Spirit Technology Solutions (ASX: ST1) has reported a 15.3% increase in revenue to $50.3 million for the first half of FY25, driven by strong growth in its cyber security and managed services divisions. The company’s underlying EBITDA surged to $3.9 million, up from $160,000 in the prior corresponding period, reflecting improved operational efficiencies and business expansion.
The company significantly narrowed its net loss to $1.65 million, down from $5.2 million in the same period last year, as restructuring efforts and revenue diversification contributed to stronger financial performance. Cyber security revenue nearly doubled to $14 million, now accounting for 46% of the company’s segment earnings.
Spirit strengthened its cyber security business with the acquisition of Forensic IT, a specialist in digital forensic and incident response (DFIR), expanding the company’s ability to handle cyber incidents and security breaches. The Managed Services segment also returned to profitability, delivering a $0.1 million contribution after posting a $2.5 million loss in H1 FY24.
The company remains on track to achieve its full-year FY25 guidance, forecasting revenue of $100 million to $110 million and underlying EBITDA of $11 million to $12 million. CEO Julian Challingsworth said Spirit’s cyber-first strategy and continued expansion of secure digital workplace solutions would drive long-term growth.
Spirit Technology Solutions is a leading Australian provider of cyber security, managed IT, and communication solutions, servicing businesses across critical infrastructure, government, and enterprise sectors. The company focuses on scalable, secure, and sustainable technology solutions tailored to evolving cyber threats and digital transformation needs.
