Fund Manager Summary
The fund managers believe that Qoria Ltd presents a promising opportunity for investors despite its recent underperformance. In their opinion, the company reported a strong Q2 FY25 result, with a 26% year-on-year increase in gross annual recurring revenue (ARR), primarily driven by growth in its U.S. operations and successful AI-based products. Additionally, the sales pipeline expanded by 88% compared to the previous period, indicating robust demand. While free cash flow was slightly weaker due to cash receipt timing and increased costs from additional headcount, the company expects costs to align with CPI in FY 2025. Given the strong pipeline, new product launches, and ARR growth, the fund managers believe Qoria is well positioned to achieve free cash flow breakeven for FY 2025.
Source: Trading View
Commentary From The Managers
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Seneca Financial Solutions
17 Oct 2025
$0.85
Summary
- Seneca Financial Solutions continues to hold a positive outlook on Qoria Ltd.
- The stock currently screens as somewhat expensive, trading at approximately eight times EV to sales.
- Despite its valuation, there is potential for significant upside as the guidance from the analyst community is seen as massively under-baked.
- Expectations are for the stock to reach a rule of 40 and trade at 10-12 times EV to sales soon.
- Qoria Ltd. is still experiencing growth and is on a positive trajectory similar to Life360.
- There is ongoing momentum for index inclusion, enhancing the stock's appeal.
- It is one of Seneca Financial Solutions' highest conviction positions in the portfolio.
- The stock has performed well since being acquired at around 50 cents.
- The latest trading update and conference call were described as one of the most bullish in the manager's career.
- Overall, Seneca Financial Solutions sees strong potential for further investment in Qoria Ltd.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Seneca Financial Solutions
17 Oct 2025
$0.85
- Seneca Financial Solutions continues to hold a positive outlook on Qoria Ltd.
- The stock currently screens as somewhat expensive, trading at approximately eight times EV to sales.
- Despite its valuation, there is potential for significant upside as the guidance from the analyst community is seen as massively under-baked.
- Expectations are for the stock to reach a rule of 40 and trade at 10-12 times EV to sales soon.
- Qoria Ltd. is still experiencing growth and is on a positive trajectory similar to Life360.
- There is ongoing momentum for index inclusion, enhancing the stock's appeal.
- It is one of Seneca Financial Solutions' highest conviction positions in the portfolio.
- The stock has performed well since being acquired at around 50 cents.
- The latest trading update and conference call were described as one of the most bullish in the manager's career.
- Overall, Seneca Financial Solutions sees strong potential for further investment in Qoria Ltd.
Summary
Maple-Brown Abbott
17 Oct 2025
$0.85
- Maple-Brown Abbott views Qoria Ltd as a strong investment opportunity.
- The stock is currently experiencing a free cash flow inflexion point.
- Historically, tech stocks at this stage have seen significant rerating periods.
- Top line sales numbers are perceived as conservative, indicating potential for growth.
- There is a promising pipeline with larger opportunities on the horizon.
- Cost management is being effectively controlled, enhancing profitability.
- Qoria is positioned as a potential AI beneficiary, automating software upgrades.
- The company is aiming to maintain a flat cost base to achieve operating leverage.
- Qoria remains under the radar for larger tech investors, presenting a unique opportunity.
- Maple-Brown Abbott believes Qoria stands out as a stock for investors seeking the next big opportunity in tech.
Summary
Tamim Funds Management
4 Sept 2025
$0.58
- Tamim Funds Management continues to monitor Qoria Ltd. as a strong investment opportunity.
- Qoria is the leading provider of child safety and monitoring software in the K-12 education markets across the US, Australia, and the UK.
- The company has established a significant competitive advantage, especially within the US school district ecosystem.
- Qoria is expanding its direct-to-parent consumer business.
- Recent Q4 FY25 results showed exit ARR growth to $145 million (+25% YoY), driven by record additions and consumer traction.
- Operating leverage is evident, with EBITDA increasing by 670% YoY to $15.4 million.
- The company is now free cash flow positive and compliant with the Rule of 40.
- Despite strong performance, Qoria trades at just 5.1x ARR, compared to peers at 7–12x.
- Qoria's premium product positioning and rapid margin expansion present a compelling relative value story.
- Given its strategic position in public and consumer safety markets, Tamim Funds Management anticipates potential interest from global players.
Summary
Wilson Asset Management
31 July 2025
$0.60
- Qoria Ltd develops cloud-based cybersecurity and child protection software for schools and families globally.
- In July 2025, the company saw a significant increase in its share price due to strong financial performance and strategic developments.
- Qoria reported a record growth of $29 million in annual recurring revenue (ARR) for the quarter ending 30 June 2025, representing a 55% increase from Q4 FY2024.
- This growth contributed to a 25% rise in total ARR, reaching $145 million for the year.
- Management has raised FY2026 guidance to 20% ARR growth, indicating confidence in ongoing expansion and market adoption.
- The cyber safety platform provides strong visibility into future revenues and operating leverage.
Summary
Tamim Funds Management
31 July 2025
$0.60
- Qoria (ASX: QOR) is recognized as a leading global child safety and monitoring technology company.
- QOR has established a dominant position in the US K-12 school market and is expanding its direct-to-parents consumer product line.
- Tamim Funds Management believes QOR is approaching a material profitability and free cash flow inflection point.
- Strong top-line growth suggests QOR's stock may catch up to its larger peer, Life360, which currently has a material valuation premium.
- In July, QOR achieved record Q4ARR growth of $29 million (25% YoY), leading to an Exit ARR of $145 million with a +13% EBITDA margin.
- Despite a $4 million negative impact from the USD:AUD exchange rate, QOR delivered strong results.
- FY 2025 Highlights include: EBITDA of $15.4 million (up 670% on FY2024), ARR growth of $29 million (up 25% YoY), and a record $14 million of net ARR for the 4th quarter (up 55% pcp).
- Consumer ARR grew to US$18 million (up 21% YoY), with effective cash collections increasing by 24% pcp.
- QOR has improved its service margin to +91% while maintaining operating cost growth under 1%.
- The company now impacts 27 million students, 32,000 schools, and 8 million parents.
- Management has provided FY2026 guidance for 20% ARR growth, free cash flow, and a 20% EBITDA margin.
- QOR is classified as a rule of 40 stock but trades at an ARR multiple of 5.1x, compared to peers at 7-12x.
- Tamim Funds Management sees further upside in the stock, with an entry price of 42 cents versus the current price of 68 cents.
Summary
Seneca Financial Solutions
31 July 2025
$0.60
- Qoria Ltd. (QOR) reported a 21% increase in stock price following strong financial results.
- Reported EBITDA of $15.4 million for FY25, marking a 670% increase compared to the previous year.
- Annual Recurring Revenue (ARR) grew by 25% to $145 million.
- The company is demonstrating operating leverage alongside ongoing strong growth.
- Seneca Financial Solutions continues to hold due to the inflection point in profitability being a key driver for unitholder outperformance.
- Further details of the investment thesis can be found on Livewire.
Summary
Ellerston Capital
31 July 2025
$0.60
- Ellerston Capital notes a 21% rally in Qoria (QOR AU) shares following its 4Q trading update.
- The update included optimistic FY26 guidance, indicating a significant turning point for the stock.
- Qoria is projecting 20% growth in Annual Recurring Revenue (ARR).
- The company anticipates a 20% adjusted EBITDA margin.
- Positive free cash flow (FCF) guidance and expected growth in cash collections reassured investors.
- Qoria is expanding its customer base in key markets like the U.S. and UK.
- The company is ramping up investments in high-return areas such as Qustodio.
- Strong FCF outlook positions Qoria for long-term sustainable growth.
- The Australian market is currently short on tech, and Qoria has signaled a crucial FCF flip.
- This development opens up the stock to a broader group of investors.
- The combination of robust revenue growth and a clear path to positive cash flow is attracting new interest in the stock.
Summary
Firetrail Investments
31 Jan 2025
$0.48
- Qoria Ltd underperformed in the month despite reporting a solid Q2 FY25 result.
- The company achieved a 26% year-on-year increase in gross annual recurring revenue (ARR).
- Growth was driven by strong performance in its U.S. business and the success of new AI-based products.
- Sales pipeline expanded by 88% compared to the prior comparable period.
- Free cash flow was slightly weaker due to timing of cash receipts and higher cash costs from increased headcount.
- Costs are expected to grow in line with CPI in FY 2025.
- Given the strong pipeline, new products, and ARR growth, Firetrail Investments believes Qoria is well positioned to achieve free cash flow breakeven for FY 2025.
Summary
Ellerston Capital
30 Sept 2024
$0.41
- QOR shares rallied 14% during September.
- QOR is an internet safety ecosystem designed for K-12 students, offering tools like content filtering, classroom management, parental controls, and student wellbeing monitoring.
- Through strategic acquisitions, QOR has built a robust portfolio of K-12 digital safety solutions.
- QOR is well-positioned to capitalize on strong industry growth and significant market opportunities.
- In September, QOR announced a significant partnership with Schools Broadband, the largest managed services provider for K-12 in the UK, enhancing their reach to over 3,000 schools.
- This partnership represents a significant opportunity for QOR with a 2-year exclusive agreement.
- On the last day of September, QOR entered a trading halt to raise capital for a strategic acquisition and to pay down debt.
- The capital raise was well supported by the market, and QOR is now trading above the issue price.
- With free cash flow breakeven expected in the near term and EBITDA margin expansion targets set for FY26, there are plenty of catalysts for QOR moving forward.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
Despite recent underperformance, the robust growth in Qoria's ARR and expanding sales pipeline suggest a potential turnaround. If the company navigates its cost challenges effectively, it could be on the cusp of breaching free cash flow breakeven this fiscal year.
Last Updated: 17 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Qoria Ltd (ASX:QOR)?
Fund managers including Firetrail Investments , Ellerston Capital, Wilson Asset Management, Seneca Financial Solutions, Tamim Funds Management and Maple-Brown Abbott have invested in Qoria Ltd (ASX:QOR).
Why do fund managers invest in Qoria Ltd?
Fund managers are investing in Qoria Ltd due to its strong performance indicators, including a 26% year-on-year increase in annual recurring revenue driven by growth in the U.S. market and successful AI product launches. The company has also expanded its sales pipeline by 88%, indicating robust future demand. Despite some concerns over cash flow due to increased costs from new hires, the expectation of aligning cost growth with CPI and the potential for achieving free cash flow breakeven in FY 2025 further solidify the investment rationale.
What happened to Qoria Ltd (ASX:QOR)?
Fund managers are investing in Qoria Ltd due to its strong financial performance and growth potential in the cybersecurity and child protection software market. Recent reports highlight a 55% increase in annual recurring revenue (ARR) to $145 million, alongside a significant rise in EBITDA by 670% year-over-year. With management forecasting 20% ARR growth for FY2026 and a shift to positive free cash flow, Qoria is positioned for sustainable long-term growth. Its competitive edge in the K-12 education sector, particularly in the U.S., and a favorable valuation compared to peers further attract investor interest.