Global provider of internet access and web data collection solutions
Alarum finished 2025 with growth back on the top line, but the business became lower quality economically: growth came from newer and more operationally heavy products while existing customers spent less and cash got trapped in receivables.
Alarum returned to growth in 2025, but the quality of that growth deteriorated: NRR fell to 0.83 while revenue became more dependent on a small number of large customers and specific demand pockets inside data collection.
Alarum did remove the O.R.B. funding balance from the balance sheet by the end of 2025, but part of that clean-up was executed through equity while the option and RSU overhang remained large and actually grew.
2025 revenue growth returned, but almost all of the incremental sales got trapped in receivables, so earnings quality weakened sharply on a cash basis.
