Top Page
Butn Limited
(Sydney:BTN)
Butn Limited (BTN) vs. iShares MSCI Australia ETF (EWA)
Butn Limited Business Overview & Revenue Model
Butn Limited Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.48M | 333.85K | 13.49M | 11.85M | 5.42M | 4.55M |
| Gross Profit | 4.30M | -7.87M | 13.49M | 11.87M | 5.60M | 1.33M |
| EBITDA | 6.31M | 5.81M | -829.98K | 1.72M | -3.64M | -2.13M |
| Net Income | -4.72M | -2.66M | -12.33M | -6.53M | -8.66M | -5.26M |
Balance Sheet | ||||||
| Total Assets | 103.31M | 107.54M | 91.27M | 98.98M | 77.82M | 53.30M |
| Cash, Cash Equivalents and Short-Term Investments | 31.93M | 20.32M | 13.36M | 14.67M | 15.78M | 15.52M |
| Total Debt | 85.80M | 91.00M | 79.73M | 79.52M | 56.35M | 46.76M |
| Total Liabilities | 89.72M | 95.39M | 83.16M | 83.34M | 59.80M | 49.70M |
| Stockholders Equity | 13.60M | 12.14M | 8.11M | 15.64M | 18.02M | 3.60M |
Cash Flow | ||||||
| Free Cash Flow | 913.94K | 966.21K | -3.16M | -1.83M | -7.09M | -4.58M |
| Operating Cash Flow | 913.94K | 1.74M | -2.36M | -673.74K | -3.85M | -2.43M |
| Investing Cash Flow | -2.61M | -14.79M | -2.64M | -26.09M | -29.48M | -3.04M |
| Financing Cash Flow | 12.58M | 15.85M | 3.65M | 25.61M | 33.60M | 11.06M |
Butn Limited Technical Analysis
Butn Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | AU$41.45M | 28.07 | 3.91% | 4.27% | -6.67% | 22.09% | |
58 Neutral | AU$90.53M | 9.40 | 15.56% | ― | 7.92% | ― | |
52 Neutral | AU$115.27M | 7.61 | 12.72% | ― | -0.51% | ― | |
43 Neutral | AU$47.48M | -4.29 | -19.44% | ― | -2.35% | 13.33% | |
43 Neutral | AU$85.32M | -1.69 | -42.59% | ― | -9.56% | -392.31% | |
40 Underperform | AU$16.45M | -2.83 | -26.29% | ― | 8.28% | 84.45% |
Butn Limited Corporate Events
Butn Limited has disclosed a change in director Rael Ross’s interests following the expiry of a tranche of unlisted options. Ross previously held 1.3 million unlisted fully vested options exercisable at $0.50 per option, which expired on 26 February 2026 and have now lapsed without consideration.
After the expiry, Ross’s holdings comprise 40,350,706 ordinary fully paid shares held indirectly through a family trust, 96,450 ordinary shares held directly, and 3.5 million unlisted options exercisable at $0.08 per option expiring in November 2028. The update clarifies that there was no on‑market trade or cash transaction, with the change arising solely from the natural expiry of the earlier option package.
The most recent analyst rating on (AU:BTN) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited has announced the cessation of 2.6 million options, designated BTNAD and exercisable at $0.50, which have expired without being exercised or converted. The expiry reduces the pool of outstanding options but does not alter the company’s ordinary share count, signalling a routine adjustment to its issued capital structure that may marginally affect potential future dilution for existing shareholders.
The most recent analyst rating on (AU:BTN) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited has notified the market of the issue of 471,687 new performance rights, expiring on 1 January 2027, under its employee incentive scheme. The securities are unquoted and will not be listed on the ASX, reflecting the company’s continued use of equity-based incentives to align staff interests with long-term corporate performance.
The issuance of these performance rights signals ongoing efforts by Butn to retain and motivate key personnel as it pursues its growth strategy. While the new rights do not immediately dilute ordinary shareholders, they represent potential future equity expansion tied to the achievement of performance conditions and future vesting events.
The most recent analyst rating on (AU:BTN) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited has issued 483,000 fully paid ordinary shares, expanding its share capital in line with a recent Appendix 2A filing. The company has also lodged a cleansing notice confirming that the shares were issued without a full prospectus under applicable Corporations Act provisions and that it remains compliant with its continuous disclosure and financial reporting obligations.
The cleansing notice further states that there is no excluded information that would be material to investors, indicating the company views the issuance as routine rather than transformative. For existing and prospective shareholders, the move clarifies the regulatory status of the new shares and supports ongoing secondary trading without additional disclosure requirements.
The most recent analyst rating on (AU:BTN) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited has applied to the ASX for quotation of 483,000 new ordinary fully paid shares issued under its Employee Incentive Plan. The securities, dated 25 February 2026, expand the company’s quoted capital base and reflect the ongoing use of equity-based incentives to reward and retain employees.
The additional quoted shares may marginally dilute existing holdings but are intended to strengthen staff alignment with the company’s long-term performance. This move underscores Butn’s continued reliance on share-based remuneration as part of its broader capital management and employee engagement strategy.
The most recent analyst rating on (AU:BTN) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited reported its fifth consecutive half of revenue growth, with first-half FY26 revenue rising 15% to a record $8.2 million on stable 3.0% margins and originations increasing 14% to $267.3 million. Platform originations surged 38% to $113.9 million and now account for over 40% of monthly originations, supporting a shift toward higher-margin business and demonstrating strong client engagement.
The company posted a normalised net loss after tax of $1.5 million but delivered positive normalised operating cash flow, highlighting improving operational leverage as volumes scale despite one-off legal and advisory costs. Butn further strengthened its funding and balance sheet through a $100 million senior debt facility from Northleaf Capital Partners, of which $77 million is drawn, and additional equity, while keeping bad debts under 0.1% of originations, reinforcing its risk management and growth capacity.
The most recent analyst rating on (AU:BTN) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited reported record half-year revenue of $8.2 million for the six months to 31 December 2025, up 15% year-on-year, driven by strong growth in platform originations that climbed 38% to $113.9 million and now represent more than 40% of total origination volumes. Despite stable margins of 3.0% and evidence of operating leverage, the group posted a pre-tax loss of $1.8 million and negative operating cash flow due to one-off costs, while bolstering its capital position with a new $100 million senior debt facility from Northleaf Capital Partners, a $3 million equity placement and board and leadership changes aimed at supporting its growth strategy and governance.
The new debt facility replaces existing corporate notes, extends funding maturities and provides scalable capacity to underpin future expansion in SME funding as management prioritises disciplined cost control, platform scaling and capital efficiency. Governance was further strengthened through the transition of co-CEO Walter Rapoport from his executive and board roles and the appointment of independent non-executive director Stanley Gordon, ensuring leadership continuity and a majority-independent board aligned with the company’s growth trajectory.
The most recent analyst rating on (AU:BTN) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited reported a 15% increase in revenue from ordinary activities to $8.19 million for the half year ended 31 December 2025, compared with the prior corresponding period. Despite the top-line growth, the company swung to a net loss after tax of $1.85 million from a prior profit of $0.21 million, and it will not pay an interim dividend.
The company’s net tangible assets per share rose 25% to 3.17 cents over the half, indicating some strengthening of its balance sheet even as profitability declined. No entities were acquired or disposed of during the period, and the results are based on reviewed financial statements, maintaining transparency for investors under ASX continuous disclosure rules.
The most recent analyst rating on (AU:BTN) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited has notified the market that a total of 3,958,330 options with an exercise price of $0.50 have lapsed without being exercised, comprising 1,093,750 BTNAD options expiring on various dates and 2,864,580 BTNAH options expiring on 8 January 2026. The expiry of these options without conversion reduces the company’s pool of potential equity dilution but also indicates that the current share price did not make exercise economically attractive, a development existing shareholders may view as marginally positive for capital structure while implying limited immediate capital inflow from these instruments.
The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited announced a change in the director’s interest, with Rael Ross acquiring an additional 1,250,000 ordinary fully paid shares indirectly through Why K Pty Ltd, a trustee of the Rael Ross Family Trust. This acquisition, approved at the 20 November 2025 AGM, increases Ross’s total indirect holdings to 40,350,706 shares, reflecting a strategic move to strengthen his stake in the company. The increase in shareholding could potentially enhance Ross’s influence in corporate decisions and signal confidence in Butn Limited’s future prospects, potentially impacting investor perceptions and market positioning.
The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited has announced a change in the director’s interest, with Cameron Petricevic acquiring 625,000 ordinary fully paid shares, increasing his total indirect holding to 1,298,163 shares. This change, approved at the November 2025 AGM, reflects a strategic move to strengthen the director’s stake in the company, potentially impacting its governance and stakeholder confidence.
The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited has announced the issuance of 1,875,000 fully paid ordinary shares, as approved by shareholders. This move is part of the company’s efforts to enhance its financial operations and maintain compliance with the Corporations Act 2001. The issuance of shares is expected to bolster Butn’s market position and provide additional resources to support its innovative funding solutions for SMEs.
The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.
Butn Limited has announced the quotation of 1,875,000 fully paid ordinary securities on the Australian Securities Exchange (ASX) under the code BTN, effective December 16, 2025. This move is part of a previously announced transaction and is expected to enhance the company’s liquidity and market presence, potentially benefiting stakeholders by increasing the accessibility of its shares.
The most recent analyst rating on (AU:BTN) stock is a Sell with a A$0.09 price target. To see the full list of analyst forecasts on Butn Limited stock, see the AU:BTN Stock Forecast page.