Aurrigo FY25 trading update: revenue beats consensus despite tough backdrop
Aurrigo International plc (AIM: AURR) has guided to revenue of approximately £8.0m for the year to 31 December 2025, ahead of rebased expectations set in August. That is down year-on-year from £8.9m, but crucially above the company’s stated consensus of £7.5m. Adjusted EBITDA loss and adjusted loss before tax are expected to be in line with expectations, supported by improving gross margins and offset by slightly higher operating costs as the company invests to scale.
Two takeaways jump out. First, the company navigated a volatile macro backdrop and tariff-related disruption at automotive customers to finish ahead of consensus on both revenue and cash. Second, the Autonomous division notched meaningful strategic milestones – including the launch of Auto-Cargo and a partnership with Swissport – even as some delivery milestones slipped into the new financial year.
Beating the reset: what moved the numbers vs consensus
- Revenue of approximately £8.0m topped the company’s stated consensus of £7.5m.
- Year-end cash of £11.5m exceeded the £11.0m consensus, aided by a £13.8m net fundraising.
- Adjusted EBITDA loss and adjusted loss before tax are in line with expectations – no surprises flagged.
- Automotive rebounded in H2, with second-half revenue roughly 30% higher than H1.
- Autonomous revenue of £2.5m reflects progress, with some milestones moving into the new year.
Quick jargon check: adjusted EBITDA is earnings before interest, tax, depreciation and amortisation, adjusted for certain items – a proxy for underlying operating performance. “Rebased expectations” refers to the consensus reset in August, which lowered the bar after mid-year disruption.
Automotive division – second-half snapback after tariffs
The Automotive division delivered a stronger H2 after tariff-related disruption hit UK OEMs (original equipment manufacturers) in Q2. Volumes stabilised as anticipated, driving a c.30% uplift in H2 revenues versus H1.
Full year Automotive revenue is expected to be £5.4m (2024: £5.9m). That still sits below last year, but the trajectory is what matters here – the recovery into the year-end suggests the worst of the tariff impact is behind them and that customer volumes have normalised.
Autonomous division – strategic wins: Auto-Cargo and Swissport
The Autonomous division contributed £2.5m (2024: £2.9m). Some delivery milestones extended into FY26, but the strategic direction looks positive. The company launched Auto-Cargo – its largest autonomous aviation vehicle to date – and signed a strategic partnership with Swissport International AG, one of the world’s largest airport ground and cargo handling providers.
Aurrigo also reported further progress integrating its autonomous solutions into mission-critical airport systems and secured new projects. Engagement with quality partners remains strong, underpinned by growing interest from airports and ground handlers looking to boost efficiency and resilience. In short, revenue timing has slipped on some programmes, but commercial traction and platform scalability appear to be advancing.
Cash, fundraising and the balance to invest
Aurrigo finished FY25 with £11.5m in cash, comfortably ahead of the £11.0m consensus. The year included a £13.8m net fundraising, which brought in new institutional shareholders and the company’s first strategic investor, Nex Gen Mobility. That leaves the business well positioned to support growth initiatives across both divisions.
Operating costs rose modestly as the company invests to scale, but management highlights improving gross margins. There is no detailed cash flow disclosure in this trading update, but the cash position provides a buffer to execute on near-term opportunities.
New “hub strategy” – concentrating firepower in key aviation markets
Launched at the end of FY25, the hub strategy is designed to concentrate deployments, partnerships and operational capability in priority aviation markets. The goal is to accelerate customer adoption and support broader market penetration – essentially, focus and scale where the opportunity is deepest.
Practically, this should help Aurrigo speed up deployments, reduce friction in onboarding, and deepen local partner ecosystems. If it works, you would expect faster sales cycles and a clearer route to commercial roll-out.
Key numbers at a glance
| Metric | FY25 update | Comparison |
|---|---|---|
| Group revenue | c. £8.0m | FY24: £8.9m; Consensus: £7.5m |
| Automotive revenue | £5.4m | FY24: £5.9m |
| Autonomous revenue | £2.5m | FY24: £2.9m |
| Automotive H2 vs H1 | c. 30% higher | Recovery after Q2 tariff disruption |
| Adjusted EBITDA | Loss – in line with expectations | Consensus: £3.0m loss |
| Adjusted loss before tax | In line with expectations | Consensus: £4.0m loss |
| Year-end cash | £11.5m | Consensus: £11.0m |
| Fundraising | £13.8m net | New institutions and first strategic investor, Nex Gen Mobility |
My take: progress beats perfection
On balance, this is a constructive update. Revenue and cash landed ahead of consensus, Automotive shook off mid-year disruption to finish strongly, and the Autonomous side banked credible strategic milestones with Auto-Cargo and Swissport. The year-on-year revenue dip and ongoing losses are drawbacks, but improving gross margins and a clearer deployment model should help.
What matters now is execution: converting strong partner engagement into larger, repeatable deployments under the new hub strategy, delivering the slipped milestones early in the year, and showing operating leverage as volumes build.
What I’m watching next
- Timing and size of Autonomous programme deployments under the hub strategy.
- Further customer wins or expansions with airports and ground handlers following the Swissport partnership.
- Evidence that gross margin improvements persist while operating costs stay disciplined.
- Automotive order stability after the H2 rebound, given prior tariff-related disruption.
- Cash trajectory through FY26, given investment to scale and the strong starting position of £11.5m.
Management sounds confident heading into 2026, with a clear pipeline and the resources to pursue it. If the Autonomous division converts interest into scaled roll-outs while Automotive remains steady, the narrative should keep improving.
Ask management your questions
The company is inviting investors to its interactive hub. If you want to go deeper or ask about the hub strategy, Auto-Cargo or timelines, have a look here: Aurrigo investor hub.
