CleanSpace Holdings Ltd. (CSX) AI Stock Analysis

• Market Cap: AU$46.14M
• Dividend Yield: N/A
• Average Volume (3M): 39.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• Revenue Growth: 25.72%
• EPS Growth: 84.69%
• Country: AU
• Employees: 55
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.02
• Shares Outstanding: 78,872,090
• 10 Day Avg. Volume: 29,005
• 30 Day Avg. Volume: 39,591
• PEG Ratio: 1.00
• Price to Book (P/B): 2.11
• Price to Sales (P/S): 2.05
• P/FCF Ratio: 40.19
• 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): <0.01
• Revenue Forecast (FY): AU$23.10M

• Rating: 43 Neutral
• Price Target: AU$0.57 ▼(-16.91% Downside)
• Action: Reiterated Date: 11/28/25
• Date: Action: Reiterated 11/28/25

CleanSpace Holdings Ltd. is currently facing significant financial and technical challenges. The most impactful factors are the ongoing profitability issues and weak cash flow performance, compounded by bearish technical indicators. The negative P/E ratio and lack of dividend yield further detract from the stock's valuation appeal. Overall, the stock's outlook is cautious, with financial instability and negative market momentum being the primary concerns.

Positive Factors

High gross margin

A gross margin near 75% indicates durable product-level profitability driven by differentiated hardware and consumables. High gross margins give room to cover R&D, service and distribution costs, supporting long-term product development and sustained unit economics as sales scale.

Diversified recurring revenue

Recurring revenue from replacement parts, filters and service contracts creates predictable cash inflows and customer lock-in. This revenue mix smooths demand cyclicality for PPE, increases lifetime value per customer, and supports durable margin recovery as installed base grows.

Low leverage

A modest debt-to-equity ratio provides balance-sheet flexibility to fund product development and inventory without heavy interest burden. Low leverage reduces refinancing risk and preserves capacity to invest in commercial expansion or absorb near-term losses while pursuing profitable scale.

Negative Factors

Weak cash flow conversion

Declining free cash flow and poor operating cash conversion limit the company's ability to self-fund operations, capex and working capital needs. Over a multi-month horizon this increases reliance on external financing or equity raises, raising execution and dilution risk for growth plans.

Negative operating profitability

Persistent negative EBIT and net margins show core operations are not yet cash-generative despite revenue gains. Structural unprofitability constrains reinvestment and margin expansion, forcing tough choices on pricing, cost structure or capital allocation to reach sustainable earnings.

Negative return on equity

A negative ROE signals the firm is not delivering returns on invested capital, which can deter new capital and pressure financing terms. Over time this metric hampers ability to raise non-dilutive funding and undermines the scalability of shareholder value until profitability is restored.

CleanSpace Holdings Ltd. Business Overview & Revenue Model

Company Description

CleanSpace Holdings Limited engages in the design, manufacture, and sale of respirators and related products and services for healthcare and industrial employers worldwide. It offers CleanSpace HALO, a personal respiratory protection for healthcare; CleanSpace ULTRA, a personal respiratory protection for face/eye protection and water tolerance; CleanSpace2, a personal respiratory protection for workers in general industrial environments; and CleanSpace EX for personal protection for people working in explosive environments. The company also provides accessories and consumable products comprising masks, filters, docking stations, cleaning and storage products, car chargers, biohoods, half mask and bio mask exhalation adaptors, unit id panels, mask id badges, mask decal, helmet hook strap, hoods, backpacks, full face mask quantitative fit test, full face mask spectacle kits, visor protectors, head harness, grommet, and spares. It serves mining, welding, construction, laboratory, dental, wastewater, and healthcare and first responder's industries. CleanSpace Holdings Limited was founded in 2009 and is based in St Leonards, Australia.

How the Company Makes Money

CleanSpace Holdings generates revenue primarily through the sale of its respiratory protection equipment and accessories. The company has a diversified revenue model that includes direct sales to customers, distribution partnerships, and contracts with government and healthcare institutions. Key revenue streams consist of product sales, recurring sales from replacement parts and filters, and service agreements for maintenance and training on the use of their equipment. Strategic partnerships with distributors and industry leaders further enhance market reach and contribute to earnings, while ongoing investments in research and development help to innovate and expand their product offerings, attracting new customers and retaining existing ones.

CleanSpace Holdings Ltd. Financial Statement Overview

Summary

CleanSpace Holdings Ltd. faces significant financial challenges, with ongoing profitability issues and weak cash flow performance. Revenue growth has shown recent improvement, but the company struggles with negative margins and low returns on equity. The balance sheet is moderately leveraged, providing some stability, but overall financial health remains a concern.

Income Statement

CleanSpace Holdings Ltd. has experienced fluctuating revenue growth, with a recent positive growth rate of 12.25% after a period of decline. However, profitability remains a concern with negative net profit margins and EBIT margins, indicating ongoing operational challenges. The gross profit margin is relatively strong at 74.76%, suggesting effective cost management despite overall losses.

Balance Sheet

The company's debt-to-equity ratio is moderate at 0.24, indicating a balanced approach to leveraging. However, the return on equity is negative, reflecting the company's struggle to generate profits from shareholders' equity. The equity ratio is not provided, but the overall financial stability is moderate with manageable debt levels.

Cash Flow

Cash flow performance is weak, with a significant decline in free cash flow growth. The operating cash flow to net income ratio is low, indicating challenges in converting income into cash. However, the free cash flow to net income ratio is relatively high, suggesting some efficiency in cash management despite overall cash flow issues.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	19.76M	15.72M	12.09M	13.36M	49.93M
Gross Profit	14.78M	11.36M	-5.16M	9.75M	40.27M
EBITDA	-824.55K	-3.49M	-10.55M	-14.10M	17.15M
Net Income	-478.28K	-3.13M	-8.13M	-11.28M	11.39M
Balance Sheet
Total Assets	27.57M	26.05M	28.98M	38.36M	50.72M
Cash, Cash Equivalents and Short-Term Investments	10.47M	9.76M	12.16M	24.30M	38.24M
Total Debt	4.54M	3.45M	4.00M	4.13M	4.38M
Total Liabilities	8.41M	6.95M	7.02M	8.60M	9.99M
Stockholders Equity	19.16M	19.10M	21.96M	29.75M	40.73M
Cash Flow
Free Cash Flow	1.01M	-1.76M	-11.97M	-13.60M	11.73M
Operating Cash Flow	1.11M	-1.73M	-11.96M	-13.00M	13.46M
Investing Cash Flow	-778.38K	2.00M	7.06M	-628.00K	-14.18M
Financing Cash Flow	-559.87K	-637.10K	-211.49K	-357.95K	16.19M

CleanSpace Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CSX, the sentiment is Negative. The current price of 0.68 is above the 20-day moving average (MA) of 0.63, above the 50-day MA of 0.66, and above the 200-day MA of 0.65, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 35.37 is Neutral, neither overbought nor oversold. The STOCH value of 17.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:CSX.

CleanSpace Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CBL	51 Neutral	AU$25.13M	-2.58	-103.74%	―	14.84%	39.64%
IPD	46 Neutral	AU$32.62M	-1.65	-74.00%	―	23.31%	-17.35%
CYC	44 Neutral	AU$102.52M	-5.34	-31.98%	―	34.20%	-23.90%
EMV	44 Neutral	AU$163.57M	-15.12	-70.55%	―	―	-257.32%
CSX	43 Neutral	AU$46.14M	-95.16	-2.50%	―	25.72%	84.69%
MX1	41 Neutral	AU$50.83M	-3.10	-128.19%	―	-14.25%	-22.83%

CleanSpace Holdings Ltd. Corporate Events

CleanSpace Secures $891,000 R&D Rebate to Drive Respiratory Tech Innovation

CleanSpace Holdings Limited, an Australian manufacturer of premium respiratory protection solutions for industrial and healthcare markets, continues to invest in advanced powered air purifying respirator technology developed by a team of biomedical engineers. Its focus on differentiated design and approved products aims to enhance worker safety and health outcomes across demanding end markets.

The company has received an $891,000 cash rebate under the Australian federal government’s R&D Tax Incentive program for the financial year ended 30 June 2025, with funds earmarked for ongoing product research and development. The rebate reinforces CleanSpace’s position as an innovation-led player in the PAPR segment, supporting continued product advancement and potentially strengthening its competitive edge and value proposition for industrial customers and frontline workers.

The most recent analyst rating on (AU:CSX) stock is a Hold with a A$0.56 price target. To see the full list of analyst forecasts on CleanSpace Holdings Ltd. stock, see the AU:CSX Stock Forecast page.

CleanSpace seeks ASX quotation for new share issuance

CleanSpace Holdings has applied to the ASX for quotation of 490,530 additional ordinary fully paid shares, with an issue date of 17 February 2026. The move modestly increases the company’s free float and equity base, signalling ongoing capital management activity that may enhance liquidity for existing shareholders and support future corporate initiatives.

The newly issued securities arise from the exercise or conversion of existing options or other convertible instruments into ordinary shares. This conversion-based issuance suggests prior commitments are being crystallised into equity, slightly diluting existing holdings while potentially aligning capital structure with long-term strategic or employee incentive arrangements.

The most recent analyst rating on (AU:CSX) stock is a Hold with a A$0.56 price target. To see the full list of analyst forecasts on CleanSpace Holdings Ltd. stock, see the AU:CSX Stock Forecast page.

CleanSpace Writes Off NSW Health Loan, Booking $2.8m Gain

CleanSpace Holdings has reclassified a $2.8 million funding loan from the NSW Health Administration Corporation, awarded under the Medical Device Funding program in 2019, from a long-term liability to nil on its balance sheet as at 31 December 2025. The move follows the board’s assessment that the respirator project supported by the loan has not met commercial success milestones, with related sales contributing less than 0.5% of revenue in recent years and cumulative EBITDA remaining negative.

The accounting change, made under AASB 9 guidance and backed by external expert advice, will result in a $2.8 million uplift in ‘other gains’ in CleanSpace’s H1FY26 profit and loss statement. Management will reassess the likelihood of future commercial success and potential cash flows at each annual reporting date, with any renewed liability to be remeasured through the profit and loss, underscoring a more conservative stance on the project’s prospects while modestly improving near-term earnings.

The most recent analyst rating on (AU:CSX) stock is a Hold with a A$0.56 price target. To see the full list of analyst forecasts on CleanSpace Holdings Ltd. stock, see the AU:CSX Stock Forecast page.

CleanSpace Issues 863,000 Unquoted Restricted Share Awards Under Employee Scheme

CleanSpace Holdings has notified the ASX that it has issued 863,000 unquoted restricted share awards under its employee incentive scheme. The new equity awards, which are not intended to be quoted on the exchange, represent a further use of stock-based compensation to reward and retain staff, modestly diluting existing shareholders while aligning employees’ interests more closely with the company’s long-term performance.

The most recent analyst rating on (AU:CSX) stock is a Hold with a A$0.70 price target. To see the full list of analyst forecasts on CleanSpace Holdings Ltd. stock, see the AU:CSX Stock Forecast page.

CleanSpace Sets Date for FY26 Half-Year Results Briefing

CleanSpace Holdings has scheduled the release of its half-year results for the period ended 31 December 2025 on 26 February 2026, with the chairman, CEO and CFO to brief investors and analysts via webcast and telephone. The planned briefing underscores the company’s ongoing communication with the market as it pursues growth in its specialised respiratory protection niche, with stakeholders likely to focus on how continued R&D investment and product differentiation are translating into financial performance and industry positioning.

The most recent analyst rating on (AU:CSX) stock is a Hold with a A$0.70 price target. To see the full list of analyst forecasts on CleanSpace Holdings Ltd. stock, see the AU:CSX Stock Forecast page.

CleanSpace Holdings Secures Strong Shareholder Support at 2025 AGM

CleanSpace Holdings Limited announced that all resolutions at their 2025 Annual General Meeting were passed by a poll, reflecting strong shareholder support. This outcome reinforces the company’s strategic direction and commitment to advancing respiratory protection technology, potentially enhancing its position in the industrial and healthcare sectors.

The most recent analyst rating on (AU:CSX) stock is a Hold with a A$0.61 price target. To see the full list of analyst forecasts on CleanSpace Holdings Ltd. stock, see the AU:CSX Stock Forecast page.

CleanSpace Holdings Highlights FY25 Performance and Strategic Focus

CleanSpace Holdings Limited presented its FY25 AGM CEO presentation, highlighting the company’s financial performance and strategic direction. The presentation emphasized the company’s commitment to maintaining strong operational performance and its focus on innovation to enhance market positioning. Stakeholders were informed about the company’s adherence to International Financial Reporting Standards and the use of non-IFRS measures to provide a clearer understanding of its financial health.

The most recent analyst rating on (AU:CSX) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on CleanSpace Holdings Ltd. stock, see the AU:CSX Stock Forecast page.