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Serko Limited (“SKO”) (SKO)FY24Released 28 May 2024
PBT loss narrowed 56% on 285% revenue growth, cash fell 59%
Operating cash turned positive at NZ$5.9m but still trailed NZ$11.4m capex, halving the cash balance to NZ$14.1m.
Published 23 April 2026
Read briefingEROAD (ERD)FY24Released 23 May 2024
EROAD's PBT loss widened 37.3% even as tax effects narrowed NPAT 90%
Tax effects flattered NPAT while pre-tax losses deepened and revenue growth was distorted by a prior-year acquisition adjustment.
Published 22 April 2026
Read briefingikeGPS 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
Read briefingEROAD (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
Read briefingBeing 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
Read briefingRakon (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
Read briefingSerko 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
Read briefingVista 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
Read briefingikeGPS 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
Read briefingRakon (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
Read briefingEROAD (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
Read briefingikeGPS 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
Read briefingBeing 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
Read briefingRakon (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
Read briefingSerko 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
Read briefingEnprise 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
Read briefingRakon (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
Read briefingSerko (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
Read briefingikeGPS 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
Read briefingBeing 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
Read briefingSerko (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
Read briefingVista 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
Read briefingikeGPS 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
Read briefingSerko (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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