The Appen Ltd (ASX: APX) share price is racing higher today,
Shares in the All Ordinaries Index (ASX: XAO) tech stock, which provides data solutions for AI applications, closed yesterday trading for $1.325. In late morning trade on Wednesday, shares are changing hands for $1.51 apiece, up 14%.
For some context, the All Ords is up 0.9% at this same time.
This strong outperformance follows the release of Appen's full calendar year 2025 results.
Here's what's got ASX investors reaching for their buy buttons today.
(*Note, all figures below in US dollars.)
Image source: Getty Images
Appen share price leaps on earnings growth
For the 12 months to 31 December, the ASX tech stock reported operating revenue of $230.8 million, up 4.5% from 2024. Management said the ongoing turnaround within Appen Global was supported by strong growth from Appen China.
While Appen Global revenue of $127.9 million was down 21% year on year, Appen China revenue of $102.9 million was up 75%, driven by new and expanding large language model (LLM) related projects.
The company credited a greater mix of generative AI projects for the 1.00% increase in gross margin, which came to 40.3% in 2025.
And the Appen share price looks to be getting a lift with the company reporting a 251% year-on-year increase in underlying earnings before interest, taxes, depreciation and amortisation (EBITDA), before FX, to $12.2 million. That reflects a 5.3% EBITDA margin.
On the bottom line, management noted that underlying net profit after tax (NPAT) improvement "was minimal despite the EBITDA improvement due to an increase in non-cash amortisation".
Appen reported a net loss after tax of $10.3 million, compared to a $10.5 million loss reported in 2024.
As at 31 December, Appen had a cash balance of $59.8 million, down 33% from last year.
What did management say?
Commenting on the full-year results boosting the Appen share price today, CEO Ryan Kolln said, "FY25 was pleasing as we saw durable improvements to the business, with new wins in generative AI, operational efficiencies, and the revenue trajectory throughout the year."
Kolln added:
Q4 in particular saw a strong finish to the year for both our China and Global businesses. Appen China achieved a meaningful milestone exceeding $100 million in revenue for the full year.
What's ahead for the Appen share price?
Looking to what's ahead for the ASX All Ords tech stock, Kolln said:
With the progress we continue to make, we are confident that Appen is well positioned to capture growth at a global scale as AI adoption deepens across consumer, enterprise and emerging applications. We have a strong balance sheet and maintain our focus on revenue growth and ongoing underlying EBITDA profitability.
Appen provided full-year 2026 revenue guidance in the range of $270 million to $300 million. The company expects to achieve an underlying EBITDA (before FX) margin of around 5% to 10%.
With today's big intraday lift factored in, the Appen share price is now up 75.6% in 2026.
