Earnings release
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Adveritas Limited U10, 16 Brodie Hall Drive Bentley 6102 Western Australia +61 8 9473 2500 ASX RELEASE 21 January 2026 December 2025 Quarterly Report Record ARR Achieved and Foundations Built for Strong Growth Adveritas Limited (Company or Adveritas) (ASX: AV1), global digital marketing anti-fraud specialists with flagship Software-as-a-Service product, TrafficGuardTM , is pleased to report its results for the December 2025 quarter. Key Highlights ● Annualised recurring revenue (ARR) reached a record $14.25 million at 31 December 2025, up 17% from $12.2 million at 30 September. ● Cash receipts from customers of $3.2 million for the quarter, representing approximately 110% growth compared to the September 2025 quarter and approximately 68% growth compared to December 2024 quarter. ● Focus on product development to include artificial intelligence (AI) capabilities which will enhance the Company’s value proposition and drive revenue growth, particularly in the US market and media agency channel. ● Meta and Affiliate traction with a number of meta and affiliate agreements signed in the quarter. ● Operating expenditure was approximately $3.9 million for the quarter, in line with disciplined growth investment in key growth areas. ● Strong cash balance of $6.85 million at 31 December 2025 to support planned growth initiatives. ● US expansion progressing with increased sales activity and pipeline development. Strong Growth in ARR ARR reached $14.25 million at 31 December 2025, up 17% from $12.2 million at 30 September 2025. Importantly, ARR has grown by 82% in the 12 months from December 2024 and by 226% in the two years from December 2023. For personal use only
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Cash Receipts Cash receipts were $3.2 million for the quarter, which was 110% up from the September 2025 quarter and 68% higher than the December 2024 quarter. Media Agency Channel Strategy TrafficGuard continues to make rapid progress across its media agency channel, which remains a core pillar of the Company’s go-to-market strategy. During the December 2025 quarter, TrafficGuard strengthened relationships with key media agencies across the Middle East, Europe, and the United States, resulting in a significant contribution to a qualified pipeline and an increasing number of clients entering trial through agency-led engagements. These agencies manage large, multi-market advertising budgets and act as trusted advisors to enterprise brands, providing a strong position for TrafficGuard. The Company is seeing improved deal quality, longer contract potential, and broader multi-account opportunities emerging from agency referrals. While agency-led sales cycles differ in structure from direct sales, they provide access to larger advertisers, repeatable expansion opportunities, and sustainable long-term revenue potential. In parallel, the Company is actively evaluating and pursuing white-label and co-branded partnership models with select agencies. These structures will enable agencies to embed TrafficGuard’s technology within their own service offerings, supporting scalable distribution, deeper account penetration, and increased average contract values over time. The media agency channel represents a capital-efficient growth lever, capable of driving significant revenue expansion as partnerships mature and trial conversions progress into contracted customers. $0$3,000,000$6,000,000$9,000,000$12,000,000$15,000,000 Dec 23Dec 24Dec 25 226% growth in ARR in 2 years For personal use only
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Positive Momentum in North American Expansion The Company continued to demonstrate positive momentum across North America during the December 2025 quarter, building on progress that was outlined at the November 2025 AGM. ARR from North American based customers increased from $366k to $525k, reflecting growing conversion of opportunities into contracted revenue. The pipeline of North American based customers strengthened during the December 2025 quarter, supported by a growing mix of inbound demand, outbound engagement, and agency-sourced introductions. This broader contribution base continues to enhance pipeline depth and quality, while supporting scalable growth across the region. Event attendance across the US and broader Americas is scheduled to increase in the March 2026 quarter. Early indicators support continued confidence in the Company’s event-led go-to-market strategy, with these activities expected to contribute to sustained pipeline growth and improved revenue visibility. Product Update Meta Product Commercialisation The December 2025 quarter delivered significant traction with TrafficGuard’s Meta product. Multiple trials were conducted across a mix of existing and new customers spanning several verticals. Notably, several trials converted to paying contracts ahead of their scheduled end dates, demonstrating clear product-market fit and immediate value realisation. The majority of remaining trials are expected to conclude within the March 2026 quarter, positioning the Company for continued contract conversions. The focus in the March 2026 quarter is on scaling the Meta offering. To support this initiative, TrafficGuard recently received Meta’s approval for Advanced API Access, which increases transaction rate limits and provides access to additional data points. This translates directly into enhanced report value for customers and improved scalability to support growing demand. The diverse data generated from trials and paying customers across multiple verticals is enriching TrafficGuard’s detection engine, improving its ability to generalise the identification and prevention of invalid traffic (IVT) across different sectors. There remains significant upside in upselling the Meta product to the existing customer base. For personal use only
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AI Investment During the December 2025 quarter, the Company strengthened its Data Science capability, accelerating the development of advanced machine learning and AI systems across the TrafficGuard platform. These investments are enhancing model accuracy, improving optimisation performance, and increasing the speed at which complex traffic patterns are identified and acted upon. In the March 2026 quarter, the Company will introduce Large Language Model (LLM)-driven capability across Google Search and Affiliate products for enterprise customers and agencies. This feature enables customers to quickly understand how IVT is impacting spend, with clear explanations of why traffic has been flagged and how it affects campaign performance. By transforming complex datasets into actionable insights, the platform significantly reduces the time and effort required to investigate issues and optimise campaigns. This capability will be extended to self-serve products following the enterprise rollout and are expected to increase retention and lower the cost of service delivery. SME Self-Serve Portal The new SME self-serve offering is under development and expected to launch in the March 2026 quarter. The current SME product, which only offers Google Search protection, has, as a stand-alone product, demonstrated significant traction and growth with a 44% increase in average monthly recurring revenue (MRR) and 34% increase in active users in 2025 (excluding Freemium subscribers). Based on this performance, a strategic decision was made to enhance the offering by adding Meta protection and delivering a fully revamped customer portal. The new portal will provide SME customers with a single pane of glass to view their advertising performance and IVT levels across both Google and Meta. Customers will be able to self-configure their accounts and select from a range of subscription tiers based on their advertising spend. This enhancement will also prepare the SME product line for a Channel Partner offering. The roadmap includes adding LLM capabilities to assist SME customers in optimising their campaigns and educating them on best practices. For personal use only
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Affiliate Product Expansion Over the past two quarters, the Company expanded its Affiliate product line to complement the existing offering. While the initial focus was on the sports betting vertical given TrafficGuard’s established customer base, traction has been gained in additional verticals including retail, banking, and travel, leveraging the existing integration with Impact.com, a leading affiliate management platform. The conversion of affiliate trials into paying contracts occurred in the December 2025 quarter, and this trend is expected to continue as multiple ongoing trials approach completion with promising data. Six months of research into the challenges facing the affiliate marketing ecosystem is now reflected in TrafficGuard’s reports and dashboards, validated by customer feedback. To further enhance the offering, LLM functionality will be added to the user journey analysis report. Customers will receive curated, personalised narratives explaining how an affiliate partner has misattributed a conversion and which fraudulent methods were used, presented in language accessible to stakeholders without technical expertise. The value proposition extends beyond savings from prevented misattributed commissions to include the human resources customers would otherwise need to produce such analysis internally. Product Management Investment Based on the growth trajectory across product lines and the roadmap to enhance them, the Company will invest in its product management division during the March 2026 quarter. The team will be expanded with experienced product managers assigned to each product line. This structure will enable a focused approach to each product line, facilitating rapid identification of market opportunities and execution of growth strategies. This investment will fuel TrafficGuard’s growth roadmap through the execution of three strategic pillars: • Enterprise • Channel/Agency • SME Each pillar represents a distinct market segment with specific product requirements and go-to-market strategies, and dedicated product management will ensure optimal resource allocation and market responsiveness across all three. For personal use only
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Outlook The Company’s outlook remains strong, driven by the following factors: ● Advancing the Company’s AI strategies aimed at improving clients’ return on investment/ad spend and reducing their customer acquisition costs. ● Continued expansion of global sports betting and online gaming market share, including initial revenue from TrafficGuard’s Meta and affiliate products. ● Expanding product channels and opening up new growth verticals such as e-commerce to scale distribution of the TrafficGuard solutions. ● Focus on entering into additional agency partnership agreements to scale market reach and revenue growth. ● Strong cash balance of $6.85 million to fund planned growth initiatives including expansion into the USA and ongoing product development. Commentary from Co-founder and CEO, Mathew Ratty “The December 2025 quarter reflects strong execution across both of our revenue growth and cash generation objectives. ARR increased to $14.25 million, representing 17% growth on the September 2025 quarter and 82% growth compared to the December 2024 quarter, while quarterly cash receipts increased by 110% and 68% respectively. This performance highlights the scalability of our platform, and continued progress across entering new verticals and the North American market. The Company has entered the March 2026 quarter with strong momentum and early indicators of continued and consistent growth, including increasing contribution from the United States.” For personal use only
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Commentary on the Appendix 4C Receipts from customers Cash receipts were $3.2 million for the December 2025 quarter, which was 110% higher than the September 2025 quarter. This increase largely resulted from existing customers electing to prepay their renewal contracts, which demonstrates their ongoing confidence in the TrafficGuard products. Given the Company has expanded into additional jurisdictions, it expects that the number of customers electing to pay monthly will increase, which will stabilise quarterly receipts from customers. Previous quarters Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 $’000 $’000 $’000 $’000 $’000 Receipts from customers 3,178 1,511 1,889 3,956 1,887 Cash payments Operating expenditure payments in the December 2025 quarter did not differ significantly from previous quarters. The Company remains committed to financial discipline whilst growing its revenue base. Previous quarters Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 $’000 $’000 $’000 $’000 $’000 Research and development (342) (387) (418) (412) (398) Product manufacturing and operating (261) (229) (162) (275) (215) Advertising and marketing (303) (372) (364) (292) (236) Staff costs (2,620) (2,384) (2,374) (2,101) (2,407) Administration and corporate (371) (501) (314) (322) (382) Total operating expenditure payments (3,897) (3,873) (3,632) (3,402) (3,638) Salaries and fees paid to directors during the quarter amounted to $270k and are included in staff costs. For personal use only
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This announcement is authorised for lodgement by the Board of Adveritas Limited. -ENDS- For more information, please contact: Mathew Ratty Co-founder & CEO, Adveritas +61-8 9473 2500 investor.enquiry@adveritas.com.au George Gabriel, CFA Investor Relations +61 421 630 435 gg@bletchleyparkcapital.com.au ABOUT US Adveritas Adveritas Ltd (ASX: AV1) is a pioneering technology company that is revolutionising the advertising technology space. As the parent company of TrafficGuard Pty Ltd Adveritas focuses on leveraging big data and AI to solve some of the most critical challenges in digital advertising, such as ad-fraud prevention and performance optimisation. The Company is strongly positioned at the intersection of AI and advertising technology, offering cutting-edge software solutions that help businesses optimise their advertising spend and improve campaign performance. With a portfolio of industry-leading products like TrafficGuard, Adveritas is actively capturing a share of the rapidly growing ad tech market, where demand for intelligent, data-driven solutions is skyrocketing. For more information, visit https://www.adveritas.com.au/ For personal use only
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TrafficGuard TrafficGuard, the ad verification platform from Adveritas, is transforming how businesses protect their digital advertising spend from fraud and optimise campaign performance. TrafficGuard provides real-time protection across Google PPC, mobile app user acquisition campaigns, affiliate networks, and social media platforms. TrafficGuard’s technology proactively detects and blocks invalid traffic, ensuring that ad spend is directed towards real, high-value users. The platform’s ability to safeguard campaign data integrity and deliver actionable insights is trusted by leading global brands, including Disney Streaming, Tabcorp, William Hill, Singtel, and Coinbase. As the only PPC verification vendor admitted to the Google Cloud Marketplace, TrafficGuard is positioned for significant growth within the rapidly expanding ad tech market. For more information, visit www.trafficguard.ai FORWARD LOOKING STATEMENTS This announcement contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations and sales. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. For personal use only
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Rule 4.7B ASX Listing Rules Appendix 4C (01/12/19) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity Adveritas Limited ABN Quarter ended (“current quarter”) 88 156 377 141 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities 3,178 4,689 1.1 Receipts from customers 1.2 Payments for (342) (729) (a) research and development (b) product manufacturing and operating costs (261) (490) (c) advertising and marketing (303) (675) (d) leased assets - - (e) staff costs (2,620) (5,004) (f) administration and corporate costs (371) (872) 1.3 Dividends received (see note 3) - - 1.4 Interest received 29 65 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid (44) (85) 1.7 Government grants and tax incentives 653 653 1.8 Other (provide details if material) 3 3 1.9 Net cash from / (used in) operating activities (78) (2,445) 2. Cash flows from investing activities - - 2.1 Payments to acquire: (a) entities (b) businesses - - (c) property, plant and equipment (6) (9) (d) investments - - (e) intellectual property - - For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (01/12/19) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 (f) other non-current assets - - 2.2 Proceeds from disposal of: - - (a) entities (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - (f) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (6) (9) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (3) (132) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities (3) (132) 4. Net increase / (decrease) in cash and cash equivalents for the period 6,975 9,480 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) (78) (2,445) For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (01/12/19) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) (6) (9) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (3) (132) 4.5 Effect of movement in exchange rates on cash held (37) (43) 4.6 Cash and cash equivalents at end of period 6,851 6,851 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 6,851 6,975 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 6,851 6,975 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 (see explanation below) 270 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments Explanation of payments shown at 6.1 The amount at item 6.1 comprises the payment of salaries and fees to executive and non-executive directors of $270,440 For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (01/12/19) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) Convertible loan notes - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (Item 1.9) (78) 8.2 Cash and cash equivalents at quarter end (Item 4.6) 6,851 8.3 Unused finance facilities available at quarter end (Item 7.5) - 8.4 Total available funding (Item 8.2 + Item 8.3) 6,851 8.5 Estimated quarters of funding available (Item 8.4 divided by Item 8.1) 87.8 8.6 If Item 8.5 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: 2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: 3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (01/12/19) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 21 January 2026 Authorised by: The Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only