Q1 FY27 highlights: Xref posts A$4.7m revenue and A$0.6m EBITDA
In its Q1 FY27 business update, Xref Limited (ASX:XF1) reported unaudited total revenue of A$4.7m and EBITDA of A$0.6m. Revenue Per Employee increased to $355k following the cost base restructuring.
The company said it continued its profitable growth during the quarter and further optimised its balance sheet. Key figures from the period include:
- New platform revenue: $2.7m, a 48% increase over Q1FY26
- Trust Marketplace checks: up 223% compared with Q1 FY26
- Xref.me: 80,000 candidate profiles reached during October
Profitability alongside a faster-growing new platform points to operating leverage, with the new platform’s revenue growth of 48% coming in a quarter that delivered positive EBITDA.
Lee-Martin Seymour, Founder & CEO
“…our strong platform adoption and Q1 award wins show our market momentum, while we are seeing profitable growth.”
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Balance sheet strengthened after refinancing
CBA debt facility
In July 2026, Xref announced that a new A$6.3 million debt facility had been agreed with the Commonwealth Bank of Australia (CBA). Following the payout negotiation with the previous debt provider, the drawn facility was reduced from A$6.3 million to A$5.6 million.
The company said this lowered ongoing financing costs and provided increased balance sheet flexibility.
The refinancing followed Xref’s FY26 audited results, which showed a 76% rise in underlying EBITDA and an estimated cut in annual finance outflow from A$2.7m to A$0.5m once the new CBA term loan took effect.
Liquidity and marketing
The FY26 R&D tax incentive of $2.0m, related to continued investment in product innovation, was received in October. Xref said this further strengthened its liquidity position following the refinancing.
The new facility and improved liquidity allowed Xref to increase its marketing budget to support net new customer acquisition. The quarter delivered $300k in new business across 52 clients, with additions including Macquarie University, Akamai Technologies, Aon, Greenacres Disability Services and Lady Gowrie.
New platform adoption drives growth
Xref reported growth across its core and newer product lines in the quarter. The source gave growth rates for Pulse and Exit surveys rather than absolute volumes.
| Metric | Q1 FY27 result | Growth |
|---|---|---|
| Active users | n/a | Up **12%** |
| Talent profiles created on the new platform | **48,521** | Up **48%** YoY |
| Pulse surveys | n/a | Over **434%** |
| Exit surveys | n/a | More than **86%** |
| Trust Marketplace checks | n/a | **223%** vs Q1 FY26 |
A talent profile is created when a candidate, employee or ex-employee is requested to complete a reference, survey or background check. Profile growth of 48% outpaced active user growth of 12%, which Xref said reflects higher engagement per user, with each user conducting more actions on the new platform than in prior periods.
During the quarter Xref also celebrated the winners of the Xref Engage Awards, including National Disability Services, Scotch College Melbourne, University of New England (AU) and the Women’s & Children’s Hospital Foundation.
What is a trust marketplace and why does it matter for Xref?
A Trust Marketplace is a section of the platform where employers can order background checks from verification vendors, alongside references. Xref described it as having emerged as one of its fastest-growing revenue channels.
Adding checks per hire broadens what each hiring workflow can generate. Currently, 30% of all reference requests are initiated via integration partners.
The marketplace expanded its verification catalogue during the period to include criminal checks, with additional trust and compliance checks scheduled for rollout. Xref also completed the relaunch of its Public API, expanding functionality beyond traditional reference checks to include the full suite of Trust Marketplace checks.
Integration partners including HiBob, Teamtailor, Greenhouse, Bullhorn, PageUp, Workday and SmartRecruiters will update their connections so clients can order checks alongside references directly from their native workflows.
Xref.me, 360Me and the hire-to-retire ecosystem
Xref.me, launched in May 2026, reached 80,000 candidate profiles during October. In October, Xref also announced the release of 360Me, which extends xref.me from job seekers to employees and enables them to conduct 360-degree reviews throughout their employment.
Feedback gathered can be used in internal performance reviews or retained securely on the employee’s verified record to support future career opportunities.
A native integration now connects xref.me to the core employer platform xref.com. Employer clients can migrate Xref.me profiles directly into candidate pools as pre-verified records, which the company said strengthens the broader ‘hire-to-retire’ lifecycle.
For investors, more touchpoints across the lifecycle feed the Network Effect pillar of Xref’s strategy and the verified data archive it describes as its competitive advantage.
For readers wanting to understand how the candidate-facing product works commercially, our deep-dive into the xref.me launch and its pay-per-profile model explains the B2C2B structure, the $26.99 employer access fee and the three-pronged plan to activate historical candidates.
Leadership, recognition and what happens next
Katherine Landon was appointed Chief Financial Officer. In October, Xref was awarded the HRD Readers’ Choice Award for its Employer Intelligence Platform.
The company has one upcoming event:
- Xref Limited AGM: to take place on 27th November 2026 at 10:30 am (AEDT), with formal notice of meeting dispatched separately.
Xref says its data engine has secured over 9 million career histories, 11 million employee opinions and 7 million reference reports.
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