What were the key financial results for StepChange (ASX:STH) in the March quarter?

StepChange reported unaudited quarterly revenue of $15.2 million and EBITDA of $1.5 million for the period ended March 31.

How did the StepChange (ASX:STH) profit margins change this quarter?

The company’s EBITDA margin expanded to 9.6%, a notable increase from the 8.0% reported in the first half of the 2026 financial year.

How is StepChange (ASX:STH) using artificial intelligence in its business model?

StepChange is embedding AI tools across its delivery model to improve the consistency and speed of its project outputs. This strategy aims to decouple revenue growth from headcount, allowing the company to scale operations without a proportional increase in staff costs.

What are the main "bull" points for StepChange (ASX:STH) following this update?

The bull case rests on successful acquisition integration and significant margin expansion in a high-demand sector like SAP migration.

What are the key risks or "bear" points for StepChange (ASX:STH) investors?

As a small-cap stock with a share price of $0.15, StepChange may face higher volatility and lower liquidity than larger tech peers.

How does the BroadReach Group acquisition affect the StepChange (ASX:STH) investment thesis?

The integration of BroadReach Group has shifted StepChange from a pure-play consultancy toward a broader enterprise architecture and ICT advisory firm.

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StepChange shares rise on strong quarterly earnings update

Q: What is driving the revenue growth for StepChange (ASX:STH)?

Revenue growth is being driven by sustained demand for SAP migration, cloud transformation, and ICT advisory services among Tier 1 enterprise and government clients.

Written by Brie CarterPublished Apr. 22 2026Last Updated Apr. 22 2026

StepChange (ASX:STH) has demonstrated operational momentum, reporting an unaudited quarterly update for the period ended March 31.

The Perth-based technology services firm achieved quarterly revenue of $15.2 million, supported by an EBITDA of $1.5 million.

The performance underscores a period of organic expansion and the strategic integration of BroadReach Group, which has already begun contributing to the group's diversified capabilities and widened client reach.

A key highlight of the report is the expansion of the company’s EBITDA margin, which rose to 9.6%, up from the 8.0% recorded in the first half of the 2026 financial year.

Management attributed this margin improvement to a more efficient delivery mix, optimised consultant utilisation, and a strategic pivot towards high-value, outcome-based engagements.

Growth remains particularly concentrated within Tier 1 enterprise and government sectors, with high demand for core service lines including SAP migration, cloud transformation, and ICT advisory services.

Beyond traditional consultancy, StepChange is aggressively embedding artificial intelligence across its delivery model.

The initiative is designed to drive consistency and output speed, allowing the company to scale operations without a linear increase in headcount.

At the time of reporting, StepChange’s share price was $0.15.