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Showing 25-48 of 48 published briefings.

ikeGPS Group (IKE)HY24Released 29 November 2023

Transaction revenue collapse flipped IKE to a $6.9m loss

A 60% drop in transaction revenue overwhelmed 24% subscription growth, burning $15.2m of cash and stretching receivable days to 105.

Published 28 April 2026

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EROAD (ERD)HY24Released 29 November 2023

Normalised revenue up 13%, EBITDA up 23.8% as net debt/EBITDA falls to 1.4x

Reported revenue growth of 4.7% understates the underlying 13% pace because HY23 carried a $7.0m one-off Coretex acquisition accounting credit.

Published 22 April 2026

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Being AI (BAI)HY24Released 28 November 2023

Narrower $0.1m loss hides a shell company down to $3,000 in cash

A 99.9% narrower loss reflects a non-comparable base period, not recovery, as cash fell to $0.003m and equity stayed negative.

Published 23 April 2026

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Rakon (RAK)HY24Released 23 November 2023

Revenue fell 29.7%, EBITDA collapsed 81.3% on operating deleverage

Cash flow swung positive on an inventory unwind, but PBT was effectively wiped out and ROE fell from 11.5% to 0.3%.

Published 28 April 2026

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

Revenue up 90.4% and EBITDAF loss cut 96%, but cash quality lags

Operating cash turned positive at $2.2m, yet an $11.1m working-capital build and $5.1m of capitalised development left free cash flow negative.

Published 23 April 2026

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Vista Group International (VGL)HY23Released 25 August 2023

EBITDA margin compressed to 3.6% and PBT loss widened to NZ$9.9m

Revenue gains were absorbed by transformation spend while NZ$11.3m capex turned operating cash improvement into a NZ$21.0m cash drawdown.

Published 23 April 2026

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ikeGPS Group (IKE)FY23Released 30 May 2023

ikeGPS FY23 revenue +93% to $30.8m, but capex tripled to $5.1m

Recurring sources delivered ~90% of revenue at 53% gross margin, yet pre-lease FCF burn of -$7.6m cut cash to $18.0m with no debt at year end.

Published 23 April 2026

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Rakon (RAK)FY23Released 24 May 2023

Revenue grew 4.9% but operating cash flow collapsed 63% and FCF turned negative

Capex more than doubled and working capital absorbed $15.0m, turning a $21.8m FCF inflow into a $7.6m outflow while NPAT fell 29.9%.

Published 22 April 2026

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EROAD (ERD)FY23Released 24 May 2023

Coretex full-year lift drove 52% revenue growth as net debt jumped to $62.5m

FY23 hit guidance but cash conversion fell to 53.3% and receivable days nearly doubled to 47.0 while net debt rose from $18.2m.

Published 22 April 2026

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ikeGPS Group (IKE)HY23Released 29 November 2022

ikeGPS swung to a NZ$1.1m HY profit on 170% revenue growth

Operating cash flow turned positive, but a 974bps gross margin step-down and a NZ$1.7m free cash outflow temper the read.

Published 23 April 2026

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Being AI (BAI)HY23Released 28 November 2022

Cash depleted to NZD 0.005m as ACE shell awaits Being AI RTO

With no operating revenue and equity deficit reset from NZD 547.5m to NZD 0.7m, viability now hinges on the pending reverse takeover.

Published 23 April 2026

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Rakon (RAK)HY23Released 24 November 2022

Inventory build of $28.5m wiped operating cash flow despite PBT up 14.9%

PBT grew 14.9% on 2.0% revenue growth, but a $28.5m inventory build cut operating cash flow from $4.5m to $0.0m and turned free cash flow negative.

Published 22 April 2026

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

Revenue rose 105.3% but operating cash outflow worsened 72.6% to $17.0m

SaaS growth outpaced its historical range while operating cash outflow nearly doubled, pressuring the path to cashflow positive.

Published 23 April 2026

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Enprise Group (ENS)FY22Released 29 August 2022

Revenue grew 16.3% but FY22 swung to a $2.4m PBT loss on Australia drag

Australia booked a $1.7m segment loss and operating cash flow turned negative, with cash on hand down 57% as Kilimanjaro integration weighed

Published 22 April 2026

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Rakon (RAK)FY22Released 26 May 2022

NPAT up 244.8% but cash conversion fell to 55.6% on inventory build

Record earnings were undercut by a $19.6m inventory build and capex more than doubling, cutting FCF/NPAT conversion from 164.5% to 60.6%.

Published 22 April 2026

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Serko (SKO)FY22Released 18 May 2022

FCF burned NZ$34.5m as capex surged 122.5% on revenue growth of 43.8%

Revenue recovery accelerated but investment intensity deepened losses 22.4%, leaving Serko dependent on its fresh capital raise to fund the runway.

Published 23 April 2026

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ikeGPS Group (IKE)FY22Released 29 November 2021

HY22: $5.7m revenue, $6.2m loss, $29.6m cash after equity inflow

Equity lifted 85.9% to $39.9m and capex more than doubled to $1.8m, but the supplied prior comparable is FY21 full year, distorting headline changes.

Published 23 April 2026

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Being AI (BAI)HY22Released 26 November 2021

Being AI: shell-stage HY22 with no revenue, no operations, awaiting RTO

The entity is effectively a corporate shell with $8,000 in cash and negative equity, with management flagging an RTO transaction proposal for early

Published 23 April 2026

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Serko (SKO)HY22Released 28 October 2021

Revenue rebounded 80.8% but PBT loss widened 51.2% on accelerated investment

Travel bookings up 157% confirm recovery, but $16.8m FCF burn highlights Serko's investment-phase capital intensity.

Published 23 April 2026

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Vista Group International (VGL)HY21Released 27 August 2021

Debtor days hit 187.8 as cash conversion fell to 15.6%

PBT improved 95.6% and EBITDA swung to a $6.4m profit, but receivables absorbed $13.3m and operating cash fell 94% to $1.0m.

Published 23 April 2026

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ikeGPS Group (IKE)FY21Released 31 May 2021

Cash burn tripled to NZ$3.3m as losses widened 31% on a 5% revenue decline

Gross margin improved 400bps to 71% on richer recurring mix, but an equity raise — not operations — rebuilt the cash balance.

Published 23 April 2026

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Serko (SKO)FY21Released 19 May 2021

Revenue fell 52% as Serko's pandemic losses widened to a $29.0m PBT loss

Booking volumes crashed and cash burn accelerated even as management pointed to a late-year recovery in travel demand.

Published 23 April 2026

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Vista Group International (VGL)FY20Released 1 March 2021

Revenue fell 39.4% with receivables doubling and H2 cash burn negative

The $67.1m cash balance reflects new borrowings rather than operating strength, with $13m of credit loss provisions absorbed in EBITDA.

Published 23 April 2026

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Vista Group International (VGL)FY19Released 27 February 2020

Revenue up 10.5% but FCF swung to -$1.2m on capex and debtor build

Operating cash fell 43.8% as receivable days stretched to 142 and capex hit 11.6% of revenue, reversing prior strong cash generation.

Published 23 April 2026

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