Comet Ridge Ltd (COI) AI Stock Analysis

• Market Cap: AU$173.48M
• Dividend Yield: N/A
• Average Volume (3M): 337.20K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: N/A
• EPS Growth: 70.00%
• Country: AU
• Employees: N/A
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): >-0.01
• Shares Outstanding: 1,196,438,700
• 10 Day Avg. Volume: 505,534
• 30 Day Avg. Volume: 337,198
• PEG Ratio: 0.00
• Price to Book (P/B): 1.40
• Price to Sales (P/S): 40.29
• P/FCF Ratio: -5.50
• 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: AU$0.23
• Price Target Upside: 64.29% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): >-0.01
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: AU$0.15 ▲(3.57% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held back primarily by ongoing unprofitability and heavy cash burn, despite improving FY2025 revenue and reduced losses. Technicals are mildly positive with the price above key longer-term moving averages and neutral RSI, but valuation remains challenged due to a negative P/E and no dividend yield data.

Positive Factors

Low leverage / balance sheet resilience

Very low debt and an improving debt-to-equity ratio provide durable financial flexibility for an exploration company. This reduces refinancing and interest risk, supports funding of appraisal programs via equity or modest borrowings, and preserves optionality over the next 2–6 months.

Return to revenue and narrowing losses

Resumption of revenue and materially narrowed losses indicate the company is progressing toward commercial activities or monetisation. That trend improves cash runway assumptions and operational credibility, making sustainable operations more feasible over a multi-month horizon.

Focused upstream business model (CSG)

A focused CSG exploration and appraisal mandate creates a clear strategic pathway: concentrated technical expertise, targeted capital allocation, and easier partner/joint-venture engagement for development or sale of discovered resources, supporting durable value creation if appraisal succeeds.

Negative Factors

Persistent negative cash flow

Deep and ongoing free cash flow deficits are a structural risk for an explorer: they necessitate external funding to sustain drilling and appraisal, dilute shareholders or increase leverage, and limit ability to self-fund projects over the coming months without new financing.

Ongoing unprofitability and weak margins

Sustained losses and deeply negative margins signal the business has not yet converted activity into profitable operations. Until margins meaningfully improve, profitability remains uncertain, constraining reinvestment and shareholder returns over the medium term.

Negative returns on equity

A negative ROE shows the company’s capital is not producing positive economic returns. Persistently negative returns hinder long-term value creation, may deter partners or investors, and raise questions about capital allocation until projects convert to profitable output.

Comet Ridge Ltd Business Overview & Revenue Model

Company Description

Comet Ridge Limited, together with its subsidiaries, engages in the oil and gas exploration activities in Australia. The company's flagship asset includes Mahalo gas project covering an area of 989 square kilometers located in the Bowen Basin, Queensland. It holds 100% interests in the ATP 743, ATP 744, and ATP 1015 projects located in the Galilee Basin, Queensland; and Mahalo North, Mahalo East, and Mahalo Far East projects located in the Southern Bowen Basin, Queensland. The company also holds 29.6% interest in the PEL 6 and 59.09% interest in PEL 427 projects covering an area of 900 square kilometers located in the Gunnedah Basin, New South Wales. Comet Ridge Limited was incorporated in 2003 and is based in Brisbane, Australia.

How the Company Makes Money

Comet Ridge Ltd generates revenue primarily through the exploration and development of coal seam gas projects. The company earns money by identifying and developing gas resources, which are then either sold directly to energy utilities and industrial users or through joint ventures and partnerships with other energy companies. Revenue streams are also generated from selling interests in its exploration projects or through production sharing agreements. Significant partnerships with other energy sector players can enhance project development and provide additional revenue opportunities through shared investment and technology transfer.

Comet Ridge Ltd Financial Statement Overview

Summary

Financials remain weak overall: despite FY2025 revenue returning (2.79M) and losses narrowing, the company is still unprofitable (net loss -2.47M; ~-88.6% net margin) with persistent cash burn (operating cash flow -4.12M; free cash flow -20.43M). The balance sheet is a relative positive with low leverage (debt-to-equity ~0.09), but returns are still negative (ROE ~-3.1%).

Income Statement

FY2025 shows a return to meaningful revenue (2.79M vs. 0 in prior years), but profitability remains weak with a net loss (-2.47M) and negative net margin (~-88.6%). While losses narrowed versus FY2024 (-7.17M) and EBIT improved materially, earnings quality is still pressured and the business has not demonstrated sustainable profitability yet.

Balance Sheet

Leverage looks manageable with low debt relative to equity (debt-to-equity ~0.09 in FY2025, improved from ~0.41 in FY2022), and equity has grown versus earlier years. However, returns remain negative (return on equity ~-3.1% in FY2025), indicating the asset base is not yet generating profits and the balance sheet strength is being used to fund ongoing losses.

Cash Flow

Cash generation is a key concern: operating cash flow is consistently negative (FY2025 -4.12M) and free cash flow is deeply negative (FY2025 -20.43M), worsening from FY2024 (-8.94M). Free cash flow is negative even as accounting losses narrow, implying continued cash burn and reliance on external funding to sustain exploration and development activity.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	2.79M	0.00	0.00	0.00	20.00K
Gross Profit	-281.00K	2.79M	-198.00K	-124.00K	-71.00K	-79.98K
EBITDA	-2.41M	-17.00K	-4.92M	-3.52M	-7.45M	-6.88M
Net Income	-3.38M	-2.47M	-7.17M	-6.57M	-8.63M	-6.96M
Balance Sheet
Total Assets	125.28M	125.00M	120.30M	111.36M	109.36M	76.23M
Cash, Cash Equivalents and Short-Term Investments	7.05M	13.30M	16.78M	11.65M	8.00M	3.97M
Total Debt	229.00K	6.95M	7.44M	7.21M	19.44M	0.00
Total Liabilities	47.06M	44.68M	47.80M	47.05M	61.81M	25.82M
Stockholders Equity	78.22M	80.32M	72.51M	64.31M	47.55M	50.41M
Cash Flow
Free Cash Flow	-5.94M	-20.43M	-8.94M	-9.20M	-11.69M	-4.36M
Operating Cash Flow	-5.92M	-4.12M	-4.22M	-3.80M	-3.36M	-1.98M
Investing Cash Flow	-14.83M	-10.61M	-4.63M	-6.54M	-20.33M	891.00K
Financing Cash Flow	11.18M	11.25M	13.97M	14.62M	27.72M	-2.00K

Comet Ridge Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:COI, the sentiment is Positive. The current price of 0.14 is above the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.14, and above the 200-day MA of 0.13, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.46 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:COI.

Comet Ridge Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HZN	69 Neutral	AU$406.90M	23.18	16.49%	14.63%	-4.57%	-52.65%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
TBN	52 Neutral	AU$997.19M	-30.28	-14.41%	―	―	―
COI	50 Neutral	AU$173.48M	-19.23	-4.74%	―	―	70.00%
CVN	49 Neutral	AU$178.91M	52.53	1.40%	―	―	―
BTL	49 Neutral	AU$323.46M	-6.11	-13.47%	―	―	―
STX	47 Neutral	AU$413.93M	-7.29	-42.02%	―	59.48%	-1714.71%

Comet Ridge Ltd Corporate Events

Comet Ridge Issues Half-Year 2025 Financial Statements

Comet Ridge Ltd has released its consolidated financial statements for the half-year ended 31 December 2025, providing investors with updated information on its financial performance and position. The report package includes the directors’ report, audited financial statements, and related declarations and reviews, offering stakeholders a formal update on the company’s mid-year results and governance disclosures.

The half-year release underscores Comet Ridge’s compliance with reporting obligations as an ASX-listed company and maintains transparency around its operations and capital structure. While detailed figures are not disclosed in the announcement excerpt, the comprehensive nature of the filings supports informed decision-making by shareholders, creditors, and market analysts monitoring the company’s progress in the energy sector.

The most recent analyst rating on (AU:COI) stock is a Buy with a A$0.25 price target. To see the full list of analyst forecasts on Comet Ridge Ltd stock, see the AU:COI Stock Forecast page.

Comet Ridge to Take Full Control of Mahalo Gas Hub as Key Approvals and FEED Advance

Comet Ridge has moved to consolidate full control of its flagship Mahalo Gas Hub in Queensland, signing a binding agreement to acquire Santos QNT’s 42.86% stake in the Mahalo Gas Project, which will give it 100% ownership and operatorship over about 1,850 square kilometres of gas acreage. The company also secured key environmental approval for development of its wholly owned Mahalo North project, advanced Front End Engineering Design on both upstream facilities and a new high-pressure pipeline led by Santos and Jemena respectively, progressed potential NAIF debt funding into due diligence, and reported $7.1 million in quarter-end cash, collectively positioning the Mahalo Gas Hub as a larger-scale, more flexible east coast gas supply option with greater strategic control and potential efficiency gains for Comet Ridge and its stakeholders.

The most recent analyst rating on (AU:COI) stock is a Hold with a A$0.15 price target. To see the full list of analyst forecasts on Comet Ridge Ltd stock, see the AU:COI Stock Forecast page.

Comet Ridge Clears ASX Hurdle for Full Mahalo Gas Project Acquisition

Comet Ridge Limited has received confirmation from the ASX that its proposed acquisition of Santos QNT’s 42.86% stake in the Mahalo Gas Project, which will increase Comet Ridge’s ownership of the project to 100%, will not trigger the need for shareholder approval or require the company to re-comply with initial listing requirements under ASX Listing Rules 11.1.2 and 11.1.3. This clarification removes a key regulatory hurdle for the transaction, smoothing the path for Comet Ridge to consolidate full control of its flagship Mahalo Gas Project, potentially strengthening its operational flexibility and strategic positioning in supplying gas to the east coast Australian market.

The most recent analyst rating on (AU:COI) stock is a Buy with a A$0.25 price target. To see the full list of analyst forecasts on Comet Ridge Ltd stock, see the AU:COI Stock Forecast page.

Comet Ridge Wins Key Federal Environmental Approval for Mahalo North Gas Project

Comet Ridge has secured key federal environmental approval under the Environment Protection and Biodiversity Conservation Act for its 100%-owned Mahalo North natural gas development in Queensland’s Bowen Basin, complementing an existing Queensland environmental authority. The EPBC approval, following extensive assessment by federal agencies, allows the company to build, operate, decommission and rehabilitate up to 68 coal seam gas wells and associated infrastructure over a 141 km² area, and comes shortly after Comet Ridge agreed to acquire full ownership of the adjacent Mahalo Gas Project and advanced its NAIF financing assessment, marking a major step toward expanding its Mahalo Gas Hub and boosting future gas supply to Australia’s east coast market.

The most recent analyst rating on (AU:COI) stock is a Buy with a A$0.25 price target. To see the full list of analyst forecasts on Comet Ridge Ltd stock, see the AU:COI Stock Forecast page.

Santos Limited Divests Non-Core Assets to Focus on Key Projects

Santos Limited, a prominent player in the energy sector, has announced the divestment of its 42.86% interest in the Mahalo Joint Venture to Comet Ridge Limited for A$40 million upfront and up to A$20 million in contingent payments. This move, along with the completed sale of its interests in the Petrel and Tern fields to Eni Australia, underscores Santos’ strategy to optimize its portfolio by monetizing non-core assets and focusing on near-term priorities like the Barossa and Pikka projects, ultimately aiming to enhance shareholder returns.

The most recent analyst rating on (AU:COI) stock is a Hold with a A$0.14 price target. To see the full list of analyst forecasts on Comet Ridge Ltd stock, see the AU:COI Stock Forecast page.

Comet Ridge Acquires Full Ownership of Mahalo Gas Project

Comet Ridge Limited has announced its acquisition of Santos QNT Pty Ltd’s 42.86% interest in the Mahalo Gas Project, resulting in Comet Ridge holding 100% ownership of the Mahalo Gas Hub. This strategic move allows Comet Ridge to optimize the development of the gas resource, increasing its 2P Reserves and 2C Resources to 677 PJ. The acquisition positions Comet Ridge as a key player in the east coast gas market, with plans to target domestic gas sales and enhance its operational capabilities as the sole operator of the Mahalo Gas Hub.

The most recent analyst rating on (AU:COI) stock is a Hold with a A$0.14 price target. To see the full list of analyst forecasts on Comet Ridge Ltd stock, see the AU:COI Stock Forecast page.