Aferian Reports 20% Revenue Growth in FY25 Trading Update Amid Debt Maturities

FY25 trading update: 20% revenue growth, but the refinancing clock is ticking

Aferian has put out a punchy year-end trading update. Revenue for FY25 is expected to be approximately $31.5 million, up 20% year on year, driven by a strong showing from the Amino division and a better order run-in for FY26. That is a clear improvement in commercial momentum.

Set against that, the balance sheet remains tight. Net debt at 30 November 2025 was $16.0 million, including a $2.1 million shareholder loan from Kestrel Partners, and both the senior banking facilities and the Kestrel loan fall due at the end of January 2026. Management says cash flow and working capital are being carefully managed within facilities, but the maturities are now very close.

At-a-glance: the key numbers and dates investors need

Metric	FY25 / Status
Revenue	Approximately $31.5 million
Year-on-year growth	20%
Net debt at 30 Nov 2025	$16.0 million
Included shareholder loan	$2.1 million from Kestrel Partners LLP
Kestrel loan maturity	31 January 2026
Secured senior banking facilities maturity	30 January 2026
Amino FY26 advance orders	Slightly higher than the same point last year
24i trading backdrop	Customer attrition in FY25, new wins and stronger pipeline

Note: Net debt is defined by Aferian as total borrowings less restricted cash and cash equivalents.

Amino momentum is doing the heavy lifting

The update credits Amino with the bulk of the progress. Higher order volumes from existing PayTV customers and new deployments in Enterprise and Digital Signage underpinned growth. That is exactly where you would hope to see traction for a B2B video player, because it points to both retention and expansion use-cases.

Importantly, Aferian also flags that advance orders from Amino customers for FY26 are slightly higher than at the same point last year. While that is not hard guidance, it is a helpful pointer to early visibility. In practical terms, it gives Aferian a bit more confidence that the Amino run-rate can hold or improve into the new financial year.

24i shows a mixed picture: attrition now, pipeline rebuilding

24i had customer attrition during FY25. Attrition simply means customers leaving or contracts not renewing. That hurts recurring revenue and can dent margins while the team backfills with new wins.

There is a flip side. Product innovation, including enhancements to the 24i video cloud, delivered new customer wins and has significantly strengthened the sales pipeline. Pipeline is sales shorthand for qualified opportunities that may convert into contracts. It does not pay the bills until it closes, but it suggests the product-market fit is improving again. Execution over the next couple of quarters will tell us how quickly those opportunities turn into revenue.

Debt and liquidity: maturities bunch at the end of January 2026

This is the section to read twice. Net debt stood at $16.0 million at year end, which includes a $2.1 million loan from the largest shareholder, Kestrel Partners. The Kestrel loan matures on 31 January 2026. The group’s secured senior banking facilities now mature on 30 January 2026 after a short extension agreed on 12 December 2025.

That timing concentrates refinancing risk. Aferian says cash flow and working capital are being carefully managed within existing facilities, which implies there is headroom today, but the company still needs to refinance, extend or repay those facilities within weeks. The fact that the largest shareholder provided a loan is a positive signal of support. The market will want clarity on the plan and terms well before those dates.

Why the Takeover Code disclosure appears in this RNS

The announcement includes standard disclosure language from the Takeover Code, including Rule 8.3 obligations. This language is typically used during an offer period under the Code. The update itself does not set out details of any offer process, so consider this a compliance note rather than new information.

What I like in this update

• Top-line growth of 20% is a solid step forward after a tough period. It shows customers are buying.
• Amino is delivering both with existing PayTV clients and in newer verticals like Enterprise and Digital Signage. That breadth matters for resilience.
• FY26 advance orders in Amino are slightly higher year-on-year. Even a small improvement helps with visibility.
• 24i is innovating and winning new customers. A stronger pipeline hints at a potential stabilisation if those deals close.

What still worries me

• Debt maturities are imminent. The senior banking facilities and the Kestrel loan fall due at the end of January 2026. Execution risk is high until a refinancing or extension is agreed.
• Customer attrition at 24i during FY25 is a reminder that retention must improve. Pipelines are good, but conversion is what counts.
• There is no disclosure of profitability, cash flow or margin performance in this update. Without that, it is hard to assess leverage and covenant headroom.

Why this matters for shareholders right now

The trading line is improving, led by Amino, and 24i’s product work appears to be resonating with prospects. That sets a better commercial backdrop for FY26 than a year ago. If the company can secure a sensible refinancing, the operational recovery has a chance to show through in reported results.

However, the calendar is unforgiving. With facilities maturing on 30 and 31 January 2026, the financing update is likely to be the near-term share price driver. Until that is clarified, the equity story will trade largely on perceived refinancing risk rather than operational momentum.

What to watch next

• Financing plan: any RNS on refinancing, extensions or repayments ahead of the late January maturities.
• Amino order intake: confirmation that the slightly higher FY26 advance orders translate into a strong Q1 and Q2.
• 24i churn vs wins: evidence that customer attrition is easing and that the stronger pipeline is converting.
• Full-year results detail: profitability, cash generation and covenant commentary, which are not disclosed today.
• Any further disclosures related to the Takeover Code language in this and recent announcements.

For the formal documents and future announcements, Aferian says copies will be available at its investor relations page: https://aferian.com/investors.