BPH Energy Limited (BPH) AI Stock Analysis

• Market Cap: AU$9.48M
• Dividend Yield: N/A
• Average Volume (3M): 2.91M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.77
• Revenue Growth: N/A
• EPS Growth: 29.55%
• Country: AU
• Employees: 2,000
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): >-0.01
• Shares Outstanding: 1,353,848,900
• 10 Day Avg. Volume: 1,935,589
• 30 Day Avg. Volume: 2,909,135
• PEG Ratio: 0.05
• Price to Book (P/B): 0.26
• Price to Sales (P/S): 12.02
• P/FCF Ratio: -13.65
• 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: 56 Neutral
• Price Target: AU$0.01 ▲(0.00% Upside)
• Action: Reiterated Date: 02/10/26
• Date: Action: Reiterated 02/10/26

The score is primarily held back by weak operating fundamentals and persistent negative operating/free cash flow, despite a strong low-leverage balance sheet. Technical indicators are mostly neutral-to-weak (negative MACD), while the low P/E provides some offset from a valuation perspective.

Positive Factors

Low leverage / strong solvency

Extremely low debt materially reduces solvency and interest burden, giving management durable financial flexibility to fund project investments, withstand periods of negative cash flow, and avoid distress financing. This balance-sheet strength supports multi-month optionality for project monetisation strategies.

Growing equity base and solid recent ROE

An expanding equity base improves loss-absorption capacity and reduces dilution risk when funding projects. Mid-teens ROE in recent years suggests the firm has generated meaningful returns on invested capital from its investments, indicating durable capital allocation capability even with cyclical assets.

Investment/project-interest business model

A holding/investment model centered on project stakes gives structural optionality: limited fixed operating costs and potential value creation via successful project milestones, revaluations or disposals. Over a 2–6 month horizon this model supports asymmetric upside from realised disposals or partner-funded development.

Negative Factors

Persistent negative operating profit

Sustained operating losses indicate the company's core activities are not generating durable operating earnings. This structural weakness limits internal cash generation, increases reliance on non-operating gains or financings for returns, and weakens the predictability of future results over the medium term.

Consistent negative cash generation

Persistent negative operating and free cash flow creates a structural funding requirement—forcing asset sales, equity raises, or external financing. That ongoing cash burn constrains reinvestment in projects, increases execution risk on development timelines, and impairs ability to capitalise on opportunities without dilution.

Volatile, small revenue and one-off driven profits

Reliance on volatile revenue and one-off non-operating gains undermines earnings quality and predictability. Without recurring revenue streams, profit spikes may not translate to sustainable cash flow, making forecasting and long-term planning difficult and increasing the risk that future periods revert to operating losses.

BPH Energy Limited Business Overview & Revenue Model

Company Description

BPH Energy Limited invests in biotechnology, oil and gas exploration and development, and medicinal cannabis industries in Australia. The company is building a system to generate clean hydrogen and conductive carbon used to manufacture batteries for commercial use. It also offers brain anaesthesia response monitoring system, a device to detect the effect of anaesthetic agents on brain activity and assist anaesthetists in keeping patients optimally anaesthetised. In addition, the company invests in the biomedical research of HLS5 tumour suppressor gene for liver cancer. Further, it holds a 100% interest in RL1 oil and gas assets located in the onshore Bonaparte basin in northern Australia; and 85% interest in the petroleum exploration permit 11 asset situated in the offshore Sydney basin. The company was formerly known as BioPharmica Limited. BPH Energy Limited was incorporated in 2001 and is headquartered in Stirling, Australia.

How the Company Makes Money

BPH Energy Limited’s revenue model is primarily tied to the performance and monetisation of its project interests and investments rather than recurring operating revenue from producing assets. Potential ways the company may generate income include (i) proceeds from selling down or disposing of equity interests in projects or investee entities, (ii) gains from revaluation or divestment of marketable investments (where applicable), and (iii) any recoveries, reimbursements, or other receipts related to its participation in joint venture or exploration activities. However, specific information detailing BPH’s current recurring revenue streams, material revenue amounts, producing operations, or definitive commercial arrangements (e.g., offtake contracts, service contracts, or named significant partnerships that directly drive earnings) is null.

BPH Energy Limited Financial Statement Overview

Summary

Mixed financial quality: a very low-debt balance sheet supports solvency, but core operating performance is weak (negative operating profit across FY2021–FY2025) and cash generation is consistently negative, raising earnings quality and sustainability concerns despite strong reported net margins.

Income Statement

Revenue is small and volatile, with FY2025 down ~19% year over year after modest growth in prior years. Reported profitability looks strong recently (FY2025 net margin ~811% and FY2024 ~540%), but operating performance remains weak with negative operating profit in FY2021–FY2025 (FY2025 operating margin about -100%), suggesting earnings are being driven by non-operating items rather than core operations. There was a profitable operating year in FY2020, but consistency since then has been lacking.

Balance Sheet

The balance sheet is conservatively financed with very low debt relative to equity (debt-to-equity ~0.2% in FY2025), which materially reduces solvency risk. Equity has also expanded meaningfully since FY2023, supporting a stronger capital base. Return on equity is solid in the last two years (mid-teens), but this should be viewed alongside the weak operating results, which raise questions about the durability of returns.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are consistently negative across the period shown (including FY2025 at roughly -$0.74M). Cash flow has not tracked reported profits, indicating earnings quality risk and reliance on funding/asset movements rather than cash earnings. While the cash burn improved versus FY2024, it remains meaningfully negative.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	836.64K	843.68K	304.05K	68.14K	65.50K
Gross Profit	836.64K	843.68K	304.05K	-60.50K	65.50K
EBITDA	0.00	0.00	1.05M	-672.98K	-1.50M
Net Income	6.79M	4.56M	853.43K	-1.08M	-1.61M
Balance Sheet
Total Assets	39.18M	30.29M	20.40M	15.21M	16.51M
Cash, Cash Equivalents and Short-Term Investments	4.20M	6.45M	5.64M	2.92M	10.20M
Total Debt	84.82K	84.82K	88.27K	104.82K	104.82K
Total Liabilities	697.22K	984.82K	984.88K	908.75K	1.14M
Stockholders Equity	38.65M	29.46M	19.57M	14.46M	15.54M
Cash Flow
Free Cash Flow	-736.93K	-941.51K	-1.05M	-1.02M	-703.81K
Operating Cash Flow	-736.93K	-941.51K	-1.05M	-1.02M	-703.81K
Investing Cash Flow	-3.12M	-3.05M	-217.50K	-6.26M	-791.22K
Financing Cash Flow	1.50M	4.80M	3.99M	1.44K	11.41M

BPH Energy Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BPH, 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 equal to the 200-day MA of ―, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.36 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BPH.

BPH Energy Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PVL	64 Neutral	AU$20.18M	5.24	4.65%	―	101.80%	355.88%
QUE	61 Neutral	AU$1.06M	1.54	21.90%	―	387.73%	-57.17%
BPH	56 Neutral	AU$9.48M	-3.13	-3.15%	―	―	29.55%
IPC	54 Neutral	AU$10.87M	18.32	1.01%	3.50%	-50.00%	-52.07%
SOR	44 Neutral	AU$17.36M	-5.68	-62.19%	―	66.69%	5.17%
KBC	43 Neutral	AU$9.72M	-1.31	91.73%	―	―	―

BPH Energy Limited Corporate Events

BPH Energy Calls April 2026 Meeting to Ratify Capital Raising Securities

BPH Energy Limited has called a general meeting of shareholders for 9 April 2026 in North Perth, setting 7 April 2026 as the record date for voting eligibility. The meeting will seek shareholder approvals related to past share and option issuances connected with a recent capital raising placement.

Shareholders are being asked to ratify the prior issue of up to 12,259,551 shares under Listing Rule 7.1 and 121,962,671 shares under Listing Rule 7.1A, which would restore the company’s capacity to issue further securities under ASX limits. The agenda also includes ratification of 134,222,222 new options to placement participants and additional new options to lead managers Oakley Capital and 62 Capital, formalising fees for their role in the placement and reinforcing the company’s capital management arrangements.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Corrects Late Disclosure of Director’s Security Holding Change

BPH Energy Limited has disclosed a delay in notifying the market of a director-related security issue dated 11 February 2026, acknowledging that the required Appendix 3Y was not lodged within the five business days mandated by ASX listing rules. The company characterised the lapse as an inadvertent oversight and noted that the related Appendix 3G for the security issue was filed on time, signalling an effort to rectify compliance gaps and reassure investors about its adherence to corporate governance obligations.

The delayed notice concerns changes in Executive Director David Breeze’s direct and indirect interests in BPH Energy securities, including fully paid ordinary shares and options held personally and through associated entities. While no operational impacts were flagged, the correction underscores the scrutiny on timely disclosure of director dealings in the Australian market and highlights the importance for BPH Energy and its stakeholders of maintaining robust reporting practices around governance and insider interests.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Awaits Federal Court Ruling on PEP 11 Permit Dispute

BPH Energy and its partner Bounty Oil & Gas have provided an update on their legal challenge to the refusal of extension and variation applications for the offshore PEP 11 exploration permit. The case reflects the companies’ efforts to preserve their exploration rights in a contested regulatory environment that is important to their upstream portfolio.

The Federal Court hearing in Sydney before Justice Jackson concluded over two days, 20 and 23 February 2026, with affidavits, agreed document bundles, and written and oral submissions presented by both sides. A judgment has been reserved to a future date, leaving the status of the PEP 11 permit unresolved and maintaining regulatory uncertainty for the joint venture and its stakeholders.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Issues 58 Million Performance Rights Tied to PEP11 Permit Decision

BPH Energy Ltd has notified the market of the issue of 58 million unquoted performance rights, to be created as a new class of securities. These rights are structured so that they will vest upon approval by the Joint Authority of an extension application for the PEP11 exploration permit.

The issuance links a substantial equity incentive to a key regulatory milestone for the company’s offshore project, underscoring the strategic importance of the PEP11 permit to BPH’s portfolio. The move aligns management and stakeholder interests with the outcome of the permit extension process, while potentially increasing future dilution if the performance condition is met.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Extends Options Offer to Fund Energy Market Initiatives

BPH Energy Limited has reminded eligible shareholders that its options placement offer, first launched in December 2025 and supplemented in January 2026, has been extended and is now scheduled to close on 3 February 2026. The offer allows participants to acquire new options at $0.001 each, exercisable at $0.03 within 12 months of issue, with shareholders able to take up their full entitlement and apply for additional shortfall options at the board’s discretion. Company directors David Breeze and Tony Huston have already subscribed for their full allotments, signalling board support for the capital raising, which could generate up to approximately $611,612 before costs to fund general working capital and underpin BPH’s strategic initiatives in the energy market, with the company planning to seek quotation of the new options on the ASX.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Advances Option Restructuring as Investee Projects in Offshore Energy and Medtech Progress

BPH Energy Limited’s December 2025 quarter report outlines several capital management moves, including issuing shares to settle advertising fees, the expiry of more than 622 million unexercised options, the launch of a replacement series of options for existing holders and directors to maintain participation in the company’s development, and the exercise and new issuance of a smaller parcel of director options. Operationally, the company’s key investee Advent Energy continues to contest the refusal of applications related to the PEP-11 offshore petroleum permit, with a Federal Court judicial review now scheduled for February 2026 while the permit remains in force and in compliance, a process that could shape the future of its offshore exploration interests. Another investee, Cortical Dynamics, advanced its next-generation AI-enhanced BARM 2.0 brain and pain monitoring system towards technical completion, planned clinical trials in the USA and Netherlands, and showcased the technology at major regulatory and industry forums in Sydney and Canberra, while continuing development of its CORDYAN AI predictive medical app platform, reinforcing BPH’s exposure to emerging medtech innovation alongside its energy investments.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Issues 134 Million New Shares Under Placement, Confirms Regulatory Compliance

BPH Energy Limited has issued 134,222,222 fully paid ordinary shares as part of a previously announced capital placement, conducted without a prospectus under the disclosure exemptions of the Corporations Act. The company confirmed it is up to date with its financial reporting and continuous disclosure obligations and stated there is no excluded information requiring disclosure, signalling regulatory compliance around the new share issue and providing assurance to investors regarding the transparency of the placement.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Seeks ASX Quotation for 134 Million New Shares

BPH Energy Ltd has applied to the ASX for quotation of 134,222,222 new fully paid ordinary shares, expanding its listed securities on the market. The issuance, tied to a previously announced transaction, will increase the company’s tradable share base and may affect its capital structure and liquidity profile for existing and prospective shareholders.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Updates Prospectus After $1.2m Placement and New Option Offers

BPH Energy has issued a supplementary prospectus updating its December 2025 capital-raising documentation to reflect a January placement to sophisticated investors, under which the company will issue 134,222,222 new shares at $0.009 each to raise about $1.208 million, along with one free attaching option per share exercisable at $0.03. The update also formalises additional option offers to placement participants and joint lead managers Oakley Capital Partners and 62 Capital, adjusts the offer timetable and key capital statistics, and is structured to remove trading restrictions on shares issued from the new options, potentially improving liquidity and flexibility for investors as the company progresses its funding plans.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Plans Placement of 33.6 Million Options at $0.03

BPH Energy Ltd has announced a proposed issue of up to 33,555,555 new options, each with an exercise price of $0.03 and expiring on the same date as those offered under its 2 December 2025 options prospectus, with the issue expected to take place on 14 January 2026. The placement, if completed, will expand the company’s securities on issue and provide an additional potential source of future capital upon option exercise, signalling an effort to bolster its funding flexibility and support ongoing corporate and project activities.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Plans Major Share and Option Issue to Bolster Capital Base

BPH Energy Ltd has lodged details of a proposed capital raising with the ASX, outlining a placement or similar issue of up to 134,222,222 new ordinary fully paid shares and 134,222,222 options with an exercise price of $0.03, expiring on the same date as options covered by a December 2025 prospectus. The proposed securities are scheduled for issue on 14 January 2026, a move that would significantly increase the company’s capital base and could support future project funding and strategic initiatives, while diluting existing shareholders’ stakes if the full allocation is taken up.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Raises $1.2m to Advance Gas Projects and Cortical Dynamics Investment

BPH Energy has secured binding commitments to raise approximately $1.2 million via a discounted share placement, issuing over 134 million new shares at $0.009 each with one free attaching option per share exercisable at $0.03. The funds will primarily support exploration and development of the company’s oil and gas investments, further funding for Cortical Dynamics’ expansion, and working capital, leaving BPH better funded ahead of a Federal Court hearing in February 2026 over the PEP-11 permit extension, a case that could materially influence its gas project portfolio and positioning amid Australia’s gas supply challenges.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Halts Trading Ahead of Planned Capital Raising Announcement

BPH Energy Ltd has requested and been granted a trading halt on its securities on the Australian Securities Exchange, pending a material announcement. The company said the halt is required to manage its continuous disclosure obligations as it prepares, plans and executes a capital raising, with trading expected to resume by 12 January 2026 or upon release of the announcement, signalling an impending fundraising initiative that could influence its capital structure and future project funding.

The most recent analyst rating on (AU:BPH) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on BPH Energy Limited stock, see the AU:BPH Stock Forecast page.

BPH Energy Director Increases Stake Through Rights Issue Options

BPH Energy Limited has disclosed a change in director Tony Huston’s interests in the company’s securities, reflecting his participation in a recent capital-raising initiative. Huston has been issued 1,542,762 options exercisable at $0.03 each by 27 December 2026 under a rights issue prospectus lodged with the ASX on 3 December 2025, with the subscription amount of $1,543 set off against fees owed to him, signalling director alignment with shareholder interests and support for the company’s current funding strategy.

BPH Energy Director Increases Option Holdings Through Rights Issue

BPH Energy Limited has disclosed a change in director David Breeze’s interests in the company’s securities following his participation in a recent rights issue. Breeze acquired 9,121,678 options exercisable at $0.03 each on or before 27 December 2026, with the $9,122 consideration set off against fees owed to him, increasing his total indirect and option holdings while his ordinary shareholding remains unchanged. The transaction, arising from a rights issue prospectus lodged earlier in December 2025, moderately strengthens Breeze’s equity-linked exposure to BPH Energy, aligning his interests more closely with shareholders and signalling continued insider support for the company’s capital structure.

BPH Energy Issues 10.7 Million Unquoted Options at 3 Cents

BPH Energy Ltd has notified the market of a new issue of unquoted equity securities in the form of options. The company will issue 10,664,440 options with an exercise price of $0.03 and an expiry date of 27 December 2026, a move that expands its pool of potential future equity and may provide additional capital-raising flexibility depending on future market conditions and option exercise levels.