Articore Group Limited (AU:ATG)
ASX:ATG
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Articore Group Limited
(Sydney:ATG)
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Rating:49Neutral
Price Target:
AU$0.27
▲(3.46% Upside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by weak financial performance (continued losses, revenue contraction, and renewed free-cash-flow pressure) and only modest technical momentum. These are partially offset by a strong earnings-call outlook with upgraded FY’26 guidance and improved profitability/margins, plus a conservative balance sheet.
Positive Factors
Upgraded FY'26 guidance
Upgrading FY'26 EBIT and tightening cash guidance reflects management conviction from H1 operational gains. Sustained guidance implies a structural improvement in operating leverage and cash conversion that, if delivered, reduces execution risk and supports reinvestment or deleveraging over the next several quarters.
Negative Factors
Ongoing revenue contraction
Sustained top-line declines limit the firm's ability to scale fixed-cost leverage and increase reliance on margin improvements or one-off cost cuts. Prolonged revenue weakness can erode market position, force deeper price or marketing spends, and lengthen the timeline to recover ROE and cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Upgraded FY'26 guidance
Upgrading FY'26 EBIT and tightening cash guidance reflects management conviction from H1 operational gains. Sustained guidance implies a structural improvement in operating leverage and cash conversion that, if delivered, reduces execution risk and supports reinvestment or deleveraging over the next several quarters.
Read all positive factors
Articore Group Limited (ATG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$76.67M
Dividend YieldN/A
Average Volume (3M)75.81K
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth-6.80%
EPS GrowthN/A
CountryAU
Employees225
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.04
Shares Outstanding293,560,300
10 Day Avg. Volume32,122
30 Day Avg. Volume75,811
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)1.25
Price to Sales (P/S)0.13
P/FCF Ratio-12.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.93Price Target Upside255.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.02
Revenue Forecast (FY)AU$364.45M
Articore Group Limited Business Overview & Revenue Model
Company Description
Articore Group Limited owns and operates online platforms that facilitates design and sale of products printed with the artwork in Australia, the United States, the United Kingdom, and internationally. The company operates through Redbubble and Te...
How the Company Makes Money
ATG makes money primarily by selling access to its creative software products through recurring subscriptions (e.g., monthly/annual plans) and related licensing arrangements where available. Revenue is generated when users pay for premium features...
Articore Group Limited Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presented a clear operational and financial improvement story: meaningful margin expansion, a sizable EBIT turnaround, strengthened cash position, disciplined OpEx reductions, and promising early traction from new initiatives like Dashery and AI adoption. Offsetting these positives are ongoing revenue declines at the group level (notably Redbubble), SEO/headwinds and technology consolidation work that will take time to fully realize benefit, plus one-off comparability items in OpEx. On balance, the positives — including upgraded guidance and materially improved profitability and cash — outweigh the remaining execution and revenue risks.Positive Updates
Material Margin Expansion
Gross profit increased 6.0% and gross margin expanded 480 basis points to 48.8% (highest first half ever). GPAPA rose 8.9% and GPAPA margin improved 340 basis points to 27.6%.
Negative Updates
Overall Marketplace Revenue Still Declining
Total Marketplace revenue declined year-on-year (H1 $220.3 million) and Redbubble revenue fell 10.1% in the half; management has not issued explicit revenue guidance for FY '26.
Read all updates
Q2-2026 Updates
Positive
Negative
Material Margin Expansion
Gross profit increased 6.0% and gross margin expanded 480 basis points to 48.8% (highest first half ever). GPAPA rose 8.9% and GPAPA margin improved 340 basis points to 27.6%.
Read all positive updates
Company Guidance
Management upgraded FY'26 EBIT guidance to $6–$10m (from $2–$8m) and tightened underlying cash flow guidance to $8–$12m (from $5–$12m), while reiterating a FY GPAPA margin target of 27–29%; this confidence is supported by H1 results of $12.1m EBIT (vs a $2.2m loss pcp), Marketplace revenue of $220.3m, gross profit +6% with gross margin 48.8% (+480bps), GPAPA +8.9% with GPAPA margin 27.6% (+340bps), OpEx down 4.3% to $45.5m, D&A down 60%, closing cash $47.8m (up $12.1m YoY), artist account fee revenue +35%, Dashery MPR $1.3m (GPAPA margin 35.5%) with $1.8m H1 investment (similar H2 expected), repeat customers contributing 51% (TeePublic) and 53% (Redbubble), and platform scale of >3m creators, >75m designs (≈10k added daily), 42 fulfillment sites and ~200 employees (~$1.8m revenue per employee).Articore Group Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
60
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 492.99M | 438.64M | 492.99M | 555.12M | 573.39M | 573.39M |
| Gross Profit | 107.93M | 173.00M | 240.59M | 260.07M | 273.94M | 105.95M |
| EBITDA | 7.02M | 2.67M | 7.02M | -40.52M | -11.63M | 52.39M |
| Net Income | -8.84M | -11.29M | -8.84M | -54.18M | -24.59M | -24.59M |
Balance Sheet | ||||||
| Total Assets | 130.51M | 109.41M | 130.51M | 134.72M | 134.72M | 190.62M |
| Cash, Cash Equivalents and Short-Term Investments | 36.90M | 28.42M | 36.90M | 35.72M | 35.72M | 89.13M |
| Total Debt | 9.47M | 6.58M | 9.47M | 9.47M | 7.01M | 9.63M |
| Total Liabilities | 77.45M | 63.56M | 77.45M | 77.48M | 77.48M | 86.66M |
| Stockholders Equity | 53.05M | 45.85M | 53.05M | 57.24M | 57.24M | 103.96M |
Cash Flow | ||||||
| Free Cash Flow | 6.42M | -4.60M | 6.42M | -49.72M | -49.72M | -8.40M |
| Operating Cash Flow | 12.49M | 147.00K | 12.49M | -37.09M | -37.09M | 2.79M |
| Investing Cash Flow | -6.07M | -4.71M | -6.07M | -6.07M | -12.63M | -11.20M |
| Financing Cash Flow | -4.92M | -5.05M | -3.93M | -3.93M | -3.68M | -3.29M |
Articore Group Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | AU$48.57M | 1.19 | 13.53% | 9.03% | 4.03% | -14.92% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$355.19M | 11.07 | -69.14% | 4.00% | 4.41% | -2505.17% | |
61 Neutral | AU$1.28B | 12.30 | 25.20% | 2.63% | 4.23% | -0.64% | |
61 Neutral | AU$232.20M | 6.10 | 8.37% | 5.85% | 5.66% | -42.42% | |
55 Neutral | AU$702.40M | 71.03 | 5.66% | ― | 18.85% | 20.89% | |
49 Neutral | AU$76.67M | ― | -22.84% | ― | -6.80% | ― |
* Consumer Cyclical Sector Average
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Articore Group Limited Corporate Events
Articore Updates Market on Ongoing On‑Market Share Buy-Back
Apr 29, 2026
Articore Group Limited has continued its on-market buy-back of ordinary fully paid shares on the ASX, reporting a cumulative 893,978 shares repurchased prior to the latest notification date. The company disclosed that it bought back a further 10,0...
Articore Continues On-Market Share Buy-Back Program
Apr 27, 2026
Articore Group Limited has been conducting an on-market buy-back of its ordinary fully paid shares, continuing a program initially notified in October 2025. The latest ASX filing confirms that the company is actively reducing the number of shares ...
Articore Continues On-Market Share Buy-Back with Daily ASX Updates
Apr 23, 2026
Articore Group Limited has continued its on-market share buy-back program, targeting its ordinary fully paid shares traded under the ASX code ATG as part of an ongoing capital management initiative. The company reported that it had repurchased a c...
Articore Group Continues On‑Market Share Buy‑Back Program
Apr 20, 2026
Articore Group Limited has been conducting an on‑market share buy‑back of its ordinary fully paid shares traded under the ASX code ATG. The program reflects ongoing capital management activity, although the notice does not specify the ...
Articore extends on‑market share buy-back with latest ASX update
Apr 19, 2026
Articore Group Limited has continued its on‑market share buy-back program for its ordinary fully paid shares, as disclosed in an updated notification to the Australian Securities Exchange dated 20 April 2026. The program, which commenced in ...
Articore posts daily update on ongoing on‑market share buy‑back
Apr 16, 2026
Articore Group Limited has disclosed updated details of its on‑market share buy‑back program involving its ordinary fully paid shares traded under the ASX code ATG. The filing confirms the company continues to repurchase its own stock ...
Articore Group Updates Daily On‑Market Share Buy‑Back
Apr 12, 2026
Articore Group Limited has disclosed an update on its ongoing on‑market share buy‑back program for its ordinary fully paid shares traded under the ASX code ATG. The announcement is part of a series of daily notifications and does not i...
Articore Updates Market on Progress of On‑Market Share Buy‑Back
Apr 9, 2026
Articore Group Limited is an ASX-listed company trading under the ticker ATG, with ordinary fully paid shares forming its primary listed security class. While the announcement does not specify its operating industry or product lines, the company&#...
Articore Issues New Unquoted Equity Awards Under Staff Incentive Plan
Apr 8, 2026
Articore Group Limited has notified the market of new issues of unquoted equity securities under its employee incentive schemes, including 3,243,080 restricted stock units and 283,298 share appreciation rights across January and February 2026. The...
Articore Continues On‑Market Buy‑Back With Daily ASX Update
Apr 8, 2026
Articore Group Limited has confirmed that its ongoing on‑market share buy‑back covers its ordinary fully paid shares traded under the ASX code ATG. The program reflects the company’s focus on capital management and potentially si...
Articore Director Increases Indirect Stake Through RSU Conversion
Apr 7, 2026
Articore Group director Robin Mendelson has updated the market on changes to his holdings following the monthly vesting of Restricted Stock Units issued in lieu of cash director fees. A total of 45,292 RSUs were converted into the same number of f...
Articore cleans up capital structure as options and RSUs lapse
Apr 7, 2026
Articore Group Limited has notified the market of the cessation of several classes of securities, including options expiring at various dates and prices and restricted stock units, which have either expired unexercised or lapsed due to unsatisfied...
Articore Group Expands Equity Base Through Conversion of Unquoted Securities
Apr 7, 2026
Articore Group Limited has notified the ASX of the conversion of a series of unquoted options or other unquoted convertible securities into ordinary fully paid shares. The newly issued ATG shares, totaling several hundred thousand across multiple ...
Articore Group Issues New Shares Following Conversion of Unquoted Securities
Apr 7, 2026
Articore Group Limited has issued 45,292 new ordinary fully paid shares on 2 April 2026 following the exercise or conversion of unquoted options or other unquoted convertible securities. The transaction, disclosed in an Appendix 3G filing with the...
Articore Updates Market on Progress of Ongoing On‑Market Share Buy‑Back
Apr 7, 2026
Articore Group Limited has provided an updated notification to the ASX on its ongoing on‑market share buy‑back program for its ordinary fully paid shares, coded ATG. The update confirms that as of the latest reporting date, the company...
Articore Continues Daily On‑Market Share Buy‑Back
Apr 1, 2026
Articore Group Limited has provided an updated notification on its on‑market share buy‑back, reporting that a total of 458,415 shares had been repurchased prior to the latest trading day. The company disclosed that it bought back an ad...
Articore Continues On-Market Share Buy-Back With Daily Update
Mar 29, 2026
Articore Group Limited has provided an update on its on-market share buy-back, confirming that a total of 410,315 ordinary fully paid shares had been repurchased prior to the latest reporting date. The company reported that a further 9,400 shares ...
Articore Updates Daily On‑Market Share Buy‑Back Activity
Mar 26, 2026
Articore Group Limited has disclosed updated details of its on‑market share buy‑back, covering ordinary fully paid shares under the ASX code ATG. The filing notes the company’s ongoing program to repurchase stock, including a cum...
Articore Continues Daily On‑Market Share Buy‑Back Program
Mar 25, 2026
Articore Group Limited has disclosed an update to its on‑market share buy‑back program for its ordinary fully paid shares trading under ticker ATG. The company has been conducting these buy‑backs as part of its broader capital ma...
Articore Signals Turnaround Momentum With Profits and Share Buyback
Mar 25, 2026
Articore Group Limited, a digital marketplace operator focused on the fast‑growing global print‑on‑demand and creator economy, runs two high‑margin, capital‑light platforms alongside an emerging SaaS storefront offeri...
Articore pushes into India and doubles down on independent growth strategy
Mar 23, 2026
Articore has signalled a new phase in its turnaround by acquiring India-based print-on-demand marketplace Frankly Wearing, concluding a seven-month strategic review, and appointing experienced technology executive Naseema Sparks as an independent ...
Articore Director Increases Shareholding After RSU Vesting
Mar 10, 2026
Articore Group Limited has disclosed a change in the securities held by director Vivek Kumar following the vesting and conversion of a portion of his equity awards. Kumar converted 1,000,000 restricted stock units into 508,807 fully paid ordinary ...
Articore Director Increases Indirect Shareholding Through Vesting of Stock Units
Mar 10, 2026
Articore Group Limited has reported a change in director Robin Mendelson’s interests following the regular vesting and conversion of Restricted Stock Units into fully paid ordinary shares. Mendelson converted 45,292 Restricted Stock Units, w...
Articore Group Expands Share Base Through Conversion of Unquoted Equity
Mar 10, 2026
Articore Group Limited has issued a total of 1,045,292 new ordinary fully paid shares on the ASX, following the exercise or conversion of unquoted options or other unquoted convertible securities. The new shares, comprising 45,292 issued on 2 Marc...
Articore lifts FY26 guidance as turnaround drives record margins and five-year high EBIT
Feb 22, 2026
Articore Group reported that the first half of FY26 marked a significant step forward in its turnaround, with material improvement in profitability and strengthened foundations for sustainable growth. The company highlighted meaningful margin expa...
Articore issues 45,292 new shares from option conversions
Feb 4, 2026
Articore Group Limited, listed on the ASX under code ATG, operates within the unspecified industry segment noted in the filing, providing no additional detail on its principal products or market focus. The company reported the issuance of 45,292 o...
Articore Director Increases Shareholding via RSU Conversion
Feb 4, 2026
Articore Group director Robin Mendelson converted 45,292 restricted stock units, issued in lieu of cash fees, into the same number of fully paid shares on 4 February 2026 through the company’s employee share trust, lifting her indirect holdi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.