Toku Ltd posted a net loss of 9.1 million US dollars for the year ended 31 December 2025, widening 72.7 percent year-on-year as listing-related expenses offset a rise in core turnover.

Revenue grew 9.3 percent to 34.8 million US dollars, supported by higher traffic volumes and initial monetisation of the company’s AI-driven products. No dividend was declared.

Usage revenue, the largest contributor, climbed 21.0 percent to 23.9 million US dollars and represented 68.8 percent of total sales. Subscriptions and Licensing inched up 0.6 percent to 5.6 million US dollars. Professional Services fell 25.6 percent to 2.4 million US dollars after workforce optimisation, while Maintenance and Support slipped 12.2 percent to 2.6 million US dollars. Hardware contributed a marginal 0.2 million US dollars, down 5.1 percent.

Gross profit eased 3.1 percent to 8.4 million US dollars, with the margin narrowing to 24.3 percent from 27.4 percent as the revenue mix tilted further toward lower-margin connectivity usage. Adjusted EBITDA loss improved to 3.3 million US dollars from 4.0 million US dollars, reflecting tighter cost control and improving operating leverage. Excluding non-recurring items, the adjusted net loss narrowed 8.5 percent to 4.2 million US dollars.

The wider reported loss was chiefly attributed to roughly 5.3 million US dollars of non-cash and one-off items linked to Toku’s January 2026 Catalist listing, including professional fees, fair-value adjustments on convertible loans and accelerated share-based charges.

Chief executive Thomas Laboulle noted that the company maintained growth despite a “streamlined” workforce, citing stronger adoption of the Core AI Suite, expanded presence in Latin America and new geographic wins in Asia-Pacific. He added that management now aims to scale AI capabilities and deepen regional partnerships.

Chief financial officer Christian Wong said the IPO has “transformed” the capital structure, with all convertible instruments settled and a venture debt facility set for early repayment in April 2026. He indicated that the cleaner balance sheet positions the group to convert future revenue gains into margin expansion.

Looking ahead, Toku expects AI-driven usage to feed into top-line growth as the Core AI Suite and Agentic AI programme reach full production. Management also points to a growing channel-partner network to lift software subscriptions and a recovering Professional Services pipeline. Key risks include competitive pricing in traditional connectivity services, macroeconomic headwinds in core markets and currency fluctuations.