Hazer Group Ltd. (HZR) AI Stock Analysis

• Market Cap: AU$100.96M
• Dividend Yield: N/A
• Average Volume (3M): 486.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.25
• Revenue Growth: N/A
• EPS Growth: 64.63%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): -0.02
• Shares Outstanding: 265,693,080
• 10 Day Avg. Volume: 430,232
• 30 Day Avg. Volume: 486,362
• PEG Ratio: 0.14
• Price to Book (P/B): 4.97
• Price to Sales (P/S): 110.92
• P/FCF Ratio: -10.32
• 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$0.70
• Price Target Upside: 79.49% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.03
• Revenue Forecast (FY): AU$4.50M

• Rating: 46 Neutral
• Price Target: AU$0.37 ▼(-4.62% Downside)
• Action: Reiterated Date: 12/13/25
• Date: Action: Reiterated 12/13/25

Hazer Group Ltd.'s overall stock score is primarily impacted by its financial performance challenges, including declining revenues and persistent losses. Technical analysis shows mixed momentum, and valuation metrics highlight ongoing profitability issues. The lack of earnings call data and corporate events further limits the assessment.

Positive Factors

Low leverage / strong equity position

Conservative leverage and a stable equity ratio provide financial flexibility over the medium term. This reduces bankruptcy risk and preserves capacity to fund pilot plants, licensing rollout or JV investments without immediate pressure to cut R&D or commercialization spending.

High gross profit potential

A high gross margin at the production level implies the HAZER Process converts inputs to product efficiently. If overheads decline with scale and commercial plants or license royalties ramp, this structural margin advantage could support sustained profitability once fixed costs are absorbed.

Clear licensing and project-based business model

A diversified commercialization strategy (licensing, engineering services, JV/project participation) allows scaling via partners with lower capital intensity. Recurring royalties and services revenue can create durable, high-margin cash flows as adoption of low-emission hydrogen grows.

Negative Factors

Declining revenues and persistent losses

Sustained revenue declines and recurring losses erode runway and limit reinvestment into commercialization. Over months this raises execution risk for pilot-to-commercial transitions, increases likelihood of dilution to fund operations, and constrains strategic flexibility.

Negative operating and free cash flow

Persistent negative operating and free cash flow strain liquidity and force external financing or cutbacks. This undermines the firm's ability to fund scale-up, demonstration plants, or support licensees, increasing dependency on capital markets and execution risk over the coming quarters.

Severe revenue volatility

A steep, recent revenue drop signals unstable commercialization traction or timing gaps in contract delivery. High volatility makes forecasting and partner negotiations harder, raising uncertainty around sustainable revenue streams and delaying the path to positive operating leverage.

Hazer Group Ltd. Business Overview & Revenue Model

Company Description

Hazer Group Limited operates as a clean technology development company in Australia. It focuses on the commercialization of the Hazer Process, a novel low carbon emission hydrogen and graphite production technology. The company enables the conversion of natural gas and similar feedstocks into hydrogen and graphite. It serves the industrial hydrogen, hydrogen mobility, and synthetic graphite markets. Hazer Group Limited was incorporated in 2010 and is headquartered in Perth, Australia.

How the Company Makes Money

Hazer Group’s intended revenue model is based on commercialising the HAZER Process through a mix of technology licensing and project-based deployment. In practice, this can include (a) licensing fees and ongoing royalties paid by third parties that build and operate HAZER Process plants, (b) revenue from engineering/technology services and project development support provided to partners or customers during feasibility, design, and commissioning phases, and (c) potential direct participation in projects (e.g., through joint ventures or ownership interests) where returns would be linked to hydrogen and graphite sales. The economics of deployed plants are generally tied to input feedstock costs (e.g., natural gas), demand/pricing for hydrogen, and the ability to monetise the solid carbon by-product (graphite) rather than treating it as waste. Specific current revenue breakdowns, major contracted revenue streams, or definitive long-term offtake/partnership terms are null.

Hazer Group Ltd. Financial Statement Overview

Summary

Hazer Group Ltd. faces financial difficulties with declining revenues and persistent losses. Despite a low debt-to-equity ratio, the company struggles with profitability and cash flow challenges, indicating a need for improved operational efficiency.

Income Statement

Hazer Group Ltd. has experienced significant revenue volatility, with a sharp decline in revenue growth rate of -84.87% in the latest period. The company consistently reports negative net profit margins, indicating ongoing profitability challenges. Despite a high gross profit margin, the negative EBIT and EBITDA margins reflect operational inefficiencies.

Balance Sheet

The company maintains a low debt-to-equity ratio, suggesting conservative leverage. However, the negative return on equity indicates that the company is not generating profit from its equity base. The equity ratio is relatively stable, showing a solid equity position relative to total assets.

Cash Flow

Hazer Group Ltd. faces challenges with negative operating cash flow and free cash flow, although the free cash flow to net income ratio is positive, indicating some efficiency in converting net income to cash. The free cash flow growth rate is negative, reflecting cash flow management issues.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	631.79K	614.24K	3.31M	2.40M	1.24M	2.35M
Gross Profit	522.83K	614.24K	3.31M	2.29M	1.16M	2.30M
EBITDA	-9.35M	-7.45M	-15.69M	-11.72M	-16.93M	-13.68M
Net Income	-6.47M	-7.62M	-19.07M	-12.21M	-16.41M	-11.66M
Balance Sheet
Total Assets	16.81M	17.75M	18.58M	12.67M	27.04M	26.46M
Cash, Cash Equivalents and Short-Term Investments	14.84M	12.53M	12.83M	9.28M	18.03M	24.64M
Total Debt	217.85K	220.00K	222.83K	261.26K	3.82M	2.74M
Total Liabilities	3.40M	4.04M	5.01M	8.73M	14.59M	13.14M
Stockholders Equity	13.41M	13.71M	13.57M	3.94M	12.45M	13.32M
Cash Flow
Free Cash Flow	-4.29M	-6.60M	-23.31M	-5.77M	-21.30M	-1.48M
Operating Cash Flow	-4.02M	-5.15M	-15.82M	-1.28M	-5.24M	5.11M
Investing Cash Flow	-271.93K	-1.45M	-7.50M	-4.50M	-16.06M	-6.60M
Financing Cash Flow	9.81M	6.31M	26.86M	-2.98M	14.69M	8.89M

Hazer Group Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.39
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:HZR, the sentiment is Negative. The current price of 0.39 is below the 20-day moving average (MA) of 0.39, below the 50-day MA of 0.44, and below the 200-day MA of 0.42, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 43.01 is Neutral, neither overbought nor oversold. The STOCH value of 42.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:HZR.

Hazer Group Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
HRN	56 Neutral	AU$249.38M	-301.32	-2.84%	―	―	42.74%
FGR	52 Neutral	AU$58.12M	-4.25	-88.71%	―	-4.80%	23.76%
TGN	47 Neutral	AU$377.01M	-13.41	-22.74%	―	―	-43.08%
HZR	46 Neutral	AU$100.96M	-6.61	-47.73%	―	―	64.63%
ATC	41 Neutral	AU$64.05M	-2.65	-35.91%	―	―	57.49%

Hazer Group Ltd. Corporate Events

Hazer Group ramps up investor outreach with Energy Exchange Australia presentation

Hazer Group Ltd will present to investors at the Energy Exchange Australia 2026 conference and other engagements this week, with its latest corporate presentation also available via the announcements section of its website. The outreach underscores the company’s efforts to raise its profile in the clean hydrogen and graphite space and engage investors as it advances commercialisation of its decarbonisation technology.

The company is also encouraging stakeholders to follow its updates via social media and email news alerts, reinforcing a multi-channel communication strategy alongside the ASX for market-sensitive information. This approach aims to broaden investor access to information on Hazer’s technology and corporate progress, which could help support market understanding and capital markets engagement as it scales its operations.

The most recent analyst rating on (AU:HZR) stock is a Hold with a A$0.38 price target. To see the full list of analyst forecasts on Hazer Group Ltd. stock, see the AU:HZR Stock Forecast page.

Hazer Graphite Cleared for Use in Concrete and Asphalt Markets

Hazer Group has confirmed that its synthetic graphite meets Australian infrastructure specifications and relevant international standards for use as an additive in concrete and asphalt, following extensive independent testing by Boral Labs. The qualification demonstrates that Hazer graphite formulations satisfy required performance criteria, positioning the material for supply into large construction and civil infrastructure markets.

By clearing a key adoption hurdle, the compliance supports Hazer’s strategy to market its graphite as a low-emissions performance additive that can enhance durability while helping reduce lifecycle emissions in carbon-intensive sectors such as cement and asphalt. The company is pursuing a dual-pronged marketing approach, targeting high-volume applications like steelmaking, concrete and asphalt alongside higher-value niche uses, while advancing offtake discussions and product development across multiple industrial and environmental markets.

The most recent analyst rating on (AU:HZR) stock is a Hold with a A$0.40 price target. To see the full list of analyst forecasts on Hazer Group Ltd. stock, see the AU:HZR Stock Forecast page.

Hazer posts stronger H1 FY26 as KBR alliance, graphite deals advance commercial push

Hazer Group Ltd reported a strong first half for FY26, highlighting operational progress and a solid funding position as it advances its clean hydrogen and graphite technology. The company ended the period with $17.2 million in funding, including $14.8 million in cash and $2.4 million in grant funds, while cutting operating costs by 27 percent and generating $1.5 million in revenue from R&D tax refunds and paid project studies.

Strategically, Hazer deepened its commercialisation efforts through a global marketing and licensing campaign run by KBR, securing their first joint project with UK-backed EnergyPathways and being selected in M Resources’ Whyalla clean steel bid. It also extended its partnership with POSCO and signed non-binding graphite agreements across multiple sectors, positioning the company to convert its growing pipeline into licence deals, advance projects toward final investment decisions and monetise graphite offtake as demand for low-emissions hydrogen and graphite accelerates.

The most recent analyst rating on (AU:HZR) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Hazer Group Ltd. stock, see the AU:HZR Stock Forecast page.

Hazer Narrows Half-Year Loss as It Takes Full Control of Graphite Subsidiary

Hazer Group Limited reported a 37% decline in revenue from ordinary activities to $1.47 million for the half-year to 31 December 2025, while narrowing its after-tax loss by 19% to $5.05 million as basic and diluted loss per share improved to 1.93 cents. The company did not declare a dividend, saw its net tangible assets per share ease to 5.06 cents from 5.43 cents, and gained control of Hazer Graphite Pte. Ltd. on 7 November 2025, underscoring an ongoing investment phase aimed at expanding its graphite-focused operations despite continued losses.

The half-year financials show Hazer is still loss-making but with a reduced deficit compared with the prior period, suggesting some progress in managing costs or scaling early-stage activities. The acquisition of full control over Hazer Graphite Pte. Ltd. may strengthen its position in value-added graphite markets, potentially deepening its exposure to battery and materials supply chains, while the absence of dividends highlights a continued focus on reinvestment over near-term shareholder payouts.

The most recent analyst rating on (AU:HZR) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Hazer Group Ltd. stock, see the AU:HZR Stock Forecast page.

Hazer Group to Showcase Decarbonisation Technology at Bell Potter Conference

Hazer Group Ltd said it will present at the Bell Potter Unearthed Conference in Perth this week, showcasing its technology and strategy to an audience of investors and market participants. The company has also made its corporate presentation materials available via the announcements section of its website, underscoring an active investor relations push and its efforts to raise visibility as it advances commercialisation of its decarbonisation technology.

The most recent analyst rating on (AU:HZR) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Hazer Group Ltd. stock, see the AU:HZR Stock Forecast page.

Hazer Group Hosts Investor Webinar to Update Market on Decarbonisation Strategy

Hazer Group Ltd announced it is hosting an investor webinar today, with the presentation materials made available via the company’s website. The session forms part of Hazer’s ongoing engagement with the investment community as it advances commercialisation of its clean hydrogen and graphite technology, offering investors an opportunity to gain updated insights into its strategy and progress in the industrial decarbonisation space.

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

Hazer Steps Up Commercial Push as KBR Alliance Delivers First Revenue and Steel Deals

Hazer Group reported a pivotal quarter as it accelerates the shift from technology development to commercial delivery of its methane pyrolysis-based clean hydrogen and graphite process. A strategic alliance with engineering group KBR has moved into active global marketing and large-scale plant design, with the Hazer Process now embedded in KBR’s Net Zero portfolio and a major process design package on track for completion in early 2026, underpinning future licensing and industrial-scale project opportunities. The alliance secured its first revenue-generating deal via the UK government-backed EnergyPathways MESH project, while Hazer technology was selected for a Whyalla clean steel bid in South Australia and its partnership with POSCO in Korea was extended, reinforcing its role in emerging low-carbon steel supply chains. Testing has also advanced potential markets for Hazer’s graphite in cement and other industrial applications seeking emissions reduction, and the company closed the quarter with a solid cash position of A$17.2 million, boosted by an R&D refund and a post-AGM capital raise. Increased engagement with Australian federal and state authorities and proposed changes to the national Guarantee of Origin scheme to recognise methane pyrolysis-based hydrogen further strengthen regulatory backing for Hazer’s pathway, supporting its ambition to capitalise on rising global demand for low-carbon hydrogen in steelmaking, ammonia and methanol production.

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

Hazer Strikes Kemira Collaboration to Test Methane Pyrolysis Tech in Industrial Uses

Hazer Group has signed a non-binding memorandum of understanding with Finnish chemicals producer Kemira to evaluate the use of Hazer’s methane pyrolysis technology and low-emissions carbon products within Kemira’s global operations. Over the one-year collaboration, Kemira will test Hazer Graphite in water treatment and assess the feasibility of integrating Hazer’s technology into industrial applications in the Nordics, potentially leading to licensing or offtake agreements and reinforcing Hazer’s standing as a leading methane pyrolysis provider in the chemicals value chain.

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

Hazer Group Options Lapse, Trimming Potential Diluted Capital Base

Hazer Group Limited has notified the market that 1,864,100 HZRAE options, which were due to expire on various dates and at various exercise prices, have lapsed because the conditions attached to those options were not, or could no longer be, satisfied as of 1 January 2026. The cessation of these options marginally reduces the company’s potential future diluted capital base, signalling a tidy-up of its capital structure but without any immediate change to issued share capital, and may be viewed by investors as a routine housekeeping step rather than a shift in operational strategy.

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

Hazer Chairman’s 2022 Director Options Lapse Without Exercise

Hazer Group has disclosed a change in the indirect holdings of chairman Tim Goldsmith, relating to options and shares held through family and superannuation entities. A tranche of 525,000 unquoted 2022 director options, exercisable at $0.001 and expiring on 22 December 2025, has lapsed in line with their terms, leaving Goldsmith-associated entities holding a revised mix of fully paid shares and 1.92 million 2025 director options, with no consideration paid and no trades occurring during a closed period.

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

Hazer Group Options Lapse After Conditions Go Unmet

Hazer Group Limited has notified the market that 1,215,000 HZRAE options, which were due to expire on various dates and at various exercise prices, have lapsed after the conditions attached to those options were not satisfied or became incapable of being met as of 22 December 2025. The cessation of these conditional rights to securities modestly reduces the company’s potential future share capital and may slightly diminish prospective dilution for existing shareholders, but does not directly affect current issued shares or indicate any change in Hazer’s operational activities or strategic direction.

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