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Vista Group International (VGL)HY26Released 3 August 2026
Vista Group's 24% EBITDA growth did not convert into cash
EBITDA rose 24% and margin hit 14.4%, but free cash flow turned negative and net debt/EBITDA rose to 0.47x.
Published 19 August 2026
Read briefingBeing AI (BAI)FY26Released 29 May 2026
Being AI winds down to a shell after divesting all operating assets
Reported NPAT turned positive only because a discontinued-operations gain masked a continuing operating loss and near-total loss of revenue.
Published 19 August 2026
Read briefingikeGPS Group (IKE)FY26Released 29 May 2026
Loss narrowed 54.1% as subscription mix lifted gross margin to 80.2%
Platform subscription revenue grew ~33% and gross margin expanded 1,099bps, but operating cash flow swung to NZ$-3.4m and inventory days jumped
Published 29 May 2026
Read briefingEROAD (ERD)FY26Released 25 May 2026
$161m loss on North America impairment as EBITDA fell 35%
The headline loss is non-cash but underlying EBITDA fell from $59.6m to $39.0m and free cash flow dropped to $0.1m as capex nearly doubled.
Published 25 May 2026
Read briefingSerko (SKO)FY26Released 20 May 2026
EBITDAFI lifted 137% but free cash flow worsened to -NZ$4.4m
GetThere's first full year creates a basis discontinuity in the headline comparison while capex rose 59.7% and a working-capital release flatters
Published 20 May 2026
Read briefingGentrack Group Limited 6 months to 31 March 2026 (GTK)HY26Released 18 May 2026
Gentrack cash flow swings to $8.7m outflow as EBITDA falls 39%
Cash flow swung to an $8.7m outflow and PBT fell 86.2%, while a tax credit cushioned NPAT's smaller 28.9% decline.
Published 18 May 2026
Read briefingVista Group International (VGL)FY25Released 27 February 2026
EBITDA up 30.6% on 9.5% revenue growth as cash conversion lifts to 98.6%
Operating leverage and the cloud transition delivered a return to profit, but heavy capitalised development still left free cash flow at -$0.9m.
Published 29 April 2026
Read briefingikeGPS Group (IKE)HY26Released 28 November 2025
Subscription mix shift drives 38.9% PBT improvement on 5.6% revenue growth
Platform subscription revenue grew 35% to NZ$8.8m and now represents 69% of revenue, but transaction revenue fell 32% and cash burn widened, so loss
Published 18 May 2026
Read briefingRakon (RAK)HY26Released 28 November 2025
Revenue up 30.2% but Rakon stays loss-making with trade debtors surging 52.9%
Strong demand recovery lifted Underlying EBITDA 149% and narrowed the PBT loss by 73.6%, but a NZ$18.8m receivables build means cash is not yet
Published 14 May 2026
Read briefingGentrack Group (GTK)FY25Released 24 November 2025
PBT rose 38.4% but operating cash fell 36% as conversion halved
A 3.1% effective tax rate flattered NPAT to a 120% gain while OCF/EBITDA fell to 79.2% from 145.7% on working-capital normalisation.
Published 22 April 2026
Read briefingEROAD (ERD)HY26Released 21 November 2025
EROAD swings to a $144.2m net loss despite $28.7m EBITDA and stronger cash flow
Cash conversion rose to 89.5% and EBITDA held near prior levels, yet an unexplained $136.6m pretax loss cut equity to $186.8m.
Published 21 April 2026
Read briefingSerko (SKO)HY26Released 2025-11-18T08:37:34+13:00
Serko's PBT loss widened 84.4% despite 47.4% revenue growth
Revenue accelerated on the GetThere acquisition but losses deepened and working capital expanded even as cash generation improved.
Published 23 April 2026
Read briefingEnprise Group (ENS)FY25Released 29 August 2025
Kilimanjaro operating profit fell 57% despite 13.6% revenue growth
Revenue scale is expanding but cost pressure at the dominant segment is eroding operating leverage, leaving the group loss-making at the PBT line.
Published 18 May 2026
Read briefingVista Group International (VGL)HY25Released 14 August 2025
Vista Group EBITDA jumps 38.9% as cloud demand outruns delivery capacity
Revenue grew 10.6% to NZ$77.0m and operating cash flow more than tripled to NZ$14.1m, but the group remained loss-making at PBT.
Published 23 April 2026
Read briefingEROAD (ERD)FY25Released 26 May 2025
EROAD's cash conversion fell to 72.5% while capex cuts flattered free cash flow
PBT swung to +$0.2m (+102.9%) but operating cash conversion fell to 72.5% of EBITDA as working capital rose $15.2m to $40.5m.
Published 22 April 2026
Read briefingGentrack Group (GTK)HY25Released 19 May 2025
Operating cash flow fell to near zero as EBITDA rose 5.1%
Cash conversion fell to 22.1% of EBITDA from 33.0% while NPAT's 35.8% rise outpaced PBT's 9.6% gain on a lower tax rate.
Published 22 April 2026
Read briefingEnprise Group (ENS)HY25Released 27 February 2025
Enprise swings to profit on 21.2% revenue growth but FCF turns negative
Operating cash flow fell 57.6% to NZD 0.3m despite the earnings recovery, with capex rising sharply and working capital building, leaving free cash
Published 18 May 2026
Read briefingRakon (RAK)HY25Released 27 November 2024
Revenue fell 32% pushing Rakon to a $15.1m PBT loss
Operating cash flow rose 14% but only via $18.7m of working-capital release; inventory days still climbed 47 days.
Published 29 April 2026
Read briefingGentrack Group (GTK)FY24Released 26 November 2024
Revenue grew 25.5% but EBITDA only 1.7% as Utilities margin compressed
Strong top-line growth was offset by Utilities segment margin compression from 13.2% to 10.0%, leaving operating earnings roughly flat.
Published 22 April 2026
Read briefingikeGPS Group (IKE)HY25Released 21 November 2024
Revenue up 15.7% but gross margin improvement masked by widening losses
Strong subscription growth and an 800bps gross margin expansion to 67% haven't stopped the pre-tax loss deepening to NZ$7.1m as operating costs
Published 18 May 2026
Read briefingSerko (SKO)FY25Released 29 October 2024
Period mismatch overshadows HY25 turn to positive EBITDAF and FCF
The supplied -39.7% revenue change compares half-year results to a full year, masking a positive EBITDAF turn and NZ$1.3m of free cash flow.
Published 23 April 2026
Read briefingVista Group International (VGL)HY24Released 6 August 2024
EBITDA up 188% but OCF fell 52% and net cash buffer erased
The reported earnings recovery is real, yet cash conversion dropped to 41.7% from 248% and Vista must deliver a sharp H2 cash reversal.
Published 23 April 2026
Read briefingikeGPS (IKE)FY24Released 30 May 2024
PBT loss widened 91% as transaction revenue collapsed 61%
A sharp drop in high-volume transaction revenue more than offset 21% subscription growth, driving PBT to NZ$-15.0m and cash to NZ$10.2m.
Published 18 May 2026
Read briefingRakon (RAK)FY24Released 29 May 2024
PBT collapsed 99% on a 29% revenue fall as a tax credit propped up NPAT
Operating cash flow rose 60.5% but on working-capital release, while a tax benefit lifted NPAT to $4.5m well above near-zero PBT.
Published 29 April 2026
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