FY26 highlights signal a business at inflection point
In its FY26 investor presentation, Scalare Partners (ASX: SCP) outlined the financial results of a year marked by rapid growth across both its operating business and investment portfolio. The company positions itself as a dual-engine listed vehicle, giving retail investors access to a curated early-stage technology portfolio alongside a growing operating business.
Key FY26 metrics from the presentation:
- Total revenue: $15.7m, up 391% vs FY25
- Portfolio value: $12.5m across 25 companies, up 12% from June 2025
- Net assets: $15.2m, up 13% from June 2025
- Total returns (realised and unrealised): approximately 214% to date
- Gross profit margin: 77.8% (vs 48.7% in FY25)
- EBITDA: $5.53m (vs -$2.94m in FY25)
- Customer receipts: $16.5m, up 576%
- Net operating cash flow: $6.19m (vs -$2.09m in FY25)
The swing from negative to positive EBITDA and operating cash flow indicates the integrated ecosystem model is beginning to generate operating leverage beyond top-line growth.
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Two engines, one ecosystem — how Scalare’s model works
Scalare operates through two interconnected parts: an operating business and an investment portfolio. The operating business generates revenue by supporting founders through coworking spaces, programs, and fractional services. That same day-to-day engagement surfaces investment opportunities, meaning the portfolio is fed by proprietary deal flow rather than external sourcing.
The operating business runs across three revenue lines, each contributing to FY26 services revenue of $14.9m:
| Revenue Line | FY26 Revenue | FY25 Revenue | Change |
|---|---|---|---|
| Communities & Events | $11.95m | $174k | +6,735% |
| Support Services | $1.82m | $1.88m | -3% |
| Programs & Diagnostics | $1.13m | $805k | +41% |
The Communities and Events surge is largely attributable to the acquisition of Tank Stream Labs in September 2025, which contributed $11.7m in rental and services revenue in its partial period post-acquisition. Two further acquisitions followed: Planet Startup (October 2025) and Fishburners (June 2026), the latter described in the presentation as Australia’s largest startup community, founded in 2011. The Founders Union was launched in November 2025 as the unifying brand and operating layer across the group.
The Fishburners acquisition, completed on 2 June 2026 through a cash-only asset purchase covering brand, programs, IP, and community assets, brought the combined ecosystem to over 40,000 founders and an alumni base that has collectively raised more than $5.4 billion in funding.
Across FY26, the operating business supported more than 10,500 founders in total, with 956+ founders engaged in the last 12 months.
A $12.5 million portfolio built for compounding returns
The investment portfolio is presented as the core long-term value driver for SCP shareholders. As at 30 June 2026, the portfolio comprised 25 companies across 5 countries and 9 sectors, with total invested capital of $5.70m grown to a current value of $12.54m, representing approximately 214% in total realised and unrealised returns to date.
All 25 investments are sourced through the operating ecosystem. The presentation describes an “engaged before we invest” discipline: founders participate in programs and services, and Scalare typically takes board or Non-Executive Director roles post-investment. Initial investments are capped at up to $250k at pre-seed or seed stage, with approximately 8 new investments made per year.
The portfolio is structured by growth stage as follows:
| Growth Stage | Companies | Total Invested | Current Value | % of Portfolio Value |
|---|---|---|---|---|
| Product launch | 3 | $561k | $231k | 2% |
| Market validation | 6 | $1.44m | $880k | 7% |
| Revenue momentum | 7 | $1.37m | $3.11m | 25% |
| Scaling / globalisation | 9 | $2.33m | $8.33m | 66% |
| Total | 25 | $5.70m | $12.54m | 100% |
The scaling and globalisation cohort, comprising nine companies, accounts for 66% of total portfolio value despite representing $2.33m in capital invested, illustrating how the model rewards companies as they advance through growth stages.
Carolyn Breeze, CEO
“We remain steadfast in our conviction that early-stage technology investment, combined with active founder support, offers an exceptional opportunity for long-term value creation.”
A note on net loss
The presentation also disclosed a net loss of $3.42m for FY26. This is primarily driven by $7.22m in depreciation and amortisation, largely arising from AASB 16 lease accounting applied following the Tank Stream Labs acquisition, along with $877k in impairment charges. Management characterised FY26 as “an important step in that journey” toward scale, with the EBITDA position of $5.53m positive reflecting the underlying operating performance before these non-cash accounting items.
Strategic priorities and the road ahead
The presentation outlined four strategic priorities for FY26, each oriented around margin and quality rather than acquisition-led expansion:
- Strengthen portfolio performance — services-first investment model, improved portfolio governance, and higher-quality investments
- Grow recurring revenue — expanding partnerships and sponsorships, scaling recurring service lines, and growing capital-raising support
- Enhance founder experience — deepening communities and memberships, expanding services and partners, and improving founder progression
- Drive operating leverage — completing group-wide integration, implementing shared dashboards and data insights, and capturing efficiencies and margin uplift
On the M&A front, management outlined its acquisition criteria: strategic alignment with the founder ecosystem, a clear cross-sell or accretive pathway, recurring or scalable revenue that is EBITDA-positive and accretive, and strong founder or CEO-led leadership with cultural fit.
Carolyn Breeze, CEO
“The integration of Tank Stream Labs and Planet Startup has already demonstrated the potential of our ecosystem model, contributing to more than $0.8 million in revenue synergies across the Group in FY26.”
For investors, the FY26 presentation frames SCP as listed-market access to a 25-company private technology portfolio, supported by a self-reinforcing operating business that generates both revenue and proprietary deal flow. The four FY26 priorities suggest management’s focus is shifting toward leveraging the existing platform rather than broadening it further through new acquisitions.
Separately from the FY26 operating results, Scalare secured a binding convertible note facility of $5 million from The Blackstone Mercantile Group in July 2026, scalable to $25 million, with proceeds earmarked for new investments and working capital subject to shareholder approval at an August 2026 general meeting.
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