Documents lodged with ASIC reveal a sharp rise in revenue and a fall in losses in the lead up to Advanced Navigation’s $158 million Series C.
Advanced Navigation grew revenue by 73 per cent and cut losses in half en route to its blockbuster Series C, documents lodged with the corporate regulator reveal.
Advanced Navigation’s revenue for the 12 months ending June 30, 2025 hit $57.7 million, a dramatic upswing from the $33.3 million in the previous financial year. It reduced its net loss by over 50 per cent, from $31.5 million to $14.3 million. Gross profit nearly doubled, rising from $19.8 million to $37.3 million.
Despite remaining in the red, the company’s operating cash flow swung from negative $12.2 million in the 2024 financial year to positive $2.1 million. It had a cash balance of $26.2 million as of June 30, 2025, up from $18.3 million the year prior.
The company, which develops navigation technology that does not rely on GPS, in March announced a $158 million capital raise that pushed its valuation beyond $1 billion. Its earnings report for FY25, filed with ASIC in May, shows why investors were eager to pile in, demonstrating growth more typically associated with hot software startups.
“The 12 months since have focused on aggressive, disciplined scaling,” Advanced Navigation co-founder and CEO Chris Shaw said in a statement to Forbes Australia. “We’ve delivered extraordinary revenue growth – a clear signal that our investment in R&D, our expanded Australian manufacturing, and global footprint is helping us become a global force in sovereign hardtech.”
Advanced Navigation uses a combination of AI, software and sensor technology to provide positioning services where GPS can’t reach. With clients including NASA and BHP, its products have been both used in space and in Europe’s deepest underground mine. Offering resilience against GPS jamming, its tech is also designed for battleground use. It’s won over $19 million in Department of Defence contracts over the years, AusTender records show.
Airtree diverged from its modus operandi of investing in pure software plays to lead Advanced Navigation’s $158 million Series C. The Australian Government’s $15 billion National Reconstruction Fund, which seeks to stimulate advanced manufacturing in the country, also tipped $50 million into the startup.
They joined Main Sequence, OIF and private equity firm KKR on Advanced Navigation’s cap table. Former Prime Minister Malcolm Turnbull is an early backer and sits on the startup’s board.
Shaw told Forbes Australia in March that the company is on track to hit $100 million in revenue this financial year, a figure he aims to double year-on-year. The cash raised in its Series C will fuel manufacturing at home and abroad, he said, as well as M&A.
“We’re continuing to develop new technologies internally, but there’s also some merger and acquisition activities we’re doing,” Shaw said at the time. “There’s other companies that have complementary tech in our space that we’re looking to merge with and acquire in the next 12 to 18 months.”
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