Key Highlights

  • Revenue from continuing operations was A$64.061 million, up 9.8 per cent from A$58.337 million.
  • Revenue rose to A$390.0 million from A$369.6 million, growth of approximately 6 per cent.
  • Revenue fell 25 per cent to A$10,172,890 from A$13,576,602.
  • The three businesses combine different Revenue models, Capital needs and execution priorities within the technology sector.

Infotrust (ASX:ITS), Macquarie Technology Group (ASX:MAQ) and FlexiRoam (ASX:FRX) approach FY2027 from different operating positions. Their latest company disclosures show how revenue quality, cash conversion and delivery against announced programs matter more than a shared sector label.

Each company is assessed on its own reporting calendar and Business model. The discussion below retains company-reported financial measures and announced plans while separating those facts from assumptions about future outcomes.

Company Business

Infotrust (ASX:ITS)

Spirit Technology Solutions Ltd changed its name to Infotrust Ltd with effect from 27 October 2025, following Shareholder approval at the Annual General Meeting on 24 October 2025. The ASX Code changed from ST1 to ITS on 10 November 2025, as confirmed in the company's own Appendix 4D for the half year to 31 December 2025. The entity has 193,432,189 fully paid ordinary shares on issue, and should not be confused with InfoTrust LLC, an unrelated and unlisted United States analytics consultancy.

Macquarie Technology Group (ASX:MAQ)

Macquarie Technology Group reported FY2026 results on 26 August 2026 for the year ended 30 June 2026, with an analyst briefing the following morning.

FlexiRoam (ASX:FRX)

FlexiRoam Limited remains listed on the ASX under the code FRX. Its financial year ends 30 June — the company previously reported to 31 March and transitioned in FY2023 — so FY2026 covers the twelve months to 30 June 2026. The Annual Report and Appendix 4E were lodged on 28 August 2026.

Financial Performance

Infotrust (ASX:ITS)

Revenue from continuing operations was A$64.061 million, up 9.8 per cent from A$58.337 million. Underlying EBITDA from continuing operations fell 20.3 per cent to A$2.672 million. Statutory EBITDA improved to negative A$0.350 million from negative A$1.915 million, and EBIT improved to a loss of A$2.7 million from A$4.5 million.

The Bottom Line is dominated by the divestment. Net loss after tax from continuing operations was A$7.828 million, while discontinued operations contributed a loss of A$15.267 million against a A$6.033 million prior-year profit, producing a total statutory loss of A$23.095 million. That includes a disposal-related loss of approximately A$19.85 million on Nexgen and follows a A$15.556 million Goodwill Impairment recorded at the half year.

Macquarie Technology Group (ASX:MAQ)

Revenue rose to A$390.0 million from A$369.6 million, growth of approximately 6 per cent. EBITDA increased 2.0 per cent to A$115.9 million. Net profit after tax fell 8 per cent to A$32.1 million, with Basic Earnings Per Share of 124.6 cents against 135.2 cents. EBITDA reconciles to profit before tax of A$47.2 million after A$57.7 million of Depreciation and Amortisation and A$11.7 million of finance costs; the company does not present a separate underlying EBITDA measure.

Operating cash flow was A$94.6 million, representing 108 per cent cash conversion, and 95 per cent of revenue is contracted monthly recurring revenue. Total Capital Expenditure was A$230.5 million, comprising A$193.3 million of growth capex — of which A$186.2 million went to IC3 Super West — plus A$21.6 million of customer growth and A$15.6 million of maintenance capex. At 30 June 2026 the company held A$4.9 million of cash with A$3.5 million drawn against a A$500 million corporate facility, leaving A$496.5 million undrawn. No Dividend was declared, with the company citing its capital-intensive growth phase.

FlexiRoam (ASX:FRX)

Revenue fell 25 per cent to A$10,172,890 from A$13,576,602. Underlying EBITDA rose to A$2,447,744 from A$624,654. The company recorded a net profit after tax of A$658,206, against a loss of A$1,997,795 — its first full-year statutory profit. Operating Cash Flow was an inflow of A$2,712,503, against an outflow of A$3,084,467. Cash at 30 June 2026 was A$3,543,063, up from A$1,609,012, and the material uncertainty regarding Going Concern disclosed in the prior year no longer exists. Shares on issue were 1,516,718,010.

The shape of that result deserves emphasis: profitability was achieved on a 25 per cent revenue decline. It is a cost and Margin outcome, not a growth outcome. FlexiRoam no longer presents Gross Profit or gross margin following a change to expense presentation by nature, and does not disclose a statutory EBITDA figure separately from the underlying measure, so any FY26 gross margin figure in circulation is not company-sourced. A further caution for readers comparing halves: the half-year report to 31 December 2025 recorded revenue of A$5,939,087 and net profit of A$1,423,637, implying second-half revenue of roughly A$4.2 million and a second-half loss. That calculation is derived rather than disclosed, but it bears on the momentum question.

Sector Context

The companies serve different parts of the technology economy, so their revenue and cost structures are not directly interchangeable. Contract duration, recurring income, customer concentration, capital expenditure and Acquisition accounting can materially change how headline growth appears in each set of accounts.

A useful comparison therefore starts with the source of revenue and the cash required to support it. Reported guidance remains conditional on management execution, customer activity and the timing of announced projects or integrations.

Risks to Consider

Infotrust (ASX:ITS)

Execution against announced programs, customer concentration and cost control remain the main variables to monitor.

Macquarie Technology Group (ASX:MAQ)

The central uncertainties concern delivery timing, margin discipline and whether expected project or acquisition benefits emerge as planned.

FlexiRoam (ASX:FRX)

Future results may be affected by customer activity, integration demands, funding requirements and changes in the company’s operating mix.

What to Watch Next

Infotrust (ASX:ITS)

Infotrust now reports a single Cyber Security segment covering offensive security including penetration testing, defensive security, compliance consulting, digital forensics and incident response. Managed services include a 24/7 Australia-based Security Operations Centre, managed detection and response and CISO-as-a-retainer, and a secure AI practice has been added. The company describes more than 250 cyber and technology professionals across Melbourne, Sydney, Brisbane, Perth and Canberra, serving more than 1,000 organisations.

Macquarie Technology Group (ASX:MAQ)

IC3 Super West is the current build: 47 MW of design capacity at a total Investment of roughly A$350 million. Phase 1, at 6 MW, was targeted to be ready for service in September 2026, and Phase 2, at 13 MW, has been expedited to June 2027. FY27 capital expenditure on those phases is guided at A$180 million to A$192 million, and the company has said no meaningful Phase 1 revenue is expected until the second half of FY27. As at 13 September 2026 no anchor tenant had been announced; the FY26 presentation described negotiations with an anchor customer as "well progressed" and said the Facility "has attracted significant demand."

The company states it is trusted by 42 per cent of the Australian Federal Government and holds Certified Strategic status under the Hosting Certification Framework. Its facilities are IRAP assessed against PROTECTED controls, it is certified under the Defence Industry Security Program, and it operates Zone 3 certified secure data halls in Sydney and Canberra, with more than 270 security-cleared engineers and more than 30 named agency clients including Defence, the ATO and Parliament. Management has said IC3 Super West is purpose-built for high-density AI and cloud workloads with air, liquid and hybrid cooling, and chief executive David Tudehope has described expected customers as a mixture of hyperscale cloud customers and software companies embedding AI and wanting to host in Australia. No contracted AI capacity, named AI customer or quantified AI pipeline has been disclosed.

FlexiRoam (ASX:FRX)

FlexiRoam does not disclose active subscriber numbers, data plans sold or ARPU in its FY2026 Appendix 4E, its FY2025 annual report or its half-year report. It discloses reach proxies instead: a Mastercard programme covering 418 banks and 1,270 card programs across 78 countries, and a DIALOG welfare programme in Malaysia reaching approximately 8.1 million recipients. Those are addressable reach figures rather than user counts, and the absence of subscriber and ARPU disclosure in a consumer eSIM business is itself worth noting.

The Etihad Airways agreement, announced 4 August 2026, runs for two years and consolidates earlier arrangements from April 2025 and March 2026. It covers staff connectivity through multi-network global roaming data pools, aircraft operational data via onboard SIM and eSIM, and pilot iPad connectivity, across more than 125 countries. The announcement states it does not specify a minimum number of data pools or devices, or an aggregate minimum contract value.

How to Read the Current Position

The clearest assessment will come from subsequent company reporting. Revenue should be read alongside margins and cash flow, while acquisition-led growth should be distinguished from organic activity. Guidance and longer-term targets are company objectives rather than assured outcomes.