RAS Technology delivers 34% revenue growth in FY2026 as platform investment builds momentum
In its FY2026 results investor presentation released in August 2026, RAS Technology (RAS) reported group revenue of $28.4 million, up 34% on the prior corresponding period (PCP).
The result marked the company’s fifth straight year of 30%+ revenue growth, extending a consistent expansion track record. RAS operates the world’s largest racing database, supplying the data, content, pricing and trading services that power horse racing betting for tier-1 global brands.
Management framed FY2026 as a heavy investment year, with capital directed toward trading solutions and Asian expansion. The presentation positioned this spend as the platform build-out expected to convert into operating leverage from FY2027 onwards.
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FY2026 financial highlights at a glance
The headline metrics reflected the investment-year narrative: strong top-line growth, stable earnings, and a deliberate drawdown in cash to fund capability build-out. Notably, normalised EBITDA held up at $3.0M, up 3%, despite the elevated spend across trading and Asia.
| Metric | FY2026 | vs PCP |
|---|---|---|
| Group Revenue | $28.4M | +34% |
| Normalised EBITDA¹ | $3.0M | +3% |
| Annual Recurring Revenue (ARR) | $23.5M | +8% |
| Normalised Operating Cash Flow¹ | $2.7M | vs $3.6M PCP |
| Cash | $4.2M | Down on PCP (investment-driven) |
¹EBITDA and operating cash flow normalised to exclude non-recurring share-based payment expense adjustments and redundancy costs.
The company noted that the majority of LeoVegas revenue is not yet included in the $23.5M ARR figure, signalling a forward tailwind as those brands scale through FY2027.
Inside the numbers — revenue momentum and the investment trade-off
Segment performance showed broad-based momentum, with the Digital, Media, Publications and Other unit expanding materially following the Hong Kong acquisition. The presentation detailed the following key data points:
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Digital, Media, Publications and Other revenue rose to $6.1M (FY2025: $2.6M), driven by the Hong Kong acquisition.
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RAS now generates over $3 million in annual B2C repeatable revenue from Asian publications, in addition to ARR.
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The company recorded a statutory loss before tax of $649k (FY2025: $213k profit).
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After adding back $735k in non-recurring items, RAS delivered a normalised profit before tax of $86k.
Management attributed the shift in net result largely to two distinct R&D-related impacts. The changed accounting treatment of R&D incentive grants, with grants moving from direct income to an after-tax offset, adversely impacted profit in both FY2025 and FY2026 relative to prior years. Separately, the Federal Government’s exclusion of gambling activities from R&D eligibility adversely impacted the net tax position in FY2026.
On the investment trade-off
The company noted that normalised EBITDA continued to grow despite significant investment in the future of the business, with operating leverage and net results expected to improve from FY2027 onwards.
ARR trends by segment and geography
ARR grew across all three business units year-on-year, holding up despite the conclusion of the Stake contract and LeoVegas remaining at an early stage.
| Segment | FY24 ($m) | FY25 ($m) | FY26 ($m) |
|---|---|---|---|
| Enhanced Information Services | 11.7 | 13.9 | 14.9 |
| Wagering Technology | 5.9 | 6.0 | 6.3 |
| Digital, Publications, Media & Other | 1.2 | 1.9 | 2.4 |
By jurisdiction at 30 June 2026, ARR was weighted to Australia at 45%, with the UK rising to 38% (up from 34%), the US at 4%, Asia at 7% and Other at 6%. The UK stood out as the standout growth market.
What RAS Technology actually does — a plain-English primer
RAS operates a business-to-business (B2B) model, supplying the data, content, pricing and trading services that bookmakers and sportsbooks rely on to run horse racing betting markets. Rather than taking bets itself, the company powers the operators that do.
A central metric for the business is annual recurring revenue (ARR), which refers to the contracted, repeatable revenue a company expects to earn each year. For investors, recurring revenue matters because it offers predictability and stickiness, reducing reliance on one-off sales.
The company’s “full racing solution” combines data, content, pricing, trading and a Managed Trading Service (MTS) into a single integrated offering. Its competitive position is anchored in scale:
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5.5B+ data elements across the racing database
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30+ countries served globally
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1,500+ daily events covered around the clock
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20+ years as an industry leader
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Trusted by Entain, Tabcorp, bet365, betfair, sportsbet, LeoVegas and the Hong Kong Jockey Club
AI and automation are central to the thesis. Management positioned these capabilities as enabling RAS to serve more races, markets and languages without an equivalent rise in cost, underpinning the operating leverage narrative.
Commercial wins across the UK and beyond
The presentation detailed a series of commercial developments across FY2026, with particular momentum in the UK market. Key wins included:
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Onboarded LeoVegas Group brands (LeoVegas Sweden) to the new MTS platform in May 2026 under a full racing solution agreement with the LeoVegas Group; LeoVegas UK, Bet UK and BetMGM onboarded post-year end.
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Extended the Playbook Engineering agreement to December 2028, with further brands expected in Q2 FY2027.
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Launched 7bet, the third brand on the Altenar platform.
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Launched Betbridge.
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Tabcorp signed a new four-year data and content agreement.
The four-year Tabcorp data agreement, valued at $9.1 million and commencing 1 July 2026, expanded the original May 2023 contract to include the Fast Form visual infographic product, adding CPI-indexed revenue visibility through to mid-2030.
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TABtouch signed a 5-year extension to its existing racing data and content contract.
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The Wagering 360 Platform launched its first external brand with Australian bookmaker Laserbet.
UK ARR climbed from $3.4M (1H FY24) to $9.0M (2H FY26). Management flagged LeoVegas as a significant growth driver in H1 FY2027 following its successful May 2026 launch.
The commercial pipeline behind those wins had already been quantified in May 2026, when six new deals and extensions were announced as a package expected to add at least $2 million in annualised revenue, including the live LeoVegas Sweden launch and the TABtouch five-year scope expansion.
RAS Asia — one year on
The Hong Kong business marked its first anniversary under RAS ownership, delivering stable recurring revenue with FY2026 revenue of $4.5M. Gross margin improved from 35% to 40% through automation.
The company deepened ties with the Hong Kong Jockey Club, launched RacingAndSportsAsia.com, expanded HKDNForm.com and appointed international racing editor Ray Thomas. A key forward catalyst is racing at Conghua Racecourse (mainland China), scheduled to commence in October 2026.
Outlook — from investment to operating leverage
Management framed FY2027 as the year investment converts to returns, with operating leverage and improved net results expected from FY2027 onwards. The presentation identified several forward drivers underpinning that expectation.
Key catalysts include the LeoVegas ramp in H1 FY2027, continued UK platform scaling, RASA expansion across Southeast Asia, and Conghua racing from October 2026. AI and automation remain central strategic priorities for scalability, efficiency and faster deployment.
Cost initiatives are underway, spanning automation, supplier optimisation, staff restructuring and discretionary expense management, all aimed at lifting margins. On the balance sheet, RAS reported positive net assets of $13.6M and net current assets of $2.6M, with cash burn slowing significantly in H2.
For investors, the presentation positioned RAS as a scaled, recurring-revenue platform business exiting a heavy investment cycle, with multiple contracted growth catalysts anticipated to drive returns from FY2027.
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