Revenue — possible unit mismatch: actual is 1.03e-06x the estimate
Verdict
Revenue of $130.8 million was up approximately 1,970% from $6.3 million in H1 2025 and nearly three times all of FY2025 — the scale step is real and it is enormous.
Loss per share of $(0.35) missed the $(0.15) estimate, and the gap widened rather than narrowed against the prior year's $(0.25).
Gross margin fell to 48.9% from 95.2% a year ago, with cost of revenue of $66.8 million against $0.3 million — the revenue mix is no longer software.
FY2026 revenue guidance of approximately $360 million was reaffirmed, which the company itself says implies H2 revenue of approximately $229 million, around 75% above H1.
Cash and cash equivalents stood at $33.2 million at June 30 against $92.0 million of cash used in operating activities during the half.
Key metrics
Metric
Reported
Prior year
Change
Gross profit
$63.9 million
$6.0 million
—
Gross margin
48.9%
95.2%
—
Net loss
$(139.5) million
$(57.9) million
—
Adjusted EBITDA (non-GAAP)
$(32.6) million
$(17.7) million
—
Customer base
more than 1,640
more than 950 at year-end 2025
—
Cash and cash equivalents at June 30, 2026
$33.2 million
—
—
Guidance changes
Item
New guidance
Prior guidance
FY2026 revenue
approximately $360 million
approximately $360 million (reaffirmed)
FY2026 exit annual recurring revenue (ARR)
at least $500 million
—
Implied H2 2026 revenue
approximately $229 million, around 75% greater than H1
—
Quality of earnings
$67.5 million of non-cash charges sit inside the $(139.5) million net loss: $41.5 million of share-based compensation, $20.4 million of depreciation and amortization and $5.6 million of impairment.
Acquisitions consumed $224.9 million of cash in the half, and the Reward deal closed in February — inside the period being compared with $6.3 million of prior-year revenue.
Weighted average shares rose to 402.9 million from 233.5 million, so the $(0.35) loss per share is struck on a 73% larger count.
Gotchas & watch items
Guidance requires approximately $229 million of H2 revenue, about 75% more than the $130.8 million just delivered.
Cost of revenue of $66.8 million against $0.3 million a year ago is what took gross margin from 95.2% to 48.9%.
Of the $100.5 million of period-end cash, $67.4 million is restricted; unrestricted cash is $33.2 million.
The $500 million exit-ARR target sits against $130.8 million of revenue actually recognised in the first half.