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Applyflow Limited (AU:FMR)
ASX:FMR
Australian Market

Applyflow Limited (FMR) AI Stock Analysis

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AU:FMR

Applyflow Limited

(Sydney:FMR)

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Neutral 45 (OpenAI - 5.2)
Rating:45Neutral
Price Target:
AU$0.28
▼(-5.67% Downside)
The score is held down primarily by weak financial performance—zero reported revenue in recent periods alongside ongoing losses and negative free cash flow—partly offset by a low-leverage balance sheet. Technical indicators and valuation are also modestly negative/limited, with soft momentum and an uninformative negative P/E due to unprofitability.
Positive Factors
Conservative balance sheet / minimal debt
Low leverage and a sizeable equity base provide durable financial flexibility, lowering insolvency risk and preserving optionality for restructuring or financing. Over a 2–6 month horizon this reduces bankruptcy risk and supports strategic choices despite weak operations.
Meaningful improvement in cash burn
A materially lower cash burn rate extends runway and reduces near-term external financing pressure. This improvement is a durable operational trend if maintained, increasing the odds management can execute a turnaround or reach self-funding before capital exhaustion.
Smaller net losses vs earlier years
Progress toward narrower losses suggests cost control or operating improvements that can persist beyond a single quarter. If sustained, this structural reduction in losses improves prospects for eventual profitability once revenue recovery occurs or new initiatives scale.
Negative Factors
Revenue collapsed to zero
Zero reported revenue across two consecutive years is a fundamental business-model failure: it removes visibility on demand, prevents margin recovery, and means the company cannot organically finance operations. This structural revenue gap increases long-term viability risk.
Persistent negative free cash flow
Ongoing negative free cash flow signals chronic cash burn and reliance on external funding. Over months this constrains investment, forces dilution or borrowing, and limits the firm's ability to pursue growth or stabilize operations absent a clear path to sustainable positive cash generation.
Continued net losses eroding returns
Persistent net losses reduce equity and long-term shareholder value even with low debt. Without revenue restoration or sustained profitability, accumulated losses will weaken the capital base and limit strategic options, making recovery and investor returns more difficult.

Applyflow Limited (FMR) vs. iShares MSCI Australia ETF (EWA)

Applyflow Limited Business Overview & Revenue Model

Company DescriptionFMR Resources Limited engages in the exploration and development of battery and critical minerals in Canada. The company explores for copper and rare earth deposits. It holds 100% of the Fairfield copper project consisting of approximately 93.6 sq km located in New Brunswick; the Fintry project, which comprises approximately 12 sq km located on the southern zone of the Nagagami river alkalic complex in Ontario; and Llahuin Project located in the Illapel, in the Coquimbo Region. The company was formerly known as Applyflow Limited and changed its name to FMR Resources Limited in June 2024. FMR Resources Limited was incorporated in 2003 and is based in South Perth, Australia.
How the Company Makes Money

Applyflow Limited Financial Statement Overview

Summary
Financial quality is constrained by operations: revenue has fallen to 0 in the last two annual periods and losses persist. Cash flow remains negative (free cash flow negative in all periods), though the burn rate improved in 2025. Offsetting this, the balance sheet is conservatively levered with minimal debt and a stable equity base, supporting solvency despite weak earnings.
Income Statement
18
Very Negative
Revenue has deteriorated materially, falling from ~2.6M (2021) to ~2.1M (2022) and then to 0 in the last two annual periods provided (2024–2025), indicating a stalled or non-operating revenue base. Profitability is weak with persistent losses (net loss of ~2.8M in 2021, ~2.7M in 2022, ~0.5M in 2024, and ~1.1M in 2025). While the magnitude of losses improved versus 2021–2022, the lack of revenue and continued negative operating profit keep earnings quality and visibility low.
Balance Sheet
72
Positive
The balance sheet is conservatively levered: debt is minimal (0 in 2022 and 2024; ~0.04M in 2025), and debt relative to equity remains very low. Equity is substantial and stable (~5.1M in 2025) versus total assets (~5.5M), suggesting a solid capital base. The key weakness is ongoing negative returns on equity driven by net losses, which erodes shareholder value over time if losses persist.
Cash Flow
34
Negative
Cash generation is pressured: free cash flow is negative across all periods shown (e.g., ~-2.95M in 2021, ~-1.75M in 2022, ~-1.60M in 2024, and ~-0.77M in 2025). The burn rate has improved meaningfully in 2025 versus prior years, and free cash flow broadly tracks net loss in 2025, but operating cash flow is still negative in the latest year and the business has not demonstrated sustained self-funding capacity.
BreakdownTTMDec 2024Dec 2023Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.002.08M2.56M
Gross Profit0.000.000.002.08M2.56M
EBITDA-1.12M-1.12M-1.24M-2.12M-2.23M
Net Income-1.12M-1.12M-538.26K-2.73M-2.80M
Balance Sheet
Total Assets5.54M5.54M5.41M6.41M3.65M
Cash, Cash Equivalents and Short-Term Investments3.35M3.35M4.29M5.60M2.21M
Total Debt40.60K40.60K0.000.00273.06K
Total Liabilities444.93K444.93K569.49K1.39M1.59M
Stockholders Equity5.10M5.10M4.84M5.02M2.33M
Cash Flow
Free Cash Flow-766.41K-766.40K-1.60M-1.75M-2.95M
Operating Cash Flow-766.40K-766.40K0.000.000.00
Investing Cash Flow-899.03K-899.03K-108.13K-107.07K-752.05K
Financing Cash Flow742.31K742.31K2.67M5.13M-19.80K

Applyflow Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
60
Neutral
$48.67B4.58-11.27%4.14%2.83%-41.78%
54
Neutral
AU$15.83M-500.00-1.65%12.07%98.72%
48
Neutral
AU$13.20M-4.55-19.65%201.07%-69.23%
45
Neutral
AU$12.59M-5.25-22.53%
44
Neutral
AU$37.92M-10.42-166.02%-11.11%-71.43%
43
Neutral
AU$5.37M-0.49-152.17%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:FMR
Applyflow Limited
0.25
0.09
56.25%
DE:M2G
Norwood Systems Ltd
0.01
0.00
0.00%
AU:SP8
Emerge Gaming Limited
0.01
0.00
0.00%
AU:FRX
Flexiroam Ltd
0.03
0.01
127.27%
AU:MXO
Motio Limited
0.05
0.02
56.25%
AU:IFG
Frugl Group Limited
0.01
>-0.01
-45.00%

Applyflow Limited Corporate Events

FMR Resources to Release 937,500 Escrowed Shares Linked to Chilean Copper-Gold Deal
Jan 23, 2026

FMR Resources Limited will release 937,500 fully paid ordinary shares from voluntary escrow on 5 February 2026, having originally issued the stock to Southern Hemisphere Mining as consideration for its Chilean Copper Gold Porphyry Project earn-in and placement. The end of the escrow period will increase the freely tradable share float, potentially affecting liquidity and ownership dynamics as the company advances its portfolio of battery and critical mineral projects in Canada and Chile.

The most recent analyst rating on (AU:FMR) stock is a Hold with a A$0.25 price target. To see the full list of analyst forecasts on Applyflow Limited stock, see the AU:FMR Stock Forecast page.

FMR Resources Flags Promising Porphyry Copper Indicators in Chile as Cash Backing Supports Ongoing Drilling
Jan 15, 2026

FMR Resources reported encouraging early drilling results for the December 2025 quarter, highlighted by its first hole at the Llahuin Project’s Southern Porphyry target in Chile intersecting a shallow mineralised epithermal zone, including a peak assay of 1.7% copper, above indicators of a vertically extensive porphyry copper system at depth. The company also completed maiden drilling at the Goshen Prospect in its Canadian Fairfield Project, showing shallow copper mineralisation aligned with geophysical and soil anomalies, while strengthening its board with the appointment of Cameron Peacock as a non-executive director and closing the quarter with A$4.54 million in cash, positioning FMR to continue testing what it describes as a potential company-making copper discovery.

The most recent analyst rating on (AU:FMR) stock is a Hold with a A$0.30 price target. To see the full list of analyst forecasts on Applyflow Limited stock, see the AU:FMR Stock Forecast page.

FMR Resources Strengthens Leadership with Appointment of New CFO
Jan 11, 2026

FMR Resources Limited has appointed Jack Dowland as its new Chief Financial Officer, effective immediately, strengthening its financial leadership as it advances a portfolio of battery and critical minerals projects in Canada and Chile. Dowland brings more than eight years of finance and auditing experience, including roles at Belltree Corporate, BDO in Perth and Australis Oil & Gas, which is expected to bolster FMR’s financial management and governance as it pursues growth in the mining and resources sector.

The most recent analyst rating on (AU:FMR) stock is a Hold with a A$0.29 price target. To see the full list of analyst forecasts on Applyflow Limited stock, see the AU:FMR Stock Forecast page.

FMR Resources Cancels 999,999 Performance Shares Following Expiry
Jan 2, 2026

FMR Resources Limited, an ASX-listed company (code: FMR), has reported a change in its issued capital structure, though the announcement does not detail its underlying business operations or sector focus. The company has notified the expiry, without exercise or conversion, of 999,999 performance shares (ASX code: FMRAG) as at 31 December 2025, reducing the number of potential equity-linked securities on issue and signaling a tightening of its capital base, which may slightly alter dilution expectations for existing shareholders.

FMR Resources Advances Exploration with New Drilling at Target C
Dec 2, 2025

FMR Resources Limited has completed downhole geophysical surveys at Target A, revealing a larger-than-expected magnetotelluric (MT) zone, suggesting the primary MT source remains untested. The company has commenced drilling at Target C, which is characterized by a strong MT response closer to the surface, aiming to explore potential porphyry copper sulphide assemblages. This development enhances FMR’s understanding of the Southern Porphyry system, potentially unlocking the mineralized core and strengthening its position in the mining industry.

FMR Resources Appoints New Director with Significant Securities Interests
Nov 27, 2025

FMR Resources Ltd has announced the appointment of Cameron Peacock as a director, effective November 27, 2025. The announcement details Peacock’s relevant interests in securities, including 1,250,000 ordinary shares and 1,000,000 performance rights expiring on November 14, 2028, held through Obi-Wan Investments Pty Ltd. This appointment and the disclosed interests may influence the company’s strategic direction and stakeholder engagement.

FMR Resources Secures Shareholder Support at Annual General Meeting
Nov 27, 2025

FMR Resources Limited announced that all resolutions were passed by poll at its Annual General Meeting, with the exception of Resolution 2, which was withdrawn. This outcome reflects strong shareholder support and positions the company to continue its strategic focus on critical mineral exploration and development, aligning with global sustainability trends.

FMR Resources Ltd Announces Director Departure
Nov 27, 2025

FMR Resources Ltd has announced that William Oliver has ceased to be a director as of November 27, 2025. The announcement details Oliver’s interests in securities, including 150,000 fully paid ordinary shares and various options, indicating a significant personal investment in the company. This change in directorship may impact the company’s strategic direction and investor confidence, as Oliver’s departure marks a shift in the company’s leadership structure.

FMR Resources Confirms Extensive Porphyry System at Southern Porphyry
Nov 24, 2025

FMR Resources Limited has completed the first drillhole of its Phase I program at the Southern Porphyry target, reaching a depth of 1,469.10 meters. The geological observations confirm a large, vertically extensive porphyry copper system with various mineralization and alteration features. While the main MT conductive feature has not yet been intersected, the data supports the presence of a mineralized intrusive corridor. The company plans to integrate downhole geophysics and whole-rock analysis to refine their interpretation before selecting the next drillhole, which could significantly impact their exploration strategy and industry positioning.

FMR Resources Limited Announces Proposed Issue of Performance Rights
Nov 14, 2025

FMR Resources Limited has announced a proposed issue of 1,000,000 performance rights, with the issuance date set for November 28, 2025. This move is part of a placement or other type of issue, and the company is seeking approval from the ASX for the quotation of these securities. The announcement indicates a strategic step by FMR Resources Limited to potentially enhance its market position and provide value to its stakeholders.

FMR Resources Appoints Cameron Peacock as Non-Executive Director
Nov 14, 2025

FMR Resources Limited has announced the appointment of Cameron Peacock as a Non-Executive Director, effective after the AGM on November 27, 2025. This strategic move aligns with the company’s ambitions for growth, as Peacock brings over 25 years of experience in corporate finance and capital markets. His appointment coincides with FMR’s ongoing drilling efforts at the Southern Porphyry target area. Meanwhile, Bill Oliver will resign from the board but continue to offer strategic guidance as a consultant. This leadership change is expected to enhance FMR’s investor relations and business development capabilities, potentially impacting its market positioning positively.

FMR Resources Limited Updates Contact Information
Nov 5, 2025

FMR Resources Limited has announced a change of address and phone number for its registered office and principal place of business. This operational update reflects the company’s ongoing commitment to maintaining effective communication channels as it continues to focus on its strategic projects in Canada and Chile, which are aligned with the global transition to sustainable energy solutions.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 29, 2026