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Management identified 2025 as a critical inflection point, achieving a positive operating rate for cash flow and adjusting EBITDA by restructuring the company’s cost structure.
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Performance was driven by a $30 million annual cost reduction program and a strategic shift away from major hardware shipments that did not align with customer implementation timelines.
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Revenue growth returned to positive territory in Q4 for the first time in seven quarters, supported by a 13% increase in SaaS revenue and a growing installed base of 890,000 units.
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The company has expanded its go-to-market capabilities and executive bench strength to support faster revenue growth and internal operating profit.
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The strategic position is now focused on ‘Vision 2028’, which prioritizes expanding the competitive moat through a double-digit compound annual growth rate in the installed base.
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Management attributes SaaS ARPU growth to margin expansion and increased operating profit in the recurring revenue model, which now represents approximately 40% of total revenue.
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The company is expected to march to 1,000,000 installed units in the next four to five quarters, targeting a total base of 1,200,000 units by the end of 2028.
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Guidance for 2026 assumes double-digit growth in ARR and positive adjusted EBITDA and free cash flow in the full year, although management remains ‘started’ due to major uncertainty and hiring volatility.
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Future software revenue is expected to settle at rates above current average revenue per unit (ARPU) as the company launches new solution sets and catches up with technological advances.
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Management plans to nearly double the size of the sales organization and explore local access partnerships to enter the middle and mass market segments.
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Non-cash center tariff revenue is expected to decline significantly to less than $5 million in 2026, which management believes will provide a brighter outlook for core business growth.
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A goodwill impairment charge of $24.9 million was recorded in 2025, which significantly impacted the full-year net loss despite improvements in core operating performance.
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The company has successfully achieved cash flow neutrality on an exit rate basis from 2025, although management has warned that the business is still subject to cash flow seasonality.
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Operating expenses decreased 22% in the fourth quarter after implementing construction costs in the second half of the year.
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Professional Services achieved a second consecutive quarter of profitable operations, nearly breaking even in Q4.
