IDT Australia (ASX:IDT) said that Chief Executive Paul McDonald resigned, and Non-Executive Chair Mark Simari has been appointed as executive chair, effective immediately, according to a Thursday filing with the Australian bourse.

The company expects nearly 41% revenue growth to AU$19.9 million in fiscal 2025, up from AU$14.1 million a year earlier, while net loss after tax is expected to widen to AU$7.5 million from AU$5.4 million, the filing said.

The revenue growth was fuelled by a AU$4.8 million rise in disbursement revenue tied to new contracts, signalling strong momentum across the company's core verticals, but earnings were impacted by a one-off AU$1.2 million bad debt from customer defaults, the filing added.

The company's shares tumbled 19% in recent Thursday trade, earlier hitting an all-time low.