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Showing 1-24 of 33 published briefings.

Gentrack Group (GTK)FY25Released 24 November 2025

NPAT more than doubled on a 3% tax rate as operating cash fell 36%

PBT growth of 38.4% is the cleaner read on FY25, with EBITDA up 17.8% but cash conversion collapsing from 146% to 79%.

Published 22 April 2026

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EROAD (ERD)HY26Released 21 November 2025

EBITDA flat but NZD 136.6m impairment collapse drove NPAT to -NZD 144.2m

Revenue grew 3.3% and cash generation improved sharply, but a large goodwill/asset impairment obliterated reported earnings and equity.

Published 21 April 2026

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Serko (SKO)FY26Released 18 November 2025

Revenue up 47% and EBITDAFI six-fold, but NPAT loss widened 86% to $9.5m

GetThere-fuelled top-line acceleration lifted operating earnings sharply, yet the bottom-line loss deepened and receivables ballooned 144%.

Published 22 April 2026

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Vista Group International (VGL)HY25Released 14 August 2025

EBITDA up 38.9% on 10.6% revenue growth; operating cash flow quintupled to...

Operating leverage and a swing to net cash dominate the read, though Cinema segment margin compressed and receivable days stretched further.

Published 23 April 2026

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EROAD (ERD)FY25Released 26 May 2025

EROAD's FCF jumped to $16.0m on a capex halving, not on stronger operating cash

EBITDA rose 11.8% but operating cash fell 18.3%, and whether the FCF step-up is durable hinges on post–4G-upgrade investment intensity.

Published 22 April 2026

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Gentrack Group (GTK)HY25Released 19 May 2025

NPAT jumped 35% but tax rate halved and operating cash fell 29%

Headline earnings flattered by a lower effective tax rate while EBITDA grew just 5.1% and cash conversion deteriorated materially.

Published 22 April 2026

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Gentrack Group (GTK)FY24Released 26 November 2024

Revenue jumped 25.5% but EBITDA stalled at $23.6m on a $7.1m H1 charge

Top-line momentum and a 32.7% lift in operating cash flow sit against flat earnings, a 5% NPAT decline, and no dividend.

Published 22 April 2026

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Serko (SKO)FY25Released 29 October 2024

Serko swings to $1.0m EBITDAF and positive FCF as capex falls 75.7%

PBT loss narrowed 70.5% to $4.6m, but the disclosed period shape and release language suggest a half-vs-full-year comparison rather than a clean...

Published 22 April 2026

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Vista Group International (VGL)HY24Released 6 August 2024

EBITDA up 188% on flat revenue, but operating cash halved and net cash...

Cost-out benefits drove a Cinema-led margin step-up, while cash conversion collapsed from 248% to 42% of EBITDA and the cash buffer nearly halved.

Published 23 April 2026

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Serko Limited (“SKO”) (SKO)FY24Released 28 May 2024

Serko FY24 loss halved to $15.9m but cash pile fell 59% to $14.1m

Operating cash flow turned positive, yet $11.4m of capitalised development kept free cash flow negative and cut the cash buffer by $20.4m.

Published 22 April 2026

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EROAD (ERD)FY24Released 23 May 2024

FCF swings +$31.2m and net debt halves, but PBT loss widened 37%

Operating cash generation more than doubled and leverage collapsed to 0.4x EBITDA, yet pre-tax losses deepened and only a tax benefit held NPAT...

Published 22 April 2026

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EROAD (ERD)HY24Released 29 November 2023

EBITDA up 23% but pre-tax loss widens to $4.3m as D&A and interest bite

Cash generation and leverage improved sharply, but receivable days blew out by 12 days and reported NPAT slipped back into loss.

Published 22 April 2026

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Being AI (BAI)HY24Released 28 November 2023

Loss widens to $86.4m; negative equity deepens to $818.5m on related-party...

A shell-like P&L with only $0.4m of interest income sits on $482.0m of unsecured related-party advances and $2.5m of cash.

Published 22 April 2026

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Serko Limited (“SKO”) (SKO)HY24Released 15 November 2023

Revenue up 90% narrowed EBITDAF loss to $0.8m as capex surged 22x

Operating cash turned positive and FY24 income guidance was lifted, but capitalised development of $5.1m left pre-lease free cash flow still negative.

Published 22 April 2026

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Vista Group International (VGL)HY23Released 25 August 2023

EBITDA down 61% and PBT loss quadrupled to $9.9m despite revenue growth

Business transformation costs crushed margins as cash reserves fell $21.0m to $37.1m, even as operating cash flow jumped to $6.2m.

Published 23 April 2026

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ikeGPS Group (IKE)FY23Released 30 May 2023

2H23 swung to a NZ$9.0m loss after a profitable 1H, and capex nearly quintupled

Full-year revenue of NZ$30.8m masks a sharply deteriorating second-half operating trajectory and a NZ$11.6m cash drawdown funding stepped-up...

Published 22 April 2026

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Rakon (RAK)FY23Released 24 May 2023

Rakon PBT down 25% and operating cash flow cratered 63% on a 4.9% revenue lift

Top-line growth masked a margin, capex and working-capital squeeze that pushed pre-lease free cash flow negative and softened the H2 profit shape.

Published 21 April 2026

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EROAD (ERD)FY23Released 24 May 2023

EROAD FY23: revenue up 52% on Coretex, but net debt triples to $62.5m

Reported losses narrowed and guidance was met, but cash conversion slipped, receivable days doubled, and leverage moved to 1.4x EBITDA.

Published 21 April 2026

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ikeGPS Group (IKE)HY23Released 29 November 2022

IKE swung to a $1.1m HY profit on 169.8% revenue growth

A maiden half-year profit and positive operating cash flow are partly offset by 974bp of gross-margin compression and still-negative free cash flow.

Published 22 April 2026

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Being AI (BAI)HY23Released 28 November 2022

BAI: related-party debt swells to NZ$467.3m as equity deficit hits NZ$718.6m

The HY23 loss was essentially unchanged at NZ$83.4m, but the balance sheet continues to deteriorate while the promised RTO remains a proposal.

Published 22 April 2026

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Rakon (RAK)HY23Released 24 November 2022

PBT up 15% but operating cash collapsed to zero on a $28m inventory build

Underlying earnings growth looks real, but a tax normalisation and a sharp working-capital draw have hidden the quality deterioration.

Published 21 April 2026

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Serko Limited (“SKO”) (SKO)HY23Released 23 November 2022

Revenue up 60% but cash collapses 87% as losses deepen

Strong top-line acceleration is being outrun by operating losses, leaving liquidity materially thinner ahead of a FY25 cashflow-positive target.

Published 22 April 2026

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Enprise Group (ENS)FY22Released 29 August 2022

Revenue up 16% but PBT swung to a $2.4m loss as Kilimanjaro profit collapsed 85%

The core 94%-of-group division's result fell from $2.4m to $0.4m, operating cash flow turned negative, and borrowings rose from $0.05m to $0.9m.

Published 21 April 2026

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Rakon (RAK)FY22Released 26 May 2022

Rakon FY22: PBT up 275% on chip-shortage demand, inventory swells 52%

Operating earnings nearly quadrupled and the balance sheet swung deeper into net cash, but inventory days extended and FCF-to-NPAT conversion halved.

Published 21 April 2026

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