H125 headlines. Revenue flat at £24.2m, with SaaS +10% & Services -16% following the strategic shift. Annual recurring revenue grew 16% yoy to £41m (£39.7m FY24) with a flurry of wins post close not included in this ARR. AIR grew 7% to £16.6m and Eagle AI +36% to £2.9m with growth now coming through strongly. Net revenue retention is 104%, reflecting further deepening into core accounts and churn non-existent. EBITDA is flat at £5.9m with EBITA +11% to £3m (lower amortisation of customer fulfilment costs). Net cash is strong at £11.7m (£7.8m H124) with decent operational cash flow of £4.8m, +48% yoy. Strategic initiatives & US build gives promise. Progress has been quick since the initiatives were flagged in summer 2024. EPAM, Infosys and NETCONOMY as channel partners should reduce Eagle Eye’s Service delivery, creating a scalable higher-margin business model. Major news was the Jan’25 landmark OEM, with AIR integrated into a global ERP software vendor’s retail offering, which could transform the long-term P&L. Delivering the OEM roadmap accelerates Eagle Eye’s focus on making its tech easier to scale and sell, which also supports its partner strategy (e.g. integration platform, scalability, automating on-boarding). A US-based CRO has been hired to accelerate deal closure and win rates with the initial focus NA. This offers significant upside, with NA 2% penetrated by Eagle Eye but c50% of ARR. Forecast confidence. We look for 8% H2 SaaS AIR growth, similar to H125, despite recent and previous wins ramping. Eagle AI’s strong H125 looks to be beaten into H225. Our c45% drop in Services reflects the business model shift. Broadly flat sequential H2 opex from a reduction of service delivery offset with investment (e.g. sales, OEM) gives good support to our FY25E profit forecast. View. H2 delivery will give a base for FY26 execution and a re-rating. Buy.