Halter’s New Zealand growth accelerates amid rising competition in smart collars

Halter Limited’s New Zealand operations continue to expand, with subscription and installment revenue reaching nearly $50 million in nine months, as the company faces intensified competition in the smart collar market.

Halter Limited’s New Zealand business continued to scale in the latest period, with subscription and instalment revenue rising to $49.7 million for the nine months, up from $34.8 million in the prior full year. Services income from Halter USA also increased, reaching $48.4 million, according to the accounts.

Net profit for the nine months was $2.6 million, well below the $53.9 million reported for the year to 31 March 2025. But that earlier result was lifted by a non-cash item after Halter USA forgave a $51 million related-party loan.

The company also guarantees a US$40 million undrawn revolving credit facility for its US arm. Its filings note that farmers typically sign 24 to 36-month subscriptions, billed monthly or paid annually in advance.

Halter’s growth comes amid sharpening competition in smart collars. Gallagher Group, which bought Melbourne-based eShepherd in 2021, said in June that collar sales to 3,000 farms and “hundreds” of monthly sales helped lift revenue by a third to $600 million in the year to March. Gallagher charges $350 upfront for its collars, while Halter offers hardware without an initial fee but charges $9.90 a month for its core service, with extras including its Starlink option.

The company’s valuation has also climbed quickly, from US$1 billion in June last year to US$2 billion in March, when it said it had more than 2,000 farms and ranches and over one million cattle on its platform.