Xamble Group Limited (ASX: XGL) has reported Xamble Group Q4 revenue growth of 20% quarter-on-quarter in its Q4/2025 quarterly update, marking the second consecutive quarter of revenue expansion. Group revenue reached A$1.985 million for the quarter ended 31 December 2025, up from A$1.652 million in Q3/2025, reflecting accelerating market activity and increasing brand adoption across the Company’s influencer-centric digital marketing platform.
In its Q4/2025 update, the Company reported that underlying business EBITDA deficit improved by 67% compared to the prior quarter, demonstrating meaningful operating leverage as scale builds. The Group EBITDA deficit position improved 20% quarter-on-quarter to A$500,000, achieved while continuing to invest in technology development and growth initiatives. This combination of rising revenue and improving margins positions the business as transitioning from platform build-out toward scalable commercial execution.
Platform development continues to be supported by the Malaysian Digital Acceleration Grant, reinforcing external validation of Xamble’s product roadmap. Corporate costs remained well controlled at A$338,000, further supporting the path toward sustained profitability as revenue scales.
| Metric (A$000s) | Q4/2025 | Q3/2025 | Q2/2025 | QoQ Change |
|---|---|---|---|---|
| Group Revenue | $1,985 | $1,652 | $1,495 | +20% |
| Business Expenses | ($2,047) | ($1,840) | ($1,666) | +11% |
| Underlying Business EBITDA | ($62) | ($188) | ($171) | -67% |
| Technology Investment | ($273) | ($241) | ($289) | +14% |
| Technology Investment (Grant) | $173 | $112 | $3 | n.m. |
| Corporate Costs (HQ & ASX) | ($338) | ($310) | ($308) | +9% |
| Group EBITDA | ($500) | ($627) | ($765) | -20% |
What Is Social Commerce and Why Does Transaction Volume Matter?
Social commerce represents the convergence of social media engagement and e-commerce transactions, where influencers drive consumer purchases through livestreaming, short-form video content, and affiliate links. Transaction volume, rather than gross merchandise value alone, demonstrates active platform usage and creator effectiveness in converting audience engagement into measurable commercial outcomes.
In Xamble’s business model, influencers create content that connects brands with consumers through the platform’s technology infrastructure. Higher transaction volumes generate stronger network effects, as more successful creators attract additional brands, which in turn drives platform revenue scalability. The Company facilitates these transactions through two core offerings: Live Commerce and an Affiliates programme.
Q4/2025 transactions reached 83,218 orders, representing 891% year-on-year growth. Strong execution during the 11.11 and 12.12 retail events demonstrated the platform’s ability to mobilise creators, activate brands, and convert engagement into large-scale transaction volumes. This growth validates that Xamble’s platform has achieved commercial-scale activation capability beyond initial proof-of-concept metrics.
The value chain operates through three connected steps:
- Influencers create and distribute branded content across social media channels
- Consumers engage with content and complete transactions through Xamble’s platform
- Brands gain measurable return on investment through tracked performance data
Platform Ecosystem Expands Across All Key Metrics
The Company’s operating metrics demonstrated strong traction as the platform entered a phase of rapid ecosystem expansion during Q4/2025. The influencer community reached 6,931 members by quarter-end, up 167% year-on-year, strengthening network effects and increasing the platform’s attractiveness to brands seeking access to creator networks across Southeast Asia.
App downloads reached 11,801 by the end of Q4/2025, representing 101% year-on-year growth and reflecting rising brand awareness, market demand, and a scalable acquisition engine. This in turn supported the growth of Xamble’s creator base, which provides the supply-side foundation for the platform’s transaction facilitation model.
Brand adoption accelerated significantly during FY2025, with 68 new brands onboarded during the year, representing 134% growth compared to FY2024. This validates the commercial proposition and provides a pipeline for continued transaction growth as existing brands scale their influencer marketing programmes through the platform.
Year-on-year growth metrics across key performance indicators:
- App downloads: 101% increase (11,801 vs 5,881)
- Influencer community: 167% increase (6,931 vs 2,599)
- New brands onboarded: 134% increase (68 vs 29)
- Transactions facilitated: 891% increase (83,218 vs 8,394)
Why Strong Event Performance Validates Commercial Scalability
The platform’s performance during the 11.11 and 12.12 retail events confirmed its ability to execute high-volume activations at commercial scale. These events, which represent peak demand periods in the Southeast Asian e-commerce calendar, demonstrated Xamble’s operational capability to mobilise creators, coordinate brand campaigns, and process large-scale transaction volumes simultaneously. Event-driven transaction spikes provide proof of the platform’s readiness to support enterprise-level brand partnerships and capture increasing market share in the social commerce sector.
Restructured Loan Facility Enhances Financial Flexibility
Xamble restructured its previously announced invoice factoring facility and entered into a revolving credit facility to support working capital requirements and creator payment initiatives. The revolving facility of up to MYR1 million (A$0.36 million) replaces the MYR3 million (A$1.08 million) invoice factoring facility announced on 21 August 2024.
The new structure provides enhanced flexibility and funding efficiency whilst continuing to support early creator payments and broader working capital needs. Revolving credit facilities offer more cost-effective capital deployment compared to invoice factoring arrangements, as they allow the Company to draw down funds as needed rather than maintaining committed facilities against specific receivables. This signals improved operational confidence as revenue scales and working capital cycles become more predictable.
Investment Thesis: Operating Leverage Now Driving Margin Expansion
The Q4/2025 results demonstrate that Xamble Group Q4 revenue growth of 20% quarter-on-quarter is now translating into measurable margin improvement. The 67% improvement in underlying business EBITDA deficit whilst maintaining technology investment represents the key operational milestone for the investment thesis. This validates that the business model generates operating leverage at scale.
Technology investment continued during the quarter, supported by the Malaysian Digital Acceleration Grant, which contributed A$173,000 in Q4/2025. Corporate costs remained controlled at A$338,000, representing only 9% quarter-on-quarter growth despite revenue acceleration. This cost discipline, combined with revenue scaling, positions the business on a path toward profitability as transaction volumes continue to expand.
The investment narrative can be understood through three distinct phases:
- Platform build (completed): Technology infrastructure and initial creator network establishment
- Commercial traction (current): Q4/2025 validates this phase with accelerating revenue and improving margins
- Profitability inflection (next milestone): Sustained revenue growth driving positive EBITDA as operating leverage compounds
The combination of 891% year-on-year transaction growth, 167% influencer community expansion, and 67% EBITDA deficit improvement demonstrates that network effects are now activating at scale. More creators attract more brands, which drives higher transaction volumes and revenue per user.
What’s Next for Xamble in FY2026?
Entering FY2026, the Company is positioned at the convergence of rising network effects, accelerating transaction volume, expanding brand participation, and improving EBITDA performance. Management stated the Company believes it is well placed to deliver sustained growth and significantly enhanced shareholder value in the year ahead, supported by a proven platform, rapidly scaling ecosystem, and strong operating momentum.
Whilst no specific guidance was provided in the quarterly update, the operational trajectory from Q4/2025 establishes clear momentum indicators. Two consecutive quarters of revenue growth, combined with accelerating margin improvement, position FY2026 as the year Xamble transitions from growth-focused platform expansion to profitability-focused execution at scale.
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Xamble Group’s operational turnaround demonstrates the type of momentum shifts that separate early-stage winners from those that fail to scale. Investors who tracked this story from platform build-out through to commercial inflection now have a 20% quarterly revenue growth trajectory and 67% margin improvement to validate their thesis. Missing these inflection points costs capital—catching them early creates alpha.
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