Cash burn accelerated 71.8% as NPAT loss widened 40.6%
The pre-revenue gold explorer added a processing plant, leaving NZ$1.2m cash against a half-year free cash burn of NZ$1.4m.
Published 23 April 2026
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The pre-revenue gold explorer added a processing plant, leaving NZ$1.2m cash against a half-year free cash burn of NZ$1.4m.
Published 23 April 2026
Read briefingEarnings returned to growth on a -1.9% revenue base, but FCF of NZ$6.1m reflects capex falling 92% and an unusual working capital release.
Published 22 April 2026
Read briefingRecurring investment income held flat at NZ$5.5m, leaving distributions only 48.8% income-covered despite the headline swing.
Published 22 April 2026
Read briefingPeriod-shape mismatch against FY24 distorts growth rates; gearing rose to 37.2% with AFFO payout at 105%.
Published 22 April 2026
Read briefingRevenue rose 19.4% on post-Cyclone Gabrielle volume recovery, but an elevated 33.5% effective tax rate compresses the NPAT read versus PBT.
Published 23 April 2026
Read briefingUnderlying proportionate EBITDAF rose 7%, while operating cash conversion fell from 41.6% to 18.4% as capex stepped up 25.9%.
Published 22 April 2026
Read briefingUnderlying rental growth of 7.3% and new completions drove revenue 34.7% higher, but NTA per unit fell 12.7% and borrowings rose $108.6m, tightening
Published 22 April 2026
Read briefingEBITDA rose 6.4% but PBT fell 7.8%, debtors outpaced revenue by nearly 2x, and net debt swung to $88.4m from net cash.
Published 22 April 2026
Read briefingRevenue return rose 39.9% and refilled the £29.9m revenue reserve, but the portfolio still lagged its Asia Pacific high-yield benchmark by 1.1pp.
Published 22 April 2026
Read briefingThe supplied -39.7% revenue change compares half-year results to a full year, masking a positive EBITDAF turn and NZ$1.3m of free cash flow.
Published 23 April 2026
Read briefingOperating cash fell 70.5% to $6.0m on essentially flat EBITDA, turning free cash flow negative and pushing leverage off a near-zero base.
Published 21 April 2026
Read briefingOperating performance ran ahead of headline NPAT, yet the dominant Australia segment posted lower profit despite 14% revenue growth.
Published 21 April 2026
Read briefingA $60.3m Torpedo7 exit pushed group NPAT to a $54.2m loss, while capex cut to a third propped up free cash flow.
Published 23 April 2026
Read briefingStrong $1.6b free cash flow funded a 15c special dividend on top of the 40c ordinary payout for FY24.
Published 22 April 2026
Read briefingOperating cash held at $144.7m, but the apparent cash-conversion uplift reflects EBITDA collapse rather than improved working-capital quality.
Published 21 April 2026
Read briefingA $7.7m non-cash biological-asset/inventory swing pulled GAAP earnings down even as volumes, revenue and the company's guided pro-forma measure
Published 23 April 2026
Read briefingOperating profit declined 13.6% as capex jumped 4.5x to $35.0m and a 41.3% effective tax rate widened the NPAT decline.
Published 21 April 2026
Read briefingOperating cash halved and the group flipped from net cash to NZD 38.7m net debt, with no final dividend declared for FY24.
Published 22 April 2026
Read briefingRevenue fell 14.5% and reported EBITDA collapsed 83% to $7.9m, with equity down 64% to $27.2m and gross borrowings now all current.
Published 23 April 2026
Read briefingRevenue growth of just 0.2% left no buffer when provisions surged, driving a 22.0% PBT decline and compressing ROE to 6.0% from 9.3%.
Published 22 April 2026
Read briefingFY24 NPAT of $4.6m sits against an insurance-boosted FY23 base, inventory days extended to 133, and cash fell $7.7m to $31.6m.
Published 22 April 2026
Read briefingNPAT stepped down off the FY23 reopening peak, but the cash squeeze leaves an 81.4% NPAT payout uncovered by free cash flow.
Published 22 April 2026
Read briefingChina manuka demand weakness pushed revenue below the historical baseline, leaving equity of NZ$3.6m against NZ$15.4m of gross borrowings.
Published 21 April 2026
Read briefingEarnings rebounded from a cyclone-impacted base, but capex jumped 828% and net debt/EBITDA at 1.33x sits above its historical range.
Published 22 April 2026
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