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Highlights

  • QTX’s FY24 group revenue rose by 8.4% YoY, while adjusted EBITDA grew by 20.4%.
  • The company’s recorded double-digit ARR and subscription base growth in Italy, Germany, and Spain in Q1 FY25.
  • QTX projects FY25 revenue of GBP 35.5 million with adjusted EBITDA of GBP 6.5 million and free cash flow of GBP 3.0 million.

Quartix Technologies PLC (LSE: QTX) is a FTSE AIM All-Share listed company providing subscription-based vehicle tracking systems, software, and related services.

In the financial year 2024 (FY24), the company’s group revenue increased by 8.4% YoY to GBP 32.40 million, supported by increased annual recurring revenue (ARR), price indexation, and performance across all six markets.

The adjusted EBITDA surged by 20.4% YoY to GBP 6.50 million, aided by administrative cost reduction, subscription base expansion, and the winding down of Konetik-related losses.

Adjusted profit before tax rose by 23.5% YoY to GBP 6.30 million, driven by revenue growth and a favourable mix of recurring income, alongside efficient cost reallocation towards sales and marketing.

Business Updates

In Q1 FY25, QTX reported ARR growth of 53% in Italy, 63% in Germany, and 40% in Spain, alongside subscription base increases of 43%, 42%, and 39% respectively, driven by expansion strategies and stronger market presence in Europe.

Company Outlook

QTX expects FY25 revenue to reach GBP 35.5 million, with adjusted EBITDA of GBP 6.5 million and free cash flow of GBP 3.0 million, supported by decent January installation performance. A redesigned 4G-only device is set to reduce unit manufacturing costs by GBP 8, with production scaling to 7,000 units per month to improve gross margins and support future growth.

The company has fewer than 700 2G units remaining in the U.S., while in France, 33,000 units are scheduled for replacement by end-2026 at a remaining cost of EUR 2.8 million.

Top 10 Shareholders

The top 10 shareholders of QTX collectively hold approximately ~80.76% of the company’s shares, with Andrew John Walters and Liontrust Investment Partners LLP owning the largest portions at around ~22.43% and ~11.60%, respectively.

Stock Information

The stock price of QTX has gone down by ~6.51% in the last month and increased by ~56.40% over the past six months. The stock has a 52-week high and 52-week low of GBX 270 and GBX 138 respectively. As of June 30, 2025, it last traded at GBX 244.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 30 June 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock