2025 Results 25/03/2026
Dan Mendis
Sally Morton
Software subscription service
GPS GPRS/ 4G
Fleet customers use our software to:
Increase capacity
Reduce overtime payments
Manage risk
Improve fuel economy
Eliminate fraud and wastage
Minimise carbon footprint
•
•
Software subscription service
Typically SME customers with mobile workers
c 334,000 subscriptions (Dec 2025)
11% increase vs 2024
350,000
300,000
250,000
Investors in Customers Gold Trustpilot 4.9/5 - Excellent
London Stock Exchange Green
Economy Mark
200,000
150,000
Investors in Customers Gold Launched in Italy and Germany
Launched in Spain
Queen's Award for
Innovation
100,000
Launched in USA Floated on AIM
Launched in France
50,000
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Subscription base growth
2025 | 2024 | Change | |
New fleet subscriptions (units) | 79,576 | 74,673 | +7% |
Fleet subscription base (units) | 333,922 | 300,168 | +11% |
Fleet customer base | 32,942 | 30,134 | +9% |
Customer acquisition (new customers) | 7,501 | 6,863 | +9% |
Annualised Recurring Revenue (ARR) (£'m) | 37.0 | 32.5 | +14% |
Net Revenue Retention (NRR) (%) | 98.1 | 95.7 | +3% |
Fleet invoiced recurring revenue (£'m) | 34.4 | 30.4 | +13% |
Please see annual accounts for full definitions of each KPI
KPIs
Excellent ARR growth in 2024
and 2025
2023
2021
2022
2024
2025
5,000
£'k
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
All figures quoted on a constant currency basis: 31 December 2025
Cumulative growth in ARR by month
2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
ARR Growth (£m)
UK/EI France USA Italy Spain Germany
20.00
18.00
16.00
14.00
47% of ARR now outside the UK
ARR (£m)
12m to 31 Dec
2025 202412.00
ARR growth in UK increased by 70% and was the strongest contributor
Growth in France maintained
Growth in Italy and Spain improved, with slight reduction in Germany & USA
10.00
8.00
6.00
4.00
2.00
0.00
31 Dec
2025 2024ARR and ARR Growth by Country 2025
NRR is the ARR at the end of a 12month period divided by the starting ARR,
but excluding any revenue derived from new customers during the year.
It is a key measure of quality of our service and recurring revenues.
£32.5m
14%
growth
retention
98.1%
£37.0m
ARR growth of £4.5m in 2025 (+14%)
New business ARR of
£5.1m generated in
2025
Price indexation averaged 4.2% across the Group
Revenue
retention
Customer acquisition
NRR increased to 98.1%
from 95.7% at Dec 2024
31 Dec 2024 31 Dec 2025
Net revenue
retention
"NRR"
Product Innovation
ARR/ employee (FTE): £208,000
ARR/ vehicle £111
Subscriptions as % sales 96%
Hardware as % sales 1%
Subscription base (vehicles) 333,922
Subscription base growth (TTM) 11%
ARR growth (TTM) 14%
Largest client as % sales < 1%
Business characteristics
12 months ended 31 December | |||
£'000 (except where stated) | 2025 | Restated 2024 | % change |
Revenue | 35,707 | 31,808 | 12 |
Gross profit | 26,128 | 22,773 | 15 |
Gross margin | 73% | 72% | |
Operating profit | 8,680 | 6,482 | 34 |
Operating margin | 24% | 20% | |
EBITDA | 13,160 | 10,695 | 23 |
EBITDA margin | 37% | 34% | |
Adjusted EBIT | 8,755 | 6,362 | 38 |
Profit/(Loss) for the period | 6,381 | 5,118 | 25 |
Earnings per share | 13.18 | 10.58 | |
Diluted earnings per share | 13.17 | 10.51 | |
Cash generated from operations | 12,587 | 10,279 | 23 |
Adjusted EBIT to operating cash flow conversion | 105% | 104% | |
Free cash flow | 5,170 | 2,569 | 101 |
Financial Results 2025
6,464 | -1,702 | 1,720 | 6,482 | |||||
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
2024 Reported Operating Profit France 2G upgrade provision PPE policy change 2024 Restated Operating Profit
Change in Accounting Policy extract
Great progress in 2025
Record growth in ARR
£4.5m (+14%)
Pricing adjusted for inflation
Good growth in customer acquisition 7,501 added YTD
Subscription base up 11% to 334k (TTM)
French upgrade programme on track, and will be accelerated with the new generation OBD unit in production in Q1 2026
New product developments completed and application development being accelerated in 2025
Outlook
Operating profit margin improvement from 20% (FY 2024) to 24% (FY 2025)
Increased investment in sales and marketing to drive ARR
Efficiency improvement measures undertaken in H1
Manufacturing costs reduced
New product developments completed and application development being accelerated in 2025
Quartix's 6 target markets offer excellent potential for future progress and recruitment in Q4 2025 for indirect channel to market in all markets.
We have controlled overheads in admin to invest in growth
Confident outlook
12
Summary and the future
2025 Results 25/03/2026
Dan Mendis
Sally Morton