Highlights

  • FY26 trading Revenue up 20% to NZ$9.6 million; ARR surpasses NZ$10 million for the first time, reaching NZ$10.1 million.
  • Shipper ARPC of NZ$30,352 up 22%, freight forwarder ARPC of NZ$13,907 up 27%, with customer retention improving to 89%.
  • FreightAI capitalised development costs reach NZ$661k, up 47% quarter-on-quarter; platform targeted for rollout from September 2027.

 

Trade Window Holdings Limited (ASX:TWL), the global trade software company, reported audited FY26 financial results on 29 May 2026 showing 20% revenue growth to NZ$9.6 million and Annual Recurring Revenue (ARR) surpassing NZ$10 million for the first time. The results extend an unbroken revenue growth record since the company's NZX listing in November 2021, with an organic revenue compound annual growth rate of 28% since FY23.

Revenue and ARR: Crossing a Symbolic Threshold

The NZ$10.1 million ARR figure is more than a round-number milestone. ARR is the metric that underpins the predictability of TradeWindow's revenue base — it represents contracted, recurring income from platform subscriptions rather than transactional revenue that must be re-earned each period. Crossing NZ$10 million means the company enters FY27 with a meaningful base of locked-in annual revenue before any new sales activity.

Trading revenue growth of 20% was driven by the full-year impact of new customers acquired in FY25, particularly Australian TW Freight customers onboarded during that period, combined with further customer additions and price increases implemented during FY26. The company also completed its ASX listing in December 2025, broadening its investor base across Australasia.

ARPC Growth: Quality Over Quantity

The standout metric across the FY26 result was the growth in Average Revenue Per Customer (ARPC). Shipper ARPC reached NZ$30,352 per annum, up 22% on FY25, with only two percentage points of that growth attributable to price increases. The remaining 20 percentage points reflect TradeWindow's deliberate focus on acquiring and retaining mid-market and large enterprise shippers who use the platform at higher frequency and Volume.

Freight forwarder ARPC grew 27% to NZ$13,907, driven by targeted focus on mid-market operators and the re-contracting of customers onto refreshed pricing plans. Customer count at 547 declined by seven year-on-year, reflecting the intentional rationalisation of lower-value legacy accounts during the pricing plan transition — a trade-off that improved revenue quality at the expense of raw customer count.

Customer retention of 89%, up two percentage points on FY25, reflects the stickiness of TradeWindow's platform among customers who rely on it for document management, customs preparation, and compliance workflows that are difficult to replicate or migrate.

FreightAI: The Platform-Level Bet

Development of the FreightAI platform represents TradeWindow's most significant strategic Investment. The platform is designed to embed artificial intelligence directly into trade workflows — automating document ingestion, Job creation, customs preparation, and exception handling — with the goal of reducing manual effort across the trade lifecycle.

Capitalised development costs grew 47% quarter-on-quarter to NZ$661k as at 31 March 2026, and the company expects to capitalise NZ$1.5 million of FreightAI development costs in FY27. The platform is targeted for rollout from September 2027, at which point AI-enabled workflows will be progressively introduced to customers.

Management characterises FreightAI not as a rebuilt version of the existing TW Freight product but as a foundationally new platform combining workflow automation, data, and AI. If it delivers on that description, it positions TradeWindow to materially increase throughput per customer and, potentially, per-customer revenue through Value-Based Pricing of AI-enabled efficiency gains.

Balance Sheet and FY27 Outlook

TradeWindow closed FY26 with a cash balance of NZ$4.2 million and no bank Debt. Total Assets were NZ$15.1 million. The company raised NZ$7.0 million during the year through a Placement and share purchase plan, providing adequate funding for the planned FreightAI development program without near-term Capital requirement concerns.

FY27 guidance targets trading revenue growth of 13–18%, with EBITDA approaching breakeven. The Board described this guidance as prudent, acknowledging that macroeconomic Volatility and global trade disruptions could affect customer activity and decision-making timelines. At the midpoint, the guidance range implies revenue of approximately NZ$10.8–11.3 million — meaningful progression toward the scale required to achieve sustained profitability.

Conclusion

TradeWindow's FY26 results demonstrate a Business executing consistently on its growth strategy while managing the transition from a customer-count expansion model to an ARPC-driven quality model. The ARR milestone, improving gross margins, and the advancing FreightAI development program collectively point toward a company building the operational and technical foundation for its next growth phase. FY27 will be a year of continued revenue progression and critical FreightAI development milestones.