Loss narrowed 54.1% as subscription mix lifted gross margin to 80.2%

Revenue rose 5.5% to NZ$26.5m, inside the historical range. Mix did the heavy lifting: Platform Subscriptions reached NZ$19.2m (+33%) and 72.2% of revenue (from 57.1%), lifting gross margin to 80.2% from 69.2%, a +1,099bps expansion.

Operating working capital released NZ$1.1m of cash, below the historical pattern of a NZ$1.5m average build, as debtor days fell to 58.1 from 92.3. Within that release, inventory days expanded to 182.4 from 75.8, well above the historical mean of 36.5 days. Operating cash flow still swung to NZ$-3.4m from +NZ$1.1m, and cash balance grew to NZ$11.7m only because equity moved to NZ$25.6m (+436%).

Platform Subscriptions delivered NZ$18.0m of segment result on NZ$19.2m revenue at a disclosed 94% gross margin, while Platform Transactions revenue fell to NZ$5.0m from NZ$7.6m. Headline 5.5% growth understates the underlying shift: lower-margin revenue is being deliberately displaced by recurring revenue, and operating leverage is starting to show.

Inventory days at 182 deserve explanation. Inventory days sit at 182.4 versus a historical mean of 36.5; the dollar build is modest at NZ$1.0m, but the days metric flags a stock position well outside the company's historical norms. Without management commentary explaining the build (FY27 deployment preparation, supplier timing, or slow-moving stock), this is an unresolved working-capital risk.

Operating cash burn deepened despite a narrower loss. OCF moved to NZ$-3.4m from +NZ$1.1m even as PBT improved by NZ$8.8m, meaning the prior-year comparison carried significant non-cash items that flattered prior OCF. The current period is a cleaner cash-burn read, and the headline cash-balance improvement is funded by equity, not operations.

another ~33%, and flagged that "positive underlying EBITDA was achieved in the month of March 2026" — a single-month milestone, not a sustained run-rate. Full-year EBITDA remained NZ$-5.0m versus NZ$-6.9m prior.

The half-year shape shows HY26 was 48.4% of full-year revenue and 58.3% of the full-year NPAT loss, so the second half was modestly stronger on revenue and materially better on losses (~NZ$-3.1m implied 2H NPAT versus NZ$-4.4m HY26). That trajectory is consistent with the March exit print but does not yet support full-year EBITDA positivity in FY27.

That is the durable element of the result, and pre-lease free cash flow of NZ$-3.9m is above Annolyse's historical mean of NZ$-5.5m, signalling modest burn-rate progress.

Other elements warrant caution. Operating cash flow deteriorated by NZ$4.5m year on year despite an NZ$8.8m PBT improvement, indicating the prior loss carried sizeable non-cash items that overstated prior-year OCF. The favourable NZ$1.1m working-capital release was driven by debtor collection, which Annolyse's historical baseline classifies as unusually favourable and therefore potentially non-repeating. Inventory built underneath that release and could reverse direction. Cash-balance growth to NZ$11.7m reflects equity issued (visible in the +436% equity move and +75.4% total assets), not operating cash generation, so the apparent liquidity improvement is balance-sheet-assisted.

This briefing cannot assess subscription retention, ARR churn, or cohort unit economics because the supplied disclosures do not include those metrics.