Swoop reports record revenue & cash flow as growth accelerates

Swoop Holdings has reported a 20 percent increase in revenue year-on-year to AUD $106.5 million for FY25, alongside a rise in underlying EBITDA to AUD $15.2 million, up 14 percent on the prior year within its core business.

The telecommunications company also delivered a 14 percent growth in subscriber numbers since June 2024, indicating strong organic growth. Operational changes aimed at simplifying the business through automation and a focus on product specialisation were cited as key drivers in the company's improved efficiency and profitability.

Financials

Swoop's fiscal report highlighted several key financial achievements for FY25. Revenue grew by 20 percent year-on-year, reaching AUD $106.5 million. Underlying recurring revenue experienced a 32 percent organic rise, and operating cash flow increased by 64 percent to AUD $17.6 million. Free cash flow improved to AUD $5.1 million, up from negative AUD $(5.7) million in FY24. Core business EBITDA, excluding one-off co build projects and discontinued operations, was up 14 percent compared with FY24.

The group reported a 300 percent improvement in NBN market share over the last 12 months, now holding 0.69 percent with scope for additional growth. Operating expenses as a percentage of revenue dropped to 19 percent, a reduction of 20 percent over four years.

Strategic moves

Swoop recorded AUD $18.1 million of available funding at the end of June 2025, including AUD $8.0 million in cash. An additional AUD $6.2 million is expected to be released following the completion of a divestment of Vonex shares, anticipated in October 2025.

Chief Executive Officer Alex West noted the supportive context created by strategic investments and operational decisions over the year.

"FY25 has been nothing short of transformational for Swoop. We've not only delivered record-breaking financial results, but we've laid the foundation for a future defined by scale, innovation, and customer obsession."

He expanded on the company's operational model, stating, "Our strategy of simplifying operations and investing in automation has unlocked powerful efficiencies, accelerating organic growth across our key product lines. The 32% surge in recurring revenue, 64% uplift in operating cash flow, and our first full year of positive free cash flow are a testament to the strength of our model and the discipline of our execution."

West also commented on network investments and recent contracts, saying, "We're building more than just networks, we're building trust. Our fibre infrastructure expansion, backed by long-term contracts with global tech leaders, is reshaping the digital landscape in Greater Melbourne. Our landmark deal with Flip further cements Swoop as the go-to partner for scalable, high-performance wholesale internet services. Showing that our investment in the automation of the NBN lifecycle is paying off, and we anticipate further strong growth from this market."

On internal dynamics, West said, "What excites me most is the momentum within our team. Employee engagement now ranks in the top 25% globally, and that energy is translating directly into customer outcomes. We've earned multiple service awards again this year, and our brands, Swoop and Moose, continue to lead in satisfaction and reliability."

He concluded, "With $18.1 million in available funding and a further $6.2 million to be released upon the Vonex divestment, we're entering FY26 with confidence, capability, and a bold mission: to redefine connectivity in Australia; faster, smarter, and more customer-focused than ever before."

Network and contracts

Swoop secured key customer commitments totalling up to AUD $49 million over 22 years, supporting a major fibre network build focused on Greater Melbourne. The company also signed a three-year agreement to provide wholesale internet services to Flip, with the deal expected to add in excess of AUD $10 million revenue each year and potential for further upside as Flip's subscriber base increases.

The results confirmed double-digit organic growth in Swoop's subscriber numbers and highlighted positive momentum in the business' ability to generate scalable, recurring revenues from network and wholesale agreements. The company's increased available funding, operational efficiency improvements, and recent large customer contracts are positioned as grounds for advancing its presence in Australia's telecommunications sector in the upcoming financial year.