Quartix Technologies PLC on Monday said it made a strong start to 2025, reporting solid growth in annualised recurring revenue and customer acquisition in the first quarter and expressing confidence in meeting full-year market expectations.

The vehicle tracking software firm said ARR rose by £2.0 million during the first quarter to £34.2 million, an increase of 13% on a trailing 12-month basis. New business contributed £900,000 of the first-quarter growth.

Quartix expects to meet 2025 forecasts of £36.0 million in revenue, £7.2 million in adjusted earnings before interest, tax, depreciation and amortisation, and £3.5 million in free cashflow. Free cashflow for the first quarter was £1.3 million, lifting net cash to £4.4 million.

Customer numbers rose 18% year-on-year to 2,206 in the first quarter, while new subscriptions increased 19% to 22,102. The subscription base now stands at over 310,000 units, up 12% over the past 12 months.

Executive Chair Andy Walters said: ‘We have made a very strong start to 2025 and progress in each of our markets has been good. We are achieving record levels of performance on most business measures.’

Quartix noted that price indexation has now been incorporated into nearly all customer contracts, with 75% of the 2025 impact realised in the first quarter. Net revenue retention increased to 96%.

The company said tariff costs related to US hardware imports are expected to be modest, but a detailed review is underway. Quartix also confirmed that its French 4G upgrade programme is on track, with more details due in July.

Shares in Quartix closed down 0.5% at 192.00 pence each in London on Monday.

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