Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • FY25 unaudited revenue reached AUD 23.2 million, up 42% year-on-year and exceeding guidance.

  • Company expects to report its first positive underlying EBITDA in FY25.

  • FY26 revenue guidance set at AUD 25.4 million to AUD 27.7 million, with higher EBITDA and cash flow positivity anticipated.

Change Financial Limited (ASX:CCA) saw its share price rise by 18.6% to AUD 0.083 per share on Wednesday morning after the company reported that it had exceeded its full-year FY25 revenue guidance and is on track to deliver a maiden positive underlying EBITDA.

The payments and financial technology company announced unaudited FY25 revenue of US$15.1 million (AUD 23.2 million), representing a 42% increase over FY24 and surpassing the previous guidance of at least 30% growth. This marks the company’s third consecutive year of revenue growth, achieving a three-year compound annual growth rate (CAGR) of 22%.

The company attributed the performance to record revenue in the fourth quarter, with Q4 FY25 contributing US$4.0 million (AUD 6.2 million). The growth was supported by higher client invoicing volumes and lower operational costs in its U.S. operations, leading to a net cash flow positive position for the quarter.

FY26 Guidance Signals Further Growth

Looking ahead, Change Financial has set its FY26 revenue guidance in the range of US$16.5 million (AUD 25.4 million) to US$18.0 million (AUD 27.7 million), reflecting ongoing growth momentum. The company is also targeting a significant improvement in underlying EBITDA, which is expected to range between US$2.5 million (AUD 3.8 million) and US$3.5 million (AUD 5.4 million).

Management highlighted that continued execution across client acquisition, faster sales conversion, and scaling operations are expected to contribute to increasing EBITDA margins and sustainable cash flow positivity. The company is aiming to maintain a long-term revenue CAGR above 20%, as it benefits from prior investments in sales and marketing.

Operational Leverage and Financial Milestones

Change Financial’s expected transition to net cash flow positive status for FY26 represents a major operational milestone. The company emphasised that this financial turning point reflects its growing scalability and the ability to generate incremental revenue more efficiently as the business expands.