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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$0.29
▼(-2.33% Downside)
Action:ReiteratedDate:01/29/26
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
Very low debt and a stable equity base (~5.1M vs ~5.5M assets) provide a durable solvency buffer. This reduces short-term refinancing risk, gives management runway to restructure or relaunch sales efforts, and preserves optionality while revenues are rebuilt.
Improving cash burn
A materially lower cash burn in 2025 signals cost discipline and a path toward narrower funding needs. If sustained, this improvement lengthens runway, lowers dependency on external capital, and makes any recovery in revenue more likely to translate into durable cash generation.
Lower market sensitivity (beta)
A below‑1 beta indicates lower sensitivity to market swings, implying reduced systemic volatility risk. Over months, this can help preserve capital, ease access to refinancing in turbulent markets, and signal a more defensible business profile versus highly cyclical peers.
Negative Factors
Revenue collapsed to zero
Zero reported revenue across recent annual periods removes the company's primary operating lever. Without structural revenue restoration, the business cannot generate organic cash, undermining growth prospects and making strategic recovery dependent on new products, markets, or capital.
Persistent negative free cash flow
Ongoing negative FCF forces reliance on external funding or equity dilution to sustain operations. Even with a smaller burn, continued outflows erode the balance sheet, limit reinvestment in product or sales, and increase long‑term financing and survival risk absent revenue recovery.
Persistent net losses and negative ROE
Repeated net losses produce negative ROE and gradually consume equity, weakening the very balance sheet that is currently a strength. If losses continue, the equity cushion will shrink, limiting strategic options and raising the likelihood of restructuring or asset sales.

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.
BreakdownJun 2024Jun 2023Jun 2021Jun 2020
Income Statement
Total Revenue0.000.002.08M2.56M
Gross Profit0.000.002.08M2.56M
EBITDA-1.12M-1.24M-2.12M-2.23M
Net Income-1.12M-538.26K-2.73M-2.80M
Balance Sheet
Total Assets5.54M5.41M6.41M3.65M
Cash, Cash Equivalents and Short-Term Investments3.35M4.29M5.60M2.21M
Total Debt40.60K0.000.00273.06K
Total Liabilities444.93K569.49K1.39M1.59M
Stockholders Equity5.10M4.84M5.02M2.33M
Cash Flow
Free Cash Flow-766.40K-1.60M-1.75M-2.95M
Operating Cash Flow-766.40K0.000.000.00
Investing Cash Flow-899.03K-108.13K-107.07K-752.05K
Financing Cash Flow742.31K2.67M5.13M-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$15.83M5.09-1.65%12.07%98.72%
48
Neutral
AU$13.20M6.35-19.65%201.07%-69.23%
45
Neutral
AU$14.10M-6.93-22.53%
44
Neutral
AU$33.37M5.86-166.02%-11.11%-71.43%
43
Neutral
AU$3.91M-0.71-152.17%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:FMR
Applyflow Limited
0.28
0.12
75.00%
DE:M2G
Norwood Systems Ltd
0.03
0.02
170.00%
AU:SP8
Emerge Gaming Limited
0.01
0.00
0.00%
AU:FRX
Flexiroam Ltd
0.02
0.01
100.00%
AU:MXO
Motio Limited
0.05
0.02
85.19%
AU:IFG
Frugl Group Limited
0.01
>-0.01
-31.25%

Applyflow Limited Corporate Events

FMR Resources Steps Up Porphyry Hunt With New Target L Drillhole
Mar 4, 2026

FMR Resources has commenced diamond drilling of hole 26LHDD073 at Target L, the fourth drillhole in its Phase I program at the Southern Porphyry prospect within the Llahuin Project joint venture in Chile. The new hole is planned to a depth of 1,200 metres and is designed as a systematic step closer to the interpreted mineralised core of the porphyry system.

Target L has been defined using integrated structural, geochemical, petrographic and geophysical data, including results from prior hole 26LHDD072 that intersected multiple porphyry intrusive phases with associated copper and molybdenum sulphides. The updated structural and geochemical vectors, indicating increasing complexity toward the porphyry source, suggest that the current drilling could materially improve FMR’s understanding of the system and refine future targeting for potential resource definition.

The most recent analyst rating on (AU:FMR) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on Applyflow Limited stock, see the AU:FMR Stock Forecast page.

FMR Resources Hits Broad Mineralised Porphyry Zones at Chilean Target K
Feb 25, 2026

FMR Resources has completed diamond drillhole 26LHDD072, the third hole in its Phase I program at the Southern Porphyry target within the Llahuin Project JV in Chile. The hole, drilled to 1,038.2 metres at Target K, was positioned between existing Targets A and C to test a structurally and geophysically defined corridor for porphyry mineralisation.

The drilling intersected multiple porphyry intrusive phases, including andesitic, diorite, and granodiorite porphyries, over broad intervals between 251 metres and 825 metres downhole. These units host stockwork veining, silicification, breccias, and visible copper and molybdenite sulphides in quartz–sulphide veinlets and disseminations, consistent with a mineralised copper–molybdenum porphyry system.

Preliminary structural interpretations suggest that the completed hole has intersected the outer mineralised zones, with vectors indicating a more prospective mineralised source to the south, east, and at depth. The company’s refined view is that a mapped MT anomaly likely reflects pyrite-rich peripheral mineralisation around a copper–molybdenum core, and planning is under way for the next drillhole to target this interpreted core zone.

The most recent analyst rating on (AU:FMR) stock is a Hold with a A$0.26 price target. To see the full list of analyst forecasts on Applyflow Limited stock, see the AU:FMR Stock Forecast page.

FMR Resources Confirms Copper Mineralised System at Goshen Prospect
Feb 10, 2026

FMR Resources has reported the first assay results from drilling at the Goshen prospect within its Fairfield Copper Project in New Brunswick, confirming shallow copper mineralisation below historical drilling. The initial hole GSH-25-001 returned intersections including 7 metres at 0.47% copper and 1 metre at 1.3% copper with silver credits, supporting the presence of a polymetallic system that remains open in multiple directions.

Assays from surrounding holes in the seven-hole program are still pending, but the confirmed mineralised zones in red-bed sediments provide early encouragement for the project’s exploration potential. The company plans to undertake additional geophysical work to refine structural and geological models at Goshen, aiming to identify further mineralised targets and guide future exploration decisions at Fairfield.

The most recent analyst rating on (AU:FMR) stock is a Hold with a A$0.22 price target. To see the full list of analyst forecasts on Applyflow Limited stock, see the AU:FMR Stock Forecast page.

FMR Resources Starts Key Drillhole at Target K in Chilean Porphyry Program
Feb 9, 2026

FMR Resources has commenced diamond drillhole 26LHDD072 at Target K, the third hole in its Phase I program at the Southern Porphyry prospect within the Llahuin Project Joint Venture in Chile. The company is concentrating on a corridor between earlier holes at Targets A and C, guided by detailed geological observations, structural vein data, and alteration patterns that point to a potential core of the porphyry system.

Target K lies between the previously drilled Targets A and C and has been defined using structural, alteration, and geophysical vectors, including magnetotelluric and induced polarisation models. Downhole geophysical data from Target C are being processed for integration with existing models, and the new hole is also designed to extend toward a deeper geophysical anomaly, potentially refining FMR’s understanding of the Southern Porphyry system and enhancing the project’s exploration outlook.

The most recent analyst rating on (AU:FMR) stock is a Hold with a A$0.22 price target. To see the full list of analyst forecasts on Applyflow Limited stock, see the AU:FMR Stock Forecast page.

FMR Resources Hits Visual Copper and Molybdenum in Second Llahuin Drillhole
Feb 2, 2026

FMR Resources has completed its second diamond drillhole (25LHDD071) at Target C within the Southern Porphyry prospect of the Llahuin Project in Chile, extending the hole to 1,490.65 metres after intersecting visible chalcopyrite- and molybdenum-bearing veinlets associated with a key magnetotelluric anomaly. Geological logging and downhole geophysical surveys indicate extensive phyllic alteration and sulphide veining consistent with the peripheral or halo zone of a mineralised porphyry copper system, providing critical geological, structural and geophysical data that the company says will refine the interpreted position of the main porphyry core and sharpen targeting for the next phase of drilling.

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 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.

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