Jade Software revenue rises as profit falls after MADCAP
Mon, 4th May 2026 (Today)
Jade Software increased revenue in 2025, while profit fell as spending rose and the group acquired MADCAP.
Revenue for the year ended 31 December rose 8% to NZD $48.8 million from NZD $45.3 million. Profit before income tax fell to NZD $930,000 from NZD $2.9 million, and net profit attributable to owners dropped to NZD $617,000 from NZD $4.7 million.
The result was affected by due diligence costs related to the MADCAP purchase, as well as higher spending on longer-term growth initiatives rather than short-term profit.
Cost pressure
Total expenditure climbed to NZD $39.8 million from NZD $35.7 million. Employee benefits remained the largest expense, rising to NZD $36.8 million from NZD $34.7 million, while depreciation and amortisation increased to NZD $7.9 million from NZD $6.7 million.
Finance costs rose to NZD $288,000 from NZD $97,000, reflecting lease liabilities and interest on a new shareholder loan.
The loan totalled NZD $25.0 million and was drawn during the year to help fund the acquisition and broader investment. Total liabilities rose sharply to NZD $40.8 million from NZD $7.5 million.
Acquisition impact
During the year, Jade completed the acquisition of dairy supply-chain software business MADCAP. Cash outflow for the deal, net of cash acquired, was NZD $23.2 million.
The purchase reshaped the balance sheet. Intangible assets rose to NZD $39.8 million from NZD $13.2 million, driven by goodwill, customer relationships, brand value and acquired software assets.
The acquisition is expected to strengthen Jade's position in supply-chain software and add a second scaled software-as-a-service business alongside its financial compliance product, ThirdEye. The group also continued its internal software investment, capitalising NZD $6.5 million in development costs during the year.
Regional mix
New Zealand remained the largest market, with revenue of NZD $24.5 million, up from NZD $22.7 million. The United Kingdom was second at NZD $14.0 million, down from NZD $15.2 million.
Australia delivered revenue of NZD $8.6 million, up from NZD $6.6 million. Canada contributed NZD $717,000.
By category, services generated NZD $35.4 million, and products contributed NZD $12.7 million. Other income, including research and development tax incentives, totalled NZD $641,000.
Cash position
Operating cash flow remained positive at NZD $8.2 million, compared with NZD $9.4 million a year earlier. Cash and cash equivalents rose to NZD $9.5 million from NZD $7.5 million at year end.
The figures indicate a business that continues to generate cash from operations, even as acquisition costs and investment weigh on earnings. Higher liabilities, a larger intangible asset base and lower profit mark a significant shift in Jade's financial profile over the year.
Management said Jade entered 2026 in a stronger position, with expected growth from platform upgrades, expansion of industry-focused software products and support for partners building on the Jade platform. Its strategic focus remains on scaling products such as ThirdEye and MADCAP while continuing to invest in the core platform business.