C 
1.57
+4.67%
Close of 9 Nov 2026, in AUD
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At a glance
Figures in AUD, from our data supplier.
Revenue
—
FY2018FY2026
Net income
−A$107.1m
FY2018FY2026
Free cash flow
−A$92.9m
FY2018FY2026
Shareholders' equity
A$186.1m
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | A$9.5m | A$11.5m | A$9.8m | A$6.5m | A$3.2m | A$2.8m | A$2.6m | A$2.5m |
| Gross profit | −A$283,530 | A$9.5m | A$11.5m | A$9.7m | A$6.4m | A$3.2m | A$2.8m | A$2.6m | A$2.4m |
| Research and development | A$91.1m | A$66.9m | A$45.8m | A$31.5m | A$18.9m | A$9.7m | A$4.0m | A$2.1m | A$1.5m |
| Operating income | −A$118.9m | −A$69.1m | −A$44.8m | −A$36.2m | −A$17.0m | −A$13.5m | −A$9.8m | −A$6.4m | −A$4.2m |
| Net income | −A$107.1m | −A$64.3m | −A$42.3m | −A$24.6m | −A$23.8m | −A$10.2m | −A$7.0m | −A$3.7m | −A$1.7m |
| Diluted earnings per share | -0.29 | -0.18 | -0.13 | -0.09 | -0.09 | -0.04 | -0.03 | -0.01 | -0.01 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | A$199.1m | A$101.2m | A$154.6m | A$76.9m | A$99.8m | A$22.6m | A$9.1m | A$10.4m | A$2.8m |
| Cash and short-term investments | A$178.3m | A$84.1m | A$136.5m | A$65.0m | A$92.3m | A$18.9m | A$6.3m | A$8.4m | A$1.7m |
| Total liabilities | A$13.0m | A$10.9m | A$8.3m | A$7.7m | A$7.6m | A$2.3m | A$956,094 | A$1.1m | A$857,043 |
| Debt | — | — | — | — | — | — | — | −A$146,489 | — |
| Shareholders' equity | A$186.1m | A$90.2m | A$146.3m | A$69.2m | A$92.2m | A$20.3m | A$8.2m | A$9.2m | A$1.9m |
| Shares outstanding | 373m | 364m | 317m | 263m | 260m | 257m | 257m | 256m | 257m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −A$92.5m | −A$54.8m | −A$43.2m | −A$27.5m | −A$13.3m | −A$7.7m | −A$6.8m | −A$3.7m | −A$1.5m |
| Capital spending | −A$306,922 | −A$182,743 | −A$504,005 | −A$46,562 | −A$213,148 | −A$60,311 | −A$14,496 | −A$15,670 | −A$5,377 |
| Free cash flow | −A$92.9m | −A$55.0m | −A$43.7m | −A$27.5m | −A$13.5m | −A$7.7m | −A$6.8m | −A$3.7m | −A$1.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | A$4.8m | A$4.7m | A$6.1m | A$3.0m | A$5.4m | A$2.7m |
| Gross profit | −A$132,910 | −A$150,620 | A$4.8m | A$4.7m | A$6.1m | A$3.0m | A$2.7m | A$2.7m |
| Operating income | −A$56.4m | −A$62.5m | −A$39.3m | −A$29.8m | −A$26.6m | −A$13.3m | −A$23.6m | −A$9.1m |
| Net income | −A$51.6m | −A$55.5m | −A$40.7m | −A$23.6m | −A$25.1m | −A$12.6m | −A$17.2m | −A$8.6m |
| Diluted earnings per share | -0.14 | -0.15 | -0.11 | -0.07 | -0.08 | -0.04 | -0.07 | -0.03 |
| Cash from operations | −A$44.0m | −A$47.0m | −A$24.0m | −A$30.0m | −A$16.0m | −A$8.0m | −A$26.0m | −A$13.0m |
| Total assets | A$199.1m | A$255.7m | A$101.2m | A$137.1m | A$154.6m | A$154.6m | A$58.2m | A$58.2m |
| Cash and short-term investments | A$178.3m | A$226.2m | A$84.1m | A$111.2m | A$136.5m | A$136.5m | A$38.0m | A$38.0m |
| Shareholders' equity | A$186.1m | A$232.8m | A$90.2m | A$127.4m | A$146.3m | A$146.3m | A$53.1m | A$53.1m |
Financial ratios
Data as of 4 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | — | 100.0% | 100.0% | 99.0% | 99.3% | 99.5% | 99.4% |
| Operating margin | — | -730.2% | -389.3% | -350.0% | -467.5% | -419.0% | -338.5% |
| Net margin | — | -679.5% | -367.8% | -251.0% | -367.8% | -319.8% | -249.3% |
| Return on equity | -57.6% | -71.3% | -28.9% | -35.6% | -25.8% | -50.4% | — |
| Return on assets | -53.8% | -63.6% | -27.4% | -32.0% | -23.8% | -45.2% | — |
| Free cash flow yield | -17.9% | -10.9% | -9.8% | -7.6% | -3.7% | -2.1% | — |
| Revenue growth | — | -17.8% | 17.4% | 51.7% | 102.1% | 14.6% | 5.5% |
| Earnings growth | 66.6% | 51.9% | 72.0% | 3.6% | 132.4% | 47.0% | — |
| Current ratio | 16.09x | 9.69x | 19.05x | 10.17x | 13.26x | 10.00x | — |
| Debt to equity | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 93.5% | 89.2% | 94.6% | 90.0% | 92.4% | 89.7% | — |
| R&D as a share of sales | — | 706.8% | 397.9% | 321.0% | 292.6% | 302.7% | 144.4% |
| Buybacks as a share of market value | -2.5% | -14.7% | -20.7% | -1.1% | -1.0% | -0.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 48.7% | 54.5% | — |
| Net income | 63.3% | 60.0% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -5.6 | -19.1 | -31.3 | -20.3 | -10.8 | -18.6 |
| Price to sales | — | 129.9 | 114.9 | 50.9 | 39.8 | 59.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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