FY25 revenue and EBITDA slightly ahead of consensus
Big Technologies has delivered a tidy FY25, landing marginally ahead of market consensus on both revenue and adjusted EBITDA. Unaudited Group revenue came in at approximately £49.7 million versus a consensus of £49.1 million (range: £48.5 million to £49.5 million). Adjusted EBITDA was approximately £24.6 million against a consensus of £24.1 million, and notably a touch above the compiled range of £23.7 million to £24.5 million.
That’s a solid outcome given contract losses midway through 2024. It shows the core engine is still humming, with new business starting to offset the 2024 headwinds.
Key numbers at a glance
| Metric | FY25 (unaudited) | FY24 | Comment |
|---|---|---|---|
| Revenue | ~£49.7m | £50.3m | +3% year-on-year on a constant currency basis |
| Adjusted EBITDA | ~£24.6m | £27.0m | Lower due to margin mix and investment in management |
| ARR (Annual Recurring Revenue) | £52.4m | £46.8m (constant currency) | +12% constant currency; Americas +25% |
| Cash | £93.4m | Not disclosed | Would be £61.9m including £31.5m initial Buddi Litigation payment |
| Underlying CC revenue growth | 9% | n/a | Excludes loss of the Colombia contract in H1 2024 |
ARR up 12% and Americas strength shines through
Annual Recurring Revenue (ARR – the annualised value of ongoing, subscription-like contracts) grew 12% on a constant currency basis to £52.4 million. That’s the headline positive: Big Technologies is building a more predictable, repeatable revenue base. The Americas posted a standout 25% growth in ARR, underlining where momentum is strongest.
Constant currency means the company has retranslated previous figures at 2025 exchange rates to strip out FX swings. On that basis, FY25 revenue growth was 3% year-on-year, or 9% if you adjust for the loss of the Colombia contract. Given the mid-2024 setbacks, that’s a respectable rebound trajectory.
Profitability dipped, but the investment case is clearer
Adjusted EBITDA of approximately £24.6 million is down from £27.0 million last year. Management points to a change in margin mix and investment in strengthening the Group’s leadership bench. Following cost-saving actions, these investments are expected to be cost neutral in future periods – in other words, the heavier cost load of 2025 should normalise without denting margins further.
Worth noting: adjusted EBITDA excludes share-based payments and other adjusting items, including legal expenses linked to ongoing litigation and an exceptional foreign exchange loss of £4.0 million related to US dollar funds held for a potential acquisition. This gives a cleaner view of underlying operating performance.
Cash remains a strategic weapon despite litigation payment
The balance sheet stays robust. Year-end cash was £93.4 million, and even after including the initial £31.5 million payment related to the Buddi Litigation settlement, Big Technologies would have had £61.9 million. The business remained cash generative through the year.
That level of liquidity matters for two reasons: it supports larger rollouts of new contracts, and it gives flexibility for product development and selective M&A. It also provides reassurance as new wins transition from award to go-live in 2026.
New contracts and a beefed-up US presence set up 2026
Commercially, the pipeline is clearly moving. The company has won contracts in a southern European country and in Aruba, adding to wins already announced in Lithuania, Latvia, Pierce County and Prince Edward Island. Management says these are set to commence operations in 2026 – timing that should convert ARR momentum into reported revenue and EBITDA as the year progresses.
Operationally, Big Technologies established a US monitoring centre in Tampa, Florida to better support a growing US customer base. It also reshaped its organisation in H2 2025, appointing regional VPs for the Americas, APAC and EMEA and adding roles in product quality, regulatory and marketing. This aligns the structure with the growth footprint, especially given the momentum in the Americas.
Product and partnerships: AlcoBreath and Actall integration
The product roadmap is moving too. The company launched AlcoBreath – a breath-based alcohol measurement device – and achieved certification in both the USA and Europe. It complements AlcoTag, which measures alcohol via an ankle device, giving customers a broader toolkit for different supervision settings.
On integration, Big Technologies completed a technical evaluation with Actall Corporation in Q4 2025 and is moving forward with integrating Buddi’s RF tag technology into Actall’s HubSens RTLS platform. The aim is a unified view of an individual’s movement across secure facilities and community-based supervision – a compelling proposition for custody and justice operators seeking a joined-up solution.
Why this update matters for investors
- Consensus beat: Revenue of ~£49.7 million and adjusted EBITDA of ~£24.6 million are both ahead of consensus (£49.1 million and £24.1 million respectively), with EBITDA above the previously compiled range.
- Recurring base growing: ARR up 12% to £52.4 million shows the subscription-like engine is scaling, particularly in the Americas (+25%).
- Cash strength: £93.4 million on hand, or £61.9 million after the initial litigation payment, keeps the balance sheet in excellent shape.
- 2026 set-up: Multiple contract wins are due to commence in 2026, supported by a new US monitoring centre and a strengthened leadership team.
Balanced take: the good and the watch-outs
Positives
- Underlying constant currency revenue growth of 9% after excluding Colombia shows resilience after 2024’s contract losses.
- Product expansion with AlcoBreath and certification in both key markets expands use cases and cross-sell potential.
- Integration with Actall could enhance in-facility visibility and differentiation in justice and custody settings.
Negatives
- Headline revenue is only modestly higher on a constant currency basis and slightly below the reported 2024 figure.
- Adjusted EBITDA is down year-on-year due to margin mix and investment – management expects cost neutrality going forward, but this still needs to flow through.
- New contract go-lives are weighted to 2026, so timing and ramp will be key to near-term delivery.
Outlook: set for growth, execution now the focus
The CEO highlights a “solid final quarter” with several new awards and a strengthened management team. With best-in-class technology under the Buddi brand, a loyal client base and a robust balance sheet, the company enters 2026 with momentum.
From here, it’s about execution: turning awards into active deployments, maintaining ARR growth (especially in the Americas), and demonstrating that the 2025 management investments become cost neutral as promised. The building blocks are in place, and the consensus beat offers a helpful signal to start the year.
Important note
All figures in this update are unaudited, provisional and subject to further review, as stated by the company.
