Maintains Full-Year Guidance For Broadly Flat Year-On-Year Revenues On Combined Company Basis, Targets Over $85M Adjusted EBITDA In 2025 Amid Improving Momentum And Accelerated Cost Synergies

2025 Outlook Reaffirmed

Our guidance for the full year is unchanged, with a target for broadly flat year-on-year revenues on a Combined Company basis. Following a Q1 revenue decline of approximately 6%, we have seen improving momentum in Q2, leaving revenues down approximately 5% over the first five months of the year, with a similar figure expected at the half year.

We are targeting further sequential improvement through Q3 and Q4 to deliver a broadly flat outcome for the year, with momentum improving as our product initiatives and revitalized go-to-market approach gains further traction with customers.

The accelerated delivery of cost synergies underpins our ambition for positive growth in adjusted EBITDA in 2025, despite broadly flat revenues, with a target to deliver in excess of $85 million for the year.

We anticipate recording a further non-cash goodwill impairment in Q2 2025, reflecting the market uncertainty cited in our previous commentary that persisted through the first half of the year and the technical accounting impact of our depressed market capitalization at the end of the quarter relative to book values. This adjustment will have no impact on our operational performance or cash position.

Our guidance does not assume any marked change in the market environment, with activity expected to remain subdued, as enterprise technology customers continue to limit investments in marketing and sales to prioritize research and development in AI-related initiatives.