Scaled delivery
Demand centred on multilingual speech, multimodal collection and specialist annotation. Programme design emphasised consent, representative coverage and auditable quality controls.
— Investor Relations / Financial report
Financial resultsAnnual Report on Form 10-K
Fiscal year ended September 27, 2025
Report overview
Annual business review, financial statements, risks and governance disclosures.
01 · Financial highlights
Performance at a glance
| USD millions | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | 163.2 | 128.7 | 26.8% |
| Gross profit | 69.1 | 51.6 | 33.9% |
| Operating income | 17.8 | 9.6 | 85.4% |
| Net income | 13.1 | 7.0 | 87.1% |
| Diluted EPS | 0.53 | 0.29 | 82.8% |
Totals may not sum due to rounding. Percentage changes are calculated from underlying unrounded amounts.
02 · Management discussion
Business performance
Fiscal 2025 was characterised by expanding enterprise adoption of AI evaluation and workflow automation. Millwonder increased recurring platform and managed-service activity, broadened contributor reach and maintained disciplined investment in technology, privacy and operational resilience.
Management continues to balance near-term execution with investment in platform capability, contributor experience, security and responsible AI. Results may vary between periods due to the size and timing of client programmes, utilisation, geographic mix and the stage of software deployments.
Our objective is durable growth built on trusted delivery, measurable quality and responsible innovation.
04 · Risks and outlook
Factors affecting performance
Enterprise AI spending, client concentration and programme timing can create volatility.
Complex specifications, contributor availability and evolving model requirements may affect cost and schedules.
Data protection, AI governance and cross-border rules continue to develop across markets.
Rapid changes in models, platforms and customer architecture require continued investment and adaptation.
The company’s long-term opportunity is supported by increasing requirements for high-quality AI data, independent model evaluation and accountable enterprise automation. Actual outcomes remain subject to market, client, regulatory and execution risks.
05 · Basis and notes
About the information
- Presentation. Amounts are shown in US dollars and millions unless otherwise indicated.
- Review status. Quarterly information is reviewed internally; annual financial information is prepared in accordance with the reporting basis described in the applicable report.
- Non-GAAP measures. Any non-GAAP measure in a final report must be defined and reconciled to the closest GAAP measure.
- Forward-looking statements. Expectations are subject to risks and uncertainties; actual results may differ materially.
- Rounding. Totals and percentage changes are calculated using underlying amounts and may differ from displayed figures due to rounding.
Investor relations
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