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$0.33
▲(2.81% 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
Conservative Balance Sheet
Low leverage (debt-to-equity ~0.14) provides durable financial flexibility, letting management fund product investments, absorb operating volatility and pursue consolidation or strategic initiatives without near-term refinancing pressure. This supports multi-quarter execution while profits are recovering.
Negative Factors
Revenue Contraction
Ongoing revenue declines reduce operating leverage and limit the ability to convert efficiency gains into sustainable profits. Even with margin improvement pockets, shrinking top-line weakens pricing power, hinders unit economics scaling, and elevates execution risk for returning to consistent profitability over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage (debt-to-equity ~0.14) provides durable financial flexibility, letting management fund product investments, absorb operating volatility and pursue consolidation or strategic initiatives without near-term refinancing pressure. This supports multi-quarter execution while profits are recovering.
Read all positive factors
Articore Group Limited (ATG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$93.47M
Dividend YieldN/A
Average Volume (3M)75.81K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue GrowthN/A
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 Upside190.36% 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$49.81M | 1.19 | 13.53% | 9.03% | 8.39% | 3.21% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$365.06M | 11.07 | -69.14% | 4.00% | 6.24% | -23341.18% | |
61 Neutral | AU$1.33B | 12.30 | 25.20% | 2.63% | 5.79% | -31.70% | |
61 Neutral | AU$228.76M | 6.10 | 8.37% | 5.85% | 3.99% | -18.35% | |
55 Neutral | AU$825.09M | 71.03 | 5.66% | ― | 20.66% | 543.24% | |
49 Neutral | AU$93.47M | -5.06 | -22.84% | ― | ― | ― |
* Consumer Cyclical Sector Average
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Articore Group Limited Corporate Events
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...
Articore’s Turnaround Lifts Margins as Marketplace Revenue Declines Moderate
Jan 14, 2026
Articore Group reported that its ongoing turnaround strategy is delivering improved profitability despite softer marketplace revenue, with gross profit for the first half of FY26 rising 6.0% to A$107.5 million and gross profit margin expanding 480...
Articore Director Increases Shareholding Through Equity Fee Conversion
Jan 14, 2026
Articore Group Limited has announced a change in the security holdings of director Robin Mendelson, reflecting the routine conversion of restricted stock units into fully paid ordinary shares under the company’s director remuneration arrange...
Articore Group Trims Potential Dilution as Options and Rights Lapse
Jan 14, 2026
Articore Group Limited has announced the cessation of a number of equity-linked instruments on its register, including options and share appreciation rights, but the filing does not provide additional details on the company’s industry, core ...
Articore Issues 4.7 Million Unquoted Share Appreciation Rights Under Incentive Plan
Jan 14, 2026
Articore Group Limited has notified the market of the issue of 4,716,132 unquoted share appreciation rights (SARs) under its employee incentive scheme, which will not be quoted on the ASX. The award of these SARs, effective from 1 October 2025, si...
Articore Group Lifts Capital Base With Issue of 7.5m New Shares
Jan 14, 2026
Articore Group Limited has notified the market of the issue of 7,489,394 new ordinary fully paid shares following the exercise or conversion of previously unquoted securities. The additional shares, to be dated 2 October 2025, increase the company...
Articore Group Expands Share Base Through Conversion of Unquoted Securities
Jan 13, 2026
Articore Group Limited has notified the Australian Securities Exchange of the issue of new fully paid ordinary shares following the exercise or conversion of previously unquoted options or other unquoted convertible securities. The company will is...
Articore Names Veteran E-Commerce Executive Derek Yung as Group CFO to Drive Turnaround and Growth
Jan 12, 2026
Articore Group has appointed Derek Yung as Group Chief Financial Officer, reinforcing its executive team as it continues to implement a turnaround and growth strategy. Yung, who joins effective immediately, brings more than a decade of CFO experie...
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.
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