Invictus Energy Limited (IVZ) AI Stock Analysis

• Market Cap: AU$80.17M
• Dividend Yield: N/A
• Average Volume (3M): 5.49M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.89
• Revenue Growth: N/A
• EPS Growth: 22.50%
• Country: AU
• Employees: 503
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): >-0.01
• Shares Outstanding: 1,603,484,700
• 10 Day Avg. Volume: 2,684,745
• 30 Day Avg. Volume: 5,486,327
• PEG Ratio: 0.78
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 278.37
• P/FCF Ratio: -6.29
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: AU$0.05 ▼(-65.00% Downside)

The score is primarily held back by weak financial performance (ongoing losses and continued negative operating/free cash flow despite only early revenue) and bearish technical momentum (price below all key moving averages with oversold readings and negative MACD). A low-debt balance sheet provides some risk mitigation, while valuation inputs are limited because earnings are negative and no dividend yield is available.

Positive Factors

Low Leverage / Balance Sheet Strength

Extremely low debt provides durable financial resilience for an exploration-stage company. It reduces insolvency risk, preserves ability to wait for exploration results, and makes the company a more attractive counterparty for farm-outs or partner-funded programs over the next 2–6 months.

Business Model Optionality

The upstream exploration model offers structural monetisation options—farm-outs, asset sales or eventual development—that can de-risk capital intensity. This optionality creates multiple, durable routes to value realisation without requiring immediate production by the company itself.

Early Revenue Recognition

Recording first revenue after years at zero is a durable signal of progressing operations and partial commercialisation. Even if small, revenue can support commercial discussions, validate certain activities, and materially de-risk the narrative for potential farm-outs or partner investment.

Negative Factors

Persistent Cash Burn

Consistent negative operating and free cash flows create a durable need for external funding or equity dilution. This constrains the company's ability to self-fund exploration or appraisal campaigns, increasing execution risk and potential for shareholder dilution over the coming months.

Ongoing Losses and Negative Returns

Large net losses and negative return metrics reflect that the cost base far exceeds current revenues. This persistent unprofitability undermines internal capital generation, limits reinvestment capacity, and heightens dependence on external capital or partner funding over the medium term.

High Exploration Execution Risk

The company’s value hinges on binary exploration outcomes and long lead times. Successful drilling or farm-outs are required to materially alter fundamentals; until then, the business faces structural execution and timing risk, capital intensity, and sensitivity to single-well results.

Invictus Energy Limited Business Overview & Revenue Model

Company Description

Invictus Energy Limited, an independent upstream oil and gas company, engages in the exploration and appraisal of the Cabora Bassa project. It holds 80% interest in SG 4571 that covers an area of 360,000 hectares located in the Cabora Bassa Basin in northern Zimbabwe. The company was formerly known as Interpose Holdings Limited and changed its name to Invictus Energy Limited in June 2018. Invictus Energy Limited was incorporated in 2011 and is headquartered in West Perth, Australia.

How the Company Makes Money

Invictus Energy Limited generates revenue through the exploration and potential extraction of oil and gas resources. The company's primary revenue model is based on identifying and developing commercially viable hydrocarbon reserves, which can then be monetized through various channels such as selling exploration rights, entering into joint ventures with larger energy companies, or directly extracting and selling the resources. Key revenue streams include potential sales of oil and gas, as well as partnerships with other energy firms that may involve profit-sharing agreements or sale of interests in discovered assets. The company's earnings are significantly influenced by successful exploration outcomes, strategic partnerships, and prevailing market conditions for oil and gas prices.

Invictus Energy Limited Financial Statement Overview

Summary

Financials reflect a development-stage profile: FY2025 revenue began (A$273k) but losses remain large (~A$4.7m net loss) and cash burn is persistent (FY2025 operating cash flow ~-A$4.5m; free cash flow ~-A$12.1m). The main positive is a conservatively levered balance sheet with very low debt, which reduces financial stress despite negative returns.

Income Statement

Revenue appeared in FY2025 (A$273k) after several years at zero, showing early commercialization progress, but profitability remains very weak. FY2025 posted a net loss of ~A$4.7m with deeply negative operating results, indicating the cost base still far exceeds revenue. Margins are highly negative, and while the topline jump looks large versus a near-zero base, the business has not yet demonstrated sustainable earnings power.

Balance Sheet

The balance sheet looks conservatively levered, with very low debt (FY2025 debt-to-equity ~0.001), which reduces financial risk and supports resilience during the development phase. Equity has grown meaningfully over the period, and total assets track closely with the larger capital base. The key weakness is returns: FY2025 return on equity is still negative (~-3.4%), reflecting ongoing losses despite a strong equity cushion.

Cash Flow

Cash generation remains a clear pressure point, with negative operating cash flow in every year shown, including ~-A$4.5m in FY2025. Free cash flow is also consistently negative (FY2025 ~-A$12.1m), implying continued external funding needs. A positive development is the sharp improvement versus FY2024, when free cash flow was far more negative (~-A$49.9m), but cash burn is still material and not yet supported by operating inflows.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	273.12K	273.12K	0.00	0.00	0.00	0.00
Gross Profit	-51.01K	273.12K	-241.91K	-250.38K	-264.00K	-136.14K
EBITDA	-5.00M	-4.68M	-5.05M	-4.64M	-3.47M	-1.11M
Net Income	-4.65M	-4.65M	-5.00M	-4.66M	-3.64M	-1.22M
Balance Sheet
Total Assets	138.17M	138.17M	126.75M	98.95M	43.13M	18.39M
Cash, Cash Equivalents and Short-Term Investments	8.80M	8.80M	3.26M	22.93M	13.72M	9.14M
Total Debt	167.69K	167.69K	219.16K	365.06K	492.10K	95.19K
Total Liabilities	982.54K	982.54K	3.31M	2.90M	4.62M	427.62K
Stockholders Equity	136.98M	136.98M	123.03M	95.32M	37.48M	16.92M
Cash Flow
Free Cash Flow	-9.70M	-12.10M	-49.86M	-51.24M	-15.80M	-2.11M
Operating Cash Flow	-4.52M	-4.52M	-2.57M	-2.57M	-1.62M	-767.68K
Investing Cash Flow	-7.58M	-7.58M	-47.29M	-49.46M	-14.21M	-1.34M
Financing Cash Flow	17.57M	17.57M	30.19M	60.92M	20.37M	9.79M

Invictus Energy Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IVZ, the sentiment is Negative. The current price of 0.14 is above the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.13, and above the 200-day MA of 0.11, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 22.69 is Positive, neither overbought nor oversold. The STOCH value of 10.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:IVZ.

Invictus Energy Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CUE	68 Neutral	AU$80.47M	12.78	10.27%	13.04%	10.44%	-55.67%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ECH	56 Neutral	AU$79.50M	25.00	―	6.72%	―	―
MAY	49 Neutral	AU$34.04M	-8.33	-7.26%	―	―	-220.00%
KKO	46 Neutral	AU$107.53M	-17.95	-7.73%	―	―	17.02%
IVZ	44 Neutral	AU$80.17M	-16.13	-3.58%	―	―	22.50%
HE8	42 Neutral	AU$33.04M	-7.69	-8.06%	―	-86.80%	27.78%

Invictus Energy Limited Corporate Events

Invictus Energy Advances Zimbabwe Gas Plans Amid Strategic Partner Shift

Invictus Energy reported that the Cabora Bassa Petroleum Production Sharing Agreement is expected to be executed in the first quarter of 2026, while planning continues for the Musuma-1 drilling campaign slated to start in the first half of 2026 and for appraisal activities at the Mukuyu Gas Field. On the corporate front, the company has terminated its subscription and joint venture agreements with Al Mansour entities and is now in discussions with alternative strategic, funding and industry partners, while also confirming the passage of all AGM resolutions and appointing its CFO, Vicky McLellan, as Joint Company Secretary, underscoring a period of strategic repositioning as it advances toward gas development in Zimbabwe.

The most recent analyst rating on (AU:IVZ) stock is a Sell with a A$0.06 price target. To see the full list of analyst forecasts on Invictus Energy Limited stock, see the AU:IVZ Stock Forecast page.

Invictus Energy Ends Al Mansour Deal, Seeks New Funding Partners for Zimbabwe Gas Project

Invictus Energy has terminated its strategic partnership and subscription agreement with Al Mansour Holdings after the parties failed to agree on a revised transaction structure that would have seen AMH and associated Qatari investors potentially acquire up to 50% of the company. Invictus said terms sought by AMH were unacceptable, conflicted with ASX and ASIC requirements, and that AMH’s conduct indicated it did not intend to fulfil its A$37.8 million equity commitment or provide the previously flagged conditional funding of up to US$500 million for the Cabora Bassa Project, prompting Invictus to cease all discussions to protect its assets, governance standards and shareholder interests. The company stressed it remains focused on advancing its Cabora Bassa portfolio and is in talks with alternative strategic, funding and industry partners, expressing confidence it can secure value-accretive deals that support its forward work programme and align with shareholder priorities.

The most recent analyst rating on (AU:IVZ) stock is a Hold with a A$0.14 price target. To see the full list of analyst forecasts on Invictus Energy Limited stock, see the AU:IVZ Stock Forecast page.

Invictus Energy Strengthens Governance with Joint Company Secretary Appointment

Invictus Energy has appointed Chief Financial Officer Victoria (Vicky) McLellan as Joint Company Secretary, adding to her existing role and expanding the company’s governance and regulatory oversight capability. A Chartered Accountant with prior governance and compliance experience at FAR and as CFO and Company Secretary at Metgasco, McLellan will share company secretarial duties with Non-Executive Director and Governance Chair Gabriel Chiappini and is now an additional authorised contact with the ASX on listing rule matters, reinforcing Invictus’s corporate governance structure as it progresses its Zimbabwe gas assets.

The most recent analyst rating on (AU:IVZ) stock is a Hold with a A$0.14 price target. To see the full list of analyst forecasts on Invictus Energy Limited stock, see the AU:IVZ Stock Forecast page.

Invictus Secures Key Production-Sharing Framework for Zimbabwe’s Cabora Bassa Gas Project

Invictus Energy has completed the process for a Petroleum Production Sharing Agreement covering its Cabora Bassa Project in Zimbabwe, with formal execution expected in January, establishing a stable and internationally competitive legal and fiscal framework for petroleum operations in the country. This milestone clears the way for the company to advance its next phase of work in the Cabora Bassa Basin, including appraisal of the Mukuyu gas-condensate discoveries and drilling of the Musuma-1 exploration well, while also signalling the Zimbabwean government’s commitment to developing a nascent oil and gas industry seen as critical for national energy security and broader economic development.

Invictus Energy Announces Director’s Interest Change

Invictus Energy Ltd has announced a change in the director’s interest, specifically for Scott Macmillan, involving the acquisition of performance rights and unlisted options. This change is part of the company’s Short and Long Term Employee Incentive Plan, reflecting a strategic move to align leadership interests with company performance and shareholder value.

Invictus Energy Issues New Unquoted Equity Securities

Invictus Energy Limited announced the issuance of unquoted equity securities, including 2,500,000 performance rights and 5,075,000 options expiring in August 2028. This move is part of an employee incentive scheme and is not intended for ASX quotation, potentially impacting the company’s employee retention and motivation strategies.

Invictus Energy Ltd Defers Securities Issue to Finalize Joint Venture Agreements

Invictus Energy Ltd announced an update regarding a proposed issue of securities, which has been deferred to align with the finalization of a shareholder agreement and governance framework for a joint venture. This strategic move is expected to streamline the company’s operations and strengthen its market positioning by ensuring all agreements are in place before proceeding with the securities issue.

Invictus Energy Ltd Approves AGM Resolutions, Boosting Exploration Efforts

Invictus Energy Ltd announced that all resolutions at its Annual General Meeting held on 27 November 2025 were approved. This approval supports the company’s ongoing exploration and development efforts in the Cabora Bassa Basin, potentially strengthening its position in the energy sector and impacting stakeholders positively.

Invictus Energy Advances Strategic Partnership with Al Mansour Holdings

Invictus Energy Ltd has provided an update on its joint venture with Al Mansour Holdings (AMH) through their company Al Mansour Oil & Gas (AMOG), which aims to acquire and invest in oil and gas assets across Africa. The partnership is negotiating a structure that could allow AMH and other Qatari parties to become 50% shareholders of Invictus, pending regulatory approvals. The settlement of a previously announced placement has been deferred to align with these negotiations, with all other terms remaining unchanged.

Invictus Energy Schedules Annual General Meeting for November 2025

Invictus Energy Limited has announced its Annual General Meeting, scheduled for November 27, 2025, at The Celtic Club in West Perth. The meeting will cover the consideration of the Annual Report, a non-binding resolution on the Remuneration Report, and the re-election of Director Joseph Mutizwa. Shareholders are encouraged to participate either in person or by proxy, with eligibility to vote determined by registration as of November 25, 2025.

Invictus Energy Advances Cabora Bassa Project with Strategic Partnership

Invictus Energy Ltd has settled the terms for a Petroleum Production Sharing Agreement and received National Project Status for its Cabora Bassa Project in Zimbabwe. The company has renewed its Exclusive Prospecting Orders and is planning a high-impact drilling campaign for 2026. Additionally, Invictus has signed a binding MOU and Share Subscription Agreement with Al Mansour Holdings, which will acquire a 19.9% stake and provide US$500 million in future funding to advance the Cabora Bassa Project.