Announcement PDF AI-MEDIA TECHNOLOGIES LIMITED 30 JUNE 2025 APPENDIX 4E PRELIMINARY FINAL REPORT 1. COMPANY DETAILS Name of entity: ABN: Reporting period: Previous period: Ai-Media Technologies Limited 12 122 058 708 For the year ended 30 June 2025 For the year ended 30 June 2024 2. RESULTS FOR ANNOUNCEMENT TO THE MARKET $’000 Revenues from ordinary activities down 2.1% to 64,860 Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) down 19.5% to 3,310 Loss from ordinary activities after tax attributable to the owners of Ai-Media Technologies Limited up 24.7% to (1,672) Loss for the year attributable to the owners of Ai-Media Technologies Limited up 24.7% to (1,672) Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the Group after providing for income tax amounted to $1,672,000, an increase in the loss of 24.7% from prior year (30 June 2024: $1,341,000). Revenue for the period was $64,860,000, down 2.1% from the prior year (30 June 2024: $66,236,000). Revenue share of technology sales (including hardware and SaaS) increased to 63.3% of total revenue, compared to 52.2% in the prior year. Technology revenue increased by 19% and Services revenue declined by 25%. EBITDA for the Group was $3,310,000 down 19.5% from the prior period (30 June 2024: $4,112,000). This included one-off redundancy costs of $1,304,000 related to substantial restructuring. Excluding these costs, underlying EBITDA was $4,614,000 an improvement on prior year by $502,000. EBITDA is a financial measure which is not prescribed by the Australian Accounting Standards (AASBs) and represents the profit under AASBs adjusted for specific items. The directors consider EBITDA to be one of the key financial measures of the Group. Refer to the attached Directors’ report ‘Review of Operations’ section for further explanation. 78 AI-MEDIA TECHNOLOGIES LIMITED 30 JUNE 2025 APPENDIX 4E PRELIMINARY FINAL REPORT The following table summarises key reconciling items between statutory loss after income tax, EBITDA and underlying EBITDA: Consolidated 2025 2024 $’000 $’000 Revenue Less: Direct employee costs Less: Other direct costs including inventory expenses 64,860 (14,772) (5,032) 66,236 (18,375) (5,389) Gross profit Less: Indirect costs or overheads* Less: Income tax expense 45,056 (45,582) (1,146) 42,472 (42,768) (1,045) Loss after income tax expense Add: Finance costs Add: Income tax expense Less: Interest income (1,672) 40 1,146 (86) (1,341) 163 1,045 (165) Loss before interest and taxation (EBIT) Depreciation and amortisation expense (572) 3,882 (298) 4,410 EBITDA 3,310 4,112 * Indirect costs or overheads includes employee costs not allocated as part of the determination of gross profit. Consolidated 2025 2024 $’000 $’000 EBITDA Restructuring costs 3,310 1,304 4,112 - Underlying EBITDA 4,614 4,112 The underlying EBITDA excludes a one-off restructuring cost of $1,304,000 incurred during the year as part of the Group’s strategic realignment and efficiency program. This adjustment reflects the non-recurring nature of the expense and provides a clearer view of the Group’s ongoing operating performance. 3. NET TANGIBLE ASSETS 2025 Cents Net tangible assets per ordinary security 2024 Cents 9.24 8.10 The net tangible assets calculation includes rights-of-use assets of $635,000 (30 June 2024: $501,000) and the corresponding lease liabilities of $658,000 (30 June 2024: $532,000). 4. CONTROL GAINED OVER ENTITIES Not applicable. 5. LOSS OF CONTROL OVER ENTITIES Not applicable. AI MEDIA ANNUAL REPORT 2025 79 AI-MEDIA TECHNOLOGIES LIMITED 30 JUNE 2025 APPENDIX 4E PRELIMINARY FINAL REPORT 6. DIVIDENDS Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. DIVIDEND REINVESTMENT PLANS Not applicable. 8. DETAILS OF ASSOCIATES AND JOINT VENTURE ENTITIES Not applicable. 9. FOREIGN ENTITIES Details of origin of accounting standards used in compiling the report: Not applicable. 10. AUDIT QUALIFICATION OR REVIEW Details of audit/review dispute or qualification (if any): The financial statements have been audited and an unmodified opinion has been issued. 11. ATTACHMENTS Details of attachments (if any): The Annual Report of Ai-Media Technologies Limited for the year ended 30 June 2025 is attached. 12. SIGNED As authorised by the Board of Directors. Signed ___________________________ Anthony Abrahams Director Sydney 80 Date: 28 August 2025 AN N UA L REP ORT Harnessing the power of AI to transform accessibility, media, and communication worldwide. CONTENTS ABOUT AI-MEDIA 03 AUDITOR’S INDEPENDENCE DECLARATION 28 HIGHLIGHTS 04 FINANCIAL REPORT 29 CEO AND CHAIR LETTERS 06 DIRECTORS’ DECLARATION 67 PRODUCTS AND TECHNOLOGY 10 SHAREHOLDER INFORMATION 73 BOARD OF DIRECTORS 12 CORPORATE DIRECTORY 76 DIRECTORS’ REPORT 15 ABOUT AI-Media (ASX: AIM) is a global leader in AI-powered voice translation, captioning, and language orchestration. The LEXI Suite and global encoder network deliver real-time multilingual intelligence—trusted worldwide to modernize workflows, enhance communication, and scale the shift from text to spoken AI. Highlights AI-Media’s strategic priority is to accelerate LEXI sales growth in pursuit of our five-year revenue target of $150 million by FY29. Our transition from a services-led model to a technology-driven SaaS business is establishing a scalable foundation for sustained long-term growth. Strong momentum in Technology sales continues to be driven by the LEXI suite, with further customer expansion supported by the AI-powered LEXI Toolkit, including LEXI Voice. Total Revenue1 $64.9m Down 2% | FY24 $66.2m Total Gross Margin 69% Up 5% | FY24 64% 1. FY25 and FY24 revenue from ordinary activities, excluding interest and other income 2. Including revenue from Hardware, SaaS & Support 04 Tech Revenue2 Services Revenue Underlying EBITDA $41.1m $23.7m $4.6m Up 19% | FY24 $34.6m Down 25% | FY24 $31.6m Up 11% | FY24 $4.1m Hardware Sales Total # Encoders Cash Balance $17.1m 7062 $14.7m Up 36% | FY24 $12.6m Up 39% | FY24 5k Up $3.8m | FY24 $10.9m AI MEDIA ANNUAL REPORT 2025 05 CEO’s Letter As we conclude another transformative year at AIMedia, I am proud to reflect on our significant progress in seamlessly embedding advanced AI-powered tools into our customers’ workflows for live and recorded content. We achieved operating cash flow of $5.2 million, highlighting the strength and sustainability of our core technology business. We ended FY25 with a strong cash balance of $14.7 million, ensuring we remain wellpositioned to execute our strategic growth initiatives. FY25 marked a pivotal stage as we expanded our global footprint, entered new markets, and accelerated our transition from a services-led operation to a technologydriven SaaS business. Looking ahead, we remain steadfast in achieving our aspirational EBITDA target of $60 million by FY29, guided by our clear strategic roadmap: • Since acquiring EEG three years ago, we’ve focused on deepening SaaS adoption within EEG’s core US Broadcast market while preparing our LEXI platform for global scalability. Completing our transition from Services to a Tech-driven SaaS model • Scaling Tech sales by 35% annually at gross margins of 80%+, with controlled operating expenses • Growing LEXI volumes and revenue by over 40% per annum through customer expansion and AI-powered innovations • Replicating iCap’s US Broadcast success across Europe and APAC • Broadening our product suite beyond Broadcast into Enterprise and Government sectors worldwide • Extending our global presence further, building on operations in numerous countries A key FY25 strategic priority was expanding our Broadcast capabilities into Europe, recognizing substantial opportunities for our industry-leading live captioning solutions. I’m delighted to report that this year, we successfully deployed encoders across 23 new countries including 17 new European countries, substantially enhancing our international presence. These deployments lay critical groundwork for accelerated growth of our LEXI solutions throughout EMEA, driven by regulatory tailwinds from the European Accessibility Act. This robust performance is primarily fuelled by successful European Broadcast expansion, reinforced by strategic partnerships with ITV, the UK’s largest broadcaster, and Central European Media Enterprise (CME), operating across six countries. Concurrently, we continued scaling our SaaS business in the U.S. Broadcast sector and expanded successfully into the Government markets across the Americas, where our accessibility technologies are increasingly adopted by parliaments, congresses, and libraries. Simultaneously, we accelerated our transition away from legacy Services in APAC, underscoring our commitment to a tech-first, SaaS-driven future. These focused efforts are yielding tangible results, with technology revenues now representing over half our total revenue, having grown significantly year-on-year from FY24 to FY25 at attractive gross margins. 06 In FY25, we launched cutting-edge products within our LEXI Toolkit, notably LEXI Voice a revolutionary automated AI-powered real-time voice translation solution, breaking down language barriers across media, government, and enterprise audiences. We also commenced development of LEXI AI, our confidential and private Generative AI solution integrating real-time captioning. Tailored for secure, high-trust environments, LEXI AI embodies the future of language intelligence. These innovations represent a new era for AI-Media, uniting captioning, translation, and secure AI to redefine global communication. We anticipate initial revenues from these exciting new products in the first half of FY26, providing a powerful engine for future growth. Entering FY26, our strategic expansion revolves around three pillars: Expansion: Increasing product penetration 1. Product within existing customers, particularly through our LEXI Text and LEXI Toolkit, alongside monetizing new offerings such as LEXI Voice and LEXI AI. 2. Geographic Penetration: Leveraging our European success to replicate our North American achievements in Europe and Asia, supported by robust regulatory drivers and market demand. 3. Segment Differentiation: Strengthening our position in Enterprise, Education, and Government sectors, building upon early successes within parliamentary and congressional institutions. FY25 has been marked by execution, innovation, and global expansion, reinforcing the foundation to achieve our long-term financial goals and capturing increased market share in the evolving language services industry. This remarkable progress is a testament to our global AI-Media team’s dedication and ingenuity. I extend my sincere gratitude to our customers, our employees for their resilience, our renewed and revitalised Board for strategic guidance, and our valued shareholders for continued trust in our vision. We are energized by the opportunities ahead and remain committed to keeping you updated as we scale globally, accelerate technology adoption, and pioneer the future of live and recorded content. Sincerely, Tony Abrahams CEO and Co-Founder Tony Abrahams Co-Founder & CEO AI-Media AI MEDIA ANNUAL REPORT 2025 07 Chair’s Letter Dear Shareholders, FY25 marked a pivotal year in AI-Media’s strategic transformation, as we continued to progress our shift from a traditional, services-led captioning provider into a global software company delivering scalable, AI-powered solutions. This transition is now taking full shape, with our high margin technology solutions and recurring revenue model becoming the foundation of our operations. While total revenue declined slightly to $ 64.9 million, reflecting a deliberate reduction in low-margin legacy services, our Technology revenue grew by nearly 19% to reach $ 41.1 million. This performance was driven by growing demand for our flagship LEXI solutions and encoder hardware, underpinned by increasing customer adoption, product innovation, and geographic expansion specifically where 17 new countries were added in Europe, and the Middle East. Most notably, upfront Technology sales delivered, with deferred revenue of $ 10.6 million, highlighting the strength of our scalable platform. Gross margins improved to 69%, with technology margins exceeding 85%, underscoring the quality of our earnings profile. We exit FY25 with a more robust and resilient revenue base than at any point in our history, positioning us for sustainable, high-margin growth. John Martin Chair 08 Adjusted EBITDA for FY25 totalled $ 4.6 million, impacted by front-loaded investments and restructuring costs in support of our long-term growth strategy. These initiatives, focused on platform innovation, global expansion, and product development are already showing early returns and we anticipate further upside in FY26. Specifically, we expect our real-time multilingual AI translation solution LEXI Voice, to drive growth in the second half of 2026 and the continued development of our secure generative AI platform LEXI AI, to continue this momentum in future years. The Board and I are proud of the progress achieved this year, representing key structural advancements that have reshaped the company’s foundation and future direction, including: The structural completion of our transition to a technology-led model, with technology sales contributing over 60% of total revenue and legacy services expected to continue declining in FY26. A strengthened global footprint, marked by deeper penetration in Europe, and strategic market entries across the APAC region. The continued attraction of top-tier talent across AI engineering, product, and commercial teams, including the appointment of a new CFO and US-based technology-focused Board members. The development of a proprietary encoder network and scalable cloudbased infrastructure, providing a strong platform for growth across the broadcast, government, and enterprise sectors globally. Looking ahead to FY26 and beyond, our focus remains on scaling our SaaS offerings globally, accelerating the commercial launch of our new solution LEXI Voice, and developing LEXI AI to redefine real-time captioning, translation, and audio accessibility. Additionally, we will keep expanding into new industries and geographies, supported by an international and enterprise-focused go-to-market strategy. Our ambition to reach $150 million in revenue and $60 million in EBITDA by FY29, with over 80% of total revenue generated from technology, remains unchanged. We believe AI-Media’s best years lie ahead and the Board is confident in our ability to achieve this vision, and our ambition to become the leading provider of AI-driven captioning and voice solutions worldwide. On behalf of the Board, I would like to thank our CEO, Tony Abrahams, and the executive team for their commitment and leadership in executing our vision. I also want to recognize our employees for their dedication and resilience and most importantly, thank you to our shareholders for your continued trust and support. Sincerely, John Martin Chair AI-Media AI MEDIA ANNUAL REPORT 2025 09 Products & Technology ECOSYSTEM LEXI VOICE AI-Media’s unique product suite offers an end-to-end ecosystem of captioning, translation and transcription solutions to a large and growing customer base. Instantly translate live broadcasts into multiple languages. Powered by AI and built on AI-Media’s industry-leading captioning technology, LEXI Voice ensures accurate, real-time translations with natural AI voices. Delivering seamless multilingual experiences for audiences – everywhere, every time. Our product suite combines the best technology, security and service, differentiating AI-Media from the competition as we are able to deliver end-to-end solutions to meet any customers captioning needs. Our world leading captioning network is comprised of an ecosystem of hardware, infrastructure, and software solutions. Our network of end-to-end solutions begins with a range of on-premise, virtualised, cloudcaptioning encoders that seamlessly integrate via iCap to our world-leading proprietary speech recognition solutions. Our encoders, Falcon, Alta and Encoder Pro are compatible with multiple resolutions and deliver physical, virtual, and cloud-based encoding technology to our customers, captioning content reliably, flexibly and securely. AI-Media’s encoding solutions make it easy to deliver a high-quality, low-latency broadcast with near real-time captions for any need. The iCap network integrates seamlessly with AI-Media’ ASR cloud captioning solutions LEXI and third-party captioners across the globe. iCap’s scalable cloudbased network separates us from the competition by delivering a secure, encrypted connection with a global standard of service with the highest accuracy at an affordable price to customers anywhere in the globe. Fast, accurate, efficient and scalable LEXI is our proprietary speech recognition solution. Underpinned by AI, LEXI has leading captioning capabilities, delivering coherent captions using advanced algorithms with enterprise grade accuracy of greater than 99%. 10 LEXI Voice leverages advanced AI to transform live speech into high-quality, real-time translated audio. Powered by AI-Media’s industry-leading LEXI captions, it delivers exceptional accuracy and natural fluency. Seamlessly compatible with AI-Media’s Alta TS and Encoder Pro, LEXI Voice integrates live captioning, translation, and multilingual audio into broadcast or event workflows with ease. • LEXI Text captions transcribe live speech with industry-leading accuracy. • AI translation instantly converts captions into multiple languages. • Natural AI voices synthesize translated audio for real-time delivery. • Viewers select their preferred enjoy fully translated broadcasts. language and Benefits Features • Increases Global Reach and Audience Engagement: Delivers real-time, multilingual audio to connect with diverse audiences and expand into new geographies, driving higher viewership and deeper engagement. • AI-Powered Live Voice Translation: Converts captions into high-quality multilingual speech • Industry-Leading Speech Recognition: LEXI for highly accurate translations Increases revenue streams by opening new markets for Content: LEXI Voice increases viewership and drives new subscriptions by making content accessible to global audiences in their preferred language. • Ultra-Low Latency: Ensures real-time delivery without noticeable delay. • Supports Multiple Languages: Translate live speech into numerous languages simultaneously • Multi-Speaker Support: Accurately distinguishes between multiple speakers in real time, ensuring clear and natural translations for dynamic conversations and panel discussions. • Seamless Integration: embedded in video production and broadcast chains in SDI, 2110, or compressed IP video, deliverable over existing iCap network to existing Ai-Media/EEG caption encoders with no new equipment, networking, or cloud access requirements • Works with AI-Media’s captioning and Alta TS and Encoder Pro encoding platforms • Applications LEXI VOICE delivers an immersive experience to a global audience – without language limitations. • Live Sports & Broadcasts – Expand global reach with real-time multilingual commentary. • Conferences & Events – Instantly translate keynote speeches for international attendees. • Streaming, OTT & FAST – Provide accessible, multilingual audio tracks for live and on-demand content. Built on LEXI Voice Workflow + Live Broadcast/ Event Voice Isolation + Speech-to-text + Translation Engine Text-to-Speech Mix to Live Broadcast Stream, Personal Device AI MEDIA ANNUAL REPORT 2025 11 Board of Directors JOHN MARTIN TONY ABRAHAMS ALISON LOAT CHERYL HAYMAN (appointed February 2024) Tony Abrahams co-founded AI-Media in 2003 and has served as CEO since inception, leading the company’s transformation from human-based captioning to a global leader in AI-powered language solutions. He oversaw the acquisition of EEG, whose innovations, including the LEXI automatic captioning engine and iCap delivery network, have been central to AI-Media’s shift toward scalable, real-time captioning and translation technology. Tony holds a Bachelor of Commerce (Honours) and Bachelor of Laws from the University of New South Wales, where he was awarded the University Medal in Accounting, and as a Rhodes Scholar, completed an MPhil in Economics and MBA at the University of Oxford. He has been recognised as a Young Global Leader by the World Economic Forum and is a member of the Australian Institute of Company Directors. Alison joined the Board in 2018. Alison is the Managing Director, Sustainable Investing and Innovation at OPTrust, a Canadian public pension plan. Previously, she was the Senior Managing Director of FCLTGlobal, a long-term investing organization, the CEO of a think tank and a consultant at McKinsey & Company. She’s also on the board of two Canadian educational institutions and a privately held media company. Alison received the Queen’s Gold and Diamond Jubilee Medals and was named one of the 100 Most Powerful Women in Canada. She received the ICD designation from Canada’s Institute of Corporate Directors. She has degrees from Queen’s University and the Harvard Kennedy School. Cheryl has extensive experience working as an independent Director across multiple sectors including ASX-listed companies as well as industry bodies and notfor-profit organisations. Non-Executive Chair John joined the Board in 2010 and served as Chair until 2013, NED until 2024 and has been re-elected as Chair in February 2024. He is an experienced company director and business executive, having served as CEO and director of ASXlisted Babcock & Brown Communities, Primelife and Regeneus. He is a former corporate and commercial partner of law firm Allens. John is a Non-Executive Director of Australian law firm Sparke Helmore; Sydney biotech company Biopoint and US internet services company Lokket. He is also a member of the Australian Institute of Company Directors. 12 Co-Founder and CEO Non-Executive Director Non-Executive Director Cheryl’s corporate experience encompasses a range of senior strategic technology, digital strategy and global marketing roles including Head of Marketing and Innovation at Sunrice, George Weston Foods, Unilever Australia, NZ and UK, Yum Restaurants International and Who eekly magazine. Cheryl was previously an appointed member of the Department of Prime Minister and Cabinet’s Digital Experts Advisory Committee and is a Fellow of the Australian Institute of Company Directors. BRENT CUBIS BRAD BENDER OTTO BERKES Brent joined the Board in July 2024 and is Chairman of the Audit and Risk Committee. Brent is a highly experienced Non-Executive Director and CFO with over 30 years of board level experience in senior finance roles for global businesses in Health, Medical Devices, Media, Property, Tourism and started his career at Deloitte. Brent has been the Chair of the Audit and Risk Committees for all the public and private companies outlined below. His previous executive roles have included CFO of Cochlear Ltd and Nine Network Australia and for various other private companies. Brad was appointed as a Director in November 2024 and brings over 25 years of global experience in technology, product innovation and general management. At Google, he served as Vice President of Product Management, leading AI-driven initiatives across Google News and Search, and earlier founded the Google Display Network, building it into a multi-billion dollar business. Before Google, he was Vice President of Product Management at DoubleClick. Brad’s expertise spans product innovation, AI-driven solutions and scaling global platforms. He holds multiple patents in data and privacy, was named a Crain’s New York Business “40 under 40” leader in 2012, and holds a Bachelor of Science degree from Cornell University. He currently serves as an advisor, investor and board member across the tech, media and services sectors, including as an independent board director at Entravision (NYSE:EVC). Otto Berkes is a technology leader and entrepreneur with extensive experience in software, cloud services and digital transformation. He was a co-founder of Microsoft’s Xbox and later led technology and product innovation at HBO as CTO, where he drove the company’s shift to digital streaming. Otto also held senior executive roles at CA Technologies, directing the company’s transition to cloud services, and as CEO of HireRoad, built an analyticsdriven talent platform. He is co-inventor on thirteen patents, recipient of an Emmy Award, an Edward R. Murrow Award, and Microsoft’s Xbox Founder Award. Otto has served as a trustee of the University of Vermont and currently sits on the boards of Integral Ad Science, Intelagree, and AIMedia. He holds degrees in Physics, Computer Science and Electrical Engineering. Non-Executive Director Non-Executive Director Non-Executive Director EST 2004 36 COUNTRIES 5 OFFICE LOCATIONS AI MEDIA ANNUAL REPORT 2025 13 Ai-Media Technologies Limited Contents 30 June 2025 Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Note 1. General information Note 2. Material accounting policy information Note 3. Critical accounting judgements, estimates and assumptions Note 4. Operating segments Note 5. Revenue Note 6. Expenses Note 7. Income tax Note 8. Cash and cash equivalents Note 9. Trade and other receivables Note 10. Inventories Note 11. Contract assets Note 12. Term deposits Note 13. Property, plant and equipment Note 14. Right-of-use assets Note 15. Intangibles Note 16. Trade and other payables Note 17. Contract liabilities Note 18. Borrowings Note 19. Lease liabilities Note 20. Provisions Note 21. Issued capital Note 22. Reserves Note 23. Dividends Note 24. Financial instruments Note 25. Remuneration of auditors Note 26. Contingent liabilities Note 27. Key management personnel disclosures Note 28. Related party transactions Note 29. Interests in subsidiaries Note 30. Earnings per share Note 31. Parent entity information Note 32. Reconciliation of loss after income tax to net cash from operating activities Note 33. Changes in liabilities arising from financing activities Note 34. Share-based payments Note 35. Events after the reporting period Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Ai-Media Technologies Limited Shareholder information 14 14 15 28 29 30 31 32 33 33 33 42 43 44 46 47 49 49 50 50 50 51 51 52 54 54 54 55 55 56 57 58 58 60 61 61 61 62 62 63 64 64 64 65 66 67 68 73 Ai-Media Technologies Limited Directors' report 30 June 2025 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Ai-Media Technologies Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025. Directors The following persons were directors of Ai-Media Technologies Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: John Martin - Non-Executive Director and Chair Anthony Abrahams - Executive Director and Chief Executive Officer Alison Loat - Non-Executive Director Cheryl Hayman - Non-Executive Director Brent Cubis - Non-Executive Director (appointed on 1 July 2024) Otto Berkes - Non-Executive Director (appointed on 1 December 2024) Brad Bender - Non-Executive Director (appointed on 1 December 2024) Principal activities Ai-Media Technologies Limited (Ai-Media or Company) (ASX: AIM), is a global provider of technology-driven captioning, transcription and translation products and services. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the Group after providing for income tax amounted to $1,672,000 (30 June 2024: $1,341,000). Operations A summary of the results for the year is as follows: 2025 $'000 Revenue from operating activities Earnings/(loss) before interest, taxation, depreciation and amortisation (EBITDA) Loss after tax (expense)/benefit from ordinary activities* * 2024 $'000 Change $'000 Change % 64,860 66,236 (1,376) (2.1%) 3,310 (1,672) 4,112 (1,341) (802) (331) (19.5%) 24.7% Represents an increase in the loss of 24.7% EBITDA is a financial measure which is not prescribed by the Australian Accounting Standards (AASBs) and represents the profit under AASBs adjusted for specific items. The directors consider EBITDA to be one of the key financial measures of the Group. The Group’s strategy to drive annually recurring revenue by transitioning from human-dependent services to a Software-as-a-Service (SaaS) model has delivered strong results. Technology revenue grew by 19% on the prior year, while services revenue declined by 25%, reflecting the deliberate shift in business mix. As a result, gross profit margin improved by 6.1%, contributing to a gross profit uplift of $2,584,000. A comprehensive review of the Group’s cost base led to a significant restructure, reducing employment costs and enabling reinvestment into product development. In April 2025, the G