TWL Full Year Results FY26
Released
Released
Announcement PDF
MARKET RELEASE
29 May 2026
AUDITED FINANCIAL RESULTS FOR THE YEAR TO 31 MARCH 2026
TradeWindow FY26 revenue rises 20% to $9.6m; ARR passes $10m
Trade Window Holdings Limited (NZX/ASX: TWL), a global trade software company, today
reports audited FY26 financial results showing strong revenue growth supported by
improved customer retention and rising average revenues per customer.
Against a volatile economic backdrop, trading revenue increased 20% to NZ$9.6 million,
while Annual Recurring Revenue (ARR) surpassed NZ$10 million for the first time, ending the
year at NZ$10.1 million.
Revenue growth has been unbroken since the company's NZX listing in November 2021, with
an organic revenue CAGR of 28% since FY23. This record, and the FY26 result, reflects the
durability of a business built on shippers and freight forwarders that recognise the security
and strength of our systems. These customers value our flexibility and our commitment to
driving productivity in their operations.
TradeWindow is well capitalised with a closing cash balance of NZ$4.2 million and enters
FY27 with clear strategic priorities and a strong product roadmap. It is targeting FY27
trading revenue in the range of NZ$10.85 million to NZ$11.33 million with EBITDA
approaching breakeven.
These audited results are consistent with the Q4 FY26 update released on 5 May 2026.
FY26 FULL YEAR HIGHLIGHTS1
• Trading revenue up 20% to NZ$9.6 million (FY25: NZ$8.0 million)
• ARR of NZ$10.1 million, up 17% — first time exceeding the NZ$10 million milestone
• Shipper ARPC of NZ$30,352 per annum, up 22% on FY25; freight forwarder ARPC of
NZ$13,907 per annum, up 27%
• Gross margin of 60% for the full year; 63% in Q4 FY26, up 3 percentage points on Q3
FY26
• Customer retention rate of 89%, up 2 percentage points on FY25
• EBITDA loss of NZ$1.2 million, an improvement of NZ$0.3 million on FY25 (NZ$1.5
million loss)
• Net loss after tax of NZ$2.6 million
• Closing cash balance of NZ$4.2 million
• No bank debt on the balance sheet
• FreightAI capitalised internal development costs of NZ$661k at 31 March 2026, up
47% quarter-on-quarter
1
Note: All figures are in New Zealand dollars unless otherwise stated. All comparisons are to FY25 unless
otherwise stated. EBITDA is a non-GAAP measure. Unaudited metrics were previously disclosed in the Q4 FY26
Investor Update dated 5 May 2026.
• ASX listing completed in December 2025, broadening the company's investor base
across Australasia
Chair Alasdair MacLeod said: "These audited results tell a consistent story: TradeWindow is
growing thanks to its focus on delivering trade solutions that are responsive to customers’
core business needs and deliver them strong productivity improvements.”
“We are at the same time improving our gross margins and investing purposefully in the next
generation FreightAI platform, a development that will consolidate our technology
leadership.”
“Crossing the NZ$10 million ARR threshold and completing our ASX listing – a move that is
delivering opportunities to enhance recognition of the value we are creating – are significant
achievements for FY26 and position the company for success in FY27."
Acting CEO Dewald van Rensburg said: "FY26 was a year of significant operational and
strategic progress. We delivered 20% revenue growth and materially advanced the FreightAI
programme. As we enter FY27, our priorities are clear: execute on the revenue plan and
continue building FreightAI."
FINANCIAL RESULTS
The audited financial results are consistent with the unaudited metrics reported in the Q4
FY26 Investor Update on 5 May 2026. Trading revenue of NZ$9.6 million represents 20%
growth on the NZ$8.0 million achieved in FY25, driven by the full year impact of new
customers acquired in FY25 — in particular, Australian TW Freight customers, combined with
further customer additions and price increases implemented during the year.
Gross margin for the full year was 60%, with Q4 FY26 reaching 63% as the migration of on-
premise TW Freight customers to the cloud-hosted solution approached completion.
EBITDA loss narrowed to NZ$1.2 million, an improvement of NZ$0.3 million on FY25, with
NZ$661k of FreightAI internal development costs capitalised to the balance sheet. Net loss
after tax was NZ$2.6 million.
The company closed the year with a cash balance of NZ$4.2 million. During FY26,
TradeWindow raised NZ$7.0 million in total (net of costs) — NZ$6.8 million via a placement
and NZ$217k through a share purchase plan.
CUSTOMER METRICS
ARPC growth was a standout across FY26. Shipper ARPC of NZ$30,352 per annum
represents a 22% improvement on FY25, with only 2% of that uplift attributable to price
increases, the balance reflecting TradeWindow's continued focus on mid-market and large
enterprise customers who are frequent, high-volume users of the platform.
Freight forwarder ARPC grew 27% to NZ$13,907 per annum, driven by targeted focus on
mid-market operators and the re-contracting of customers onto refreshed pricing plans.
Customer count of 547 was down 7 on FY25, reflecting the deliberate rationalisation of
lower-value legacy accounts during the transition to new pricing plans. Customer retention
of 89% is up 2 percentage points on FY25, demonstrating the underlying stickiness of the
platform.
FREIGHTAI
Development of our next generation FreightAI platform remains on track. The platform is
designed to embed AI directly into trade workflows, including automated document
ingestion, job creation, customs preparation, and exception handling — reducing manual
effort across the trade lifecycle and increasing throughput per customer.
Capitalised internal development costs grew 47% quarter-on-quarter to NZ$661k as at 31
March 2026. FY27 will see a material acceleration, with NZ$1.5 million of FreightAI
development costs expected to be capitalised during the year. The platform is targeted for
rollout from September 2027, at which point AI-enabled workflows will be progressively
introduced.
FreightAI is positioned as more than a rebuild of the existing TW Freight product, it is the
foundation of a scalable platform combining workflow automation, data, and AI to deliver
measurable operational and financial value to customers.
BALANCE SHEET AND FUNDING
TradeWindow ended FY26 with a cash balance of NZ$4.2 million. Total assets were
NZ$15.1 million with capitalised FreightAI work in progress standing at NZ$661k on the
balance sheet as at 31 March 2026.
TradeWindow has no bank debt, with sufficient cash on hand to fund the planned FreightAI
development programme.
OUTLOOK
TradeWindow's FY27 budget targets trading revenue growth in the range of 13% to 18%, with
EBITDA approaching breakeven. The Board considers this guidance prudent, reflecting the
uncertain macroeconomic environment and the potential for ongoing global trade
disruptions to affect customer activity and decision-making timelines.
The Audited FY26 Financial Statements and investor presentation are being released on the
NZX, ASX, and TradeWindow’s Investor Hub along with this announcement.
WEBINAR
The full-year results will be discussed on a webinar at 11am NZT today. Participants can
register using the link below:
https://investors.tradewindow.io/webinars/Ky0Z7r-tradewindow-investor-webinar-fy26-full-
year-results
Approved by the board and released for and on behalf of TradeWindow by:
Dewald van Rensburg
Acting Chief Executive Officer
ENDS
About TradeWindow:
Founded in December 2018, TradeWindow Holdings Limited (NZX/ASX: TWL) is a dual-listed
software company that provides digital solutions for exporters, importers, freight forwarders,
and customs brokers to drive productivity, increase connectivity, and enhance visibility.
TradeWindow's software solutions integrate to form a cohesive digital trade platform
enabling customers to more efficiently run their back-end operations, share information, and
securely collaborate with a global supply chain. www.tradewindow.io
Further information:
Investors
Andrew Balgarnie
Chief Strategy Officer
+64 27 559 4133
Media
Richard Inder
The Project
+64 21 645 643
Trade Window Limited
Level 4, Partners Life Building, 33 – 45 Hurstmere Road, Takapuna, Auckland 0622
info@tradewindow.io
www.tradewindow.io
Results announcement
29 May 2026
Results for announcement to the market
Name of issuer Trade Window Holdings Limited (“TWL”)
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$9,609 Up 20%
Total Revenue $9,614 Up 19%
Net profit/(loss) from
continuing operations
($2,592) Decrease of 26%
Total net profit/(loss) ($2,592) Decrease of 26%
Interim/Final Dividend
Amount per Quoted Equity
Security
Trade Window is currently investing for future growth and during
this phase does not propose to pay dividends.
Not applicable Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.02 -$0.01
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Authority for this announcement
Name of person authorised
to make this announcement
Deidre Campbell
Contact person for this
announcement
Deidre Campbell, CFO
Contact phone number 021 272 4008
Contact email address deidre@tradewindow.io
Date of release through MAP 29 May 2026
Audited financial statements accompany this announcement.
Share your feedback
Discover