Sylogist Ltd
TSX:SYZ
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Sylogist Ltd
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Sylogist Ltd
Sylogist Ltd. is a software company, which engages in providing enterprise resource planning solutions, including fund accounting, grant management, and payroll to public service organizations. The company is headquartered in Calgary, Alberta and currently employs 100 full-time employees. The firm operates through Public Sector segment. The Public Sector segment operates in principle geographical areas, which includes Canada, the United States and United Kingdom. The Company’s service customers include Local Governments, Non-Profit Organizations (NPO), Non-Governmental Organizations (NGO), Education Boards and Districts, and Defense and Safety Contractors. The company operates Edmonton, Alberta, Newmarket, Ontario, Atlanta, Georgia, Littleton, Colorado, Washington, Shawnee, Oklahoma, Oxford and Oxfordshire.
Sylogist Ltd. is a software company, which engages in providing enterprise resource planning solutions, including fund accounting, grant management, and payroll to public service organizations. The company is headquartered in Calgary, Alberta and currently employs 100 full-time employees. The firm operates through Public Sector segment. The Public Sector segment operates in principle geographical areas, which includes Canada, the United States and United Kingdom. The Company’s service customers include Local Governments, Non-Profit Organizations (NPO), Non-Governmental Organizations (NGO), Education Boards and Districts, and Defense and Safety Contractors. The company operates Edmonton, Alberta, Newmarket, Ontario, Atlanta, Georgia, Littleton, Colorado, Washington, Shawnee, Oklahoma, Oxford and Oxfordshire.
SaaS momentum: SaaS subscription revenue grew 12% in Q4 and 13% for FY2025, with SaaS ARR up 9% to $33.8 million and SaaS representing 73% of recurring revenue in Q4.
Revenue mix shift: Recurring revenue reached 72% of total for the year and 81% in Q4 as Sylogist intentionally transitioned project work to partners.
Project services drop: Project services revenue fell 44% in Q4 to $2.4 million (down 23% to $15.6 million for the year), pressuring gross margins in the quarter.
Margins impacted by accounting and timing: Gross margin compressed to 56% in Q4 (vs. 59% prior year) and the company reduced capitalized development by $3.1 million, which lowered adjusted EBITDA by ~5 percentage points; a prospective useful-life change added $1.3 million of amortization in Q4.
Pipeline and bookings: ARR bookings were $4.3 million for FY2025 (slightly up from $4.2 million), management says the pipeline is meaningful but lumpy—especially large state VSS (Texas/OAG) deals—and some bookings slipped on timing.
AI and R&D focus: Management plans to accelerate AI adoption across development and product features to raise productivity and add differentiated capabilities.
Balance sheet and capital allocation: Cash was $8.3 million at year end after a $2.5 million earn-out payment; company reinstated an NCIB in February 2026.
Leadership/governance: Craig O'Neill is interim CEO (joined ~6 weeks ago) and the Board's CEO search is active; management will not discuss proxy/Board matters on the call.
