4DS Memory (4DS) AI Stock Analysis

• Market Cap: AU$18.55M
• Dividend Yield: N/A
• Average Volume (3M): 5.73M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.27
• Revenue Growth: N/A
• EPS Growth: -67.74%
• Country: AU
• Employees: N/A
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): >-0.01
• Shares Outstanding: 2,060,898,700
• 10 Day Avg. Volume: 6,648,866
• 30 Day Avg. Volume: 5,734,885
• PEG Ratio: -0.07
• Price to Book (P/B): 5.30
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: AU$0.01 ▲(0.00% Upside)

The score is held down primarily by very weak financial performance (minimal/zero revenue, ongoing losses, and significant negative operating/free cash flow), implying continued dependence on external funding. Technicals add further pressure with a clear longer-term downtrend and negative MACD, while valuation offers limited support due to negative earnings and no dividend yield.

Positive Factors

Proprietary iSRAM IP

Owning differentiated iSRAM IP provides a durable competitive asset for licensing to semiconductor OEMs. If adopted, the IP-centric model supports scalable, high-margin royalty streams and partnerships versus capital‑intensive fab operations, reinforcing long-term monetization optionality.

Low leverage and larger equity cushion

Very low leverage and a materially larger equity base reduce near-term refinancing risk and give management flexibility to pursue R&D or partnerships. A stronger balance sheet provides a multi-month runway advantage and lowers the probability of forced distress financing over the medium term.

Improving free cash flow trend and alignment with reported losses

Year-over-year FCF improvement and close alignment with accounting losses indicate tightening cash control and predictable burn. That structural alignment aids multi‑period planning, making financing needs more forecastable and improving the odds of smoother execution toward commercialization.

Negative Factors

No commercial-scale revenue

A lack of recurring commercial revenue means the licensing model remains unproven; without customer adoption the company must continue funding R&D. Over months this elevates execution risk, delays path to sustainable margins, and keeps commercial viability uncertain.

Persistent negative operating cash flow

Sustained negative operating cash flow requires ongoing external capital to fund operations. This dependence increases dilution risk, limits the ability to invest in scale-up or partnerships, and can constrain strategic options if capital markets or partner funding become less accessible.

Recurring operating losses and dilution risk

Large, persistent operating losses erode shareholder equity and signal weak path to profitability. Over a multi‑month horizon this magnifies the need for dilutive capital raises or strategic deals, which can impair long‑term returns and hamper recruitment of commercial partners.

4DS Memory Business Overview & Revenue Model

Company Description

4DS Memory Ltd. (4DS) is a semiconductor company focused on the development of non-volatile memory technology. The company operates primarily in the technology sector, specializing in the research and development of ReRAM (Resistive Random Access Memory), a type of memory that aims to replace traditional memory technologies used in various electronic devices. 4DS is committed to innovation in memory solutions, leveraging its proprietary technology to address the growing demand for efficient and scalable memory products.

How the Company Makes Money

4DS Memory Ltd. generates revenue through the licensing of its proprietary ReRAM technology to semiconductor manufacturers and technology companies. The company collaborates with industry partners to integrate its memory solutions into a wide range of electronic applications, which helps expand its market reach and potential revenue streams. Additionally, 4DS may engage in joint development agreements and strategic partnerships to further commercialize its technology, thereby contributing to its financial growth. The company's earnings are significantly influenced by its ability to protect its intellectual property and successfully negotiate licensing agreements with key players in the technology industry.

4DS Memory Financial Statement Overview

Summary

Overall financials reflect an early-stage, loss-making profile: revenue is minimal/zero and volatile, operating and net losses are persistent, and cash burn remains significant. The main offset is a relatively conservative balance sheet with low leverage and a larger equity base, but dilution/funding risk remains high due to continued negative returns and negative free cash flow.

Income Statement

Revenue is extremely small and volatile, falling to zero in 2025 (annual) after only ~$8k in 2024 and ~$206k in 2021, indicating the business is not yet operating at commercial scale. Profitability is consistently weak with large, recurring operating losses (EBIT roughly -$5.5m to -$9.7m across the period) and net losses every year. While gross profit is close to breakeven in some years, overall margins remain deeply negative due to the fixed cost base relative to minimal sales.

Balance Sheet

Leverage is low, with debt-to-equity improving to ~0.015 in 2025 (annual) and remaining modest throughout the period, which reduces refinancing risk. Equity has increased materially versus 2020 (from ~$1.6m to ~$8.8m in 2025), supporting the balance sheet and providing a larger cushion. The key weakness is ongoing value dilution risk: returns on equity are consistently deeply negative (loss-making each year), meaning the equity base is being consumed by continued operating losses even if headline leverage looks conservative.

Cash Flow

Cash generation is structurally negative: operating cash flow and free cash flow are negative every year, including ~-$7.8m operating cash flow in 2025 (annual), worse than ~-$4.7m in 2024. Free cash flow did improve year-over-year in 2025 (growth of ~25%), but it remains meaningfully negative, implying continued funding needs. A relative positive is that cash burn broadly tracks reported losses (free cash flow is roughly in line with net income), but the scale of outflows still represents a high sustainability risk without external capital.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	8.05K	0.00	23.65K	206.46K
Gross Profit	-181.06K	-181.06K	-161.76K	-189.75K	-201.17K	6.25K
EBITDA	-9.73M	-9.73M	-5.27M	-5.59M	-6.49M	-6.44M
Net Income	-9.68M	-9.68M	-5.45M	-5.79M	-6.73M	-6.66M
Balance Sheet
Total Assets	10.54M	10.54M	8.37M	5.85M	5.70M	4.98M
Cash, Cash Equivalents and Short-Term Investments	10.20M	10.20M	7.88M	5.60M	5.23M	4.30M
Total Debt	131.31K	131.31K	251.23K	53.96K	172.30K	259.10K
Total Liabilities	1.76M	1.76M	413.02K	193.91K	290.02K	1.03M
Stockholders Equity	8.78M	8.78M	7.96M	5.66M	5.41M	3.94M
Cash Flow
Free Cash Flow	-7.82M	-7.82M	-4.72M	-4.71M	-5.64M	-5.60M
Operating Cash Flow	-7.78M	-7.78M	-4.71M	-4.71M	-5.39M	-5.56M
Investing Cash Flow	-39.15K	-39.15K	-8.08K	0.00	-248.66K	-40.98K
Financing Cash Flow	10.14M	10.14M	7.00M	5.08M	6.59M	7.46M

4DS Memory Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.01
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:4DS, the sentiment is Negative. The current price of 0.01 is below the 20-day moving average (MA) of 0.01, below the 50-day MA of 0.01, and below the 200-day MA of 0.02, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.16 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:4DS.

4DS Memory Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
WBT	59 Neutral	AU$1.12B	-26.08	-50.48%	―	333.23%	10.83%
AXE	49 Neutral	AU$98.12M	-13.50	-35.59%	―	―	-45.74%
BLG	48 Neutral	AU$32.31M	-2.04	-81.16%	―	18.03%	6.08%
4DS	43 Neutral	AU$18.55M	-1.92	-112.59%	―	―	-67.74%
AI1	43 Neutral	AU$44.21M	-2.49	-27.06%	―	―	―
BRN	38 Underperform	AU$323.50M	-9.12	-149.70%	―	503.29%	11.46%

4DS Memory Corporate Events

4DS Memory Advances Strategic Review to Enhance AI Technology Integration

4DS Memory Limited has provided an update on its ongoing Strategic Review, which aims to explore pathways for commercializing its core memory technology. The review focuses on opportunities within the AI-enablement ecosystem, including technologies that enhance data processing and support AI workloads. The company is in preliminary discussions with potential partners, but no commitments have been made. The review aligns with global trends towards faster and more energy-efficient computing, driven by AI and data analytics growth. The company continues to evaluate options to strengthen its position in the AI market and create long-term value for shareholders, while maintaining its current operational status.

4DS Memory Faces Internal Governance Challenge with Invalid Director Removal Notice

4DS Memory Limited has received an invalid notice from three shareholders seeking to remove a director, Mr. David McAuliffe, under sections 203D and 249D of the Corporations Act. The company has informed the requisitioning shareholders of the invalidity of the notice and stated that no general meeting will be convened unless valid notices are received. This development highlights internal challenges within the company, potentially impacting its governance and stakeholder relations.

4DS Memory AGM Results Highlight Governance Challenges

4DS Memory Limited held its Annual General Meeting where several resolutions were voted on. The remuneration report received a ‘first strike’ with significant opposition, while the re-election of director Howard Digby was approved. However, the approval of the 7.1A mandate and the election of several directors nominated by shareholders were not carried, indicating potential challenges in governance and strategic direction.

4DS Memory Limited Addresses Shareholder Concerns Amid Strategic Review

In a recent address at the Annual General Meeting, 4DS Memory Limited’s Executive Chairman, David McAuliffe, acknowledged the company’s recent challenges and shareholder frustrations. The company is undergoing a Strategic Review to stabilize operations, preserve capital, and explore value-accretive pathways. The board emphasized its commitment to responsible governance, legal compliance, and long-term value creation, urging shareholders to rely on official announcements for accurate information. The board also highlighted the importance of maintaining stability during the review process and expressed openness to future board composition changes to support growth.

4DS Memory Announces Board Remuneration Changes Amid Strategic Review

4DS Memory Limited has announced significant changes to its Board remuneration effective from November 1, 2025, reducing all Non-Executive Director fees to zero and cutting the Executive Chairman’s salary by 50%. This strategic move comes ahead of the company’s Annual General Meeting on November 20, 2025, where the Board has expressed concerns about potential risks to business continuity and strategic initiatives in AI due to proposed Board changes. The Board recommends shareholders vote against new director nominations and supports the re-election of current Non-Executive Director Mr. Howard Digby.