Qoria Breaks Billion-Dollar Barrier, Cementing Its Status as WA’s Latest Tech Unicorn

Perth-headquartered online safety company Qoria (ASX:QOR) has joined the exclusive cohort of Western Australian technology firms to surpass a $1 billion market capitalisation, following a sustained period of strong operational and financial performance. The company’s share price closed at 87.5 cents last Friday, lifting its valuation to $1.166 billion and earning it a rare place among WA’s tech unicorns.

Qoria Co-Founder & Managing Director, Tim Levy

Qoria’s trajectory is emblematic of a new generation of ASX-listed software businesses that are scaling globally while remaining anchored in Australia. The company now sits alongside iiNet, Nearmap, and Canva as one of the few Perth-born ventures to have reached unicorn status.

A Mission-Driven Origin

Founded in 2015 as Family Zone, Qoria was established in response to the tragic cyberbullying-induced suicide of a close family friend of managing director Tim Levy. That event catalysed the development of a digital safety platform focused on protecting children online - initially through schools and later through a consumer-facing parental control application.

“What excites me most is not the valuation, but the global recognition that child digital safety matters,” Levy said. “From our beginnings in Perth to protecting millions of children worldwide, this milestone belongs to our founders, our teams, our investors, and above all, the children we serve.”

Operational Performance

Qoria’s FY25 results marked a significant inflection point. The company reported:

• Annual recurring revenue (ARR) of $145 million, up 25%

• Statutory revenue of $117.3 million, up 18%

• Underlying EBITDA of $15.4 million, up 684% year-on-year

• Net revenue retention of 103%, with recurring revenue exceeding 99%

• Gross margins of 75%, expanding 300 basis points from the previous year

Qoria’s Q4 performance was particularly strong, adding $14 million in ARR - its largest quarterly increase to date - driven by contract wins in major US education markets, including Ohio and Pennsylvania. The company now serves 32,000 schools, protects 27 million students, and supports more than 8 million parents globally.

Despite its international footprint, Qoria has maintained its operational headquarters in Perth and currently employs 600 staff across ten countries.

Investment Outlook

The company is targeting free cash flow positivity in FY26 and is guiding to revenue growth above 20%, alongside an adjusted EBITDA margin also exceeding 20%. This would meet the “Rule of 40,” a benchmark for high-performing SaaS businesses.

Both Bell Potter and Unified Capital Partners (UCPS) have reaffirmed bullish views on the stock. Bell Potter initiated coverage in October with a “Buy” rating and a $0.90 price target, citing operational leverage, expanding addressable markets, and strong SaaS metrics. UCPS raised its price target to $0.85 following Qoria’s FY25 result, noting the company’s improving cash flow profile and consistent execution.

“With ARR growth exceeding expectations and positive free cash flow now within reach, Qoria is approaching a re-rating moment,” UCPS analyst James Bisinella noted.

Strategic Positioning

Qoria holds a dominant market share in the UK K-12 education technology segment (~40%) and a growing share in the US (~17%), positioning it well for continued expansion. Notably, it has begun leveraging cost advantages via a growing offshore team in Sri Lanka, enhancing both operating margins and scalability.

The company has also signalled its intent to continue innovating across AI-powered monitoring, wellbeing analytics, and integrated safety platforms. While acquisitive in its early years, Qoria has not completed a major transaction since acquiring OctopusBI in late 2024, suggesting a shift toward consolidation and organic growth.

Conclusion

Qoria’s ascension to unicorn status is more than symbolic - it reflects the successful execution of a clear strategy in a structurally growing segment. With regulatory tailwinds, strong recurring revenue, and an expanding global footprint, Qoria is now firmly established as a leading Australian technology exporter.

While risks remain - not least from intensifying competition and evolving privacy regulations - the company’s fundamentals suggest it is well placed to deliver on its growth ambitions in FY26 and beyond.