C 
65.00
+1.56%
Close of 9 Nov 2026, in ZAc
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 143.2m
FY2022FY2026
Net income
−ZAR 359.0m
FY2022FY2026
Free cash flow
−ZAR 352.3m
FY2022FY2026
Shareholders' equity
ZAR 1.31bn
FY2022FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ZAR 143.2m | ZAR 143.7m | ZAR 31.6m | — | ZAR 12.1m |
| Gross profit | −ZAR 156.6m | −ZAR 158.3m | −ZAR 60.0m | — | −ZAR 10.1m |
| Operating income | −ZAR 220.4m | −ZAR 370.3m | −ZAR 96.0m | −ZAR 1.6m | −ZAR 21.3m |
| Net income | −ZAR 359.0m | −ZAR 318.8m | −ZAR 64.8m | −ZAR 1.3m | ZAR 5.7m |
| Diluted earnings per share | -0.12 | -0.27 | -0.02 | -0.00 | 0.00 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Total assets | ZAR 1.79bn | ZAR 1.31bn | ZAR 1.19bn | ZAR 10.3m | ZAR 156.7m |
| Cash and short-term investments | ZAR 84.4m | — | ZAR 22.1m | ZAR 2,000 | — |
| Total liabilities | ZAR 494.5m | ZAR 973.3m | ZAR 621.1m | ZAR 31.1m | ZAR 103.9m |
| Debt | ZAR 332.4m | ZAR 766.2m | ZAR 543.9m | ZAR 28.0m | ZAR 31.1m |
| Shareholders' equity | ZAR 1.31bn | ZAR 338.9m | ZAR 572.2m | −ZAR 20.8m | ZAR 52.7m |
| Shares outstanding | 2,950m | 1,197m | 2,950m | 2,950m | 2,950m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash from operations | −ZAR 314.5m | −ZAR 169.7m | −ZAR 130.7m | −ZAR 124,000 | ZAR 3.7m |
| Capital spending | −ZAR 37.8m | −ZAR 96.4m | −ZAR 208.3m | — | −ZAR 65.2m |
| Free cash flow | −ZAR 352.3m | −ZAR 266.1m | −ZAR 339.0m | −ZAR 124,000 | −ZAR 61.6m |
Latest quarters
By quarter end
| Aug 2025 | Feb 2025 | Aug 2024 | Feb 2024 | Aug 2023 | |
|---|---|---|---|---|---|
| Revenue | ZAR 67.9m | ZAR 73.6m | ZAR 70.1m | ZAR 12.3m | ZAR 19.3m |
| Gross profit | −ZAR 87.8m | −ZAR 142.6m | −ZAR 24.0m | −ZAR 48.4m | −ZAR 11.7m |
| Operating income | −ZAR 121.7m | −ZAR 278.5m | −ZAR 91.8m | −ZAR 67.4m | −ZAR 28.5m |
| Net income | −ZAR 132.6m | −ZAR 240.7m | −ZAR 78.1m | −ZAR 59.8m | −ZAR 5.0m |
| Diluted earnings per share | -0.15 | -0.26 | -0.10 | -0.10 | -0.01 |
| Total assets | ZAR 1.36bn | ZAR 1.31bn | ZAR 1.37bn | ZAR 1.19bn | ZAR 827.2m |
| Cash and short-term investments | — | — | — | ZAR 22.1m | ZAR 8.2m |
| Debt | ZAR 828.1m | ZAR 738.0m | — | ZAR 145.7m | ZAR 160.6m |
| Shareholders' equity | ZAR 228.7m | ZAR 338.9m | ZAR 520.8m | ZAR 572.2m | ZAR 616.6m |
Financial ratios
Data as of 28 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Gross margin | -109.3% | -110.1% | -160.0% | — | -82.8% |
| Operating margin | -246.5% | -248.9% | -278.6% | — | -175.3% |
| Net margin | -250.6% | -221.8% | -204.8% | — | 47.2% |
| Return on equity | -27.4% | -94.1% | -11.3% | 6.0% | 10.9% |
| Return on assets | -20.0% | -24.3% | -5.4% | -12.2% | 3.7% |
| Free cash flow yield | -0.1% | -0.1% | — | — | — |
| Revenue growth | -0.4% | 354.6% | — | — | — |
| Earnings growth | 12.6% | 392.1% | 5061.0% | -121.9% | — |
| Current ratio | 1.45x | 0.36x | 0.62x | 0.00x | 0.41x |
| Debt to equity | 0.15x | 0.58x | 0.20x | 0.00x | 0.59x |
| Equity ratio | 73.0% | 25.9% | 47.9% | -201.9% | 33.6% |
| Interest coverage | -3.54x | -4.52x | -5.49x | -18.77x | -11.80x |
| Buybacks as a share of market value | -146.4% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 413.0% | — | — |
| Net income | 558.9% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -109.7% | — | — | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Price to earnings | -5.3 | -0.0 | -1.1 | -93.8 |
| Price to sales | 13.4 | 0.1 | 2.2 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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