Getech reports return to positive EBITDA and revenue growth in 2025 final results

Revenue mix analysis: recurring subscriptions steady, spot sales surged, services softened

The most interesting part of the revenue picture is where the growth came from. Spot sales jumped 85.3% to £1.173 million, recurring subscriptions edged up 1.1% to £2.793 million, and expert services fell 18.1% to £1.038 million.

That tells us 2025 was not just a simple software growth story. It was helped heavily by gravity and magnetic data sales, which the company says benefited from a stronger sales team and what may be the early stages of a broader return to exploration spending.

Annualised recurring revenue, or ARR, stayed at £2.8 million against £2.9 million last year. That is not bad, but it is not the big step forward management wants either. Around 40% of ARR is denominated in US dollars, and Getech says the move in the USD/GBP exchange rate reduced reported ARR by about 2.5%, so the flat number is not quite as disappointing as it first looks.

Even so, ARR is the key figure to watch from here. Management’s stated goal is to grow ARR until it covers the cost base. With the cost base excluding exceptional items at £4.771 million, there is still roughly a £2.0 million gap to close before recurring revenues alone are carrying the business.

Globe software, geoscience data and natural hydrogen: what is driving the Getech story

Getech’s core investment case still rests on its data and software assets, especially Globe. Globe is the company’s flagship subsurface platform – effectively a digital model of Earth history used by energy and mining customers to improve exploration decisions.

There were some encouraging commercial signs here. Getech highlighted multi-year contract renewals announced in May 2025 and March 2026, including a 28% contract value uplift on the latest renewal. Customer relationships run from three to 15 years, which suggests this is sticky, not disposable, software.

Unconventionals Analyst also had a strong year, with customer numbers up 15%. That is a nice sign that Getech can still sell specialist tools into a market that has seen plenty of consolidation.

Natural hydrogen is the wildcard. Revenue in the hydrogen segment rose to £0.245 million from £0.160 million, and the group has formed a joint venture with Sound Energy in onshore Morocco. The company is being sensible here by calling it capital light and keeping it secondary to the core oil and gas and mining markets.

That is the right tone. Natural hydrogen could be exciting upside, but commercial viability is still unproven, and retail investors should treat it as optionality rather than the main reason to own the shares.

Cash, liquidity and Getech’s balance sheet: improving, but still the area to watch

The weakest part of the update is still cash. Year-end cash was just £0.177 million, down from £0.898 million a year earlier, and the group used a short-term unsecured bank facility in the final quarter to manage working capital timing.

Now, management makes a fair defence. The low year-end cash reflected timing of receipts, not a sudden collapse in trading, and around 90% of year-end receivables were collected by the end of the first quarter of 2026. Cash at bank had risen to £0.8 million by 31 March 2026, and Getech collected £1.6 million from customers in January 2026 alone.

That certainly helps, and it makes the year-end cash number look less alarming than it first appears. But I would still call liquidity the main thing investors need to monitor. Small companies rarely get much margin for error when cash is tight, even if the underlying trend is improving.

The order book offers some comfort. It stood at £3.8 million at year end, with £2.5 million expected to unwind into revenue during 2026. That gives a decent level of visibility, even if the total order book is slightly lower than the £4.1 million reported a year earlier.

Getech 2026 outlook: better trading momentum, but execution now matters most

The company sounds notably more confident about 2026, and not without reason. Unaudited first-quarter revenue was 5% ahead year on year, and management says EBITDA for 2026 is expected to exceed 2025.

That is positive. So is the board’s going concern statement, which says forecasts run to July 2027 and even a severe downside scenario still leaves the group with a positive cash balance, helped by mitigating actions if needed.

My view is straightforward. This was a solid recovery year for Getech, with genuine operational progress rather than accounting smoke and mirrors. Revenue grew, the cost base came down sharply, EBITDA turned positive, and the business enters 2026 looking far more disciplined.

But this is still not a finished job. ARR growth needs to accelerate, cash needs to keep improving, and the company has to convert its strengthened pipeline into higher-quality recurring revenue. If it does that, 2025 may be remembered as the year Getech stopped firefighting and started rebuilding properly.

What Getech shareholders should watch next after the 2025 final results

• ARR growth – this is the clearest test of whether the business is becoming more resilient.
• Cash conversion – especially after the very low year-end cash figure.
• Globe contract wins and renewals – these could materially lift recurring revenue.
• EBITDA progression in 2026 – management expects an increase on FY2025.
• Capital discipline in natural hydrogen – exciting upside is fine, but only if it stays capital light.

Overall, I’d mark this as a credible positive update. Not flawless, not risk-free, but definitely moving in the right direction.