Orcoda (ASX:ODA) Narrows Half-Year Loss as Contracting Growth Offsets Software Decline

Aditi Sarkar

27 October 2026 10:24 PM AEDT

Orcoda (ASX:ODA) Narrows Half-Year Loss as Contracting Growth Offsets Software Decline

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

Half-year income to 31 December 2025 was $9.71 million, and the net loss narrowed to $565,924 from $1.51 million.
Resource and Infrastructure income rose 39% to $6.40 million, while Transport Technology income fell 35% to $3.17 million.
Operating cash flow was $723,648, and cash of $2.62 million left the group in a net cash position.
Annual recurring revenue rose $400,000 to $5.4 million, and unused committed facilities stood at $2.09 million.

Orcoda Limited (ASX:ODA) cut its loss in the first half of FY26 as its contracting arm grew faster than its software business shrank. The Brisbane-based smart transport technology, logistics and contracting company reported income of $9.71 million for the six months to 31 December 2025.

Company Snapshot

Orcoda operates two divisions. Transport Technology provides the Transport360 cloud fleet and booking software, Future Fleet telematics and the Keaz vehicle-sharing product on a subscription basis. Resource and Infrastructure delivers infrastructure, communications and electrical contracting, mainly in Central Queensland through its Betta Group subsidiary, and offers the patented Contractor360 workforce platform.

The company traces its origins to 1983, was listed in 1986 and has since added acquisitions including Betta Group in 2020 and Future Fleet in 2023. Patrick Bodegraven became managing director in November 2025.

First-Half FY26 Results

Total income was $9,708,700, against $9,518,529. The net loss was $565,924, against $1,511,170, and underlying EBITDA of $146,463 compared with a loss of $480,747. Net operating cash flow was $723,648. Cash was $2,615,717, financial liabilities were $2,516,880, mostly chattel mortgages, and the company reports a net cash position of $98,837.

Net assets were $15,881,977 and shares on issue were 187,514,212. The half-year review carried an unmodified conclusion. Contract wins in the half included Waikato Regional Council, Energy Queensland work including the Clinton Substation battery project of about $1.1 million, and a Queensland Rail panel appointment.

FY25 Background

In FY25, total income fell to $17.16 million from $25.44 million, and the company reported a loss after tax of $2.50 million, compared with a $0.91 million profit. A major Betta Group customer delaying works was cited as a driver. At the time, the company reported $5.4 million of work in hand for the first quarter of FY26.

Outlook and Risks to Watch

Orcoda's stated financial strategy is to grow the recurring revenue base, extract operating leverage and invest for the future, while continuing to review complementary acquisitions. It gives no quantitative guidance and calls the half challenging. The company describes its services as largely non-discretionary.

Risks include customer concentration, with the top three customers contributing about 59% of external revenue, weaker economic conditions, competition, inflation in materials and labour, tradesperson shortages and technology obsolescence. Accumulated losses stand at $89.1 million. Going concern assessment relied on operating cash inflows and about $4.76 million of available resources. Figures are to 31 December 2025.

Stock Price Information

Orcoda shares were unchanged at A$0.054 on 27 October 2026, giving the company a market capitalisation of about A$10.13 million. The stock is down 23.94% over the past year.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.