Camplify Holdings cut its FY26 net loss by 95% and returned to profit in the second half as cost reductions and MyWay Mutual reshaped the business. The turnaround remains incomplete, with negative operating cash flow, a net current liability position and an auditor’s material uncertainty warning.
- FY26 net loss narrowed to $810,956 from a restated $16.5 million
- Second-half net profit reached $2.1 million with adjusted EBITDA of $3.5 million
- Full-year revenue fell 6.8% to $39.2 million
- Adjusted EBITDA swung from a $10.4 million loss to a $257,019 profit
- Auditor flagged material uncertainty related to going concern
Second-half profit delivers the turnaround’s clearest test
Camplify Holdings Limited (ASX:CHL) ended FY26 with a result that looks far better than the headline revenue number suggests. The peer-to-peer recreational vehicle marketplace reported a $810,956 net loss, down 95.1% from a restated $16.5 million loss a year earlier, after producing a $2.1 million net profit in the second half.
The swing was accompanied by a sharp improvement in adjusted EBITDA: from a $3.2 million loss in the first half to a $3.5 million profit in the second. For the full year, adjusted EBITDA turned positive at $257,019, compared with a $10.4 million loss in FY25. Camplify said the second half included the full effect of its cost-reduction program and the margin contribution from MyWay Mutual.
That improvement came despite revenue falling 6.8% to $39.18 million. Marketplace revenue softened, including during a June quarter in which the company said forward bookings initially fell 29% amid fuel-price volatility and consumer concern linked to the escalation of the US-Iran conflict. Forward bookings in Australia and New Zealand recovered to $16.75 million by year-end.
MyWay Mutual changes the revenue mix
The strategic reset is visible in the composition of revenue. Premium membership fees rose 49.5% to $8.17 million, while excess reduction and insurance income reached $14.35 million. Camplify said it deliberately shifted away from lower-margin transactional volume towards recurring and higher-margin revenue.
MyWay Mutual, supported by the Tangerine and Windward protected-cell arrangements and excess-of-loss reinsurance, now carries member protection through a member-backed mutual structure. Management says the model gives Camplify more direct control over claims outcomes and member experience, although it also exposes the group to claims volatility, regulatory compliance requirements and the adequacy of its reinsurance arrangements. The company’s managed-services relationship with JB Group is also scheduled to move from pilot to network rollout in FY27.
Cash position improves, but the balance sheet still carries a warning
Camplify finished the year with $10.04 million in cash, up from $8.41 million, helped by a $3.2 million share placement. The group reported no financing arrangements and reduced its gearing ratio to 22% from 27%. Yet cash generation has not caught up with the earnings recovery: operating cash flow remained negative at $1.25 million, while current liabilities exceeded current assets by $6.45 million.
That is why the auditor issued an unmodified opinion with a paragraph addressing material uncertainty related to going concern. Directors said forecasts and available funding indicate sufficient resources for at least 12 months, pointing to the lower cost base, expected modest revenue growth, improved debt collections and $5.90 million of contract liabilities representing upfront customer payments. The accounts also retain $48.43 million of intangible assets, including goodwill and brand value; management’s impairment testing found no impairment, but revenue would need to fall by more than 4.5% to trigger impairment under the stated sensitivity analysis.
FY27 therefore has a precise test attached to it: whether the second-half profit can become repeatable cash generation. The next evidence will come from operating cash flow, claims performance inside MyWay Mutual, forward bookings and the execution of the JB Group rollout, rather than from the full-year loss alone.
Bottom Line?
The turnaround is credible at the earnings level, but it still needs to prove itself in cash before the going concern qualification fades from view.
Questions in the middle?
- Can the second-half profit profile translate into sustained positive operating cash flow?
- Will MyWay Mutual’s claims experience and reinsurance structure support the promised margin improvement at scale?
- Can the JB Group network rollout generate enough incremental revenue without rebuilding Camplify’s cost base?