The ASX growth share space is a great hunting ground for businesses that could beat the market. With interest rate cuts possibly around the corner, it could be a good time to look at stocks before their next phase of growth.

Companies that are growing their earnings at a fast rate can lead to a compounding of earnings and good shareholder returns.

I'm going to talk about two ASX growth shares that have grown significantly in the last 12 months and plan to grow even further in the coming years.

Siteminder Ltd (ASX: SDR)

Siteminder provides software to hotels worldwide, helping them maximise their revenue potential and operations. The ASX growth share says it generates more than 120 million reservations worth over A$75 billion in revenue for its hotel customers each year.

The FY24 result was pleasing for a few different reasons, with total revenue growing 26% to $190.7 million and annualised recurring revenue (ARR) growing 21.3% to $209 million. Most excitingly to me, the underlying operating profit (EBITDA) turned positive, improving by $22.8 million to $0.9 million.

Siteminder attributed its underlying EBITDA improvement to operating leverage and cost discipline. In other words, expenses are growing at a much slower pace than revenue, leading to a rapid increase in profit and profit margins.

Given how its revenue and operating leverage are playing out, the ASX growth share's underlying EBITDA could jump again in FY25. It also expects to be underlying free cash flow positive in FY25.

This exciting company is targeting 30% organic annual revenue growth in the medium term.

Gentrack Group Ltd (ASX: GTK)

Gentrack provides software for airports and utility companies (water and energy) around the world.

Some of its software customers include E-On, NPower, London Gatwick Airport, Sydney Airport, and Auckland International Airport Limited (ASX: AIA). Software is essential for almost any business' operations, and Gentrack offers a valuable service.

FY24 was a good year for the ASX growth share, with revenue growth of 25.5% to $213.2 million and underlying EBITDA growth of 42% to $40.9 million.

The defensive revenue, expectations of revenue growth, and EBITDA growth are very compelling to me.

The ASX growth share is growing revenue at a compound annual growth rate (CAGR) of more than 15%, with an EBITDA margin of between 15% and 20% after expensing all development costs.

In FY25, it's expecting both its utilities and airport divisions to show continued revenue growth and EBITDA improvement. When it released its FY25 result, it said:

We've had four new Utilities customer wins in the year including in two new countries, Saudi Arabia and the Philippines. Veovo has added top tier airports in Saudi Arabia and the UK to its portfolio. Across water, energy and airports our pipeline continues to strengthen and mature. We expect growth in our base and further expansion with new customer wins in the year. Overall, things are looking very positive for this ASX growth share.