Accesso Technology Group reported QQ2 2025 revenue of $33.95 million, down 19.6% year-over-year (YoY) and flat to the prior quarter on a sequential basis, with a gross margin expansion to 78.3% driven largely by a higher-margin hardware mix in the year-ago period. Cash EBITDA declined to $5.1 million as admin costs rose (FX headwinds and wage inflation) but net cash rose to $25.4 million, supported by a favorable working capital swing and ongoing cash generation. Management underscored a strategic pivot toward higher-value, recurring-revenue platforms (Freedom, Paradox, Passport) and the roll-out of AI-enabled capabilities and next-generation e-commerce through composable commerce. The group highlighted a materially stronger sales pipeline (≈$24 million at the end of the period, nearly double the prior year) and a shift toward larger, multi-product wins with higher average deal sizes (up ~82%). The acquisition of 1RISK and continued capital return via buybacks (GBP ~8 million target; ~66% executed by late June 2025) reinforce the company’s disciplined capital allocation framework. Management reaffirmed guidance of roughly 15% earnings margin for FY2025 and noted the lower end of revenue expectations, with a more confident view on mid-to-long-term upside stemming from Middle East deployments (e.g., Qiddiya) and AI-enabled product enhancements.