The SiteMinder Ltd (ASX: SDR) share price is in focus today after the hotel commerce platform reported strong half-year growth. Revenue jumped 25.5% to $131.1 million, while adjusted EBITDA more than doubled to $12.3 million as momentum in its Smart Platform continued.
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What did SiteMinder report?
- Total revenue up 25.5% to $131.1 million (23.0% growth on constant currency and organic basis)
- Annualised recurring revenue (ARR) increased 29.7% to $280.3 million
- Adjusted EBITDA more than doubled to $12.3 million from $5.3 million
- Adjusted net loss narrowed to $3.9 million from $9.0 million a year ago
- Free cash flow improved to $2.7 million from ($0.6) million
- Gross margin rose to 67.8%, up 98bps, with subscription margins at 86.7%
What else do investors need to know?
SiteMinder's Smart Platform initiatives continued to scale, with Channels Plus now used by 7,000 hotels and Dynamic Revenue Plus managing over 20,000 rooms. Transactional revenue growth surged 39.1%, driven by increased product adoption and new distribution use cases.
The company added 2,900 net properties during the half, taking the total to 53,000. Average revenue per property (ARPU) lifted 11.3% to $435, reflecting strong uptake of subscription and transaction products. LTV/CAC improved to 6.7x, indicating greater efficiency in customer acquisition and retention.
What did SiteMinder management say?
CEO and Managing Director Sankar Narayan said:
Our performance in H1FY26 reflects the accelerating contribution of the Smart Platform. While we remain in the early stages of the adoption and monetisation curve, the platform is contributing meaningfully to growth and margins, reinforcing our confidence in the long-term opportunity as we continue to execute across go-to-market and invest in product development.
What's next for SiteMinder?
SiteMinder is targeting continued strong growth in annual recurring revenue through the second half of FY26, underpinned by further Smart Platform adoption. Management expects ongoing improvements in adjusted EBITDA, free cash flow, and operational metrics, supported by ongoing cost discipline and operating leverage.
The company aims to keep scaling its AI-driven products, capitalising on demand for more dynamic and complex hotel distribution. Medium-term, SiteMinder is aiming for 30% revenue growth while maintaining profitability improvements and optimising its Rule of 40 performance.
SiteMinder share price snapshot
Over the past 12 months, SiteMinder shares have declined 48%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 9% over the same period.
