Highlights

  • Trade Window’s ARR reached NZD 9.3 million, up 17% from the prior year.
  • Average Revenue Per Customer (ARPC) rose for shippers to NZD 2,482 and freight forwarders to NZD 1,128, increasing 20% and 23% respectively.
  • Customer retention improved to 91%, up four percentage points compared with FY25.

Trade Window Holdings Ltd (NZX:TWL) declined by 10.34% to NZD 0.26 on 30 January, reflecting a pullback after mixed performance over recent months. The stock has gained around 30% over the past six months but has also fallen 13.33% over the last month.

The stock gained limelight on 30 Jan as it released its Q3 FY26 unaudited financial and operational metrics, showing growth in recurring revenue alongside updated FY26 guidance. The company reported NZD 7.0 million in trading revenue, up 22% year-to-date, and an Annual Recurring Revenue (ARR) of NZD 9.3 million, a 17% increase on the prior year. The update highlights continued progress in customer adoption and monetisation across both shipper and freight forwarder segments.

Revenue Performance and Guidance

The company recorded NZD 7.0 million in trading revenue for Q3 FY26, representing a 22% year-to-date increase. While the underlying trend remains positive, quarterly activity was softer than expected due to lower export volumes from major primary industry customers and a delayed export season.

Reflecting this, Trade Window revised its FY26 trading revenue guidance from NZD 10–11 million to NZD 9.6–9.9 million, a roughly 7% reduction on the previous midpoint. Despite this adjustment, the company continues to show momentum in recurring revenue, driven by both new customer acquisition and price adjustments across shippers and freight forwarders.

Customer Metrics and ARPC Growth

Trade Window maintained growth in monthly ARPC, with shippers averaging NZD 2,482 per month (up 20%) and freight forwarders NZD 1,128 per month (up 23%). Shipper ARPC gains were primarily driven by higher-value contracts, while freight forwarder growth reflected a focus on mid-market operators. Price revisions and new pricing plans also contributed to this uplift.

Customer retention rose to 91%, highlighting ongoing engagement with the company’s platform and services.

Margins, R&D, and Operational Focus

Gross margin stood at 59%, a two-percentage point decline from FY25, largely due to customer mix effects and the migration of remaining on-premise TW Freight customers to cloud-hosted solutions. The transition increases short-term implementation costs but is expected to simplify updates and enhance security over time.

R&D and commercialisation expenses accounted for 33% of total costs, including NZD 450,000 capitalised on Freight.AI development, designed to expand freight forwarder capabilities and support future global scalability.

Outlook

Trade Window emphasized its focus on winning market share, cross-selling, and converting demand into recurring revenue. While transactional revenue experienced short-term softness in Q3, management anticipates improvement in Q4 FY26 and aims to deliver results within the revised FY26 guidance range.