iCollege Ltd. (NXD) AI Stock Analysis

• Market Cap: AU$57.84M
• Dividend Yield: N/A
• Average Volume (3M): 408.64K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.98
• Revenue Growth: -13.91%
• EPS Growth: 53.37%
• Country: AU
• Employees: N/A
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Education & Training Services
• EPS (TTM): -0.03
• Shares Outstanding: 222,459,720
• 10 Day Avg. Volume: 51,324
• 30 Day Avg. Volume: 408,640
• PEG Ratio: 0.04
• Price to Book (P/B): 1.53
• Price to Sales (P/S): 0.32
• P/FCF Ratio: 2.79
• 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: 48 Neutral
• Price Target: AU$0.25 ▲(26.00% Upside)

The overall stock score of 48 reflects significant financial challenges, particularly in profitability and leverage, despite some improvements in cash flow. Technical analysis shows mixed signals, with some positive momentum but potential oversold conditions. Valuation remains a concern due to negative earnings and lack of dividends.

Positive Factors

High gross profit margin

A 53% gross margin indicates the core education product/service has strong unit economics and pricing power. Over months this provides a durable buffer to absorb SG&A or investment for growth, enabling incremental margin recovery if operating costs are controlled.

Large free cash flow improvement

A near 590% rise in free cash flow and FCF roughly matching net income demonstrates materially improved cash generation. This durable improvement reduces dependence on external funding, supports working capital, and gives flexibility to invest or deleverage over the medium term.

Improving cash conversion trend

Management's ability to convert operations into cash, evidenced by improving cash metrics, suggests operational fixes are taking hold. Sustained cash conversion eases liquidity pressures and can finance operations and strategic initiatives without immediate heavy capital raises.

Negative Factors

High leverage

A D/E of 2.01 and low equity ratio signal significant leverage that raises refinancing and interest burden risks. Over months this constrains strategic flexibility, increases vulnerability to shocks, and forces management to prioritize deleveraging or costly financing over growth investments.

Negative profitability

Persistent negative net margins and losses indicate operations currently fail to cover total costs. Over the medium term this erodes equity, requires recurring external funding or asset sales, and makes sustainable profitability dependent on structural cost reductions or revenue reacceleration.

Declining revenue trend

Contracting top-line (multi-year and latest-year declines) reduces economies of scale and puts pressure on margins. Over months this weakens the firm's ability to leverage fixed-cost base, complicates recovery plans, and increases reliance on pricing or product changes to restore growth.

iCollege Ltd. Business Overview & Revenue Model

Company Description

iCollege Ltd. (NXD) is a leading educational technology company focused on providing innovative learning solutions and digital resources. Operating primarily in the online education sector, iCollege offers a range of services including e-learning platforms, course materials, and interactive training modules designed for both individuals and corporate clients. The company aims to enhance the learning experience through advanced technology and a user-friendly interface.

How the Company Makes Money

iCollege Ltd. generates revenue through several key streams. Primarily, the company earns money by charging tuition fees for its online courses and certification programs, which cater to a diverse audience ranging from students to professionals seeking skill enhancement. Additionally, iCollege licenses its e-learning platform to educational institutions and businesses, allowing them to utilize the technology for their own training needs. The company also partners with corporate clients to create customized training solutions, which are billed on a subscription or project basis. Furthermore, iCollege may generate income through affiliate marketing and sponsorships related to its educational offerings, enhancing its overall revenue.

iCollege Ltd. Financial Statement Overview

Summary

iCollege Ltd. faces challenges in profitability and leverage, with negative net income and a high debt-to-equity ratio. However, improvements in cash flow generation provide some optimism. The company needs to focus on enhancing operational efficiency and reducing financial risk to improve overall financial health.

Income Statement

iCollege Ltd. has experienced fluctuating revenue growth, with a recent decline of 3.29% in the latest year. The company struggles with profitability, as evidenced by negative net profit and EBIT margins. Despite a strong gross profit margin of 53.27%, the net profit margin remains negative at -15.20%, indicating challenges in managing operating expenses and other costs.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 2.01, indicating significant leverage and potential financial risk. The return on equity is negative, reflecting ongoing losses. The equity ratio stands at 17.12%, suggesting a relatively low proportion of equity financing compared to total assets.

Cash Flow

Cash flow analysis reveals a substantial improvement in free cash flow, with a growth rate of 590.80%. The operating cash flow to net income ratio is 0.19, indicating some ability to convert earnings into cash. The free cash flow to net income ratio is nearly 1, suggesting efficient cash generation relative to net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	95.87M	95.87M	111.37M	102.22M	46.82M	16.29M
Gross Profit	51.08M	51.08M	57.28M	20.31M	28.73M	3.61M
EBITDA	6.26M	4.31M	-13.12M	17.51M	343.00K	2.02M
Net Income	-14.57M	-14.57M	-31.23M	3.61M	-8.70M	308.10K
Balance Sheet
Total Assets	117.84M	117.84M	134.28M	172.07M	134.69M	12.56M
Cash, Cash Equivalents and Short-Term Investments	18.89M	18.89M	19.34M	30.26M	27.16M	4.55M
Total Debt	40.57M	40.57M	47.87M	43.84M	21.39M	4.71M
Total Liabilities	97.66M	97.66M	99.66M	106.63M	73.12M	10.57M
Stockholders Equity	20.18M	20.18M	34.62M	65.44M	61.57M	1.99M
Cash Flow
Free Cash Flow	11.17M	11.11M	-9.70M	19.03M	8.27M	-404.64K
Operating Cash Flow	11.25M	11.25M	1.71M	25.18M	11.20M	-24.15K
Investing Cash Flow	-1.03M	-1.03M	-11.41M	-6.15M	18.42M	-741.65K
Financing Cash Flow	-10.67M	-10.67M	-1.22M	-15.93M	-7.00M	4.47M

iCollege Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NXD, the sentiment is Neutral. The current price of 0.2 is below the 20-day moving average (MA) of 0.26, below the 50-day MA of 0.29, and below the 200-day MA of 0.21, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.79 is Neutral, neither overbought nor oversold. The STOCH value of 36.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:NXD.

iCollege Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EDU	64 Neutral	AU$105.79M	12.89	60.13%	1.17%	120.57%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
3PL	53 Neutral	AU$158.29M	725.00	0.15%	―	-1.08%	―
NXD	48 Neutral	AU$57.84M	-3.95	-53.18%	―	-13.91%	53.37%
AKG	48 Neutral	AU$15.91M	-12.50	-7.51%	―	1.42%	86.97%
KME	48 Neutral	AU$32.06M	-6.15	10.80%	1.67%	-2.81%	-503.02%
CLU	41 Neutral	AU$24.64M	-3.61	-126.76%	―	-14.55%	70.98%

iCollege Ltd. Corporate Events

NextEd Says New National Code Changes Will Not Dent Earnings

NextEd Group Limited has advised that recent amendments to Australia’s National Code of Practice for Providers of Education and Training to Overseas Students, which ban education agent commissions on recruiting international students who transfer onshore from another provider before completing their principal course, are not expected to have a material impact on its earnings or student enrolments. The company notes that onshore transfers are a minor component of its commencements, its diversified mix across VET, ELICOS and higher education limits exposure to the affected recruitment practices, and its Go Study agency is not expected to be materially impacted; NextEd argues the changes will more heavily affect providers more dependent on onshore international higher education transfers and says it is well positioned to benefit from a more transparent and compliant international education sector created by these integrity-focused reforms.

The most recent analyst rating on (AU:NXD) stock is a Sell with a A$0.24 price target. To see the full list of analyst forecasts on iCollege Ltd. stock, see the AU:NXD Stock Forecast page.

NextEd Group AGM: Resolutions Passed with Strong Support

NextEd Group Limited held its Annual General Meeting on November 21, 2025, where all resolutions were passed by poll. The meeting included the adoption of the remuneration report and the election and re-election of directors, with strong support from shareholders. This outcome reflects positively on the company’s governance and may strengthen its position in the education sector.

The most recent analyst rating on (AU:NXD) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on iCollege Ltd. stock, see the AU:NXD Stock Forecast page.

NextEd Group Poised for Growth Amid Strategic Reset and Sector Improvements

NextEd Group’s 2025 Annual General Meeting highlighted the company’s strategic reset and growth plans. Despite a challenging fiscal year with a net loss due to non-cash impairments, NextEd improved its cash flow and strengthened its financial position. The company is poised for disciplined growth, focusing on expanding its course portfolio in high-demand areas and leveraging its collaboration with OpenAI to lead in AI-enabled education. The sector’s improving conditions and NextEd’s strong operational foundations position it well for future success, although challenges like high visa fees for short-term students remain.

The most recent analyst rating on (AU:NXD) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on iCollege Ltd. stock, see the AU:NXD Stock Forecast page.

NextEd Partners with OpenAI to Launch ChatGPT Edu in Australia

NextEd Group Limited has announced a collaboration with OpenAI to deploy ChatGPT Edu, marking the first vocational education deployment of ChatGPT Edu in Australia. This partnership positions NextEd as a leader in integrating generative AI into education, enhancing teaching and learning experiences while expanding the company’s AI capabilities. The initiative is expected to drive growth, improve efficiency, and accelerate AI literacy among staff and students, aligning with NextEd’s strategy to build a future-focused business and create long-term value for investors.

The most recent analyst rating on (AU:NXD) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on iCollege Ltd. stock, see the AU:NXD Stock Forecast page.

NEXTED Group Issues Performance Rights to Employees

NEXTED Group Limited has announced the issuance of 6,617,661 performance rights under an employee incentive scheme. These unquoted securities are not intended to be listed on the ASX, reflecting the company’s strategy to incentivize its workforce and potentially enhance employee engagement and retention.

The most recent analyst rating on (AU:NXD) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on iCollege Ltd. stock, see the AU:NXD Stock Forecast page.

NextEd Revises CEO Incentive Plan to Align with New Executive Framework

NextEd Group Limited has announced changes to its CEO Mark Kehoe’s long-term incentive arrangements, aligning them with a new incentive plan for key management personnel and the executive team. The revised plan aims to link leadership performance with company strategy and shareholder expectations, enhancing sustainable value creation. The changes include an increase in the maximum long-term incentive opportunity from 50% to 75% of Kehoe’s base salary, contingent on achieving significant performance targets related to EBITDA and total shareholder return.

The most recent analyst rating on (AU:NXD) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on iCollege Ltd. stock, see the AU:NXD Stock Forecast page.

AXP Energy Begins Production Testing on Oklahoma’s Charlie #1 Well

AXP Energy Limited has commenced production testing on its Charlie #1 well in Noble County, Oklahoma, following a successful hydraulic fracturing program. The testing aims to evaluate the well’s production potential and gather data to inform future drilling strategies. This marks a significant step for AXP as it seeks to expand its oil and gas operations and implement its gas-to-power and data-center strategy in collaboration with partners Blackhart Technologies and BitFufu. The company holds a 100% working interest in the well and is conducting operations safely and efficiently, with no reported incidents.