Sylogist loses $4.7-million in 2025

Executive Summary

• Sylogist Ltd. reported FY 2025 SaaS ARR of $33.8 M (up 9% YoY) and total ARR of $45.7 M (up 2% YoY).
• Adjusted EBITDA margin for the full year was 14.6%, generating $9.1 M of adjusted EBITDA, while net loss narrowed to $4.7 M.
• The company announced recent board appointments (Errol Olsen as chair and Andrew Shen as independent director) and is conducting a strategic review to accelerate its SaaS transformation.

Key Details

• FY 2025 SaaS ARR: $33.8 million, +9% YoY.
• Total ARR (all segments): $45.7 million, +2% YoY.
• SaaS ARR bookings (full year): $4.3 million, +2% YoY.
• Gross profit margin: 58% for the full year (up from 56% in Q4).
• Recurring revenue proportion: 72% of total revenue for FY 2025 (down from 81% in Q4).
• Adjusted EBITDA margin: 14.6% for FY 2025, equating to $9.1 million adjusted EBITDA.
• Net loss: $4.7 million for FY 2025 (vs. $0.9 million net loss in Q4).
• SaaS Net Revenue Retention (NRR): 101% for the full year.
• Project services revenue: Decreased markedly as the company transitioned project work to partners.
• Board changes: Errol Olsen appointed board chair (Feb 2026); Andrew Shen added as independent director (Mar 2026).
• CEO status: Craig O'Neill serving as interim CEO; board searching for permanent CEO.
• Conference call: Scheduled for March 19, 2026 at 8:30 a.m. ET to discuss the results; dial‑in numbers provided.

Notable Quotes

“Adjusting for the reduction in project services revenue driven by our transition to partner‑led projects, our Q4 and FY 2025 results… are showing early signs of the progress the company has made in its transformation to a SaaS business.” – Craig O'Neill, Interim CEO

Materiality Assessment: Material – Neutral (financial performance and strategic governance updates are material to investors).