Rakon (RAK)

Snapshot

Latest metrics

HY26, released 28 November 2025

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RAK latest metrics
Metric	Value	Change
Revenue	$54.2m	↑ +30.2%
EBITDA	$3.6m	↑ +122.8%
NPAT	-$3m	↑ +71.2%
Operating cash flow	$6.4m	↓ -23.7%
OCF / EBITDA %	176.7%	↑ +229.5pp
Net debt	-$0.85m	↑ +91.7%
Net debt / EBITDA	-0.23x	↓ -135.4%
ROE %	-1.9%	↑ +5.1pp
PBT	-$4m	↑ +73.5%
FCF pre-lease	-$1.5m	↓ -207.1%

Source: latest published briefing (HY26, released 28 November 2025). Change compares against the prior equivalent period: HY25, released 27 November 2024.

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Longitudinal view

Performance over time

The latest period is shown first.

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RAK metric history
Metric	HY266 MONTHS28 November 2025	HY256 MONTHS27 November 2024	FY2412 MONTHS29 May 2024	HY246 MONTHS23 November 2023	FY2312 MONTHS24 May 2023	HY236 MONTHS24 November 2022	FY2212 MONTHS26 May 2022	Trend
Revenue	$54.2m	$41.7m	$128m	$61.3m	$180.3m	$87.2m	$172m	Chart
Revenue growth %	30.2%Outside range high revenue growth. 30.2%; 3-period range -32% to 2%. Revenue growth: 30.2%, above normal range; 3-period mean -19.9%, range -32.0%-2.0%.	-32.0%Outside range low revenue growth. -32%; 3-period range -29.7% to 30.2%. Revenue growth: -32.0%, below normal range; 3-period mean 0.8%, range -29.7%-30.2%.	-29.0%	-29.7%	4.9%	2.0%	34.1%	Chart HY25 Revenue growth %: Outside range low revenue growth. -32%; 3-period range -29.7% to 30.2%. Revenue growth: -32.0%, below normal range; 3-period mean 0.8%, range -29.7%-30.2%. HY26 Revenue growth %: Outside range high revenue growth. 30.2%; 3-period range -32% to 2%. Revenue growth: 30.2%, above normal range; 3-period mean -19.9%, range -32.0%-2.0%.
EBITDA	$3.6m	-$15.8m	$13.5m	$5.3m	$42.2m	$22.9m	$41.4m	Chart
EBITDA margin %	6.6%	-37.9%	10.5%	8.6%	23.4%	26.2%	24.1%	Chart
PBT	-$4m	-$15.1m	$0.3m	$0.2m	$31.4m	$22.4m	$41.9m	Chart
PBT growth %	—	—	-99.0%	-99.1%	-25.1%	14.9%	274.1%	Chart
NPAT	-$3m	-$10.4m	$4.5m	$0.5m	$23.2m	$16m	$33.1m	Chart
NPAT growth %	—	—	-80.6%	-96.9%	-29.9%	-15.3%	244.8%	Chart
Operating cash flow	$6.4m	$8.3m	$17.8m	$7.3m	$11.1m	$0.02m	$30.2m	Chart
OCF / EBITDA %	176.7%	-52.8%	132.1%	139.1%	26.3%	0.1%	73.0%	Chart
FCF pre-lease	-$1.5m	$1.4m	$0.8m	$1.2m	-$7.6m	-$9.4m	$20.1m	Chart
FCF post-lease	-$1.5m	—	—	—	—	—	—	—
DPS	—	—	—	—	1.5c	—	0.0c	Chart
Payout ratio vs NPAT %	—	—	—	—	14.7%	—	—	—
Annual payout ratio vs EPS %	—	—	—	—	14.7%	—	—	—
ROE %	-1.9%	-7.0%Outside range low roe. -7%; 3-period range -1.9% to 12.3%. ROE: -7.0%, below normal range; 3-period mean 3.6%, range -1.9%-12.3%.	2.8%	0.3%	14.8%	12.3%Outside range high roe. 12.3%; 3-period range -7% to 0.3%. ROE: 12.3%, above normal range; 3-period mean -2.9%, range -7.0%-0.3%.	24.5%	Chart HY25 ROE %: Outside range low roe. -7%; 3-period range -1.9% to 12.3%. ROE: -7.0%, below normal range; 3-period mean 3.6%, range -1.9%-12.3%.
Net debt	-$0.85m	-$10.2m	-$11.2m	-$13.4m	-$16.5m	-$18.4m	-$23.2m	Chart
Net debt / EBITDA	-0.23x	0.65x	-0.83x	-2.55x	-0.39x	-0.8x	-0.56x	Chart
Debtor days	183	155	97	136	85	—	70	Chart
Inventory days	190	225	157	178	127	302	122	Chart
Total assets	$230.9m	$193.9m	$207.1m	$197.5m	$207.3m	$218.4m	$199.9m	Chart

Reference: annolyse.ai/companies/rak

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

HY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY25 said to watch

From Revenue fell 32% pushing Rakon to a $15.1m PBT loss

No quantified guidance, revenue target, or forward-work figure is supplied. Management commentary points to "robust demand in Space and AI & Cloud Infrastructure" underpinning future growth, but does not quantify the second-half path. Historically the business is second-half-weighted: HY24 was 47.9% of FY24 revenue and only 11.1% of FY24 NPAT.

Annualising the current half implies an $83.3m revenue run-rate against FY24's $128.0m, so even a normal second-half skew leaves a wide gap to last year. The release does not contain enough forward information to judge whether HY25 is the trough or the new base.

Open questions

Open questions from HY25

Is the demand weakness in Telecommunications and Global Positioning expected to reverse in the second half, or does management view the current run-rate as the new base?
How much of the $18.7m working-capital release is repeatable, and what steady-state inventory level supports the Space and AI & Cloud Infrastructure pipeline?
Why have inventory days lengthened 47 days despite the absolute reduction, and which products or customers are driving that?
What forward order book or contracted revenue underpins the second-half recovery implied by the FY24 seasonal shape?
Will capex stay near 16.6% of revenue, and at what point does it step down as strategic programmes mature?

This briefing cannot assess segment profitability or gross-margin trajectory because the disclosure does not break out result by segment or provide a like-for-like gross-margin reconciliation.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 28 November 2025

Revenue up 30.2% but Rakon stays loss-making with trade debtors surging 52.9%

Strong demand recovery lifted Underlying EBITDA 149% and narrowed the PBT loss by 73.6%, but a NZ$18.8m receivables build means cash is not yet

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HY25 · Released 27 November 2024

Revenue fell 32% pushing Rakon to a $15.1m PBT loss

Operating cash flow rose 14% but only via $18.7m of working-capital release; inventory days still climbed 47 days.

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FY24 · Released 29 May 2024

PBT collapsed 99% on a 29% revenue fall as a tax credit propped up NPAT

Operating cash flow rose 60.5% but on working-capital release, while a tax benefit lifted NPAT to $4.5m well above near-zero PBT.

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HY24 · Released 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%.

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FY23 · Released 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%.

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HY23 · Released 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.

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FY22 · Released 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%.

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Related insights

Compare this company

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Insight

Cash conversion quality

This result converted 176.7% of EBITDA to operating cash flow.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 2.1pp, with a distortion flag in the result.

Open insight

Insight

Revenue growth context

Revenue growth was 30.2% for this reporting period.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 0.0%.

Open insight

Latest metrics

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Performance over time

Operating working-capital movement

HY25 → HY26 Follow-through

What HY25 said to watch

Open questions from HY25

Briefing archive

Revenue up 30.2% but Rakon stays loss-making with trade debtors surging 52.9%

Revenue fell 32% pushing Rakon to a $15.1m PBT loss

PBT collapsed 99% on a 29% revenue fall as a tax credit propped up NPAT

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

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

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

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

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Rakon (RAK)

Latest metrics

Ask about RAK

Ask about RAK

Sign in to chat

Performance over time

Operating working-capital movement

HY25 → HY26 Follow-through

What HY25 said to watch

Open questions from HY25

Briefing archive

Revenue up 30.2% but Rakon stays loss-making with trade debtors surging 52.9%

Revenue fell 32% pushing Rakon to a $15.1m PBT loss

PBT collapsed 99% on a 29% revenue fall as a tax credit propped up NPAT

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

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

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

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

Get notified when RAK publishes