NGX Limited (NGX) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 46.77K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.12
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 90,611,840
• 10 Day Avg. Volume: 85,654
• 30 Day Avg. Volume: 46,767
• PEG Ratio: -0.34
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 51.77
• P/FCF Ratio: -5.38
• 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$0.11 ▼(-37.06% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is driven primarily by weak financial performance—persistent losses and negative free cash flow—despite a relatively cleaner, low-debt balance sheet. Technicals also weigh on the score, with the price below key moving averages and negative MACD. Valuation impact is limited because P/E and dividend yield were not provided.

Positive Factors

Low Financial Leverage

Zero reported debt and positive equity reduce solvency and refinancing risk, giving management flexibility to support operations or pursue strategic investments. For a market-infrastructure business, low leverage preserves credibility with regulators and participants and extends runway while revenue ramps.

Durable Exchange Business Model

The company's fee-based model (transaction fees, listings, market data, membership) is inherently recurring and scales with trading activity and listings. Such structural revenue streams are sticky, support margin expansion as volumes grow, and align incentives with long-term capital-market development.

Recorded Revenue and Gross Profit in 2025

Recognition of revenue and a 100% gross margin in 2025 indicate the business can generate top-line receipts with low direct cost of goods sold, typical for data/fees-led exchange services. If volumes and listings continue, gross profitability supports operating leverage and future margin recovery.

Negative Factors

Persistent Net Losses

Sustained net losses, including a large 2025 loss versus modest revenue, erode equity and limit reinvestment capacity. Persistent unprofitability undermines the company's ability to self-fund growth, increases reliance on external capital, and raises long-term viability risk if cost structure isn't aligned to scale.

Weak Cash Generation

Material negative operating and free cash flow over multiple years signal the core business consumes cash rather than funds growth. Continued cash burn increases funding needs, potentially diluting shareholders or forcing austerity, and constrains investment in technology and market growth initiatives.

Limited Revenue Track Record

A near-absent revenue history through 2024 makes forecasting future fee volumes and listing growth highly uncertain. Lack of established transaction and listing flows raises execution risk: the company may struggle to achieve the scale needed to cover fixed costs and convert its exchange infrastructure into durable profits.

NGX Limited Business Overview & Revenue Model

Company Description

NGX Limited focuses on the exploration, development of graphite projects in Malawi. It holds 100% interest in the the Nanzeka Project, the Duwi Project, the Malingunde Project, and the Mabuwa project located in Malawi. The Company was incorporated in 2021 and is based in Perth, Australia. NGX Limited was formerly a subsidiary of Sovereign Metals Limited

How the Company Makes Money

NGX makes money primarily by monetizing exchange and market-infrastructure services provided through its operating subsidiaries. Key revenue streams typically include: (1) transaction-based fees earned when securities are traded on its exchange venues (e.g., charges linked to trading activity/turnover); (2) issuer-related fees tied to admitting securities to the market and keeping them listed (e.g., initial listing/admission fees and ongoing annual listing fees); (3) market data and connectivity revenues from distributing real-time and historical trading/quote data and providing technical access or connectivity services to brokers, data vendors, and other market participants; (4) membership, access, and other participant-service fees charged to market intermediaries for access to trading and related services; and (5) other operating income that may include technology/solutions, licensing, training, events, and ancillary services associated with running an exchange group. Additional factors that can materially influence earnings include overall market volumes and volatility (which affect transaction fees), the number and size of listings and capital-raising activity (which affect listing-related income), demand for data products, and regulatory or market-structure changes. Specific, quantified revenue mix, named partnerships, or subsidiary-by-subsidiary contributions are null.

NGX Limited Financial Statement Overview

Summary

Overall fundamentals are weak: the company is loss-making with a very large 2025 net loss relative to revenue and limited revenue history (zero revenue reported in 2022–2024). Cash flow is also materially negative in 2023–2025, indicating ongoing cash burn. The balance sheet is a relative positive with zero debt and positive equity in 2024–2025, but equity has declined and returns remain meaningfully negative.

Income Statement

Profitability is weak and worsening: the company remains loss-making across all reported years, with 2025 showing a sizable net loss relative to revenue (net margin about -1,071%). Revenue visibility is also limited—revenue is reported as zero in 2022–2024 and only appears in 2025, making trend analysis unreliable. A positive is that 2025 shows recorded revenue and full gross profit (gross margin 100%), but operating losses are so large that overall earnings quality remains very poor.

Balance Sheet

The balance sheet is a relative strength in the most recent periods: 2024–2025 show zero debt and solid positive equity (about 10.3M in 2025), suggesting low financial leverage and reduced solvency risk. However, equity has declined over time (from ~15.0M in 2023 to ~10.3M in 2025) and returns on equity are meaningfully negative in 2024–2025, indicating ongoing value erosion from losses. Earlier years also show instability (negative equity in 2021–2022), highlighting a history of balance-sheet stress.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are materially negative in 2023–2025, indicating the core business is consuming cash rather than funding itself. While 2025 free cash flow improved versus 2024 (positive growth off a negative base), the absolute cash burn remains large. The relationship between cash flow and net income does not signal strong quality here because both are negative, and ongoing cash outflows raise funding and sustainability concerns if they persist.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	233.18K	0.00	0.00	0.00	0.00
Gross Profit	233.18K	0.00	0.00	-135.92K	0.00
EBITDA	-2.47M	-2.69M	-1.51M	-449.18K	0.00
Net Income	-2.50M	-2.39M	-3.49M	-585.10K	-656.00
Balance Sheet
Total Assets	10.50M	12.82M	15.36M	40.00	0.00
Cash, Cash Equivalents and Short-Term Investments	3.81M	5.98M	8.75M	0.00	0.00
Total Debt	0.00	0.00	34.85K	549.72K	106.41K
Total Liabilities	167.26K	139.49K	350.21K	694.54K	109.41K
Stockholders Equity	10.34M	12.68M	15.01M	-694.50K	-109.41K
Cash Flow
Free Cash Flow	-2.24M	-2.72M	-932.05K	0.00	0.00
Operating Cash Flow	-2.24M	-2.55M	-929.88K	0.00	0.00
Investing Cash Flow	70.43K	-170.65K	142.02K	0.00	0.00
Financing Cash Flow	0.00	-34.85K	9.54M	0.00	0.00

NGX Limited 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%
KLR	45 Neutral	AU$19.16M	-3,062.78	5.92%	―	―	―
AIV	45 Neutral	AU$5.56M	-0.39	-38.30%	―	―	61.60%
NGX	44 Neutral	―	-1.21	-29.53%	―	―	―
OKJ	44 Neutral	AU$5.85M	-5.18	-18.13%	―	―	21.62%
SLZ	43 Neutral	AU$7.02M	-0.24	-77.93%	―	―	-349.06%
PRL	38 Underperform	AU$4.73M	-5.00	-26.98%	―	―	4.35%

NGX Limited Corporate Events

NGX Limited Files Interim Half-Year Financial Report for 31 December 2025

NGX Limited has released its interim consolidated financial report for the half year ended 31 December 2025, providing shareholders with an update on its financial performance, cash flows and balance sheet position. The report includes the directors’ report, auditor’s independence declaration, reviewed financial statements and notes, and an independent auditor’s review, signalling the company’s ongoing compliance with ASX reporting obligations and offering stakeholders transparency into its mid-year financial health.

The publication of this interim report is a routine but important disclosure that allows investors and regulators to assess NGX’s financial trajectory ahead of its full-year results. By presenting reviewed financial information and formal board declarations, the company reinforces its corporate governance practices and supports informed decision-making among shareholders and the broader market.

The most recent analyst rating on (AU:NGX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on NGX Limited stock, see the AU:NGX Stock Forecast page.

NGX Advances Graphite and Uranium Projects as Permitting Milestones and Study Work Bolster Clean Energy Portfolio

NGX Limited’s December 2025 quarterly report outlines progress on its natural graphite and uranium assets, reinforcing its positioning as a supplier of critical minerals for the clean energy sector. In Malawi, the company advanced an auger drilling and sampling program across the Malingunde, Msinja and Lifidzi licences to test high-grade titanium mineralisation, while continuing technical studies to refine a development pathway for the Malingunde graphite project that leverages its saprolite-hosted advantages for easier extraction, higher purity, lower sulphur and reduced environmental footprint, with a view to supporting future Active Anode Material production. In Namibia, NGX secured key permitting milestones for its uranium joint venture projects, with the Rossingburg licence progressing to an ‘Intention of Grant’ status pending environmental clearance and the Tubusis project receiving its Environmental Clearance Certificate, enabling licence granting and the start of initial exploration planning. The company ended the quarter with approximately $2.7 million in cash and no debt, and is actively evaluating additional opportunities in clean energy and critical minerals, signalling an intention to expand and complement its current asset base while maintaining a solid balance sheet for ongoing exploration and project development activities.

The most recent analyst rating on (AU:NGX) stock is a Hold with a A$0.12 price target. To see the full list of analyst forecasts on NGX Limited stock, see the AU:NGX Stock Forecast page.