TWL – FY24 Half-Year Results Announcement

1

MARKET RELEASE
29 November 2023
FINANCIAL RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 2023
TradeWindow charts path towards financial sustainability
TradeWindow (NZX: TWL), the global trade software business, today announces its interim
financial results
1
showing global trade dynamics continuing to support revenue growth.
However, with capital markets continuing to show reticence towards early-stage growth
companies, TradeWindow also confirms that - following consultation with staff - it has
proceeded with the previously flagged reorganisation to move the company towards a
sustainable financial footing.
HIGHLIGHTS
• Trading revenue - $3.0 million, up 25% lifted by a 21% increase in Average Revenue
Per Customer (ARPC).
• Annual recurring revenue
2
$5.5 million, up 27%.
• Gross margin - 51%, up 5ppt benefiting from onboarding performance
improvements.
• Total operating expenses - $7.7 million, down 10% following cost reductions
announced in March 2023.
• EBITDA loss - $4.7 million, down 20%, expected to reduce further in 2H 24 in line with
expense reductions announced in October 2023.
• Net loss after tax - $4.8 million, down 32%.
• Cash and cash equivalents - $1.8 million, an additional $500K has been raised since.
• Revenue guidance for FY 24 affirmed at $6.0 million to $6.5 million.
TradeWindow Chair, Alasdair MacLeod said: “We have seen strong growth across the year
with revenue supported by the company attracting larger customers, and existing customers
taking up complementary solutions.
“However, as we highlighted earlier this month, our customer growth has slowed reflecting
the challenging economic conditions and the ongoing wave of consolidation in the freight
forwarding industry. The full implementation of our growth plans has also been hampered by
investor reticence towards funding early-stage companies such as TradeWindow and the non-
settlement of our strategic agreement with the UK-based technology company nChain.
“These constraints have necessitated a further reorganisation, as signalled earlier this month,
to conserve capital, and put the company on an accelerated path to financial sustainability.
The measures we have confirmed today will assist TradeWindow to achieve monthly EBITDA
breakeven in FY 25.”
Chief Executive AJ Smith said: “Despite the multiple challenges, TradeWindow has continued
to consolidate its presence in the New Zealand export sector and keep growing despite the
headwinds. We have increased our penetration into the Australian freight forwarding market,

1
All comparisons are to the six-month period to 30 September 2023 unless otherwise stated.
2
Annual recurring revenue is calculated using subscription revenue for September 2023 and the monthly average
of transaction revenue for Q2 FY 2024 annualised.

assisted by our achievement of becoming an accredited issuing body for Australian
Certificates of Origin.
“Constraints on funding have required the company to refocus on our ‘land’ and ‘grow’ pillars
of our strategy. This means scaling back innovation and development and instead focusing
on growing revenues from profitable core products, including Prodoc, Freight, Cube, Origin
and SpeEDI.
“These changes, which come at the cost of integrating our solutions into a single global trade
platform, continued expansion of our service offering and a scaling back of our team, are the
hard but necessary actions we must take to right size the company to the current capital
market conditions.”
“However, they will not compromise our commitment to help our customers make their supply
chains more productive, connected, and visible. Indeed, customers can expect ongoing
enhancements to TradeWindow’s service offering with solutions such as the just-released-to-
market including our capability in Australian Certificates of Origin, and Visibility, shipment
events tracking within Cube.”
FINANCIAL UPDATE
Trading revenue was $3.0 million, up 25% from $2.4 million, reflecting solid organic growth.
This followed from increased sales across all core product lines with Cube (the cornerstone
of the global trade platform) growing revenue by 92% to existing customers.
TradeWindow has meanwhile offset the impact of industry consolidation by replacing lost
smaller customers with larger customers who take more of the company’s services. It has
also effectively passed on many inflation-driven operating cost increases to customers.
TradeWindow’s monthly average revenue per customer (ARPC) was up 21% to $1,612 for
exporters and importers, and up 21% to $690 for freight forwarders. Annual recurring revenue
(ARR) grew by 27% to $5.5 million, the result of sales growth and a 96% customer retention
rate. Recurring revenue as a proportion of trading revenue was 94%, up from 87% in FY 23.
Total income was $3.0 million, up 12% from $2.7 million.
Expenses remain ahead of revenue in line with the company’s growth strategy. However, total
operating expenses were down 10% to $7.7 million, from $8.6 million, reflecting previously
announced cost reductions and driven mainly by a 22% reduction in staff numbers.
The half year EBITDA loss was $4.7 million, down 20% from $5.9 million, and the net loss after
tax reduced to $4.8 million
3
from $7.1 million. Monthly average cash burn reduced from $1
million in FY23 to $0.7 million in 1H FY24 and $0.6 million in 2Q FY24. These figures do not
reflect the reorganisation and the resulting cost savings we have confirmed today.


3
The amount includes a fair value gain on contingent consideration revaluation. Further detail is provided in the
investor presentation.

REORGANISATION
TradeWindow announces – following consultation with staff – that it has elected to reduce
FTEs by approximately 40% to 48 as well as a number of staff and directors taking temporary
pay reductions. The reorganization will be substantially completed by the end of this month.
Mr Smith said: “Innovation and development of future looking products is important, and we
see the long-term benefit to our clients. However, sustainability and shift of focus to
accelerating EBITDA break-even through reorganisation is our priority in the short term, while
markets are uncertain and capital for innovation and development is scarce.
“We take a portfolio approach to innovation and development. We have received clear
guidance from capital markets to allocate capital towards projects that will deliver strong
revenue growth in the near term.”
TradeWindow is continuing discussions to divest the Rfider business and its Assure+
traceability product. As previously signalled, it will also work to assist all staff affected by the
process to find alternative employment through its networks.
CAPITAL MANAGEMENT
At the end of September 2023 TradeWindow had cash reserves of $1.8 million. Since the end
of the half year, the company has raised an additional $500K from key existing investors,
including Executive Directors AJ Smith and Kerry Friend and a new shareholder, Phil Richards,
an experienced global Software as a Service (SaaS) entrepreneur.
As a result of the capital raising, TradeWindow’s lender ASB has extended an interim waiver
of a lending covenant breached on the company’s $1.1 million debt facility because of the
delay to the nChain deal. The covenant waiver has been extended to 30 June 2024.
TradeWindow is continuing discussions with nChain over the company’s unconditional
agreement, which includes providing TradeWindow $2.4 million in new capital. TradeWindow
is also progressing alternative funding options.
OUTLOOK
Mr Smith said trade sector dynamics were still supportive of TradeWindow.
“Our core customers trade in non-discretionary items where volumes and therefore
transactions are less affected by macro-economic conditions. Shipping costs are falling, and
inflationary pressures are easing.
“Meanwhile, new trade agreements, regulatory changes and demands for product traceability
are supporting digitisation of trade information. Together these trends incentivize shippers
and freight forwarders to seek out TradeWindow’s solutions and the productivity benefits they
offer.
“We continue to expect trading revenue for the year ending March 2024 to range between $6
million to $6.5 million, although recognise this forecast remains subject to changes in the
macroeconomic environment,” Mr Smith said.
“We expect revenue growth, coupled with the reorganisation we have confirmed today, and
other changes we are making in the business, will result in a progressive reduction in monthly

cash outflow to below $200k in the final quarter of the current financial year. We also believe
these changes will allow TradeWindow to fund its operations for the next 12 months
4
.
“TradeWindow continues to anticipate achieving monthly EBITDA breakeven in the second
half of FY25. We look forward to providing an update to shareholders when we release out
third quarter shareholder update in January.”
Webcast
TradeWindow will host a webcast at 11am this morning NZT on the full year results.
Participants can register for the conference by navigating to:
Phone registration:
https://s1.c-conf.com/diamondpass/10035080-bdy7ng.html
Webcast registration:
https://ccmediaframe.com/?id=MMUJkMxq
Released for and on behalf of TradeWindow by:
AJ Smith
CEO and Executive Director

ENDS
About TradeWindow:
Founded in December 2018, TradeWindow is an NZX-listed software company that provides digital solutions for exporters, importers,
freight forwarders, and customs brokers to drive productivity, increase connectivity, and enhance visibility. TradeWindow’s software
solutions integrate to form a cohesive digital trade platform that enables customers to more efficiently run their back-end operations,
share information and securely collaborate with a global supply chain made up of customers, ports, terminals, shipping lines, banks,
insurance companies, and government authorities.
www.tradewindow.io
Further information:
Investors
Andrew Balgarnie
TradeWindow
+64 27 559 4133
Media
Richard Inder
The Project
+64 21 645 643



4
For the assumptions underlying this statement please refer to Company’s going concern assumption detailed in
full on pages 11 & 12 of the Interim Financial Statements for the six months ended 30 September 2023 released
to the NZX today. Note these assumptions relate to the 12 months from today’s date.

---

1H 24 Financial Results
Investor presentation
29 November 2023
TradeWindow’s ordinary shares trade on the NZX under the ticker TWL

2
This presentation has been prepared by Trade Window Holdings Limited (TradeWindow). All information is current at the date of
this presentation, unless stated otherwise. All currency amounts are in NZ dollars unless stated otherwise.
Disclaimer
Information in this presentation:
•is for general information purposes only, and does not constitute, or contain, an offer or invitation for subscription, purchase, or recommendation of
securities in TradeWindow for the purposes of the Financial Markets Conduct Act 2013 or otherwise, or constitute legal, financial, tax, financial
product, or investment advice;​
•should be read in conjunction with, and is subject to TradeWindow’s Financial Statements and Annual Reports, market releases andinformation
published on TradeWindow’s website (tradewindow.io);
•includes forward-looking statements about TradeWindow and the environment in which TradeWindow operates, which are subject to uncertainties
and contingencies outside TradeWindow’s control –TradeWindow’s actual results or performance may differ materially from these statements;
•includes statements relating to past performance information for illustrative purposes only and should not be relied upon as (and is not) an indication
of future performance; ​
•may contain information from third-parties believed to be reliable, however, no representations or warranties are made as to theaccuracy or
completeness of such information; and
•non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The non-GAAP financial information included in this document has not been subject to review by auditors.
Non-GAAP measures are used by management to monitor the business and are useful to provide investors to access business performance.
1H 24 Investor Presentation

3
Agenda
Financial results overview
FY 24 funding and reorganisation
Progress against our strategy
Financial overview
Outlook and summary
4
6
9
11
18
AJ Smith
CEO & Director
Deidre Campbell
Chief Financial Officer
1H 24 Investor Presentation

4
•Trade volume is holding steady for shippers (exporters and importers).
TradeWindow benefits fromexposure to non-discretionary commodity
trade
•25% increase in trading revenue driven byorganic growth and increasing
average revenue per customer (ARPC)
•Recurring revenues up 27% to $5.5 million. Cube (TradeWindow’sglobal
trade platform) delivered a 92% revenue increase
•EBITDA losses, following investment for growth, reduce as cost cutting
delivers
•Capital markets (new equity) represent biggest growth limitation
•Cash balance of $1.8 million at the end of September 2023; an additional
$500k raised since period end.
1H 24: Trading revenue +25%, despite capital market headwinds
1H 24 Investor Presentation
Revenue
Earnings
1
Funding
$7,306
-$959
$1,808
-$723
-$1,500
$500
$2,500
$4,500
$6,500
Cash and equivalentsAv. month cashflow
NZ$M
1
Includes gain on contingent consideration on Rfider deferred earnout

5
Key performance indicators
*
–ARR rising, led by increased ARPC
Annual
Recurring
Revenue
$5.5m
ARPC (Freight
Forwarders)
Up 21% on 1H23
$690
Gross Margin
51%
Customer
retention rate
96%
% of expenses
R&D and
Commercialisation
51%
Note, all comparisons are against first half FY23 (1H23) unlessotherwise indicated.
Annual recurring revenue is calculated using subscription revenue for Sep 2023 and the monthly average of
transaction revenue for 2Q24 annualised.
Up 5 ppt on FY23
Up 3 ppton FY23
Down 5 ppt on FY23
Trading revenue
Up 25% on 1H23
$3.0m
ARPC (Shippers)
$1,612
Up 21% on 1H23
475
Customers
Same as FY23
Up 27% on 1H23
(Cube revenue up 92%)
1H 24 Investor Presentation
* Unaudited

FY24 Funding and reorganisation
Towards financial sustainability
New capital in a challenging market
•$500,000 at 24.3 cents per share secured under capital raising
completed via private placement to bridge non-completion of the
nChaindeal
•Supported by key existing investors, including the two founders of
TradeWindow and new investor Phil Richards, a successful global SaaS
entrepreneur
•ASB has extended covenant waiver until 30 June 2024
•Pursuing legal avenues regarding the non-settlement of the
unconditional nChaindeal
Reorganisation
•Teamreducing by around 40% to 48 to ensure long-term sustainability
•Focus on growing revenues from profitable core products, but
developments scaled back, customer service unaffected
•New operating model provides pathway to monthly EBITDA breakeven
in FY25
•Divest Assure+ to allocate capital to products which can generate
significant revenues in the near term
61H 24 Investor Presentation

7
Market dynamics remain positive
•Shipping costs have fallen
•Inflation is slowing
•Drive to increase productivity
Digital Trade
Facilitation
MACROECONOMIC TRENDS
•Non-discretionary trade steady
•Discretionary spending decreasing
•E-commerce is a permanent channel
CUSTOMER DEMAND TRENDS
•New free trade agreements
•Electronic trade regulatory changes
•New Government focused on growing exports
MARKET ENABLING TRENDS
1H 24 Investor Presentation

8
Our strategy:
Trusted digital trade facilitation delivered through a global trade platform
that connects our customers with their supply chain ecosystem
End-to-end connectivity
across global supply
chains
Our vision
To make global supply
chains more productive,
connected and visible
Our mission
Strategic summary
Our strategic priorities
Market penetration
Build on the
foundations of our
acquired customer
base across A/NZ, and
expand into Asia
Land
Add customer value
Build trusted
relationships with our
existing customers;
with market leading
brands taking up Cube
Global trade platform
Converge proprietary
and acquired software
solutions into a highly
scalable global trade
platform
Build capability
Create and maintain an
environment focused
on performance,
innovation and
accountability
Grow
PeopleUnify
Accelerate growth
Continue to look for ways to accelerate our strategic priorities and growth through targeted acquisition
Acquire
1H 24 Investor Presentation

9
Strategy: charting a route to sustainability
Market penetration
Land
Add customer value
Global trade platform
Build capability
Grow
PeopleUnify
1H 24 Achievements
•Consolidated market share
among large NZ exporters
•Growth in freight forwarder
segment following the
‘Switch & Save’ campaign
1H 24 Achievements
•Released new features
which strengthened the
value proposition
•Grew average revenue per
customer
1H 24 Achievements
•Carrier Bookings
•Container Tracking /Visibility
•Accreditation to issue COO
in Australia
1H 24 Achievements
•Building out our Philippines
based team
•Right-sizing the team in line
with our land and growth
focus
2H 24 focus areas
•Drive adoption of Cube
including Origin and Visibility
•Cross-sales of further
Freight modules
•Drive usage through training
2H 24 focus areas
•Grow market share for
Certificates of Origin in NZ
and AU
•Leverage existing
partnerships to drive sales
•Reduce CAC
2H 24 focus areas
•Revenue generation focused
•Systems and processes to
drive efficiency
2H 24 focus areas
•Maintain and support
existing core solutions
•Prioritisevalue add
integrations
•Divest Assure+
1H 24 Investor Presentation

Service to our customers -some of the world’s most prolific shippers and freight forwarders –will not be diminished by the reorganisation
A strong and cash-generative core –a sample of our 475 customers
Note, logos don’t necessarily correspond to top customers.
DairyMeat
Seafood
HorticultureLogistics & other
1H 24 Investor Presentation10

Financial overview
1H 24 Investor Presentation

12
Financial performance led by sales growth across all products
•Trading revenue up 25% to $3.0m,
withsalesgrowth across all core
products up
•Employee costs down 14%, reflecting
cost reductions initiated in March
•Other expensesup 4% to $2.1m
mainlydue cost establishing
thenChaininvestment agreement
•Contingent considerationmovement
reflects a revaluation to nil of the
deferred earnoutrelating to Rfider
1
EBITDA –Earnings before interest, tax, depreciation & amortisation
Trading revenue up 25% driven by organic growth
1H 24 Investor Presentation
H1 FY24
H1 FY23
H2 FY23
6 months
6 months
Change %
6 months
Change %
Trading revenue
3,000
2,407
25%
2,513
19%
Other income
0
274
-100%
542
-100%
Total Income
3,000
2,681
12%
3,055
-2%
Employee benefits expense
(5,601)
(6,532)
-14%
(6,532)
-14%
Other expenses
(2,105)
(2,029)
4%
(2,333)
-10%
Total expenses
(7,707)
(8,561)
-10%
(8,864)
-13%
EBITDA
1
(4,706)
(5,880)
-20%
(5,810)
-19%
Revaluation of contingent consideration
1,216
0
100%
3,438
-65%
Depreciation & amortisation
(1,264)
(1,133)
12%
(1,279)
-1%
Net finance expenses
(16)
(48)
-68%
(58)
-73%
Income tax
0
0
0%
977
-100%
Net loss after tax
(4,770)
(7,061)
-32%
(2,731)
-75%
Income Statement $000

13
Recurring revenue growth in all markets
•Trading revenue growth of 25% -Driven
by combinationof attracting larger
customers,existing customers taking up
complementary solutions andeffectively
passed on many inflation-driven operating cost
•Recurring revenue: stable revenue with
transactional and subscription
revenueforming 94% of trading revenue
up from 87%
•Other income—NZTE grant contract
concluded during FY23, R&D Tax Incentive
expected2H24
•Continued focuson New Zealand and
good progress in Australia and Asia.
Australia projected to grow with the newly-
launched Certificate of Origin service.
Organic growth underpinning revenue increase
1H 24 Investor Presentation
H1 FY24
H1 FY23
H2 FY23
6 months
6 months
Change %
6 months
Change %
Transaction
1,437
1,114
29%
1,218
18%
Subscriptions
1,369
992
38%
1,085
26%
Services
131
107
21%
98
33%
Installation
63
193
-67%
111
-43%
Total trading revenue
3,000
2,407
25%
2,513
19%
Other Income
0
274
-100%
542
-100%
Total Income
3,000
2,681
12%
3,055
-2%
H1 FY24
H1 FY23
H2 FY23
6 months
6 months
Change
6 months
Change %
New Zealand
2,033
1,535
32%
1,618
26%
Australia
900
830
8%
844
7%
Asia & rest of world
67
42
61%
51
31%
Total trading revenue
3,000
2,407
25%
2,513
19%
Revenue by type $000
Trading revenue by country $000

14
Average revenue per customer up across segments
•Increased monthly Average Revenue Per
Customer (ARPC) for Freight –up 21%
continue to reflect higher value of new
customers
•Increased monthly ARPCfor Shippers
(exporters & Importers) –up 21%, despite
national export volumes falling. Reflects
continued organic sales growth across
Prodoc and Cube products
•Cost inflation passed on
1
Subscriber customers are those that are licensing TradeWindow’s software and generate monthly subscription revenue.
These customers may also generate transaction, services & installation revenues. It excludes certificate and other revenue.
1H 24 Investor Presentation
Shippers
H1 FY24H1 FY23
6 months6 monthsChange %
Subscriber customer nos. period end146152-4%
Ave Subscriber customer nos.1501444%
Ave monthly revenue per customer1,6121,33421%
Freight
Subscriber customer nos. period end3293300%
Ave Subscriber customer nos.3283251%
Ave monthly revenue per customer69056921%
Total Subscriber customers
Subscriber customer revenue $0002,8092,26324%
Subscriber customer nos. period end475482-1%
Ave Subscriber customer nos.4784702%
Ave monthly revenue per customer 98080422%

15
Operating expenses reduce following March reorganisation
•Employee costs down 14%reflect cost
reductions initiated in March 2023.
•22% reduction in staff numbers
•Further cost reductions to flow
through to 2H FY24
•Team in Philippines,providingnew
channel of talent including software
development and customer support
•Other expenses movement reflects costs
variable to revenue growth and includes
writing off nChainagreement
establishment costs
•No R&D cost capitalisedto balance sheet.
Reflect implementation of cost reductions announced in March 2023
1H 24 Investor Presentation
H1 FY24H1 FY23H2 FY23
6 months6 monthsChange %6 monthsChange %
Cost of goods sold1,11390323%1,0882%
Research & Development2,3942,692-11%2,898-17%
Sales & Marketing1,0671,525-30%1,291-17%
General and Administration 1,0271,413-27%1,254-18%
Total employee benefits expense5,6016,532-14%6,532-14%
H1 FY24H1 FY23H2 FY23
6 months6 monthsChange %6 monthsChange %
Cost of goods sold35829024%370-3%
Research & Development2692613%277-3%
Sales & Marketing221448-51%348-36%
General and Administration 1,2571,03022%1,338-6%
Total other expenses2,1052,0294%2,333-10%
H1 FY24H1 FY23H2 FY23
6 months6 monthsChange %6 monthsChange %
Cost of goods sold18180%24-25%
Research & Development3450-31%53-35%
Sales & Marketing1720-15%21-21%
General and Administration 1014-29%14-28%
Total staff nos. (FTE)79101-22%112-29%
Employee benefits expense $000
Other expenses $000
Staff nos. (FTE)

16
Balance sheet –research and development not capitalised
1H 24 Investor Presentation
H1 FY24
FY23
6 months
12 months
Change %
Movements
Current

Assets
2,721
8,022
-66%
Reduction in cash reserves and receivables
Non-Current

Assets
13,183
14,509
-9%
Amortisation of intangibles and ROU assets
Total
Assets
15,904
22,531
-29%
Current

Liabilities
3,140
4,730
-34%
Rfider contingent consideration revalued to nil
Non-Current

Liabilities
1,170
1,828
-36%
Rfider contingent consideration revalued to nil
Total
Liabilities
4,310
6,558
-34%
Net
Assets
11,594
15,973
-27%
Total
Equity
11,594
15,973
-27%
Accumulated losses
Balance Sheet $000

17
Cashflow –cash outflow reduced with reorganisation
•Balance date cash and cash equivalents of
$1.8m; $500k raised since period end.
•Monthly average cash burn down from $1m in
FY23 to $0.7m in 1H FY24 and $0.6m in 2Q FY24
•Since 30 Sep 23 raised an additional $500k
•Key activity during the period:
−Operating activity:
•Cash from customers up 37%
•Cash paid to suppliers and employees falls
following restructuring
−Investing activity:
•Comparative period includes acquisition outgoings
of $2.5m
−Financing activity :
•Comparative period included capital raise proceeds
Balance date cash and cash equivalents of $1.8m
1
Average monthly cashflow excludes capital raise and acquisition transactions
1H 24 Investor Presentation
H1 FY24
H1 FY23
H2 FY23
6 months
6 months
Change %
6 months
Change %
Operating Activities
Cash Received from Customers
3,174
2,310
37%
2,547
25%
Cash Paid to Suppliers and Employees
(7,487)
(8,499)
-12%
(8,450)
-11%
Income Tax Received
0
536
-100%
(21)
-102%
Grant Income
500
495
1%
249
101%
Operating net cash flow
(3,813)
(5,157)
-26%
(5,676)
-33%
Investing net cash flow
60
(2,518)
-102%
9
574%
Financing cash flow
(587)
9,048
-106%
4,509
-113%
Net

Change in Cash
(4,340)
1,373
-416%
(1,157)
275%
Opening Cash
6,148
5,933
4%
7,306
-16%
Closing Cash
1,808
7,306
-75%
6,148
-71%
Average monthly cash outflow
1
(723)
(959)
-25%
(1,044)
-31%
Cash flow $000

FY24 outlook: focused on financial sustainability
18
•Continuing to see steady demand from exporters, importers, and freight forwarders
exposed to non-discretionary trade
•TradeWindow expects trading revenue for the year ending March 2024 to range
between $6 million to $6.5 millionand will complete reorganisationconfirmed today
by the end of the month, reducing headcount by around 40%
•Revenue growth, continued cost discipline, and other changes in the business, are
expected to reduce average monthly cash outflow from $1.0 million for the second
half of FY23 to below $200,000 in the final quarter of the financial year
•The company continues to progress alternative funding options
•TradeWindow continues to anticipate achieving monthly EBITDA breakeven in the
second half of FY25
•Guidance for FY24 is subject to changes in the macro-economic environment and
the timing of customer onboarding
1
1H 24 Investor Presentation
1
For the assumptions underlying this statement please refer to Company’s going concern assumption detailed in full on pages 11 & 12 of the Interim Financial Statements
for the six months ended 30 September 2023 released to the NZX today. Note these assumptions relate to the 12 months from today’s date.

Appendix
1H 24 Investor Presentation

Investor Presentation20
Glossary
Annualised Recurring Revenue (ARR)
Annual recurring revenue is calculated using
subscription revenue for March 2023 and the monthly
average of transaction revenue for Q4 2023 annualised.
Average Revenue Per Customer (ARPC)
Is subscriber customers’ monthly revenue divided by
number of subscriber customers as at end of the month.
The value provided is the average of the monthly ARPC
for the period.
CAGR
Compound annual growth rate.
Customer retention rate
Customer retention rate is the number of subscriber
customers who leave in a month as a percentage of the
total subscriber customers at the start of that month.
The percentage provided is the average of the monthly
churn for the period. The customer retention rate is the
inverse of customer churn.
Customs Broker
A Customs Broker is a licenced individual who acts as
an intermediary for Shippers and Freight Forwarders in
handling the sequence of customs formalities involved
in the customs clearance and importing goods.
EBITDA
Earnings before interest, taxation, depreciation and
amortisation.
Freight Forwarder
A Freight Forwarder is an organisation who arranges
and handles the transport of goods between countries
on behalf of their customers. Responsibilities can also
include storing products, negotiating transportation
rates and booking cargo space.
Shipper
A Shipper is an exporter or importer who requires
carriers to transport goods for transport from one
location to another.
Subscriber customers
Subscriber customers are those thatlicense and/or
accessTradeWindow’ssoftware on amonthly basis. It
excludes pay as you go certificaterevenue.
Recurring revenue
Revenues that are predictable, stable and can be
counted on to occur at regular intervals going forward
with a relatively high degree of certainty. For Trade
Window this is subscription and transactional revenue.

21
Forwarder
Pre-Shipment
Inspector
Export PortCarrierImport Port
CustomsInsurer
Physical
Exporters Bank
Invoicing Platform
Financial
Document Courier
Customs
Information
Importers BankCorrespondent Bank
Document Courier
TradeWindow is digitising global trade information flows
Key:
ExporterImporter
2023 Annual shareholders meeting presentation

Level 4
33-45 Hurstmere Road
Takapuna
+64 9 836 4200
A J Smith
Executive Director & CEO
e: aj@tradewindow.io
Andrew Balgarnie
Chief Strategy Officer
e: andrew@tradewindow.io
Deidre Campbell
Chief Financial Officer
e: deidre@tradewindow.io
www.tradewindow.io

---

Trade Window Holdings Limited
Interim Financial Statements
For the six months ended
30 September 2023

Contents
Page
1
2
3
4-5
6-8
9
10-17
Consolidated condensed statement of cash flows
Notes to the consolidated condensed financial statements
Directors' declaration
Consolidated condensed statement of comprehensive income
Trade Window Holdings Limited
Table of contents
Consolidated condensed statement of financial position
Consolidated condensed statement of changes in equity
For the six months ended 30 September 2023
Directory

-
-
Signed in accordance with a resolution of the Directors.
Dated:29 November 2023Dated:29 November 2023
Alasdair MacLeodAJ Smith
Trade Window Holdings Limited
Directors' declaration
For the six months ended 30 September 2023
The board of Directors are pleased to present the consolidated condensed financial statements of the
Group for the six months ended 30 September 2023.
comply with New Zealand generally accepted accounting practice and present fairly the
financial position of the Group as at 30 September 2023 and the result of operations for the 6
months ended on that date;
have been prepared using the appropriate accounting policies, which have been consistently
applied and supported by reasonable judgements and estimates.
In the opinion of the Directors of Trade Window Holdings Limited, the consolidated condensed financial
statements and notes, on pages 3 to 17:
The Directors believe that proper accounting records have been kept which enable, with reasonable
accuracy, the determination of the financial position of the Group and facilitate compliance of the financial
statements with the Financial Reporting Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Group, and to
prevent and detect fraud and other irregularities. Internal control procedures are also considered to be
sufficient to provide reasonable assurance as to the integrity and reliability of the financial statements.
1

Incorporation Number
8233653
Principal Activities:
Registered OfficeTradeWindow Company Secretary
Level 4
33-45 Hurstmere Road, Takapuna
Auckland 0622
New Zealand
Directors:Albertus Johannes Smith
Kerry Michael Friend
Philip John Norman
Diana Marie Puketapu (ceased 31 October 2023)
Alasdair (Alexander) John MacLeod
Auditor:
KPMG
KPMG Centre
18 Viaduct Harbour Avenue
Auckland 1010
New Zealand
Trade Window Holdings Limited
Directory
For the six months ended 30 September 2023
Develop and commercialise technology solutions that provide
international trade participants with a secure platform and tools to
establish trust and trade globally in an efficient manner across
interconnected networks
There have been no significant changes in the nature of these
activities during the six months ended 30 September 2023.
The Directors were in office for the whole period unless otherwise
stated.
2

6 months to 6 months to 12 months to
30-Sep-2023 30-Sep-2022 31-Mar-2023
NotesUnauditedUnauditedAudited
$$$
Revenue32,999,827 2,407,203 4,920,081
Other income426 273,999 815,652
3,000,253 2,681,202 5,735,733
Employee benefits expense(5,601,384) (6,532,364) (13,064,018)
Depreciation and amortisation(1,264,015) (1,133,210) (2,411,844)
Other expenses(2,105,332) (2,028,742) (4,361,577)
(5,970,478) (7,013,114) (14,101,706)
Revaluation of contingent consideration1,216,000 - 3,438,000
Net finance expense(15,536) (48,331) (105,923)
Loss before income tax(4,770,014) (7,061,445) (10,769,629)
Income tax- - 976,800
Net loss after tax(4,770,014) (7,061,445) (9,792,829)
Exchange differences on translating foreign operations(1,451) (19,304) 12,741
Total comprehensive loss for the year(4,771,465) (7,080,749) (9,780,088)
Earnings (loss) per share
Basic earnings (loss) per share $(0.04) (0.07) (0.10)
Diluted earnings (loss) per share $(0.04) (0.07) (0.10)
Trade Window Holdings Limited
Consolidated condensed statement of comprehensive income
For the six months ended 30 September 2023
Items that are or may be reclassified
subsequently to profit or loss
The above information is to be read in conjunction with the notes to the consolidated
condensed interim financial statements.
3

As atAs atAs at
30-Sep-2023 30-Sep-2022 31-Mar-2023
NotesUnauditedUnauditedAudited
$$$
1,808,181 7,305,544 6,148,125
819,984 1,205,438 1,730,107
50,811 30,080 51,252
41,928 127,419 92,458
2,720,904 8,668,481 8,021,942
50,488 125,131 120,218
180,174 280,962 244,433
568,221 1,141,963 842,798
12,285,620 13,711,422 13,202,921
98,608 103,862 98,432
13,183,111 15,363,340 14,508,802
15,904,015 24,031,821 22,530,744
1,568,063 1,764,843 2,060,247
573,824 511,932 529,580
- - 2,513
429,053 539,142 551,598
4- 2,376,000 1,039,000
568,786 431,438 547,335
3,139,726 5,623,355 4,730,273
Trade Window Holdings Limited
Consolidated condensed statement of financial position
As at 30 September 2023
Income tax receivable
Intangible assets
Contract assets
Non-current assets
Property, plant and equipment
Trade and other receivables
Right of use assets
Assets
Current Assets
Total assets
Liabilities
Current liabilities
Cash and cash equivalents
Trade and other receivables
Restricted cash
Contract liabilities
Trade and other payables
Lease liabilities
Interest bearing loans and borrowings
Related party payables
Contingent consideration
The above information is to be read in conjunction with the notes to the consolidated
condensed interim financial statements.
4

As atAs atAs at
30-Sep-2023 30-Sep-2022 31-Mar-2023
NotesUnauditedUnauditedAudited
$$$
Trade Window Holdings Limited
Consolidated condensed statement of financial position
As at 30 September 2023
16,096 65,004 64,067
979,397 1,512,011 1,264,885
174,636 616,596 321,700
4- 2,180,000 177,000
- 666,000 -
1,170,129 5,039,611 1,827,652
4,309,855 10,662,966 6,557,925
11,594,160 13,368,855 15,972,819
Share capital46,479,052 41,051,247 46,180,576
Retained earnings(35,148,043) (27,646,645) (30,378,029)
Foreign currency translation reserve(31,283) (85,999) (18,663)
Share based payments reserve294,434 50,252 188,935
11,594,160 13,368,855 15,972,819 Total equity
Non-current liabilities
Lease liabilities
Total liabilities
Net assets
Equity
Contingent consideration
Deferred income tax liability
Trade and other payables
Interest bearing loans and borrowings
The above information is to be read in conjunction with the notes to the consolidated
condensed interim financial statements.
5

Notes Issued capital
Retained
earnings
Foreign
currency
translation
reserve
Share based
payment
reserve
Total
$
$
$
$
$
Balance at 1 April 2023
46,180,576
(30,378,029)
(18,663)
188,935
15,972,819
Comprehensive expense for the yearLoss for the year
-
(4,770,014)
-
-
(4,770,014)
Other comprehensive income/(expense)
-
-
(1,451)
-
(1,451)
-
(4,770,014)
(1,451)
-
(4,771,465)
Transactions with owners of the companyIssue of capital/dividend to shareholders
126,775
-
-
-
126,775
Adjustment to foreign currency
-
-
(11,169)
-
(11,169)
Share options exercised
171,701
-
-
-
171,701
Equity-settled share based payments
-
-
-
105,499
105,499
298,476
-
(11,169)
105,499
392,806
Balance at 30 September 2023 - Unaudited
46,479,052
(35,148,043)
(31,283)
294,434
11,594,160
Trade Window Holdings Limited
Consolidated condensed statement of changes in equity
For the six months ended 30 September 2023
The above information is to be read in conjunction with the notes to the consolidated
condensed interim financial statements.
6

Trade Window Holdings Limited
Consolidated condensed statement of changes in equity
Notes Issued capital
Retained
earnings
Foreign
currency
translation
reserve
Share based
payment
reserve
Total
$
$
$
$
$
Balance at 1 April 2022
31,333,484
(20,585,200)
7,574
88,722
10,844,580
Comprehensive expense for the yearLoss for the year
-
(7,061,445)
-
-
(7,061,445)
Other comprehensive income/(expense)
-
-
(19,304)
-
(19,304)
-
(7,061,445)
(19,304)
-
(7,080,749)
Transactions with owners of the companyIssue of capital/dividend to shareholders
9,628,892
-
-
-
9,628,892
Adjustment to foreign currency
-
-
(74,269)
-
(74,269)
Share options exercised
88,871
-
-
-
88,871
Equity-settled share based payments
-
-
-
(38,470)
(38,470)
9,717,763
-
(74,269)
(38,470)
9,605,024
Balance at 30 September 2022 - Unaudited
41,051,247
(27,646,645)
(85,999)
50,252
13,368,855
For the six months ended 30 September 2022
The above information is to be read in conjunction with the notes to the consolidated
condensed interim financial statements.
7

Trade Window Holdings Limited
Consolidated condensed statement of changes in equity
Notes Issued capital
Retained
earnings
Foreign
currency
translation
reserve
Share based
payment
reserve
Total
$
$
$
$
$
Balance at 1 April 2022
31,333,484
(20,585,200)
7,574
88,722
10,844,580
Comprehensive expense for the yearLoss for the year
-
(9,792,829)
-
-
(9,792,829)
Other comprehensive income/(expense)
-
-
12,741
-
12,741
-
(9,792,829)
12,741
-
(9,780,088)
Transactions with owners of the companyIssue of capital/dividend to shareholders
14,689,831
-
-
-
14,689,831
Adjustment to foreign currency
-
-
(38,978)
-
(38,978)
Share options exercised
157,261
-
-
-
157,261
Equity-settled share based payments
-
-
-
100,213
100,213
14,847,092
-
(38,978)
100,213
14,908,327
Balance at 31 March 2023 - Audited
46,180,576
(30,378,029)
(18,663)
188,935
15,972,819
For the 12 months ended 31 March 2023
The above information is to be read in conjunction with the notes to the consolidated
condensed interim financial statements.
8

6 months to 6 months to 12 months to
Notes 30-Sep-2023 30-Sep-2022 31-Mar-2023
UnauditedUnauditedAudited
$$$
Operating activities
3,173,566 2,310,087 4,857,294
(7,487,043) (8,498,855) (16,949,307)
441 536,164 514,993
500,067 495,354 744,260
Net cash used in operating activities9(3,812,969) (5,157,250) (10,832,760)
Investing activities
(12,131) (101,343) (147,842)
2,184 28,536 24,489
- (2,500,000) (2,500,000)
70,203 54,737 114,229
Net cash from/(used in) investing activities60,256 (2,518,070) (2,509,124)
Financing activities
(19,517) (32,800) (59,094)
- 9,628,892 14,735,324
(250,253) (232,793) (468,256)
(270,819) (250,882) (509,771)
58 142 218
(46,700) (64,253) (140,970)
Net cash (used in)/from from financing activities(587,231) 9,048,306 13,557,451
Net change in cash and cash equivalents(4,339,944) 1,372,986 215,567
6,148,125 5,932,558 5,932,558
1,808,181 7,305,544 6,148,125
Cash and cash equivalents at the end of
the financial year
Interest paid on lease liability
Trade Window Holdings Limited
Consolidated condensed statement of cash flows
For the six months ended 30 September 2023
Proceeds from share capital
Repayment of borrowings
Payments for lease liability - principal portion
Proceeds from exercise of share options
Interest paid on borrowings
Purchase of property, plant and equipment
Business acquisition
Interest received
Cash and cash equivalents at the beginning
of the period
Cash received from customers
Cash paid to suppliers and employees
Income tax received
Grant income
Proceeds from sale plant and equipment
The above information is to be read in conjunction with the notes to the consolidated
condensed interim financial statements.
9

1
The preparation of the interim financial statements in conformity with NZ IFRS and IFRS requires
management to make judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates. The judgements, estimates and assumptions used in these
interim financial statements are consistent with those from the 31 March 2023 annual financial
statements.
Use of estimates and judgements
Accounting policies
Trade Window Holdings Limited
For the six months ended 30 September 2023
Notes to the consolidated condensed financial statements
General information and statement of compliance
Consolidated condensed interim financial statements for the Group are presented. The consolidated
interim financial statements of Trade Window Holdings Limited (company) as at and for the six
months ended 30 September 2023 comprise of the Company and its subsidiaries (together referred
to as the Group and individually as subsidiaries).
Trade Window Holdings Limited is incorporated and domiciled in New Zealand and is a company
registered under the Companies Act 1993.
Trade Window Holdings Limited (TWHL) is a profit orientated entity.
Trade Window Holdings Limited was incorporated on 10 September 2021 for the purpose of being
the holding company for Trade Window Limited (TWL). Prior to Trade Window Holdings Limited's
incorporation, the Group comprised of TWL and its subsidiaries.
Basis of preparation
These interim financial statements have been prepared consistently with those of the annual financial
statements for the year ended 31 March 2023. The same accounting policies and methods of
computation have been used.
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial
Reporting. They do not include all of the notes normally included in an annual financial report, and
should be read in conjunction with the audited financial statements for the year ended 31 March
2023.
The interim financial statements were authorised for issue by the directors on the date included on
page 1.
The accounting policies set out below have been consistently applied to all periods presented in
these financial statements.
10

Trade Window Holdings Limited
For the six months ended 30 September 2023
Notes to the consolidated condensed financial statements
2
a.
b.
Successful implementation of cost-reduction plans.
The Board and Management have implemented a plan to undertake a further
reorganisation of the business to conserve capital and put the Group on an accelerated
path to a self-sustainable footing. Salary and operating expenditure is projected to reduce
by approximately 50% (excluding transition costs) and be substantially complete in
January 2024. The majority of the savings are generated from the pause of innovation
and development investment and will not impact the Group’s ability to continue to serve
its current and future customers, and generate revenue from existing solutions.
Achievement of targeted revenue growth.
On 2 November 2023 the Group advised that it expects revenue for FY24 to range
between $6.0 million to $6.5 million. This represents an increase of between 22% to 32%
on the prior year. As reported in these financial statements, the revenue for the first six
months of FY24 is $3.0 million, an increase of 25% on the same period last year. New
customers currently in the onboarding process are expected to supplement the revenue
growth in the second half of FY24 and generate low double digit growth through FY25.
Assumptions which give rise to a Material Uncertainty in relation to Going Concern:
As at 30 September 2023, the Group held Cash and Cash Equivalents of $1.8 million (30 September
2022 $7.3 million). In response to continued negative global macro-economic conditions, scarce
capital and the delayed settlement of strategic investor, nChain, the Group immediately initiated
significant costs reductions across the business through undertaking a further reorganisation and
pausing innovation and development investment, shifting focus to growing revenues from core
profitable products which can provide a pathway to EBITDA breakeven.
The Group prepares its financial statements on a going concern basis and expects to be able to
realise its assets and meet its financial obligations in the normal course of business.
The Group is an early-stage organisation that has been investing in the development of a Global
Trade Platform and as such has reported a loss for the six months ended 30 September 2023 of $4.8
million (30 September 2022 $7.1 million), and operating cash outflows of $3.8 million (30 September
2022 $5.2 million).
Going concern
The Board-approved revised financial forecasts for FY24 and FY25 project sufficient cash would be
available to satisfy all financial obligations which arise in the next 14 months from 30 September
2023. The forecast cash flows are dependent on the assumptions outlined below.
11

Trade Window Holdings Limited
For the six months ended 30 September 2023
Notes to the consolidated condensed financial statements
2
c.
d.
e.
Capital raising
Since balance date the Group has successfully raised $500,000 equity capital and
continues to discuss additional funding opportunities with multiple parties. TradeWindow
continues to assert its rights under the nChain strategic agreement, including the cash
component of $2.4 million. It is also in discussions to divest the acquired Rfider business,
since rebranded Assure+.
Concluding one or a combination of these negotiations the Group is forecasting a further
$1.5 million capital between March 2024 and June 2024.
The forecast’s assumptions have been stress tested against a range of scenarios including a
reduction in revenue without commensurate cost cutting, and a reduction in the anticipated cash
investment which demonstrates that the cashflow forecast is sensitive to changes in these key
assumptions.
Should the Group not be able to achieve its forecasts in line with assumptions identified in Notes a -
e, the Group may be unable to have sufficient liquidity to be able to continue as a going concern for a
period of at least 12 months from the issuance of these financial statements. As a result, these
events and conditions indicate that a material uncertainty exists that may cast significant doubt on the
Group’s ability to continue as a going concern and, therefore, the Group may be unable to realise its
assets and discharge its liabilities in the normal course of business.
The Directors consider the Group to be a going concern and believe the Group will achieve its
financial forecasts and secure investment to the extent necessary to ensure the Group will have
sufficient liquidity to continue as a going concern and meet its financial obligations for the foreseeable
future.
Going concern (continued)
Ability to meet covenant waiver conditions
Following the failure of nChain to settle the cash subscription payment on the due date
the Group and ASB Bank have worked together to restructure the $1.1 million debt
facility. Pending the achievement of conditions to be met by 30 November 2023, the
Group will have the debt covenant waived until 30 June 2024. This provides
TradeWindow the time needed to execute the reorganisation and cost reduction strategy.
On 16 November 2023 the Group advised that it had met a key condition to the lending
covenant waiver (signed commitments for $500,000 in new equity capital). It expects to
meet the remaining conditions within the timeframe.
Shortfall payment to Rfider
A shortfall payment of $0.6 million would have been required in accordance with the
Rfider purchase agreement due to a reduction in the Group’s share price subsequent to
the transaction taking place. The contingent consideration component of the purchase
price, to which the shortfall payment is tied, is tested against specified revenue targets.
The revenue earned to date and forecast, does not meet these targets and the
requirement of the shortfall payment is expected to fall away.
12

3
6 months to 6 months to 12 months to
30-Sep-2023 30-Sep-2022 31-Mar-2023
Unaudited UnauditedAudited
$$$
Transactional revenue1,437,254 1,113,839 2,332,065
Subscription revenue1,368,820 992,409 2,077,202
Service revenue130,535 107,474 205,970
Installation revenue63,218 193,481 304,844
Total revenue2,999,827 2,407,203 4,920,081
4
Current
Balance 1 April1,039,000 - -
- 2,376,000 2,347,000
Revaluation of Contingent consideration(1,039,000) - (1,308,000)
- 2,376,000 1,039,000
Non-current
Balance 1 April177,000 - -
- 2,180,000 2,307,000
Revaluation of Contingent consideration(177,000) - (2,130,000)
- 2,180,000 177,000
Closing Balance - 4,556,000 1,216,000
The contingent consideration has been revalued, as it is no longer probable that an outflow of
economic resources will be required.
Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the six months ended 30 September 2023
Revenue
There is no significant seasonality or cyclicality of interim operating revenue.
Contingent consideration arising on business
acquisitions
Contingent consideration arising on business
acquisitions
Contingent consideration
13

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the six months ended 30 September 2023
5
6
On 2 October 2023 the Group announced that nChain had not made payment of the cash
subscription amount as scheduled under the strategic partnership agreement. The failure of nChain
to settle the cash subscription payment on the due date triggered an event of review under
TradeWindow's bank facility agreements.
On 2 November 2023 the Group announced that in response to continued negative global macro-
economic conditions and the delay of the strategic agreement with nChain to settle, the Group was
initiating significant costs reductions across the business through undertaking a further
reorganisation and pausing innovation and development investment, shifting focus to accelerating
EBITDA breakeven.
On 16 November 2023 the Group announced that it had secured $500,000 in new equity from key
existing investors including the two founders of TradeWindow, and a new investor. The new equity
represented the meeting of a key condition of the waiver from ASB Bank.The group expects to meet
the remaining conditions within the timeframe.
Subsequent events
Contingencies
The Group has a contingent liability in September 2023 of $1,035,902 relating to R&D tax losses
cashed out (March 2023: $1,035,902, September 2022: $1,035,902). If the Group becomes profitable
in the future, there is a change in the shareholders greater than 90%, or a liquidation event occurs, it
would become payable.
There are no other contingencies.
There are no other subsequent events after 30 September 2023 that require disclosure.
On 10 November 2023 the Group announced that its lender, ASB Bank, had extended an interim
waiver on the lending covenant breached, subject to certain conditions being met by 30 November
2023.
14

7 Financial instruments classification and risk management
Liquidity risk
1 Year or
less 1-5 Years
More than 5
years
Total
contractual
cash flows
$$$$
Six months ended 30 September 2023
Unaudited
Cash and cash equivalents1,808,181 - - 1,808,181
Trade and other receivables515,736 - - 515,736
Restricted cash- 98,608 - 98,608
2,323,917 98,608 - 2,422,525
Six months ended 30 September 2022
Unaudited
Cash and cash equivalents7,305,544 - - 7,305,544
Trade and other receivables726,740 - - 726,740
Restricted cash- - 103,862 103,862
8,032,284 - 103,862 8,136,146
Year ended 31 March 2023
Audited
Cash and cash equivalents6,148,125 - - 6,148,125
Trade and other receivables1,153,331 - - 1,153,331
Restricted cash- - 98,432 98,432
7,301,456 - 98,432 7,399,888
Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the six months ended 30 September 2023
The Group manages liquidity risk by maintaining adequate cash reserves and banking facilities.
Forecast and actual cash flows are continuously monitored with the maturity profiles of the majority of
financial assets and liabilities matched.
Liquidity profile of financial assets
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset.
15

Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the six months ended 30 September 2023
7Financial instruments classification and risk management (continued)
1 Year or
less 1-5 Years
More than
5 years
Total
contractual
cash flows
Carrying
amount of
liabilities
$$$$$
Six months ended 30 September 2023
Unaudited
1,568,063 16,096 - 1,584,159 1,584,159
573,824 825,021 154,376 1,553,221 1,553,221
429,053 174,636 - 603,689 603,689
2,570,940 1,015,753 154,376 3,741,069 3,741,069
Six months ended 30 September 2022
Unaudited
1,764,843 65,004 - 1,829,847 1,829,847
511,932 1,309,484 202,527 2,023,943 2,023,943
539,142 616,596 - 1,155,738 1,155,738
2,815,917 1,991,084 202,527 5,009,528 5,009,528
Year ended 31 March 2023
Audited
2,060,247 64,067 - 2,124,314 2,124,314
529,580 1,103,540 161,345 1,794,465 1,794,465
2,513 - - 2,513 2,513
551,598 321,700 - 873,298 873,298
588,476 104,338 - 692,814 692,814
3,732,414 1,593,645 161,345 5,487,404 5,487,404
Related party payables
Lease liabilities
Rfider acquisition shortfall
protection
Trade and other payables
Interest bearing loans and
borrowings*
* A portion of non-current interest bearing loans and borrowings was incorrectly classified as a current
liability in the 30 September 2022 interim financial statements. These have been reclassified, resulting
in the current portion of interest bearing loans and borrowings being reduced by $165,168, and the non-
current portion increasing by an equal amount. Current and non-current portions were previously
reported as $677,100 and $1,346,843 respectively.
Trade and other payables
Interest bearing loans and
borrowings
Financial liabilities based on contractual cashflows due within
Trade and other payables
Interest bearing loans and
borrowings
Lease liabilities
Lease liabilities
16

8
9Cash flow reconciliation6 months to6 months to12 months to
30-Sep-202330-Sep-202231-Mar-2023
UnauditedUnauditedAudited
$$$
Net profit (loss) after tax(4,770,014)(7,061,445)(9,792,829)
Classification Differences
- Net finance expense15,536 48,331 105,923
- Loss on disposal(426)(11,218)(10,643)
910,985 633,359 113,603
- Contract assets50,530 (49,610)(14,649)
- Trade and other payables(534,676)252,995 522,234
- Contract liabilities21,451 (22,167)93,730
- Income tax payable441 (23,836)(45,008)
- Other movements168,655 (70,397)(59,404)
Other non-cash items
1,264,015 1,133,210 2,411,844
- Employee share scheme276,534 13,528 257,239
- Revaluation of contingent consideration(1,216,000)- (3,438,000)
- Tax asset recognised- - (976,800)
Net cash from operating activities(3,812,969)(5,157,250)(10,832,760)
Statement of financial position
movements
- Depreciation, amortisation and
impairment
Trade Window Holdings Limited
Notes to the consolidated condensed financial statements
For the six months ended 30 September 2023
Segment reporting
An operating segment is reported in a manner consistent with the internal reporting provided to the
chief operating decision maker ("CODM") on a monthly basis. The CODM, who is responsible for
allocating resources and assessing performance of the operating segment(s) is part of the senior
leadership team and is involved in strategic decision making of the Group. Management has
determined there is one operating segment based on the reports reviewed by the CODM.
The reason for looking at the business as one segment is because of the inter-related nature of the
services and their dependence on the Trade Window software which cannot be separated between
different products and services. The performance of the operating segment is reviewed by the CODM
and action plans are agreed with the management where necessary to improve performance of the
business.
The reportable operating segment derives its revenues from the provision of software solutions to its
customers. There are no major customers that contribute more than 10% of revenues. The CODM
assesses the performance of the operating segment from revenue to net income. The total revenue,
direct costs, operating expenses, interest and foreign exchange gains and losses, tax and net income
are reviewed.
The amounts reported with respect to segment total assets and liabilities are measured in a manner
consistent with the consolidated statement of financial position. Reportable segment assets and
liabilities are equal to total assets and liabilities hence no reconciliation is required. The majority of the
Group's operations are within New Zealand and there are no other material geographic segments.
- Trade and other receivables
(excluding related party)
17

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019

Results for announcement to the market
Name of issuer Trade Window Holdings Limited (“TWL”)
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$3,000 Up 25%
Total Revenue $3,000 Up 12%
Net profit/(loss) from
continuing operations
($4,770) decrease of 32%
Total net profit/(loss) ($4,770) decrease of 32%
Interim/Final Dividend
Amount per Quoted Equity
Security
Trade Window is currently investing for future grow and during
this phase does not propose to pay dividends.
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.01 $0.00
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Deidre Campbell
Contact person for this
announcement
Deidre Campbell, CFO
Contact phone number 021 272 4008
Contact email address deidre@tradewindow.io
Date of release through MAP

29 November 2023
Unaudited financial statements accompany this announcement.