FADEL’s H1 25 results show strong customer retention, H1 25 revenue and adjusted EBITDA of $4.7m and -$2.4m, and an outlook that leads us reiterate our FY25E forecasts. H1 25 ARR growth of +7% yoy to $9.9m reflects licence-based ARR +17% yoy to $8.1m due to new wins, upsells, and no customer losses in the core IPM or Brand Vision solutions, while lower-margin Enhanced Support Services ARR has declined to $1.7m from $2.3m due to several customers reducing their support tiers as part of broader in ....
