Connected IO (CML) AI Stock Analysis

• Market Cap: AU$12.24M
• Dividend Yield: N/A
• Average Volume (3M): 66.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.11
• 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$0.22 ▲(21.11% Upside)

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 solvency and refinancing risk, giving management more time to execute strategy. Over the next 2–6 months this structural low leverage preserves optionality for funding or strategic investments without heavy interest burdens.

Larger Equity Base

A materially larger equity base in 2025 strengthens the company’s capital cushion, extending runway against operating losses. This structural capital improvement provides buffer for continued product development or go-to-market activity over the coming months without immediate solvency pressure.

Recurring Revenue Business Model

A blended hardware plus recurring connectivity/subscription model is structurally favorable: recurring fees can smooth revenue volatility, raise lifetime customer value, and support margin recovery if scale is achieved, offering durable revenue predictability as deployments grow.

Negative Factors

Top-Line Collapse

Revenue effectively collapsing to near-zero since 2023 signals loss of product-market traction or contract attrition. Absent a durable recovery, this undermines the recurring-revenue thesis and makes operational leverage and margin recovery unlikely within a 2–6 month horizon.

Widening Net Losses

A sharp deterioration in net loss year-over-year indicates operations are burning more capital rather than moving toward profitability. Persistently widening losses threaten the equity cushion and increase likelihood of corrective actions or dilutive financings in the medium term.

Negative Cash Generation

Consistently negative operating and free cash flow, and a material worsening in 2025, shows the business is not self-funding. Over 2–6 months this increases reliance on external capital, raising execution risk and potentially forcing trade-offs between growth investments and liquidity preservation.

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	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	902.64K	1.20M
Gross Profit	-8.70K	-8.70K	0.00	0.00	157.44K	-871.15K
EBITDA	-1.14M	-2.27M	-453.60K	-446.00K	-971.00K	-5.45M
Net Income	-1.11M	-2.23M	-417.68K	-456.00K	-984.00K	-5.69M
Balance Sheet
Total Assets	7.37M	7.37M	1.26M	1.72M	2.38M	8.48M
Cash, Cash Equivalents and Short-Term Investments	924.83K	924.83K	1.24M	1.71M	2.30M	1.55M
Total Debt	0.00	0.00	0.00	96.46K	222.64K	1.91M
Total Liabilities	110.87K	110.87K	88.85K	136.03K	338.22K	159.18K
Stockholders Equity	7.26M	7.26M	1.17M	1.59M	2.04M	8.32M
Cash Flow
Free Cash Flow	-882.00	-1.77M	-467.31K	-373.02K	-3.27M	-1.25M
Operating Cash Flow	-869.00	-1.74M	-467.31K	-373.02K	-3.26M	-374.78K
Investing Cash Flow	-2.96M	-2.96M	0.00	0.00	-3.34K	-1.48M
Financing Cash Flow	4.39M	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$12.24M	-3.58	-52.90%	―	―	―
VR8	48 Neutral	AU$14.37M	-5.11	-8.74%	―	―	-25.00%
SVY	44 Neutral	AU$10.96M	-1.98	-56.10%	―	―	44.90%
RML	42 Neutral	AU$102.99M	-0.72	-200.54%	―	―	-620.20%
INF	40 Underperform	AU$7.19M	-0.38	-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.

Connected Minerals Limited Passes All AGM Resolutions, Supports Strategic Expansion

Connected Minerals Limited announced that all resolutions at its Annual General Meeting, including a special resolution for an additional 10% placement capacity, were passed by poll. This outcome supports the company’s strategic direction in expanding its exploration and development projects, potentially enhancing its market position in the uranium sector.

Connected Minerals Limited Releases Exploration Results

Connected Minerals Limited has released a presentation outlining its current exploration results, which have been reviewed and approved by a competent professional. This announcement underscores the company’s commitment to transparency and adherence to industry standards, potentially strengthening its position in the energy sector.