TradeWindow Builds Momentum Towards FY27 Breakeven and ASX Move
TradeWindow is targeting 13% to 18% revenue growth in FY27 and expects to approach EBITDA breakeven, while preparing to shift its primary listing from the NZX to the ASX. The freight software company also reported rising recurring revenue, stronger customer economics and NZ$4.0 million in cash at 30 June 2026.
- FY27 revenue growth guidance of 13% to 18%
- Expectation of approaching EBITDA breakeven, funded from existing cash
- Q1 FY27 ARR up 17% to NZ$10.4 million
- Primary ASX listing migration remains subject to approval
- FreightAI operating platform planned for September 2027
FY27 growth plan points towards breakeven
TradeWindow Holdings Limited (NZX:TWL; ASX:TWL) is aiming to turn a year of improving revenue and narrowing losses into near-breakeven earnings, with FY27 revenue growth guided at 13% to 18%. The company said its existing cash balance should fund the business as it approaches EBITDA breakeven, although the presentation makes clear that the breakeven point is an expectation rather than a formal EBITDA guidance figure.
The numbers behind the target are moving in the right direction. FY26 trading revenue reached NZ$9.6 million, while the EBITDA loss narrowed to NZ$1.2 million from NZ$1.5 million a year earlier. The FY27 revenue chart uses a midpoint of NZ$11.1 million for the published growth range, but the company cautions that the illustrated EBITDA position is not itself guidance.
Recurring revenue rises as customer value improves
TradeWindow reported Q1 FY27 trading revenue of NZ$2.7 million, up 18% on the same quarter a year earlier, and annual recurring revenue of NZ$10.4 million, up 17%. Average annual revenue per shipper customer increased 20% to NZ$36,447, while the comparable figure for freight forwarders rose 19% to NZ$16,480.
Those gains came with a largely stable operating profile: gross margin was 63%, customer retention improved by one percentage point to 90%, and the customer count stood at 546, one fewer than the prior measure. The combination is central to TradeWindow’s stated strategy of pursuing deeper usage and higher spend from existing customers rather than relying solely on customer-volume growth.
ASX migration puts capital markets alongside growth
The company is also seeking to move its primary listing to the ASX, arguing that Australia is both its fastest-growing region and home to a deeper pool of sector-focused investors and institutional capital. TradeWindow said the application has been announced to the market, but the migration remains subject to ASX approval and its timing is uncertain.
Two Australian freight-forwarding operators, Susan Beling and Brodie Collins, joined the board in August. TradeWindow describes itself as number one in New Zealand’s shipper segment and number two in Australia behind WiseTech Global, although those rankings are management estimates and have not been independently verified.
FreightAI roadmap carries the execution risk
The next product leg is FreightAI, an AI-first freight and logistics operating platform intended to automate document handling, workflows and other freight processes. TradeWindow plans to continue embedding AI into its existing Freight Desktop product before releasing the broader FreightAI operating platform in September 2027, with core freight functionality and implementation work forming part of the development path.
At 30 June, TradeWindow held NZ$4.0 million in cash. Management identified customer traction, retaining suitably skilled staff, and delivering and commercialising FreightAI as key assumptions behind its projections. A chief technology officer is still being recruited, leaving technical ownership and architecture as the remaining key leadership gap while the company pursues product expansion and potential international growth in the United States and United Kingdom.
Bottom Line?
The near-term test is whether recurring revenue and customer pricing can carry TradeWindow to breakeven before FreightAI and international expansion demand heavier investment.
Questions in the middle?
- Can TradeWindow deliver the 13% to 18% FY27 revenue growth range while preserving its 63% gross margin?
- When will ASX approval arrive, and what practical effect will the primary-listing move have on liquidity and investor participation?
- Can FreightAI reach production and commercialisation milestones by September 2027 without widening cash use or delaying the path to breakeven?
