Kalina Power Limited (AU:KPO)
ASX:KPO
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Kalina Power Limited
(Sydney:KPO)
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Rating:48Neutral
Price Target:
AU$0.02
▲(50.00% Upside)
Action:Reiterated
Date:05/13/26
The score is held back primarily by very weak financial performance (no revenue, ongoing losses, and historically negative operating/free cash flow), despite FY2025 improvements and moderate leverage. Technicals are only modestly supportive (price above moving averages but MACD slightly negative), and valuation looks optically cheap on P/E but lacks dividend support.
Positive Factors
Proprietary Kalina Cycle technology and licensing model
Owning a distinct thermodynamic process (the Kalina Cycle) and an explicit licensing/support business model provides durable optionality: IP-driven revenue can scale with partner deployments, enable recurring royalties/engineering fees, and exploit multiple steady industrial end-markets (waste heat, geothermal) over time.
Negative Factors
No reported revenue
A multi-year absence of revenue is a fundamental constraint: without a proven sales stream the firm cannot demonstrate market demand, sustain operating costs, or build reference projects. Long-term viability depends on converting technology into paying contracts or partners.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary Kalina Cycle technology and licensing model
Owning a distinct thermodynamic process (the Kalina Cycle) and an explicit licensing/support business model provides durable optionality: IP-driven revenue can scale with partner deployments, enable recurring royalties/engineering fees, and exploit multiple steady industrial end-markets (waste heat, geothermal) over time.
Read all positive factors
Kalina Power Limited (KPO) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$35.20M
Dividend YieldN/A
Average Volume (3M)3.31M
Price to Earnings (P/E)0.6
Beta (1Y)1.13
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees1
SectorUtilities
Sector Strength65
IndustryDiversified Utilities
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,933,020,800
10 Day Avg. Volume7,103,304
30 Day Avg. Volume3,314,752
Financial Highlights & Ratios
PEG Ratio131.26
Price to Book (P/B)1.47
Price to Sales (P/S)0.00
P/FCF Ratio-3.37K
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
Kalina Power Limited Business Overview & Revenue Model
Company Description
Kalina 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 Enhance...
How the Company Makes Money
KPO’s specific, current revenue model and material revenue streams are null based on publicly available information that can be reliably confirmed here. In general (company-level), KPO has historically been associated with monetization pathways ty...
Kalina Power Limited Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
44
Neutral
Cash Flow
10
Very Negative
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -9.67K | -11.78K | -9.66K | -6.59K |
| EBITDA | ― | -3.99M | -4.78M | -4.93M | -7.94M |
| Net Income | -4.67K | -4.08M | -4.66M | -4.66M | -7.87M |
Balance Sheet | |||||
| Total Assets | 1.69M | 461.10K | 875.71K | 5.49M | 1.25M |
| Cash, Cash Equivalents and Short-Term Investments | 1.52M | 255.21K | 706.66K | 5.35M | 1.09M |
| Total Debt | 2.61M | 2.42M | 2.30M | 2.16M | 1.90M |
| Total Liabilities | 5.12M | 3.18M | 3.32M | 2.97M | 2.79M |
| Stockholders Equity | 7.92M | 8.93M | 9.13M | 13.81M | 9.31M |
Cash Flow | |||||
| Free Cash Flow | -3.47K | -3.87M | -4.64M | -5.03M | -6.40M |
| Operating Cash Flow | -3.46K | -3.86M | -4.64M | -5.02M | -6.39M |
| Investing Cash Flow | 1.11K | 521.00 | 2.46M | -2.42M | -19.07K |
| Financing Cash Flow | 3.62K | 3.41M | 1.88K | 9.30M | 7.06M |
Kalina Power Limited Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
60 Neutral | AU$26.18M | 4.98 | 6.92% | ― | -8.32% | -67.69% | |
49 Neutral | AU$32.21M | -3.24 | -13.64% | ― | 16.99% | ― | |
49 Neutral | AU$36.19M | -0.61 | -108.64% | ― | ― | -63.48% | |
48 Neutral | AU$35.20M | 0.59 | 105.12% | ― | ― | ― | |
| ― | AU$24.61M | 0.07 | -31.05% | ― | ― | ― | |
49 Neutral | AU$21.46M | -2.88 | -7.75% | ― | ― | 16.28% |
* Utilities Sector Average
AU:KPO
Kalina Power Limited
0.01
<0.01
20.00%
AU:CCE
Carnegie Clean Energy Ltd
0.08
0.04
83.72%
AU:JNS
ReNu Energy Limited
0.17
-0.05
-22.73%
AU:14D
1414 Degrees Ltd.
0.07
0.05
255.00%
AU:VPR
Volt Power Group Ltd
0.16
0.05
39.13%
AU:BTE
Botala Energy Ltd.
0.06
>-0.01
-8.33%
Kalina Power Limited Corporate Events
Kalina Power Options Lapse, Simplifying Capital Structure
May 6, 2026
Kalina Power Limited has confirmed the lapse of 51,774,875 listed options (ASX code KPOAO), which were due to expire on 5 May 2026 with an exercise price of A$0.02. The options ceased because the conditions attached to their exercise were not met ...
Kalina Power Positions Alberta Projects for Regulatory Shift and AI Data Centre Demand
Apr 29, 2026
Kalina Power has used its March-quarter update to highlight ongoing progress on its Alberta power projects while Canada and Alberta continue to negotiate a unified framework for clean electricity and carbon pricing. Management says its development...
Kalina Power Options Lapse, Simplifying Capital Structure
Apr 8, 2026
Kalina Power Limited has announced the cessation of 95,000,000 listed options (ASX code KPOAP) that were due to expire on 7 April 2026 with an exercise price of $0.02. The options lapsed because the conditions attached to the conditional rights to...
Kalina Power Updates Market on Changes to Directors’ Equity Interests
Apr 1, 2026
Kalina Power Limited has notified the market of changes to the interests held by several directors in accordance with ASX listing rules and Australian corporations law. The update includes a lapse of 9.6 million unlisted options previously held by...
Kalina Power Options Lapse, Simplifying Capital Structure
Apr 1, 2026
Kalina Power Limited has announced the cessation of 96,870,000 options, designated as KPOAE, after the conditions attached to these securities were not satisfied or became incapable of being met as of 31 March 2026. The lapse of this large tranche...
Kalina Power Swings to Half-Year Profit as Asset Backing Improves
Feb 27, 2026
Kalina Power Limited reported a sharp turnaround in its half-year results to 31 December 2025, posting a net profit attributable to members of A$17.45 million, compared with a loss in the prior corresponding period. Revenue from ordinary activitie...
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.