategic Reset: From Feature Selling to Platform Value with AI at the Core
FY26 marked a decisive pivot for Nuix, shifting its sales approach from feature selling to emphasising platform value. The company restructured its go-to-market model for FY27, establishing two regional sales teams and a dedicated Discover team, enhancing commercial capability without materially increasing costs.
Nuix’s advanced AI strategy is central to its growth ambitions, embedding AI tools to boost internal productivity and create new revenue streams. The platform’s model-agnostic AI architecture, data sovereignty features, and full auditability position it well amid growing enterprise demands for control and compliance in AI workflows.
Product and technology teams were unified under the CTO, with a $15 million one-off R&D Accelerator investment planned for FY27 to accelerate platform capabilities across integration, AI, cloud delivery, user experience, and innovation cadence.
Regulatory Relief and FY27 Outlook
On the legal front, the Federal Court dismissed all claims by ASIC against Nuix and individual directors from a 2021 period. ASIC has filed an appeal concerning only the company, leaving the dismissal of claims against directors final.
Looking ahead, Nuix forecasts FY27 ACV between $285 million and $300 million, driven by continued Nuix Neo growth and migration cadence. Adjusted Management EBITDA is expected to be similar to FY26, factoring in the one-off R&D Accelerator investment. Growth is anticipated to be weighted to the second half, supported by renewals, upsell, and new customer acquisition.
Bottom Line?
Nuix’s FY26 results confirm Nuix Neo as the growth engine, but the pending ASIC appeal and significant R&D investment in FY27 warrant close monitoring.
Questions in the middle?
- How will the ASIC appeal affect Nuix’s regulatory risk profile and investor confidence?
- Can Nuix sustain Nuix Neo’s rapid ACV growth as migration matures and competition intensifies?
- Will the $15 million R&D Accelerator investment translate into meaningful revenue growth beyond FY27?