ActiveOps doubles revenue and ARR growth to £41.5m in record year

ActiveOps FY26 results: revenue up 48%, ARR up 46%, and the growth story is getting serious

ActiveOps has put out a strong set of FY26 results, and the headline numbers are hard to ignore. Revenue jumped 48% to £45.0 million, while annual recurring revenue, or ARR – the yearly value of contracted recurring sales – climbed 46% to £41.5 million.

For a software business on AIM, that is the sort of update investors want to see. Better still, this was not just acquisition-fuelled window dressing. Organic ARR growth was 25% and organic revenue growth was 28%, which tells you the underlying engine is still working well.

Key ActiveOps FY26 numbers retail investors should focus on

Metric	FY26	FY25	Change
ARR	£41.5 million	£28.4 million	+46%
Total revenue	£45.0 million	£30.5 million	+48%
Software and subscription revenue	£38.0 million	£26.8 million	+42%
Training and implementation revenue	£7.0 million	£3.7 million	+89%
Gross margin	84%	84%	Flat
Adjusted EBITDA	£4.3 million	£2.5 million	+72%
Statutory profit after tax	£(2.3) million	£1.1 million	-309%
Net cash	£23.8 million	£20.6 million	+16%

Why ActiveOps ARR growth matters more than the profit loss swing

If you only looked at statutory earnings, you might think this was a messy year. ActiveOps moved from a £1.1 million profit after tax to a £2.3 million loss after tax, and earnings per share fell from 1.55p to a loss of 3.23p.

But that misses the main point. The company says the loss reflects £3.0 million of exceptional costs tied to the acquisition of Enlighten. Strip those out and adjusted profit before tax was still positive at £1.0 million, although down from £1.3 million, while adjusted profit after tax came in at £0.7 million.

In plain English, the underlying business appears profitable, but the deal costs dragged the statutory numbers into the red. That is not unusual after an acquisition, though investors should still watch closely to make sure these one-off costs really are one-off.

ActiveOps customer retention and expansion show real software quality

One of the best numbers in the whole release is net revenue retention, or NRR, of 119%. NRR measures how much more or less existing customers spend over time, and anything above 100% means the customer base is growing without needing replacements for lost business.

A 119% NRR is impressive. It suggests existing customers are expanding usage meaningfully, which is exactly what you want from a SaaS model.

• 84% of customers increased or maintained ARR
• 29% increased ARR by 20% or more
• Nine new customers were secured, the same as last year
• Approximately 15,000 users were added to the platform

That last point matters. More users inside existing clients usually means deeper adoption, higher switching costs and better future renewal odds.

Enlighten acquisition boosts North America and APAC, but integration risk remains

The Enlighten acquisition clearly made a difference. It contributed £5.9 million to ARR and £6.2 million to revenue in FY26, while broadening ActiveOps’ footprint in North America and APAC.

Management says integration is progressing well and that post-synergy earnings per share accretion remains on track. The company also says restructuring actions are expected to unlock around £3.0 million in annualised savings, with a further £1.0 million of savings expected in FY27.

That is the positive spin, and fairly so. The less comfortable bit is that acquisitions always add execution risk. Goodwill rose to £10.1 million from £1.2 million, and contingent consideration linked to Enlighten’s future performance has been recognised. None of that is alarming on its own, but it does mean the deal now needs to deliver.

ActiveOps cash generation and balance sheet strength are a genuine highlight

This is where the update gets even more interesting. ActiveOps ended the year with £23.8 million of cash and cash equivalents and no debt. That alone gives it plenty of flexibility.

Then came the post year-end sale of the WorkiQ trademarks to Microsoft for US$10 million, equivalent to £7.5 million in cash. The company says the carrying value of the trademark was nil, so that is a tidy balance sheet boost, and management says the product itself will simply be rebranded.

Operating cash conversion was 295%, helped by annual billing in advance. That means the business collects cash early, which is one of the nicest features a subscription software model can have.

Product momentum in ControliQ and CaseWorkiQ supports the growth case

Operationally, there are a few encouraging signs. ControliQ Series 4 is now used by 18% of customers, while CaseWorkiQ ARR grew 38%.

There is also a wider product roadmap story here. Management is leaning hard into AI-related messaging, arguing that as firms deploy more AI agents, they will need better operational oversight and decision-making tools. That sounds sensible, although investors should remember it is still a strategic narrative rather than a separately disclosed revenue line.

Still, there is evidence of product traction. Five beta customers are engaged with ControliQ Series 5 ahead of a wider rollout from Summer 2026, and the company says WorkiQ and ControliQ datasets have now been integrated.

What looks good in the ActiveOps FY26 results

• Organic growth remained strong, not just acquired growth
• ARR of £41.5 million provides visibility into future revenue
• NRR of 119% shows existing customers are spending more
• Adjusted EBITDA rose 72% to £4.3 million
• Cash of £23.8 million and no debt reduces financial risk
• The £7.5 million trademark sale strengthens the balance sheet further

What investors should be cautious about after the ActiveOps annual results

• Statutory losses matter, even if acquisition-related
• Adjusted profit after tax and adjusted EPS both fell year on year
• Integration of Enlighten still needs to prove itself in full
• No dividend is being paid
• Some of the AI opportunity remains future-facing rather than quantified

My take on what the ActiveOps results mean for shareholders

This looks like a strong update overall. The combination of high ARR growth, excellent retention, expanding customer usage and strong cash generation gives the business a lot of credibility.

The statutory loss will grab attention, but in this case I think it is more noise than signal, provided acquisition costs do not keep recurring. The bigger question is whether ActiveOps can turn this enlarged business into sustained margin growth while keeping organic momentum high.

For now, the signs are encouraging. Trading in the first few months of FY27 is said to be in line with expectations, and management has reiterated its medium-term goal of reaching £100 million of ARR.

That is ambitious, no question. But after a year like this, it no longer looks fanciful.