M 
17.34
+1.64%
Close of 9 Nov 2026, in AUD
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At a glance
Figures in AUD, from our data supplier.
Revenue
A$227.1m
FY2016FY2025
Net income
−A$292,000
FY2016FY2025
Free cash flow
A$46.8m
FY2016FY2025
Shareholders' equity
A$178.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | A$227.1m | A$195.3m | A$153.1m | A$109.7m | A$78.3m | A$40.2m | A$24.3m | A$13.7m | A$7.4m | A$2.7m |
| Gross profit | A$162.0m | A$136.8m | A$103.9m | A$68.3m | A$42.1m | A$20.4m | A$8.3m | A$3.1m | −A$400,000 | −A$1.5m |
| Operating income | A$1.1m | A$5.6m | −A$18.8m | −A$45.5m | −A$46.7m | −A$30.6m | −A$26.0m | −A$19.1m | −A$20.0m | −A$20.6m |
| Net income | −A$292,000 | A$9.6m | −A$9.8m | −A$48.5m | −A$55.0m | −A$33.7m | −A$23.2m | −A$16.9m | −A$20.7m | −A$21.3m |
| Diluted earnings per share | -0.00 | 0.06 | -0.06 | -0.31 | -0.35 | -0.24 | -0.19 | -0.16 | -0.24 | -0.36 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | A$260.2m | — | A$204.4m | A$152.8m | A$220.6m | A$247.1m | A$126.9m | A$63.8m | A$28.3m | A$21.4m |
| Cash and short-term investments | A$102.3m | — | A$42.2m | A$56.9m | A$130.2m | A$160.7m | A$69.4m | A$38.4m | A$14.2m | A$11.9m |
| Total liabilities | A$81.5m | — | A$76.4m | A$53.8m | A$40.2m | A$36.1m | A$16.4m | A$8.3m | A$7.4m | A$4.3m |
| Debt | A$28.3m | — | A$20.0m | A$18.8m | A$15.8m | A$21.2m | A$2.6m | A$40,800 | A$154,200 | — |
| Shareholders' equity | A$178.7m | — | A$127.9m | A$99.0m | A$180.4m | A$211.0m | A$110.6m | A$55.5m | A$20.9m | A$17.2m |
| Shares outstanding | 160m | 159m | 158m | 158m | 155m | 142m | 123m | 106m | 86m | 60m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | A$68.2m | A$51.7m | A$10.2m | −A$8.0m | −A$8.6m | −A$15.0m | −A$19.5m | −A$16.4m | −A$17.0m | −A$15.4m |
| Capital spending | −A$21.5m | −A$10.6m | −A$17.6m | −A$26.0m | −A$14.1m | −A$17.1m | −A$9.8m | −A$7.7m | −A$3.0m | −A$5.5m |
| Free cash flow | A$46.8m | A$41.2m | −A$7.4m | −A$34.0m | −A$22.7m | −A$32.1m | −A$29.2m | −A$24.1m | −A$20.1m | −A$20.8m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | A$134.9m | A$120.3m | A$106.8m | A$100.2m | A$95.1m | A$82.4m | A$41.2m | A$70.7m |
| Gross profit | A$97.6m | A$87.4m | A$74.7m | A$70.2m | A$66.6m | A$57.5m | A$28.8m | A$46.5m |
| Operating income | −A$2.1m | −A$90,000 | A$1.2m | −A$204,000 | A$5.8m | −A$1.1m | −A$931,000 | −A$17.6m |
| Net income | −A$19.1m | −A$1.2m | A$886,000 | A$5.2m | A$4.4m | A$4.0m | A$2.0m | −A$13.5m |
| Diluted earnings per share | -0.12 | -0.01 | 0.01 | 0.03 | 0.03 | 0.02 | 0.01 | -0.09 |
| Cash from operations | A$36.0m | A$36.0m | A$31.0m | A$25.0m | A$25.0m | A$8.0m | — | A$1.0m |
| Capital spending | −A$24.0m | −A$10.0m | −A$11.0m | −A$3.0m | −A$6.0m | −A$6.0m | — | −A$10.0m |
| Free cash flow | A$12.0m | A$26.0m | A$20.0m | A$22.0m | A$19.0m | A$2.0m | — | −A$9.0m |
| Total assets | A$935.0m | A$260.2m | A$242.9m | A$214.7m | A$215.0m | A$204.4m | A$202.2m | A$204.4m |
| Cash and short-term investments | A$206.3m | A$102.1m | A$89.8m | A$72.4m | A$62.5m | A$48.5m | A$48.7m | A$48.5m |
| Debt | A$47.1m | A$13.4m | A$8.5m | A$6.1m | A$8.6m | A$8.7m | A$11.2m | A$8.7m |
| Shareholders' equity | A$497.9m | A$178.7m | A$175.6m | A$154.1m | A$144.7m | A$127.9m | A$127.9m | A$127.9m |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 3.1% | 83.0% | 81.4% | 4.0% | -18.6% | -29.1% |
| Operating margin | -10.3% | 0.3% | 1.6% | -5.4% | -33.8% | -76.8% |
| Net margin | -12.5% | -0.1% | 4.9% | -6.4% | -44.2% | -70.3% |
| Return on equity | -3.9% | -0.2% | 6.2% | -7.6% | -34.1% | -30.5% |
| Return on assets | -2.7% | -0.1% | 4.5% | -4.8% | -22.0% | -24.9% |
| Free cash flow yield | 12.7% | 3.3% | 2.6% | 1.6% | 1.1% | 0.5% |
| Revenue growth | 37.5% | 16.3% | 27.6% | 39.5% | 40.2% | 34.9% |
| Earnings growth | 13256.2% | -103.0% | -198.3% | -79.8% | -11.8% | 12.9% |
| Current ratio | 2.23x | 2.36x | 2.30x | 1.52x | 1.94x | 4.49x |
| Debt to equity | 0.06x | 0.12x | 0.08x | 0.12x | 0.14x | 0.07x |
| Equity ratio | 68.4% | 68.7% | 71.8% | 63.3% | 64.5% | 81.8% |
| Interest coverage | -5.07x | 0.35x | 1.75x | -3.43x | -19.70x | -40.43x |
| Buybacks as a share of market value | 1.5% | -13.8% | -1.2% | -0.6% | -0.2% | -2.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 27.4% | 41.4% | — |
| Net income | -81.8% | -61.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 70.8% | 68.8% | 66.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6680.8 | 122.1 | -148.9 | -20.5 | -52.3 | -60.1 | -56.6 | -22.8 | -14.1 | -6.8 |
| Price to sales | 8.6 | 6.0 | 9.5 | 9.1 | 36.8 | 50.5 | 54.2 | 28.3 | 39.6 | 53.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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