Connected IO (CML) AI Stock Analysis

• Market Cap: AU$14.28M
• Dividend Yield: N/A
• Average Volume (3M): 66.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.20
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.02
• Shares Outstanding: 58,283,210
• 10 Day Avg. Volume: 66,011
• 30 Day Avg. Volume: 66,856
• PEG Ratio: 0.03
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.07
• 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: 48 Neutral
• Price Target: AU$0.24 ▲(35.00% Upside)
• Action: Reiterated Date: 01/30/26
• Date: Action: Reiterated 01/30/26

The score is primarily held down by very weak financial performance (near-zero revenue, widening losses, and escalating cash burn). Technicals provide a partial offset with price trading above key moving averages and positive MACD, but momentum is nearing overbought levels. Valuation is not supportive due to a negative P/E and no dividend yield provided.

Positive Factors

Low financial leverage

Zero reported debt in 2024–2025 materially reduces near-term solvency and interest-service pressure, giving management flexibility to focus on restructuring operations and investing in product/market initiatives. This lower leverage extends runway versus highly leveraged peers while losses persist.

Stronger capital base in 2025

A material equity increase in 2025 improves liquidity and the company’s capital buffer, lowering immediate refinancing risk. That enlarged capital base supports recovery plans or longer-term product development, reducing the risk of acute short-term insolvency while revenue rebuilds.

Recurring revenue business model potential

A business model mixing hardware sales with subscription-based connectivity and device management offers durable, sticky revenue potential once scale is regained. Recurring service fees can improve revenue visibility, margins and customer retention versus one-time hardware sales alone.

Negative Factors

Revenue collapse since 2023

Top-line collapse to near-zero since 2023 signals loss of product-market traction or contract exits, removing the base for margin recovery and recurring revenue conversion. Rebuilding sustainable revenue is a multi-quarter challenge and is critical to reversing cash burn and restoring growth.

Consistent negative cash generation

Persistent negative operating and free cash flows, and materially worse FCF in 2025, indicate the business is not self-funding. Continued cash burn forces reliance on external funding, heightening dilution or refinancing risk and constraining investment in sales or product scaling.

Widening losses and negative returns

Sharply larger net losses and persistently negative ROE demonstrate deteriorating profitability and shareholder value destruction. Without durable margin improvement or revenue recovery, these trends erode the equity cushion and impede the company’s ability to attract growth capital on favorable terms.

Connected IO Business Overview & Revenue Model

Company Description

Connected Minerals Limited operates as an exploration and resources development company in Namibia and Western Australia. The company explores for uranium, lead, copper, gold, silver, heavy mineral sands, and rare earth elements. Its projects include the Etango North-East project, which covers 30 square kilometers in the western part of Namibia; the Swakopmund project covering 125 square kilometers located along the trend to Orano's Trekkopje and Klein Trekkopje deposits; and the Pallingup project covering 88 square kilometers located in the Great Southern region of Western Australia. The company was formerly known as Connected IO Limited and changed its name to Connected Minerals Limited in August 2024. Connected Minerals Limited was incorporated in 1983 and is based in Perth, Australia.

How the Company Makes Money

Connected IO Financial Statement Overview

Summary

Financial health is weak: revenue has effectively dropped to near-zero since 2023, losses are persistent and widened in 2025, and operating/free cash flow remain deeply negative (higher cash burn in 2025). The main support is a low-leverage balance sheet with zero debt in 2024–2025 and a larger equity base, but ongoing losses threaten that cushion.

Income Statement

Operating performance remains very weak. Revenue fell from 3.8M (2020) to 1.2M (2021) to 0.9M (2022) and then effectively to zero from 2023–2025, indicating a collapse in the top line. Losses are persistent every year, and 2025 shows a sharp deterioration versus 2024 (net loss ~2.23M vs ~0.42M). While 2022 showed a positive gross profit, profitability has not stabilized and earnings remain deeply negative.

Balance Sheet

The balance sheet shows low financial leverage, with total debt at zero in 2024–2025 (and modest debt levels in earlier years), which reduces solvency risk. However, profitability remains a key drag on shareholder value, with negative returns on equity across all periods (roughly -12% to -48% historically and ~-31% in 2025). Equity increased materially in 2025 versus 2024, improving the capital base, but ongoing losses raise the risk that this cushion continues to be consumed.

Cash Flow

Cash generation is consistently negative: operating cash flow and free cash flow are below zero in every year shown, including 2025 (operating cash flow ~-1.74M; free cash flow ~-1.77M). Free cash flow worsened materially in 2025 versus 2024, signaling higher cash burn. While free cash flow tracks net income closely in several years (losses translating into similar cash outflows), there is no evidence yet of a sustained move toward self-funding operations.

Breakdown	Jun 2024	Jun 2024	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	0.00	0.00	0.00	902.64K	1.20M
Gross Profit	-8.70K	0.00	0.00	157.44K	-871.15K
EBITDA	-2.27M	-453.60K	-446.00K	-971.00K	-5.45M
Net Income	-2.23M	-417.68K	-456.00K	-984.00K	-5.69M
Balance Sheet
Total Assets	7.37M	1.26M	1.72M	2.38M	8.48M
Cash, Cash Equivalents and Short-Term Investments	924.83K	1.24M	1.71M	2.30M	1.55M
Total Debt	0.00	0.00	96.46K	222.64K	1.91M
Total Liabilities	110.87K	88.85K	136.03K	338.22K	159.18K
Stockholders Equity	7.26M	1.17M	1.59M	2.04M	8.32M
Cash Flow
Free Cash Flow	-1.77M	-467.31K	-373.02K	-3.27M	-1.25M
Operating Cash Flow	-1.74M	-467.31K	-373.02K	-3.26M	-374.78K
Investing Cash Flow	-2.96M	0.00	0.00	-3.34K	-1.48M
Financing Cash Flow	4.39M	0.00	-222.64K	2.41M	767.63K

Connected IO Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CML	48 Neutral	AU$14.28M	-4.10	-52.90%	―	―	―
VR8	48 Neutral	AU$17.49M	-6.00	-8.74%	―	―	-25.00%
SVY	43 Neutral	AU$9.59M	-1.73	-56.10%	―	―	44.90%
RML	42 Neutral	AU$80.80M	-0.58	-200.54%	―	―	-620.20%
INF	40 Underperform	AU$6.71M	-0.35	-119.49%	―	―	-405.06%
SRN	37 Underperform	AU$8.05M	―	-26.26%	―	―	78.57%

Connected IO Corporate Events

Connected Minerals Reports Strong Phase 2 Uranium Drill Results at Etango North-East

Connected Minerals has completed a Phase 2 reverse circulation drilling program at its Etango North-East Uranium Project in Namibia, drilling 23 holes for 3,134 metres at the Ondapanda prospect and returning economic uranium grades in 17 holes, including multiple high-grade intercepts. The results from both Phase 1 and Phase 2 confirm multiple stacked, mineralised alaskites that appear to follow the geological model of the nearby Etango uranium deposit, with mineralisation remaining open at depth and along strike; this supports the project’s potential scale and underpins plans for further drilling, while the company also prepares to commence a field program at its Pallingup project in Australia in the first quarter of 2026, subject to securing land access, potentially broadening its exploration pipeline.

The most recent analyst rating on (AU:CML) stock is a Sell with a A$0.16 price target. To see the full list of analyst forecasts on Connected IO stock, see the AU:CML Stock Forecast page.

Connected Minerals Limited Issues New Equity Securities

Connected Minerals Limited has announced the issuance of unquoted equity securities, including 9,500,000 CEO Performance Options and 5,000,000 Corporate Advisor Options. This move is part of a previously announced transaction and reflects the company’s strategic efforts to align executive performance incentives and advisory roles with its broader corporate goals.