Mighty Kingdom Ltd (AU:FTI)
ASX:FTI
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Mighty Kingdom Ltd
(Sydney:FTI)
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Rating:55Neutral
Price Target:
AU$0.61
▲(95.16% Upside)
Action:Reiterated
Date:05/07/26
The score is held back mainly by weak financial quality—continued net losses and persistently negative free cash flow—despite revenue growth and strong gross margins. Technicals are a key offset, with the stock trading above major moving averages and positive MACD supporting the trend. Valuation remains unattractive/unclear due to negative earnings and no dividend yield provided.
Positive Factors
High gross margins (~86%)
Sustained ~86% gross margins indicate strong project-level economics and pricing power as an outsourced developer. High gross profitability provides a durable buffer to absorb fixed overheads and supports potential pathway to operating leverage if SG&A growth is controlled over the next several quarters.
Negative Factors
Consistent negative free cash flow
Persistent negative operating and free cash flow forces reliance on external funding (equity or debt) to sustain operations. Even with improving burn, continued cash deficits reduce financial flexibility, increase dilution risk, and constrain the company’s ability to self-fund growth initiatives over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins (~86%)
Sustained ~86% gross margins indicate strong project-level economics and pricing power as an outsourced developer. High gross profitability provides a durable buffer to absorb fixed overheads and supports potential pathway to operating leverage if SG&A growth is controlled over the next several quarters.
Read all positive factors
Mighty Kingdom Ltd (FTI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$201.58M
Dividend YieldN/A
Average Volume (3M)142.54K
Price to Earnings (P/E)―
Beta (1Y)0.46
Revenue Growth-22.98%
EPS Growth95.85%
CountryAU
Employees126
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.01
Shares Outstanding341,653,560
10 Day Avg. Volume215,429
30 Day Avg. Volume142,542
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)4.41
Price to Sales (P/S)4.58
P/FCF Ratio-5.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mighty Kingdom Ltd Business Overview & Revenue Model
Company Description
Mighty Kingdom Limited engages in the video game development business in Australia. The company develops video games for console, PC, and mobile platforms. Its games portfolio includes PETER RABBIT RUN!, AVA'S MANOR, GABBY'S DOLLHOUSE, CONAN CHOP ...
How the Company Makes Money
Mighty Kingdom primarily makes money through contracted development services (work-for-hire) for third-party clients. Under this model, the company is paid to produce game content or complete game development projects, with revenue recognized base...
Mighty Kingdom Ltd Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
61
Positive
Cash Flow
24
Negative
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.33M | 5.10M | 6.93M | 4.90M | 3.28M |
| Gross Profit | 3.70M | 4.38M | -9.44M | -10.29M | -5.81M |
| EBITDA | -1.68M | -6.33M | -9.92M | -12.14M | -7.78M |
| Net Income | -1.99M | -6.99M | -9.09M | -10.86M | -7.15M |
Balance Sheet | |||||
| Total Assets | 5.81M | 6.56M | 8.51M | 11.38M | 19.06M |
| Cash, Cash Equivalents and Short-Term Investments | 3.03M | 3.37M | 301.79K | 3.75M | 13.55M |
| Total Debt | 0.00 | 0.00 | 264.94K | 693.24K | 1.48M |
| Total Liabilities | 1.32M | 3.63M | 5.26M | 6.09M | 7.16M |
| Stockholders Equity | 4.50M | 2.93M | 3.25M | 5.29M | 11.90M |
Cash Flow | |||||
| Free Cash Flow | -3.79M | -5.62M | -7.38M | -13.43M | -6.28M |
| Operating Cash Flow | -3.78M | -5.60M | -7.36M | -12.71M | -6.07M |
| Investing Cash Flow | -4.07K | 92.90K | -21.54K | -716.56K | -214.09K |
| Financing Cash Flow | 3.46M | 8.58M | 3.93M | 3.63M | 19.88M |
Mighty Kingdom Ltd Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | AU$201.58M | -30.79 | -69.45% | ― | -22.98% | 95.85% | |
52 Neutral | AU$111.19M | 3.48 | 2.43% | ― | -28.64% | ― | |
50 Neutral | AU$12.54M | 6.35 | -7.56% | ― | 516.43% | -1500.00% | |
46 Neutral | AU$7.80M | -1.37 | -14.37% | ― | 8.86% | 58.02% | |
42 Neutral | AU$22.12M | -3.36 | -71.75% | ― | -11.88% | -15.79% |
* Communication Services Sector Average
AU:FTI
Mighty Kingdom Ltd
0.63
0.56
800.00%
AU:SP8
Emerge Gaming Limited
0.01
0.00
0.00%
AU:5GG
Pentanet Ltd
0.02
-0.02
-51.43%
AU:PLY
Playside Studios Ltd
0.24
0.10
71.43%
AU:ASP
Aspermont Limited
1.90
-0.60
-24.00%
Mighty Kingdom Ltd Corporate Events
Kipto Pty Ltd exits substantial holder position in Fortifai Ltd
May 12, 2026
Kipto Pty Ltd has ceased to be a substantial shareholder in Fortifai Ltd after changes in its relevant interests were recorded on 7 May 2026. The change resulted from a dilution due to a placement and an off-market transfer involving 38,433,317 sh...
Fortifai Issues 2.1 Million Unquoted Options in Capital Structure Move
May 8, 2026
Fortifai Ltd has notified the market of a new issue of unquoted equity securities, comprising 2,097,902 options expiring on 7 May 2029 with an exercise price of $1.0725. The options, which form part of previously flagged transactions and are not i...
FortifAI Issues 20.98 Million Shares to Support AI Infrastructure Growth
May 7, 2026
FortifAI Limited has issued 20,979,021 fully paid ordinary shares without a prospectus-style disclosure, relying on provisions of the Corporations Act that allow such placements, and has confirmed ongoing compliance with its financial reporting an...
FortifAI bolsters Nol8 AI platform with $20m raise as Mighty Kingdom studio refocuses on efficiency
Apr 30, 2026
FortifAI has completed the acquisition of FastAI and its Nol8 technology, finalised a development roadmap for the Nol8 AI Data Plane, and raised $20 million in strategic placements to accelerate technology, marketing and business development. The ...
FortifAI Plans New Share and Option Issue to Bolster Capital
Apr 28, 2026
FortifAI Ltd has notified the ASX of a proposed issue of new securities, comprising up to 20,979,021 ordinary fully paid shares and 2,097,902 options exercisable at $1.0725 and expiring on 7 May 2029. The securities are to be issued via a placemen...
FortifAI Secures $15m Strategic Placement to Accelerate Nol8 AI Platform
Apr 28, 2026
FortifAI has secured firm commitments to raise $15 million via a strategic share placement to institutional and sophisticated investors at $0.715 per share, with no discount to its market price, underscoring strong demand and confidence in its Nol...
FortifAI Claims Nol8 FPGA Can Replace 60,000 CPUs and Transform AI Infrastructure Economics
Apr 28, 2026
FortifAI has reported new benchmark results showing its Nol8 FPGA appliance can match the compute capacity of up to 60,000 CPUs under high-complexity, AI-grade data workloads. The company positions Nol8 as a disruptive AI Data Plane that removes C...
FortifAI Shares Halted on ASX Ahead of Material Capital Raising Announcement
Apr 26, 2026
FortifAI Ltd has requested and been granted a trading halt on its securities by the ASX from 27 April 2026, pending an announcement on a material capital raising. The halt will remain in place until either the company releases further details on t...
FortifAI’s Nol8 Taps Former Elastic Executive to Drive Enterprise AI Data Plane Rollout
Apr 21, 2026
FortifAI’s Nol8 unit, which is building an FPGA-accelerated AI Data Plane to manage real-time data flows for large enterprises, has appointed former Elastic executive Jamie Pope as Chief Solutions Officer to spearhead enterprise adoption. Po...
FortifAI Claims 200,000x Data Throughput Edge Over Google’s RE2 in AI Benchmarks
Apr 1, 2026
FortifAI has reported benchmark tests showing its Nol8 AI Data Plane delivering a more than 200,000-fold throughput advantage over Google’s widely used RE2 pattern-matching engine under high-complexity, AI-grade workloads. Nol8 maintained a ...
Fortifai plans modest ASX share placement to raise new capital
Mar 27, 2026
Fortifai Ltd has notified the ASX of a proposed equity placement of up to 239,000 ordinary fully paid shares. The issue is scheduled for 31 August 2026 and will be conducted as a placement or similar type of securities issue, signaling the company...
Fortifai Appoints New Director With No Disclosed Security Interests
Mar 6, 2026
Fortifai Limited has appointed Sonu Cheema as a director effective 6 March 2026, according to an initial director’s interest notice lodged with the ASX. The filing confirms that Cheema currently holds no relevant interests in Fortifai securi...
FortifAI Refreshes Board and Secretariat as It Scales AI and Gaming Operations
Mar 6, 2026
FortifAI Limited has announced board and governance changes, appointing experienced corporate executive Sonu Cheema as a non-executive director and naming Jake van der Hoek as joint company secretary, while long-serving director Andrew Scott Cole ...
FortifAI Expands Capital Base With 17.7 Million New Shares
Feb 27, 2026
FortifAI Limited has issued 17,666,667 fully paid ordinary shares without a prospectus under the Corporations Act’s disclosure exemptions, notifying the market that it has met its financial reporting and continuous disclosure obligations. Th...
Fortifai Releases Half-Year 2025 Financial Report
Feb 25, 2026
Fortifai Limited has released its Appendix 4D and consolidated financial statements for the half year ended 31 December 2025, including the directors’ report, auditor’s independence declaration and review report. The disclosure package...
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.