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Kalina Power Limited (AU:KPO)
ASX:KPO

Kalina Power Limited (KPO) AI Stock Analysis

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AU:KPO

Kalina Power Limited

(Sydney:KPO)

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Neutral 42 (OpenAI - 5.2)
Rating:42Neutral
Price Target:
AU$0.01
▲(30.00% Upside)
The score is weighed down primarily by very weak fundamentals (no revenue, ongoing losses, and negative operating/free cash flow despite FY2025 improvement). Technicals add a modest drag with the price below key moving averages and a negative MACD, while valuation provides limited support given the negative P/E and no dividend yield.
Positive Factors
Strategic Expansion
The sale of power allocation significantly enhances financial position, allowing Kalina to pursue further development, indicating strategic growth potential.
Market Positioning
Advancing large-scale projects in Alberta positions Kalina as a key player in the power sector, leveraging its expertise to meet growing energy demands.
Shareholder Support
Strong shareholder support for AGM resolutions reflects strategic alignment and confidence in management, fostering long-term growth prospects.
Negative Factors
Revenue Challenges
Lack of revenue and consistent losses highlight significant challenges in achieving profitability, questioning the sustainability of operations.
Cash Flow Issues
Negative cash flows indicate the business is consuming cash, not generating it, posing risks to financial stability and operational viability.
Capital Structure Concerns
The lapse of securities impacts capital structure, reflecting potential challenges in meeting operational or financial conditions, affecting investor confidence.

Kalina Power Limited (KPO) vs. iShares MSCI Australia ETF (EWA)

Kalina Power Limited Business Overview & Revenue Model

Company DescriptionKalina Power Limited engages in the power business in Australia, China, Canada, and the United States. It generates power primarily from waste heat and geothermal sources using its Kalina Cycle technology. The company was formerly known as Enhanced Systems Technologies Limited and changed its name to Kalina Power Limited in June 2015. Kalina Power Limited was incorporated in 1950 and is headquartered in Hawthorn, Australia.
How the Company Makes MoneyKalina Power Limited makes money by licensing its Kalina Cycle technology to power plant operators and developers globally. The company generates revenue through licensing fees, royalties, and potentially through joint ventures where it collaborates on power plant projects utilizing its technology. Additionally, Kalina Power may engage in consulting and engineering services related to the implementation of its technology. Strategic partnerships with energy companies and investments in energy projects where the Kalina Cycle is deployed also contribute to its earnings.

Kalina Power Limited Financial Statement Overview

Summary
Financial performance is highly challenged: revenue is zero across reported years, the company posts recurring operating and net losses, and operating/free cash flow are negative. Positives are limited to moderate leverage and a notable reduction in losses and cash burn in FY2025, but profitability and self-funding operations are still not demonstrated.
Income Statement
8
Very Negative
The income statement is very weak: revenue is zero across all reported years, and the company has posted sizable operating losses and net losses every year (net income ranging from about -4.5M to -7.9M historically). While FY2025 shows a sharp reduction in losses versus FY2024, profitability remains negative and there is no demonstrated revenue base to support a sustainable turnaround.
Balance Sheet
44
Neutral
The balance sheet is mixed but relatively more stable than earnings. Leverage appears moderate with debt-to-equity generally in the ~0.16–0.33 range, which limits near-term balance-sheet stress. However, shareholder returns are negative (return on equity is consistently below zero due to ongoing losses), and total assets fluctuate meaningfully year to year, pointing to limited balance-sheet strength without improving profitability.
Cash Flow
10
Very Negative
Cash flow quality is weak: operating cash flow and free cash flow are negative every year, indicating the business is consuming cash rather than generating it. FY2025 shows a dramatic improvement in cash burn (operating cash flow near breakeven versus multi-million outflows in prior years), but free cash flow remains negative and the multi-year track record still reflects persistent funding needs.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-1.68K0.00-9.67K-11.78K-9.66K-6.59K
EBITDA-2.13M-3.99M-4.78M-4.93M-7.94M
Net Income-4.67K-4.67K-4.08M-4.66M-4.66M-7.87M
Balance Sheet
Total Assets1.69M1.69M461.10K875.71K5.49M1.25M
Cash, Cash Equivalents and Short-Term Investments1.52M1.52M255.21K706.66K5.35M1.09M
Total Debt2.61M2.61M2.42M2.30M2.16M1.90M
Total Liabilities5.12M5.12M3.18M3.32M2.97M2.79M
Stockholders Equity7.92M7.92M8.93M9.13M13.81M9.31M
Cash Flow
Free Cash Flow-3.47K-3.47K-3.87M-4.64M-5.03M-6.40M
Operating Cash Flow-3.46K-3.46K-3.86M-4.64M-5.02M-6.39M
Investing Cash Flow1.10M1.11K521.002.46M-2.42M-19.07K
Financing Cash Flow3.62M3.62K3.41M1.88K9.30M7.06M

Kalina Power Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (66)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
66
Neutral
$17.65B18.105.60%3.62%6.62%11.55%
56
Neutral
AU$15.65M-35.00-3.11%7.09%-275.00%
51
Neutral
AU$95.50M-58.33-13.64%30.77%
46
Neutral
AU$23.07M-52.27-0.93%8.33%
45
Neutral
AU$24.10M-12.50-1.94%89.19%
44
Neutral
AU$8.68M-2.56-45.97%0.69%-30.00%
42
Neutral
AU$43.99M-8.82-55.67%19.05%
* Utilities Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:KPO
Kalina Power Limited
0.02
<0.01
50.00%
AU:EME
Energy Metals Ltd
0.12
0.03
40.24%
AU:BLU
Blue Energy Limited
0.01
0.00
0.00%
AU:EMP
Emperor Energy Ltd
0.11
0.07
228.13%
AU:BAS
Bass Oil Ltd
0.05
>-0.01
-2.00%
AU:PGY
Pilot Energy Limited
0.01
0.00
0.00%

Kalina Power Limited Corporate Events

Kalina Power Limited Announces Cessation of 75 Million Securities
Dec 1, 2025

Kalina Power Limited announced the cessation of 75 million securities due to the lapse of conditional rights, as the conditions for these securities were not met or became incapable of being satisfied. This development may impact the company’s capital structure and could influence investor perceptions, as it reflects on the company’s ability to meet certain operational or financial conditions.

Kalina Power Updates Directors’ Interest Holdings
Dec 1, 2025

Kalina Power Limited announced changes in the interests of its directors, in compliance with ASX listing rules and the Corporations Act. This update involves the acquisition and lapse of various unlisted options by directors, reflecting ongoing adjustments in their financial interests within the company.

Kalina Power Limited Successfully Passes All AGM Resolutions
Nov 28, 2025

Kalina Power Limited announced the successful passing of all resolutions at its Annual General Meeting held on November 28, 2025. The resolutions included the adoption of the remuneration report, re-election and election of directors, additional placement capacity, and approval of the 2025 Employee Share Option Plan, indicating strong shareholder support and strategic alignment for future growth.

Kalina Power Strengthens Financial Position Amid Alberta’s AI Power Demand Surge
Nov 28, 2025

Kalina Power Limited has reported a successful year, highlighted by the sale of a 180 MW power allocation for approximately A$20 million, significantly enhancing its financial position. This strategic move allows the company to pursue further development of its power projects, as it retains a 2029/30 load allocation of 840 MW, ensuring no impact on its project timelines. The company is actively working with investment banks to secure financing for its portfolio and is in discussions with potential partners to expand its operations in Alberta, where AI data center demand is surging.

Kalina Power Limited Announces New Securities Quotation on ASX
Nov 20, 2025

Kalina Power Limited has announced the application for the quotation of new securities on the Australian Securities Exchange (ASX). This move involves the issuance of ordinary fully paid securities, which could potentially impact the company’s market presence by increasing its capital base and providing more liquidity for investors.

Kalina Power Advances Alberta Power Projects with Jefferies Presentation
Nov 13, 2025

Kalina Power Limited announced its participation in a presentation organized by Jefferies to discuss recent developments in the power sector. The company is advancing five projects in Alberta with a potential capacity of 1.7 GW, focusing on providing reliable and affordable electricity to data centers through long-term power purchase agreements. This initiative positions Kalina Power as a significant player in the power sector, leveraging its extensive experience in global power project development.

Kalina Power Completes CAD$18 Million Megawatt Transfer Agreement
Nov 4, 2025

Kalina Power Limited has successfully completed a CAD$18 million transfer agreement through its subsidiary, Kalina Distributed Power, receiving the remaining CAD$17 million from Greenlight’s customer. This one-off sale involved the transfer of allocated megawatts to a global data center developer, with no ongoing corporate relationship anticipated. The completion of this agreement underscores Kalina’s strategic focus on expanding its power project portfolio in Alberta, enhancing its industry positioning by leveraging its expertise in power project development.

Kalina Power Advances AI Data Center Power Projects in Alberta
Oct 31, 2025

Kalina Power Limited has made significant strides in advancing its projects aimed at meeting the growing demand for power from AI data centers in Alberta. During the quarter ending September 2025, the company engaged in strategic initiatives including the sale of project sites, planning with Crusoe for data center co-siting, and securing financing for development capital needs. Additionally, Kalina successfully transferred 180 MW of its allocated power capacity, significantly boosting its cash position and validating its business model amidst unprecedented demand for power in the region.

Kalina Power Limited Announces Virtual AGM for 2025
Oct 28, 2025

Kalina Power Limited has announced its Annual General Meeting (AGM) scheduled for November 28, 2025, which will be held virtually. Shareholders are encouraged to participate and vote on important resolutions affecting their holdings, with detailed instructions provided for accessing the meeting online.

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: Dec 30, 2025