SEEEN plc Achieves 70% Revenue Growth and First Annual Positive EBITDA in FY2025

Beyond the flagship deal, SEEEN added roughly 30 new customers across both CSP and technology segments in 2025. The pipeline is skewed towards Training and Education and Sports in 2026, which fits nicely with the tech the company has built, including a newly completed training and education product ready for roll-out. The growing proprietary database of processed “Key Video Moments” should help SEEEN’s AI models outperform generic tools within these verticals.

Profitability turning point, but margins still need work

Gross margin improved to 23.5% from 21.2%, reflecting a better revenue mix, but it is still relatively low for a software-led model. The positive Adjusted EBITDA of approximately $0.3m and sustained operating cash flow breakeven are more important at this stage, as they suggest operational gearing is now kicking in – more revenue is dropping through to profit.

Cash rose to about $1.4m, helped by £0.7 million from warrant exercises and share subscriptions. That gives some flexibility to invest in earnings-accretive partnerships or selective M&A in core verticals, as hinted by management. The CSP division remains a valuable acquisition funnel for higher-margin technology sales, and ShortsCut appears to be pulling double duty – accelerating content creation while creating cross-sell into CSP.

2026 outlook: growth levers and upcoming catalysts

• Annualised revenue run-rate exiting 2025 of approximately $6.8m, underpinned by both CSP and technology sales.
• Healthy sales pipeline in Training and Education and Sports, with a new training/education product completed for roll-out.
• Continued expansion of CSP to include optimisation for partners using SEEEN’s technology for Shorts and remixed videos.
• Appointment of a CFO expected ahead of the FY2025 audit, which is scheduled for release during Q2 2026.
• Further cross-selling and database-driven AI improvements to reinforce differentiation and pricing power.

Risks to watch and what could go wrong

• Run-rate vs reality: the $6.8m annualised run-rate relies partly on December 2025 YouTube ad income, which the company highlights can be volatile.
• Customer concentration: the largest publishing deal is milestone-based and a material contributor; delays or underperformance would bite.
• Mix and margin: technology revenue was $0.3m, still small relative to CSP; further margin gains likely depend on scaling higher-margin tech.
• Adjusted metrics and unaudited status: figures are unaudited and EBITDA is adjusted, so the statutory picture may differ.
• Cash balance: approximately $1.4m is not huge; investment for growth or acquisitions will need careful pacing.

My take: a credible inflection, now it’s about execution

This is a solid update from SEEEN. Two years of 45%+ growth capped by +70% in 2025, gross profit doubling, and a first positive Adjusted EBITDA are all signs that the model is scaling. The CSP-led growth engine coupled with AI-driven monetisation – evidenced by a 9% CTR and reported >100% ROI for some customers – gives the proposition teeth.

The bull case is straightforward: keep compounding revenue, tilt the mix further toward technology, and harvest operational gearing. If the big publishing contract ramps to plan and the Training and Education and Sports verticals land well, FY2026 could show another leg up in both revenue and margin.

The bear case centres on platform volatility, customer concentration, and margins that still need to climb. Cash is adequate but not lavish, and adjusted, unaudited figures always call for a pinch of salt until the audit lands in Q2 2026.

Overall, I view this as a positive, credibility-building step. Watch for: execution on the $3.5m publishing deal milestones, visible growth in technology revenue, and confirmation of operating cash flow breakeven through 2026. A CFO hire ahead of the audit would also be a healthy sign of maturing governance.

Quick glossary

• CSP: Creator Services Partner – SEEEN’s YouTube-focused services business, formerly called a Multichannel Network.
• Adjusted EBITDA: Earnings before interest, tax, depreciation, and amortisation, adjusted to exclude share-based payments and non-core costs.
• CTR (Clickthrough Rate): The percentage of viewers who click a link or prompt; SEEEN cites a 9% average vs typical 1-2% on video platforms.
• Run-rate: An annualised view of current monthly revenue levels. It is indicative, not a forecast.