P 
1.99
+5.85%
Close of 9 Nov 2026, in AUD
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At a glance
Figures in AUD, from our data supplier.
Revenue
—
FY2017FY2026
Net income
−A$43.3m
FY2017FY2026
Free cash flow
−A$45.1m
FY2017FY2026
Shareholders' equity
A$693.3m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | A$23.5m | A$22.1m | A$15.8m | A$16.0m | A$3.1m | A$2.4m | A$250 | A$48,460 | A$2.8m |
| Gross profit | −A$1.2m | A$23.5m | A$22.1m | A$14.9m | A$15.2m | A$2.5m | A$1.8m | −A$130,556 | −A$32,838 | −A$1.9m |
| Research and development | A$74.0m | A$70.1m | A$56.4m | A$35.1m | A$24.0m | A$14.0m | A$5.9m | A$4.5m | A$7.0m | A$4.7m |
| Operating income | −A$82.7m | −A$53.6m | −A$38.9m | −A$39.2m | −A$30.2m | −A$21.8m | −A$9.7m | −A$7.1m | −A$9.8m | −A$4.3m |
| Net income | −A$43.3m | −A$50.3m | −A$37.7m | −A$22.8m | −A$13.9m | −A$17.8m | −A$6.8m | −A$4.1m | −A$7.4m | −A$2.0m |
| Diluted earnings per share | -0.06 | -0.08 | -0.01 | -0.01 | -0.00 | -0.01 | -0.00 | -0.00 | -0.00 | -0.00 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | A$708.5m | A$183.3m | A$91.2m | A$37.2m | A$45.4m | A$57.9m | A$31.5m | A$6.7m | A$3.4m | A$10.3m |
| Cash and short-term investments | A$447.6m | A$153.1m | A$66.9m | A$15.6m | A$29.1m | A$51.5m | A$25.4m | A$6.2m | A$3.1m | A$9.9m |
| Total liabilities | A$15.2m | A$13.3m | A$10.2m | A$8.7m | A$5.1m | A$4.0m | A$1.4m | A$401,874 | A$1.8m | A$1.5m |
| Debt | A$624,988 | A$1.0m | A$1.1m | A$315,487 | A$943,769 | A$730,354 | A$798,147 | A$798,145 | — | — |
| Shareholders' equity | A$693.3m | A$169.6m | A$80.5m | A$27.7m | A$39.4m | A$53.0m | A$28.5m | A$6.3m | A$1.6m | A$8.9m |
| Shares outstanding | 733m | 597m | 3,936m | 3,777m | 3,219m | 3,219m | 3,209m | 2,953m | 2,364m | 2,124m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −A$44.5m | −A$51.6m | −A$38.6m | −A$24.4m | −A$21.8m | −A$11.8m | −A$5.7m | −A$5.1m | −A$6.7m | −A$1.9m |
| Capital spending | −A$531,387 | −A$975,397 | −A$307,044 | −A$491,116 | −A$386,912 | −A$591,030 | −A$106,097 | −A$457,539 | −A$210,577 | −A$4,535 |
| Free cash flow | −A$45.1m | −A$52.5m | −A$38.9m | −A$24.9m | −A$22.2m | −A$12.4m | −A$5.9m | −A$5.6m | −A$6.9m | −A$1.9m |
| Dividends paid | — | — | — | −A$10.5m | — | −A$36.3m | −A$23.5m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | A$11.0m | A$11.7m | A$11.8m | A$13.2m | A$8.9m | A$12.3m | A$6.2m |
| Gross profit | −A$901,196 | −A$302,802 | A$11.7m | A$11.8m | A$13.2m | A$8.6m | A$12.2m | A$6.2m |
| Operating income | −A$49.0m | −A$33.6m | −A$26.9m | −A$26.7m | −A$23.4m | −A$15.4m | −A$18.8m | −A$3.2m |
| Net income | −A$20.5m | −A$22.8m | −A$24.7m | −A$25.6m | −A$22.6m | −A$15.1m | −A$6.6m | −A$3.3m |
| Diluted earnings per share | -0.03 | -0.04 | -0.04 | -0.01 | -0.01 | -0.00 | -0.00 | -0.00 |
| Cash from operations | −A$13.0m | −A$31.0m | −A$34.0m | −A$17.0m | −A$31.0m | −A$6.0m | −A$12.0m | −A$6.0m |
| Total assets | A$708.5m | A$159.1m | A$183.3m | A$68.2m | A$91.2m | A$39.8m | A$37.2m | A$37.2m |
| Cash and short-term investments | A$447.6m | A$120.7m | A$153.1m | A$49.3m | A$66.9m | A$25.4m | A$15.6m | A$15.6m |
| Debt | A$356,518 | A$827,083 | A$1.0m | A$1.2m | A$1.1m | A$868,598 | A$315,486 | — |
| Shareholders' equity | A$693.3m | A$147.2m | A$169.6m | A$55.4m | A$80.5m | A$29.9m | A$27.7m | A$21.9m |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | — | 100.0% | 100.0% | 94.4% | 94.8% | 79.8% | 77.2% |
| Operating margin | — | -228.3% | -252.1% | -247.6% | -188.5% | -704.6% | -393.7% |
| Net margin | — | -214.1% | -171.0% | -144.2% | -86.4% | -577.9% | -284.8% |
| Return on equity | -6.3% | -29.7% | -46.9% | -82.1% | -35.2% | -33.5% | — |
| Return on assets | -6.1% | -27.4% | -41.3% | -61.3% | -30.6% | -30.7% | — |
| Free cash flow yield | -3.3% | -4.7% | -0.5% | -0.4% | -0.4% | -0.2% | — |
| Revenue growth | — | 6.5% | 39.6% | -1.5% | 421.8% | 28.3% | 958182.4% |
| Earnings growth | -13.8% | 33.3% | 65.5% | 64.4% | -22.0% | 160.4% | — |
| Current ratio | 33.48x | 14.41x | 9.40x | 3.79x | 8.94x | 15.71x | — |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.00x | — |
| Equity ratio | 97.9% | 92.5% | 88.2% | 74.7% | 86.8% | 91.5% | — |
| Interest coverage | -2043.25x | -861.87x | -1130.29x | -1434.16x | -927.57x | -557.99x | — |
| R&D as a share of sales | — | 298.2% | 255.7% | 222.4% | 149.8% | 455.5% | 245.3% |
| Buybacks as a share of market value | -22.7% | 84.8% | -4.2% | -17.4% | 0.0% | -0.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 28.3% | 30.5% | 30.1% |
| Net income | 23.9% | 19.5% | 27.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -32.6 | -19.6 | -137.7 | -180.2 | -158.3 | -241.7 | -685.6 | -440.5 | -86.0 | -420.6 |
| Price to sales | — | 42.1 | 235.5 | 259.8 | 136.8 | — | — | — | — | 297.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 15 Nov 2024
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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