Key Highlights

  • FY26 Revenue rose 18.8% to AUD 263.2 million.
  • Adjusted management EBITDA increased 60.4% to AUD 59.8 million.
  • Nuix returned to statutory profit as Neo adoption accelerated.
  • Execution, competition and research spending remain key risks.

Nuix (ASX: NXL) has been trying to shed its reputation as the ASX tech float that never quite lived up to its 2020 hype. Its FY26 results, covering the year to 30 June 2026, give the company its strongest evidence yet that it is doing so: revenue up 18.8% to AUD 263.2 million, adjusted management EBITDA up 60.4% to AUD 59.8 million, and a return to statutory profit of AUD 16.4 million after a AUD 9.2 million loss the year before. The results landed just months after a Federal Court judgment dismissed an ASIC case tied to Nuix's original listing disclosures.

What Has Happened?

Nuix reported half-year results (1H26) on 23 February 2026, showing revenue up 15% year-on-year, underlying EBITDA up 18%, cash EBITDA up 46% and annualised contract value (ACV) up 8%, with Nuix Neo ACV surging 148%. Shares jumped 18.9% on the day. Two months later, on 20 April 2026, the company completed its Acquisition of Linkurious, a graph-analytics business, adding roughly AUD 12.0 million of ACV and giving Nuix new cross-sell opportunities into its existing customer base.

Understanding the Business

Nuix provides investigative analytics and intelligence software, built originally around the ability to collect, process and review vast volumes of structured and unstructured data — the kind of capability used by law enforcement, regulators, litigation teams and corporate investigators to "find truth in the digital world." That heritage in eDiscovery and digital forensics has historically been the company's largest revenue base.

Financial and Operational Picture

For FY26 (year ended 30 June 2026), Nuix reported revenue of AUD 263.2 million, up 18.8% on FY25, with management citing strong renewal performance and growth in multi-year deals, which rose to 35% of revenue from 27% previously. Total ACV reached AUD 260.0 million, up 13.9% on FY25 (8.6% excluding the Linkurious contribution), with Nuix Neo ACV climbing 179% to AUD 78.5 million — now 30% of total ACV across 135 customers, up from 75 a year earlier.

Why This Matters

The scale of Nuix's Earnings improvement — EBITDA growth well outpacing revenue growth — points to genuine Operating Leverage rather than simply top-line momentum, and the swing back to statutory profit removes a lingering overhang for a company that has spent years working through the reputational and financial damage of its 2020 listing controversy. A new CEO taking the reins immediately after a first Federal Court win against ASIC, and immediately ahead of the company's strongest results in years, gives Nuix a genuine opportunity to reset its market narrative.

Industry Opportunity

Demand for investigative analytics, eDiscovery and digital forensics continues to grow as the Volume of digital evidence involved in litigation, regulatory investigations and compliance work expands. Layered on top, enterprise and government interest in applying AI to large, unstructured datasets — for Fraud detection, national security and complex litigation — is a broader, faster-growing category that Nuix Neo and Linkurious are aimed squarely at. Multi-year, renewal-heavy contracts in this sector also tend to produce more predictable revenue than typical software categories, supporting the case for further Margin expansion as the Neo and graph-analytics customer base grows.

Potential Catalysts

Continued migration of legacy customers onto Nuix Neo, and the associated ACV uplift, is the clearest organic catalyst embedded in the FY26 results. Further cross-sell of Linkurious graph-analytics capability into Nuix's existing customer base, beyond the early success flagged at the FY26 result, could extend that momentum. Resolution — or at least further clarity — on ASIC's appeal would remove a source of uncertainty, while continued execution against FY27 ACV guidance of AUD 285 million to AUD 300 million will be the market's primary yardstick over the coming year.

Risks Investors Should Consider

ASIC's confirmed appeal against the Federal Court's dismissal of its disclosure case means legal risk and associated costs remain live for Nuix, regardless of the strength of its operating results. The company's FY27 guidance already anticipates absorbing a one-off AUD 15 million R&D investment, and successful execution on that spending is not guaranteed to translate into the ACV growth management expects. Net dollar retention, while improved to 105.2%, has been volatile over recent periods, and any renewed softening would pressure the growth narrative. Integration risk from the Linkurious acquisition, and broader competitive pressure in AI-enabled Data Analytics from both established players and new entrants, are also material considerations.

What to Watch Next

Investors should watch for the next steps in ASIC's appeal process, ongoing quarterly or half-yearly updates on Nuix Neo ACV and customer migration numbers, further detail on Linkurious cross-sell traction, and progress against the FY27 ACV and EBITDA guidance range set alongside the FY26 results.