FirstWave Cloud Technology Limited (ASX: FCT) has announced the completion of its restructuring, expected to deliver $1.6 million in annualised savings. FirstWave is a global software company formed in 2004 and a leading provider of enterprise-grade network management, automation, audit, and cybersecurity software, with an estimated 150,000 organisations using its software across 178 countries. The restructure aims to reduce operating expenses (OPEX) and more closely align operations with sales and product development, with a focus on monetising the Open-AudIT product.
The company reported positive net cash from operating activities of $171,000 in FY25, a significant improvement from the $3.47 million outflow in FY24. Employee-related costs are projected to decrease from $11.35 million in FY24 to approximately $465,000 per month ($5.58 million annually) from October 2025. The restructure simplifies operations into four core divisions: Engineering, Sales, Products & Marketing, and Commercial (Corporate & Finance). The company also completed a board renewal, including the appointment of Roger Buckeridge as the new Chair.
The restructured organisation will emphasise sales and product development, specifically focusing on AI-powered compliance management and monetising the Open-AudIT user base. FirstWave believes that the completed restructuring, along with key new hires, positions the company for its next phase of growth. The company’s launch of its AI compliance product marks its first step in directly monetising its large user base of an estimated 150,000 organisations who have historically used FirstWave products at no cost.
From October, customers can upgrade from a free download to a paid, AI-powered security compliance product. FirstWave is focused on scaling paid customer adoption across its core product base, delivering value from significant product investment, particularly in AI-driven compliance, and rolling out a pipeline of new products with significant revenue opportunities and high-margin potential.
