JOHANNESBURG – Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has delivered its strongest quarterly performance on record, reporting robust revenue growth, sharply higher profitability and significant balance sheet progress for the quarter ended 30 November 2025.
The pan-African digital infrastructure and services provider said quarterly revenue rose nearly 40% year-on-year to just under US$210 million, underpinned by strong demand across its connectivity, cloud and cybersecurity offerings. EBITDA doubled year-on-year, with management highlighting high cash conversion as evidence of the quality and sustainability of earnings.
The results underscore the accelerating impact of Cassava Technologies’ “One Cassava” strategy, which integrates network, cloud, cybersecurity and digital services into a single, end-to-end value proposition for enterprises, governments and multinationals operating across Africa.
Growth was particularly pronounced in the Cloud & Cybersecurity segment, where revenue expanded 31% year-on-year in Q3. Cloud seats increased 21%, reflecting rising enterprise adoption of digital transformation solutions as African businesses modernise operations and migrate critical workloads to the cloud.
Liquid’s competitive position continues to be reinforced by its extensive infrastructure footprint. The group’s pan-continental fibre network now spans 115,000 kilometres, enabling it to deliver scalable, low-latency digital solutions across multiple markets. This infrastructure advantage has translated into strong customer retention, with the company reporting an industry-leading churn rate of just 0.33% and monthly recurring revenue of 90%, highlighting the mission-critical nature of its services.
Alongside operational momentum, Liquid made meaningful progress on its capital structure. Management confirmed that its debt refinancing programme is on track, with equity proceeds expected to materially reduce gross debt. The group has also secured full credit approval for new rand- and US dollar-denominated facilities, positioning it to re-enter the bond market from a position of strength.
The refinancing strategy is expected to deliver staggered maturities, improved currency matching and significantly lower leverage, reducing financial risk and enhancing balance sheet resilience.
Market analysts note that the combination of accelerating earnings growth, predictable recurring revenues and balance sheet strengthening places Liquid in a favourable position as demand for digital infrastructure and cybersecurity services continues to rise across Africa.
Management said the strong Q3 performance provides a solid foundation for sustainable and profitable growth, as Cassava Technologies advances its long-term vision of building a digitally connected continent.
“Strong operational execution, coupled with a fortified balance sheet, enables us to scale responsibly and continue delivering critical digital solutions,” the company said, reiterating its mission of enabling a digitally connected future that leaves no African behind.
