Highlights

  • Annual Recurring Revenue closed FY26 at a record $6.45 million, up 46% on $4.42 million a year earlier.
  • Sales revenue rose 32.7% to $6.67 million, with net revenue retention of 110% and a Rule of 40 score of 55.
  • Homes NSW selected Asset Vision to support 150,000 social housing dwellings under an initial three-year agreement, opening a new Social Infrastructure vertical.
  • Cash at bank rose 53.5% to $2.35 million, the company remains debt-free, and the qualified pipeline exceeds $4 million.

Asset Vision Co Ltd (ASX:ASV) used its FY26 AGM Chairman’s Address to present what it called the year its platform proved it could scale well beyond its transport foundation. Chairman Luke Donnellan reported record recurring revenue, wider customer diversification and a clear two-horizon growth strategy, all while the company stayed debt-free and kept investing in product, delivery and sales.

FY26 Financial Performance

Annual Recurring Revenue (ARR), the measure management watches most closely, closed the year at $6.45 million. That is a 46% lift on the $4.42 million reported a year earlier, driven by new customers, renewals and deeper platform use by existing clients.

Sales revenue grew 32.7% to $6.67 million. Licensing revenue rose 26% to $5.07 million, while professional services revenue climbed 60% to $1.60 million as more new customers were implemented. Net revenue retention was 110%, meaning existing customers spent more with Asset Vision than in the prior year.

EBITDA remained stable despite meaningful investment in product, delivery and sales. Operating cash flow was $0.92 million and cash at bank rose 53.5% to $2.35 million at 30 June, with no debt. Customer concentration also improved: the three largest customers now account for 35.8% of revenue, down from just over half a year ago.

Customer Wins and AI Product Momentum

The defining feature of FY26 was the breadth of wins. Homes NSW chose Asset Vision to support planning and management of 150,000 social housing dwellings, creating an entirely new Social Infrastructure vertical. In Tasmania, the Department of State Growth and Marine and Safety Tasmania extended the company’s footprint into roads and marine assets. Ventia and Fulton Hogan selected the platform for newly awarded Victorian Road Maintenance Contracts, which carry four-year base terms and began on 1 July. Westernport Water strengthened the utilities position, and nine new councils joined across four states.

On product, AutoPilot, the AI-assisted inspection tool, broadened the range of defects it can detect and classify, and a new Ride Quality capability shows teams where a road feels smooth or rough during inspection playback. Asset Vision has also connected its platform to AI assistants including Microsoft 365 Copilot, ChatGPT and Claude, so customers can ask plain-language questions and get answers from live asset data.

Strategy and FY27 Outlook

Management’s vision is to become a global SaaS leader in enterprise asset management. Horizon 1, the priority for FY27, focuses on strengthening leadership in Transport and in Civic and Community, delivering recent wins so well that each new customer becomes a reference customer. Horizon 2, spanning FY27 and FY28, aims to scale the Utilities and Social Infrastructure verticals into larger enterprise deployments, deepen the national footprint, selectively enter international markets and pursue complementary partnerships and acquisitions.

The company enters FY27 with the Victorian Road Maintenance Contracts live, the Homes NSW deployment set to scale through the year and a qualified pipeline above $4 million. The Chairman stressed that growth will be pursued with disciplined investment and positive cash generation, noting that growth matters “but not at any price.”

Key Takeaways

Asset Vision’s FY26 address shows a software business combining fast recurring revenue growth with improving customer diversification and a debt-free balance sheet. The Homes NSW agreement and Victorian road contracts give it a longer contracted revenue base, while its AI features are already in production. Execution on the FY27 pipeline and the two-horizon strategy will be the key things to watch. This article is general information only and is not financial advice.