Nuix Limited

FY26 ACV was $260 million, up 13.9% year over year; excluding Linkurious, organic ACV grew 8.6% (11.1% in constant currency). Revenue was $263.2 million, up 18.8% year over year, or 17.1% excluding Linkurious; on a constant-currency basis, revenue growth was 20.3%. Adjusted management EBITDA increased 60.4% to $59.8 million, with margin expanding to 22.7% from 16.8%. Statutory EBITDA was $66.9 million and statutory NPAT was $16.4 million versus a $9.4 million loss in the prior year. Underlying cash flow increased 154% to $51 million, free cash flow was $37.4 million versus $4 million a year ago, and net cash ended at $49.9 million. Nuix Neo ACV grew 179% to $78.5 million across 135 customers, and net dollar retention finished at 105.2%. For FY27, management guided ACV to $285 million to $300 million and adjusted management EBITDA to be similar to FY26, with growth expected to be weighted to the second half.

John Ruthven framed FY26 as a year of “profitable growth and decisive action,” emphasizing the shift from feature selling to platform value. He said the company has restructured go-to-market, unified product and technology, and is investing in AI and an R&D accelerator to position Nuix for its next phase of growth. He was notably upbeat on Neo, calling the migration program established and saying Neo should become the majority of ACV in the medium term.

Peter McClelland highlighted the financial leverage in the business, noting adjusted management EBITDA rose 60.4% to $59.8 million as revenue growth outpaced costs. He pointed to strong cash generation, with underlying cash flow up 154% to $51 million, free cash flow at $37.4 million, and year-end net cash of $49.9 million post-Linkurious. He also broke out the operating metrics behind the year: multiyear deals rose to 35% of revenue from 27%, R&D was $57.8 million, and Linkurious contributed $3.8 million of revenue and $2 million of EBITDA in the 72 days after close.

Analysts focused on the Neo migration pathway, the uplift from foundation to full-suite/AI-enriched sales, and whether margins would stay similar as customers buy more AI-related products. Management said the uplift could be meaningful but that it hasn’t been modeled in full yet, and added that margins should generally remain at historical levels as customers move from component to foundation and then into Neo. Questions also covered weak Discover and Asia Pacific performance, with management saying the new go-to-market structure is meant to return both to growth, and that no major structural change is being seen in customer buying trends or investigation activity.