Openn Negotiation Limited (OPN) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 0.00
• Price to Earnings (P/E): 0.8
• Beta (1Y): -0.62
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: 64
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): N/A
• Shares Outstanding: 112,917,700
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: >-0.01
• Price to Book (P/B): -2.75
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.76
• 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: 43 Neutral
• Price Target: AU$0.58 ▼(-3.50% Downside)
• Action: N/A Date: 03/17/26
• Date: Action: N/A 03/17/26

The score is held down primarily by weak financial fundamentals—negative operating profitability, ongoing cash burn, and negative equity. Technicals provide limited support with a flat price trend and extreme overbought RSI, while valuation cannot be meaningfully assessed due to missing P/E and dividend yield data.

Positive Factors

Improving cash burn and losses

The company has materially narrowed losses and reduced cash burn versus prior years, which is a durable operational improvement. Sustained reduction in negative cash flow can extend runway and lower near-term refinancing risk, improving the chance of achieving self-funded operations.

Low absolute debt burden

Absolute debt is small (~A$0.075M in FY2025), which limits fixed financing obligations and interest expense pressure. For a small, cash-burning firm this reduces immediate solvency strain and gives management modest flexibility while pursuing revenue growth or additional capital.

Proptech platform exposure

The business model is a digital negotiation platform for real estate, aligning with structural industry trends toward online transaction tools. Platform exposure can create scalable revenue opportunities and network effects over time if adoption grows, supporting durable long-term growth potential.

Negative Factors

Negative shareholder equity & tiny asset base

Persistent negative equity and an extremely small asset base create structural solvency and credibility risks. This reduces the company's ability to absorb shocks, limits borrowing capacity and strategic optionality, and can hamper long-term partnerships or large customer contracts.

Consistent negative operating cash flow

Operating cash flow has been negative each year, indicating the business is not self-funding. Ongoing cash burn forces reliance on external financing or dilutive capital raises, creating a durable liquidity constraint that limits investment in product, sales and scaling.

Revenue essentially zero; unprofitable core

With revenue effectively nil and negative gross profit, the company lacks a scalable, profitable operating base. Reported net income in FY2025 appears driven by non-operating items, so the core business has not demonstrated sustainable profitability or organic growth capacity.

Openn Negotiation Limited Business Overview & Revenue Model

Company Description

Openn Negotiation Limited operates as a property technology company in Australia, New Zealand, and the United States. It offers a cloud-based software platform to support real estate agents in selling property online by facilitating the negotiation process, streamlining digital contracting, and automating communication tools that enhances property transactions. Openn Negotiation Limited was formerly known as Appwell Pty Ltd. The company was incorporated in 2016 and is based in Claremont, Australia.

How the Company Makes Money

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Openn Negotiation Limited Financial Statement Overview

Summary

Financial quality remains very weak despite improvement in losses and cash burn. Revenue is essentially zero and gross profit/EBIT are still negative, operating cash flow remains negative, and the balance sheet is stressed with negative shareholder equity and a very small asset base—suggesting elevated liquidity and solvency risk.

Income Statement

The income statement profile remains weak despite a sharp swing to reported profitability in FY2025. Revenue fell to essentially zero in FY2025 (from a very small base in FY2024), and gross profit has been consistently negative, indicating an unprofitable core operating model. Losses have narrowed materially versus FY2023–FY2024 (EBIT improved from -10.5M in FY2023 to -0.17M in FY2025), but the FY2025 net income of +0.41M stands out as inconsistent with ongoing operating losses and appears driven by non-operating items rather than sustainable earnings power.

Balance Sheet

The balance sheet is highly stressed, highlighted by negative shareholder equity in FY2023–FY2025 (FY2025 equity: -0.12M) and a very small asset base in FY2025 (total assets: ~0.014M). Debt is not large in absolute terms in FY2025 (~0.075M), but negative equity meaningfully increases financial risk and reduces flexibility. While leverage improved dramatically versus FY2020’s extreme debt load relative to equity, the current negative equity position and shrinking asset base remain the dominant concerns.

Cash Flow

Cash generation is weak and volatile, with operating cash flow negative in every year shown (FY2025: -0.43M; FY2024: -2.84M; FY2023: -8.84M), indicating the business is not self-funding. The cash burn has improved substantially versus FY2023–FY2024, but free cash flow remains negative in FY2025. The relationship between free cash flow and net income in FY2025 underscores that the reported profit has not translated into positive cash generation, keeping liquidity risk elevated.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	9.86K	622.72K	1.18M	1.05M
Gross Profit	-23.83K	-1.12M	-6.73M	-4.01M	-1.06M
EBITDA	24.05K	-1.65M	-12.59M	-7.73M	-1.86M
Net Income	412.86K	-3.92M	-13.13M	-8.03M	-2.07M
Balance Sheet
Total Assets	13.99K	179.66K	721.49K	4.70M	2.19M
Cash, Cash Equivalents and Short-Term Investments	9.40K	10.00	123.64K	2.62M	566.37K
Total Debt	74.96K	406.80K	278.53K	14.79K	111.27K
Total Liabilities	131.18K	842.66K	1.00M	891.45K	866.87K
Stockholders Equity	-117.19K	-663.01K	-278.94K	3.81M	1.32M
Cash Flow
Free Cash Flow	-425.99K	-2.84M	-8.86M	-6.08M	-1.37M
Operating Cash Flow	-425.99K	-2.84M	-8.84M	-6.01M	-1.36M
Investing Cash Flow	-9.29K	-490.00K	-1.45M	-812.00K	-434.09K
Financing Cash Flow	285.96K	3.36M	7.80M	8.87M	2.00M

Openn Negotiation Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CBO	75 Outperform	AU$1.47B	-40.41	14.44%	1.55%	6.09%	166.89%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
WOT	56 Neutral	AU$93.82M	-5.93	-3.94%	3.95%	-5.21%	-14350.00%
AOF	49 Neutral	AU$55.89M	-4.82	-16.74%	15.14%	-68.24%	42.03%
OPN	43 Neutral	―	0.78	833.38%	―	―	―
MPX	38 Underperform	AU$18.35M	-12.65	-14.04%	―	-81.98%	-131.34%

Openn Negotiation Limited Corporate Events

Openn Negotiation Announces Departure of Director George Terpens

Openn Negotiation Limited has announced the cessation of George Terpens as a director of the company, effective 2 February 2026. The company advised the ASX that Terpens holds no relevant interests in Openn Negotiation securities, either directly, indirectly or through related contracts, indicating that his departure does not alter the company’s capital structure or insider ownership profile.

Openn Negotiation Appoints Lui Kit Wei as Director with No Initial Shareholding

Openn Negotiation Limited has appointed Lui Kit Wei as a director effective 2 February 2026, according to an initial director’s interest notice lodged with the ASX. The filing shows that at the time of appointment Lui Kit Wei holds no direct or indirect interests in the company’s securities and has no disclosed interests in any related contracts, indicating a starting position free of equity holdings that investors may monitor for future changes.

Openn Negotiation Reshapes Board With Two New Non-Executive Directors

Openn Negotiation Limited has announced a board reshuffle, with directors George Terpens and Richard Brien resigning effective 2 February 2026 and the simultaneous appointment of Lui Kit Wei and Peter Hocking as non-executive directors. Lui brings more than two decades of experience in investments, equity markets, corporate finance and strategic asset deployment, including senior roles at global institutional asset manager Arena Investors LP and as Managing Director of Harford Vantage (Australia) Pty Ltd, while Hocking adds extensive banking, senior executive and corporate advisory experience, along with over 25 years as a company director across property, technology and services with APAC and global exposure. The changes signal a bolstering of the board’s financial, investment and strategic governance capabilities, which may influence Openn Negotiation’s capital strategy and growth trajectory in the property technology sector.

Openn Negotiation Appoints New Director With No Initial Securities Interests

Openn Negotiation Limited has announced the appointment of Po Chu Byfield as a director effective 28 January 2026, in accordance with ASX Listing Rule 3.19A.1 disclosure obligations. The initial director’s interest notice confirms that Byfield holds no relevant interests in the company’s securities, either directly or indirectly, and has no interests in any related contracts, signalling a starting position free of declared shareholdings or contractual ties as they join the board.

Openn Negotiation Strengthens Board With Appointment of Po Chu Byfield

Openn Negotiation Limited has appointed Ms Po Chu Byfield as a non-executive director, effective 28 January 2026, strengthening its board with a seasoned executive who brings more than 25 years of experience in corporate strategy, finance, generative AI applications and technical consulting across software engineering, oil, gas and coal. The addition of Byfield, who has prior non-executive director experience at another ASX-listed company, is expected to bolster Openn’s governance capabilities and strategic oversight as it navigates technology-driven opportunities and challenges in capital-intensive sectors, potentially enhancing confidence among investors and other stakeholders in the company’s leadership depth.

Openn Negotiation Shareholders Back Remuneration Report and Extra Placement Capacity at 2025 AGM

Openn Negotiation Limited reported the outcomes of its 2025 Annual General Meeting held on 22 January 2026, where shareholders voted on key governance and capital management resolutions. With one director re‑election motion withdrawn ahead of the meeting, investors overwhelmingly endorsed the adoption of the remuneration report and approved an additional 10% placement capacity, signalling strong shareholder support for the company’s current leadership and its flexibility to raise capital through future equity issuances.

Openn Negotiation Shareholders Back All Resolutions at 2024 AGM

Openn Negotiation Limited has reported that all resolutions presented at its 2024 Annual General Meeting, held on 22 January 2026, were passed by poll. The resolutions, including the adoption of the remuneration report, received strong shareholder support, with voting results indicating an overwhelming majority in favour, underscoring continued investor backing for the company’s governance and board proposals.

Openn Negotiation Director Gregory Starr Steps Down With No Shareholdings Reported

Openn Negotiation Limited has announced that director Gregory Starr ceased to be a director of the company effective 20 January 2026. According to the final director’s interest notice lodged with the ASX, Starr holds no relevant interests in Openn Negotiation securities, either directly, indirectly or through related contracts, at the time of his departure, indicating no ongoing equity-linked alignment or obligations between the outgoing director and the company.

Openn Negotiation Withdraws AGM Resolution Following Director Resignation

Openn Negotiation Limited has announced the resignation of director Gregory Starr, effective 20 January 2026, prompting the board to withdraw the resolution that had proposed his re-election at the company’s 2025 Annual General Meeting. The company confirmed that the removal of this resolution will not affect the validity of existing proxy forms or other agenda items for the 22 January 2026 meeting, with any votes cast on the withdrawn resolution to be disregarded to maintain clarity for shareholders on the remaining business.

Openn Negotiation Returns to Profit but Keeps Dividends on Hold

Openn Negotiation Limited swung to a total profit of $412,860 for the year ended 30 June 2025 from a loss of $3.93 million a year earlier, driven by a sharp turnaround in both continuing and discontinued operations, with comprehensive profit to owners improving by $4.27 million. Despite the return to profitability, the board has opted not to declare a dividend and maintains a net tangible asset deficiency per share, while confirming its audited financial statements and setting its 2025 annual general meeting for 22 January 2026, signaling a stabilising but still capital‑constrained position for shareholders.

Openn Negotiation Sets January 2026 AGM and Pushes Paperless Investor Communications

Openn Negotiation Limited has called its 2025 Annual General Meeting for 11:15am AEDT on Thursday, 22 January 2026, to be held at 24-26 Kent Street, Millers Point, NSW, with the full meeting materials available online via the ASX rather than in printed form. The company is emphasizing a shift to paperless communications by urging shareholders to provide email addresses and use online voting or proxy appointment channels, underscoring a continued push for cost efficiency, environmental responsibility and streamlined investor engagement.

Openn Negotiation Sets January 2026 AGM, Pushes Paperless Voting

Openn Negotiation Limited has called its 2024 Annual General Meeting for 11:00am AEDT on 22 January 2026 at 24-26 Kent Street, Millers Point, New South Wales, advising shareholders that the notice of meeting and related documents are available online rather than in hard copy. The company is pushing a shift to paperless communications by encouraging investors to vote via proxy or online platforms and to register email addresses with its share registry provider, underscoring an operational emphasis on digital engagement and reduced paper usage in its shareholder relations.

Openn Negotiation Files Updated Corporate Governance Disclosure with ASX

Openn Negotiation Limited has lodged its Appendix 4G with the ASX for the year ended 30 June 2025, confirming that its latest corporate governance statement is current as of 17 July 2025 and is published on the company’s website. The filing outlines how the group has addressed the ASX Corporate Governance Council’s principles and recommendations, indicating where it fully complies and where practices are described or varied in its governance statement, thereby providing investors and regulators with clearer visibility over board responsibilities, director appointment processes and overall governance structures.

Openn Negotiation Files Annual Report for Year Ended 30 June 2025

Openn Negotiation Limited has released its annual report for the year ended 30 June 2025, providing shareholders and regulators with its audited financial statements, directors’ report, and additional ASX disclosures. The publication of this report, following the company’s earlier period under a deed of company arrangement, marks an important step in maintaining transparency around its financial position, performance, and governance as it continues to operate as a listed entity.