Asset Vision lifts recurring revenue 46% as FY26 platform investment sets up FY27 scale
In its FY26 full-year results presentation, Asset Vision Co Limited (ASX: ASV) detailed Annual Recurring Revenue (ARR) of $6.45M, up 46% on the $4.42M recorded in FY25. Management framed the year as one focused on building for the next phase of growth, investing in delivery capability and the operating platform while holding EBITDA broadly stable.
The enterprise asset management (EAM) SaaS provider, which serves owners and maintainers of essential infrastructure, also reported Sales Revenue of $6.67M (up 32.7%) and a strengthened cash position of $2.35M at 30 June 2026.
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FY26 results: recurring revenue base widens
The company presented growth across both revenue streams alongside a broadening customer base. Management highlighted that reduced customer concentration lowers reliance on the largest relationships, a factor that can support a more durable and lower-risk revenue platform.
Key figures from the presentation included:
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Sales Revenue: $6.67M, up 32.7% year-on-year
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Licensing revenue: $5.07M, up 25.9%
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Professional Services revenue: $1.60M, up 60.2%
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Top-three customer concentration: 35.8%, down from 50.1%
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Cash: $2.35M at 30 June 2026 (up 53.5%); $3.50M unaudited at 25 August 2026
A larger recurring base combined with lower customer concentration reduces dependence on any single account, which management positioned as a strengthening of the overall revenue platform.
The 46% ARR lift was anchored by five new contract wins secured across Transport, Civic and Community, and Social Infrastructure verticals during FY26, including a landmark deal covering 150,000 NSW social housing dwellings that opened an entirely new addressable vertical for the business.
| Metric | FY26 ($’000) | FY25 ($’000) | Change |
|---|---|---|---|
| Total Revenue | $7,215 | $5,522 | +30.7% |
| EBITDA | $658 | $664 | -0.8% |
| NPAT | ($270) | ($386) | Loss narrowed 30.0% |
| ARR | $6,449 | $4,416 | +46.0% |
| Cash | $2,353 | $1,533 | +53.5% |
Net profit after tax remained a loss for the period, though the presentation showed that loss narrowed by 30% to $270,000, from $386,000 in FY25. EBITDA held broadly stable at $658,000, reflecting the deliberate investment in delivery capability during the year.
Why the SaaS metrics matter
Two software-as-a-service benchmarks featured in the presentation help investors gauge the quality of the company’s growth. Understanding them provides context for how efficiently the business is expanding.
The Rule of 40 is a SaaS benchmark where a company’s revenue growth rate plus its profit margin should exceed 40. A score above the threshold generally signals a healthy balance between growth and profitability. Asset Vision reported a score of 55, comfortably above the benchmark.
Net Revenue Retention (NRR) measures how much existing customers spend year-on-year, before any new customer wins are counted. A figure above 100% means the existing base is spending more over time. Asset Vision reported NRR of 110%, indicating its current customers expanded their spending.
Together, these metrics suggest growth is being achieved efficiently rather than through heavy cash burn. The supporting operating metrics presented were:
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Licensing gross margin: 73%
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Sales and marketing as a percentage of revenue: 17%
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Research and development as a percentage of revenue: 22%
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General and administrative as a percentage of revenue: 20%
Platform, AI and the customer moat
The presentation detailed the company’s product differentiation, with a particular emphasis on its Autopilot AI capability. Management stressed that its AI is “in production today, not on a roadmap,” connecting approved AI assistants to live asset, inspection, defect and job data.
The platform’s AI functionality is available through leading AI platforms, specifically the Microsoft 365 Copilot agent, ChatGPT plugin and Claude connector. This allows users to query asset histories in plain language across inspections, defects and open jobs.
On the delivery side, management noted a restructure around industry verticals and another year of 100% staff retention, positioning strengthened account management and delivery capability as a competitive advantage. The presentation outlined the following reasons the company wins in competitive processes:
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Customers advocate for Asset Vision in competitive tenders
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Highly configurable without heavy customisation
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Infrastructure expertise, not just software expertise
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AI in production today, not on a roadmap
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Close to weekly product releases with Australian-based support
Management positioned embedded AI alongside low-churn, referenceable customers as the basis for a defensible position in tender processes.
Strategy and FY27 outlook
The presentation outlined a two-horizon strategy anchored to the FY27 pipeline. Under Horizon 1, management set FY27 priorities focused on strengthening leadership in Transport and Civic & Community, converting FY26 wins into referenceable customers, and driving account expansion and cross-sell.
Horizon 2 centres on scaling Utilities and Social Infrastructure, deepening the national footprint, taking proven Transport capability selectively into international markets, and pursuing complementary partnerships and acquisitions where they accelerate growth.
Management summarised its guiding operating principle as follows: “Prioritise market share and revenue growth, while maintaining disciplined investment, strong SaaS fundamentals and positive cash generation.”
The company presented its pipeline as the forward indicator of demand, reporting a total open pipeline of $8M with $4M in qualified and late-stage opportunities across all target verticals.
Asset Vision FY26 Results Presentation
“FY26 was about building for the next phase of growth. We invested in delivery capability and our operating platform to support continued recurring revenue growth, while maintaining broadly stable EBITDA and a strong margin profile.”
The investment case in brief
Under its “Why Asset Vision” summary, management framed the investment case around a proven EAM platform serving government, transport, utilities and social infrastructure. The presentation pointed to a large and growing market, where operators of essential infrastructure face ageing assets, constrained budgets and increasing compliance requirements.
Key elements of the case as management presented them include:
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A proven end-to-end EAM platform across multiple infrastructure verticals
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Strong SaaS fundamentals, including recurring revenue, high retention and a debt-free balance sheet
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Clear growth levers spanning core verticals, account expansion, partner channels and selective acquisition
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AI already embedded in customer workflows, supported by rapid product releases
A larger recurring revenue base combined with a $4M qualified and late-stage pipeline positions the company for continued growth as it moves into FY27.
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