FADEL’s FY25 trading update highlights FY25E revenue of $12.6m or +2% ahead of our previous forecast, adjusted EBITDA of -$0.8m vs our previous -$1.0m, net cash of $1.7m vs our previous $0.6m, and a confident outlook that leads us to introduce FY26E recurring revenue growth of +17% to $9.6m. Driving the revenue outperformance, the group’s redefined recurring revenue achieved FY25E growth of +3% to $8.2m, and only partially reflects a strong Q4 25, where FY25E ARR growth is +13% yoy to $8.9m. Dri ....
