Liquid Intelligent Technologies Reports 39.6% Revenue Growth in Q3 FY26
Group revenue for the third quarter rose 39.6% year-on-year to USD 208.8 million, supported by solid momentum in its Network and C2 (Cloud and Cyber Security) segments.
Liquid Intelligent Technologies, a pan-African technology group, has reported strong financial and operational performance for the third quarter and nine months ended November 30, 2025, with significant revenue and earnings growth alongside key strategic financing developments.
Group revenue for the third quarter rose 39.6% year-on-year to USD 208.8 million, supported by solid momentum in its Network and C2 (Cloud and Cyber Security) segments. Adjusted EBITDA more than doubled over the same period, increasing to USD 82.9 million, which the company attributed to sustained top-line growth and improvements in its operating model.
On the strategic front, Liquid said it has made meaningful progress in strengthening its balance sheet. All conditions have been met for the partial disposal of a wider Group asset, which is expected to release USD 100 million in proceeds for debt reduction. The company also secured a USD 25 million equity investment from Nvidia, while new term facilities denominated in South African Rand and US dollars have received full credit approval. These steps are aimed at extending debt maturities and lowering overall leverage.
Operationally, the Group recorded strong performance in key markets. In South Africa, revenue increased 48.7% following the signing of a new multi-year roaming agreement with a local mobile network operator. In Zimbabwe, revenue grew 53.1%, supported by favourable exchange rate movements and customer expansion. Liquid also reported that its pan-African fibre network now spans more than 114,000 kilometres, while maintaining a low average churn rate of 0.33% during the quarter.
Despite the robust performance, the company highlighted a material uncertainty related to its ability to continue as a going concern. This concern is linked to the scale and timing of the refinancing of its USD 620 million Senior Secured Notes due in September 2026. Management noted that while refinancing workstreams are progressing and recent results are encouraging, the Group would not be able to repay the bond at maturity without a successful refinancing outcome.
