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Veem Ltd ( (AU:VEE) ) has issued an announcement.
Veem reported half-year revenue of $23.4 million, down 30% year on year, and an EBITDA loss of $0.2 million, but delivered strong operating cash flow of $4 million and cut net debt from $13.7 million in June to a small net cash position by January after a $13.1 million capital raising. A $24.8 million non-cash impairment on gyro development and inventory weighed on results, while management trimmed overheads by an annualised $3.5 million and highlighted FY26 as a transition year as new products and markets ramp up.
The company is rolling out its VEEM Extreme propulsion range, securing an initial contract with Manly Fast Ferries and targeting customers seeking efficiency and emissions reductions, and it launched the Mark III gyro with maintenance-free oiling and lower power use, which temporarily delayed purchases but is expected to support future demand. Defence revenue fell 49% on delayed ASC orders and the US government shutdown, but Veem has secured approved supplier status with HII, a long-term manufacturing licence with Northrop Grumman worth up to US$33 million, and is close to qualifying for the Hunter Class Frigate Program as it expands factory capacity ahead of an anticipated market recovery.
The most recent analyst rating on (AU:VEE) stock is a Hold with a A$0.53 price target. To see the full list of analyst forecasts on Veem Ltd stock, see the AU:VEE Stock Forecast page.
More about Veem Ltd
Veem Ltd is an Australian defence manufacturer that designs and produces high-technology marine propulsion systems and large gyrostabilisers for the global yacht, fast ferry and commercial workboat markets. The company is expanding into US defence supply chains and aims to position itself as a precision supplier to major contractors and naval programs, including advanced frigate and propulsion projects.
Average Trading Volume: 358,787
Technical Sentiment Signal: Sell
Current Market Cap: A$86.58M
See more data about VEE stock on TipRanks’ Stock Analysis page.