BLIS Technologies

No quantified forward work, order book, or earnings guidance was disclosed in the supplied materials, and no prior targets were carried into this release. Against the only available shape context — HY25 — the full year demonstrates a clear step-change in H2 profitability, with implied H2 NPAT roughly 2.7x H1. The release supports a read of improving operating leverage within the year but does not establish a baseline from which to judge FY26 shape.

• What drove the 5.9% effective tax rate, and is it sustainable as prior losses are absorbed?
• Why did cash end the year flat despite $1.8m of operating cash flow and only $0.1m of capex — where did the remaining ~$1.6m deploy?
• What is the B2B versus B2C revenue split for the full year, and how did margins differ across channels?
• The release references "unexpected intellectual property issues" without quantification — what is the financial exposure and timing?
• With no disclosed forward work, order book, or FY26 guidance, what supports a continuation of the H2 run-rate?

This briefing cannot assess underlying demand trajectory, customer concentration, or FY26 earnings shape, because segment detail, forward work, and formal guidance were not provided in the supplied materials.