Checkit continues to narrow losses in drive to profitability
Software company Checkit has reported a rise in revenue as it continues to narrow its losses.
Software company Checkit said annual recurring revenue rose nine per cent to £13.8m in the first half of its 2025 financial year. Total group revenue jumped by £1m to hit £6.7m.
The Cambridge-based firm posted a loss before interest, tax, depreciation and amortisation (EBITDA) of £1.4m, down from £1.9m in the first half of 2024, amid a cost-cutting and efficiency drive.
However, its half-year cash position dropped to £7m, down from £12.8m in the same period last year and £9m in January.
The AIM-listed company said it remained confident that its coffers are sufficiently full to sustain profitability.
Checkit provides customers with a workflow management software platform that delivers remote monitoring and automated surveillance to manage their teams of so-called deskless workers.
Kit Kyte, chief executive of Checkit, said: “The first half of the year has seen good progress. We continue to drive growth through a subscription-based model and strategic land and expand opportunities.
“The addition of Asset Intelligence to our suite of products has been well received, with continued investment in the development of the Checkit platform to create a market leading product.
“Market conditions remain uncertain, but the Board is confident that Checkit is making progress towards profitability in the year ending 31 January 2027.”
After reaching profitability, the company plans scale up its existing operations in the US over the next couple of years.
Checkit said it is on track to deliver analysts’ expectations for the full year 2025 of revenue of £14.2m and adjusted LBITDA of £2.3m.
Earlier this year, it abandoned a bid to buy smaller rival Crimson Tide, after the company rejected a raised takeover proposal.