1st Group Ltd. (VFX) AI Stock Analysis

• Market Cap: AU$5.63M
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): 2.01
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): <0.01
• Shares Outstanding: 86,562,380
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: 0.09
• Price to Book (P/B): -3.39
• Price to Sales (P/S): 1.48
• P/FCF Ratio: -1.94
• 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$0.06 ▼(-39.00% Downside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is weighed down primarily by weak financial performance (losses, negative equity, and continued cash burn). Technicals also point to a weak trend with negative momentum. Valuation offers limited support because the negative P/E reflects losses and there is no dividend yield data.

Positive Factors

Revenue Growth Trajectory

Reported revenue growth, including a large jump in 2025, indicates underlying market demand and product adoption. Over a 2–6 month horizon, sustainable top-line momentum gives management a runway to pursue scale economies and margin improvement if cost control and unit economics are addressed.

Debt Reduction

Meaningful debt improvement in 2025 reduces near-term financing strain and interest burden, improving liquidity flexibility. Structurally, deleveraging enhances resilience, lowers default risk and provides management more time to execute strategic initiatives without immediate refinancing pressure.

Free Cash Flow Trend

Year‑over‑year improvement in free cash flow, while still negative, signals operational progress toward cash generation. If this trend continues, it is a durable indicator the business model is moving toward self‑funding, reducing dependence on external capital over the medium term.

Negative Factors

Negative Shareholder Equity

Consistently negative shareholder equity constrains financial flexibility, limits access to traditional financing, and heightens reliance on dilutive capital or creditor concessions. This structural capital shortfall raises the risk of meaningful dilution or solvency pressure over the medium term.

Persistent Cash Burn

Negative operating and free cash flows across periods reflect ongoing cash burn and weak internal funding. Without sustained cash generation, the company will likely require external capital, which can dilute shareholders and constrain strategic choices, undermining long‑term stability.

Deteriorating Profitability

A swing to negative gross profit and deep operating losses in 2025 shows the cost structure currently fails to scale with revenue. Structurally challenged margins reduce the chance of sustainable profitability absent major product, pricing or cost transformation, threatening long‑term viability.

1st Group Ltd. Business Overview & Revenue Model

Company Description

Visionflex Group Limited, together its subsidiaries, engages in the provision of healthcare, telehealth, and remote diagnostic solutions in Australia. The company offers virtual healthcare solutions and peripheral medical devices that integrate into proprietary developed software for remote diagnostics and patient care. It also provides healthcare and corporate online search and appointment booking services. The company was formerly known as 1st Group Limited and changed its name to Visionflex Group Limited in November 2023. Visionflex Group Limited was incorporated in 2009 and is based in Warriewood, Australia.

How the Company Makes Money

1st Group Ltd. Financial Statement Overview

Summary

Financial health is high-risk: profitability is weak and worsening (deep operating/net losses and negative gross profit in 2025), shareholder equity is negative across periods (limited flexibility), and cash flow remains negative (ongoing cash burn). Debt improved in 2025 and free cash flow improved year-over-year, but the business is still not self-funding.

Income Statement

Profitability is weak and deteriorating: the latest year (2025) shows a sharp swing to negative gross profit and very deep operating and net losses, despite strong reported revenue growth. Margins were already negative in prior years and remain structurally challenged, indicating the business has not yet demonstrated a scalable cost structure. The main positive is that revenue has grown over time (with a large jump in 2025), but it has not translated into improved earnings power.

Balance Sheet

Balance sheet risk is elevated due to consistently negative shareholder equity across all periods, which limits financial flexibility and increases reliance on external funding. Debt levels improved meaningfully in 2025 versus 2024, but leverage remains a concern given the equity deficit and ongoing losses. Total assets are relatively small and have not shown a clear strengthening trend to offset capital structure pressure.

Cash Flow

Cash generation is poor: operating cash flow is negative in 2025 and free cash flow is negative across the available history, implying continued cash burn. While free cash flow improved in 2025 versus 2024, the company is still not self-funding and may need additional capital if this pattern persists. Earlier periods show limited evidence of sustained operating cash inflows, reinforcing execution and liquidity risk.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	4.19M	6.65M	4.47M	4.83M
Gross Profit	-2.42M	3.94M	3.41M	4.83M
EBITDA	-3.37M	-1.32M	-3.56M	-6.43M
Net Income	-3.19M	-1.83M	-3.66M	-6.82M
Balance Sheet
Total Assets	3.39M	2.88M	4.09M	4.27M
Cash, Cash Equivalents and Short-Term Investments	1.89M	1.16M	1.44M	2.01M
Total Debt	2.47M	13.65M	12.11M	4.65M
Total Liabilities	5.22M	19.76M	18.73M	8.16M
Stockholders Equity	-1.82M	-8.11M	-6.74M	-3.89M
Cash Flow
Free Cash Flow	-3.19M	-1.38M	-3.68M	-2.82M
Operating Cash Flow	-3.16M	0.00	0.00	0.00
Investing Cash Flow	-29.51K	276.80K	720.13K	-21.84K
Financing Cash Flow	3.92M	798.81K	2.36M	4.59M

1st Group Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CMB	48 Neutral	AU$11.02M	-1.00	-166.70%	―	―	―
HIQ	44 Neutral	AU$11.39M	-0.96	152.58%	―	-40.05%	-49.57%
VFX	43 Neutral	AU$5.63M	-1.94	―	―	―	―
GLH	42 Neutral	AU$4.00M	-1.98	―	―	-9.90%	34.07%
EVE	41 Neutral	AU$5.98M	-1.62	-60.84%	―	-18.70%	20.83%

1st Group Ltd. Corporate Events

Visionflex lifts recurring revenue as it shifts to subscription-led telehealth model

Visionflex reported H1 FY26 revenue of $1.7 million, down 10% on the prior period, but lifted recurring revenue by 29% to $0.9 million, with subscriptions and support now contributing about 52% of total revenue. Annual recurring revenue rose 23% to $1.95 million, while underlying EBITDA loss remained at $1.3 million and a fair value gain on convertible note conversion reduced loss before tax to $0.1 million.

Management highlighted disciplined cost control, a stronger and more resilient balance sheet with $1.1 million in cash and $1 million in undrawn facilities, and progress on enterprise deployments with partners such as Amplar Health and Aspen Medical. The growing subscription base and scaling partnerships are repositioning the business towards more stable, recurring income and are expected to underpin improved revenue performance in the second half of FY26 and beyond.

The most recent analyst rating on (AU:VFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on 1st Group Ltd. stock, see the AU:VFX Stock Forecast page.

Visionflex Group Releases FY26 Interim Financial Report

Visionflex Group Limited has released its FY26 Appendix 4D and interim financial report, outlining the company’s consolidated financial statements and directors’ commentary for the period. The report package includes profit and loss, balance sheet, cash flow statement, changes in equity and an independent auditor’s review, providing stakeholders with an interim view of the group’s financial position and performance.

The publication of these interim results offers investors and other stakeholders greater transparency on Visionflex Group’s current operations and financial health. By detailing the group’s performance and capital position at this stage of the financial year, the release helps the market assess the company’s progress and risk profile ahead of its full-year reporting.

The most recent analyst rating on (AU:VFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on 1st Group Ltd. stock, see the AU:VFX Stock Forecast page.

Visionflex Seeks ASX Quotation for Additional Ordinary Shares

Visionflex Group Limited has applied to the ASX for quotation of 36,110 new fully paid ordinary shares under its existing issuer code VFX. The additional securities arise from the exercise or conversion of existing options or other convertible securities, modestly increasing the company’s quoted share capital and potentially enhancing liquidity for current and future shareholders without indicating any broader strategic shift.

The most recent analyst rating on (AU:VFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on 1st Group Ltd. stock, see the AU:VFX Stock Forecast page.

Visionflex Options Lapse, Removing Potential Future Dilution

Visionflex Group Limited has announced the expiry of 9,736,607 unexercised options, each with an exercise price of A$0.35 and an expiry date of 25 January 2026, resulting in the cessation of these securities from its issued capital. The lapse of these options slightly simplifies the company’s capital structure and removes a potential source of future equity dilution for existing shareholders, although it does not immediately affect the number of ordinary shares on issue.

The most recent analyst rating on (AU:VFX) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on 1st Group Ltd. stock, see the AU:VFX Stock Forecast page.

Visionflex Posts Modest Quarterly Cash Outflow but Maintains Solid Cash Buffer

Visionflex Group Limited reported a modest cash outflow from operations for the quarter ended 31 December 2025, with net operating cash used of A$290,000 on customer receipts of A$982,000, partly offset by A$569,000 in government grants and tax incentives. Investing activity was minimal, with only A$2,000 spent on property, plant and equipment, while the balance sheet was supported over the half-year by A$540,000 raised via convertible debt securities, leaving the company with a positive cash position of A$1.402 million at quarter end despite continued operating cash burn, a key consideration for investors watching its funding runway and path to sustainable cash flow.

The most recent analyst rating on (AU:VFX) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on 1st Group Ltd. stock, see the AU:VFX Stock Forecast page.

Visionflex lifts recurring revenue and tightens costs as aged care and RFDS deals advance

Visionflex Group reported mixed Q2 FY26 results, with customer cash receipts rising 22% year-on-year to $1 million and operating cash outflows improving to $0.3 million, supported by tighter cost control and a growing base of higher-margin recurring software revenue. Unaudited revenue fell 12% to $0.8 million due to lower hardware sales, but annual recurring revenue climbed 23% to $1.95 million, underpinned by progress with key clients such as RFDS Victoria, which renewed its subscription, and Amplar Health, which expanded deployments across residential aged care facilities; alongside a completed 50:1 share consolidation and available liquidity of $2.1 million, the company is positioning itself for ARR-led growth and expects its strategic partnerships and deeper enterprise and government relationships to drive revenue growth in the second half of FY26.

The most recent analyst rating on (AU:VFX) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on 1st Group Ltd. stock, see the AU:VFX Stock Forecast page.

Visionflex Options Lapse Following Expiry Without Exercise

Visionflex Group Limited has notified the market that 553,395 options with an exercise price of $0.35, expiring on 2 January 2026, have lapsed unexercised. The cessation of these options slightly reduces the company’s pool of potential equity dilution but does not immediately alter its issued share capital, representing a routine capital management event for current and prospective shareholders to note.

The most recent analyst rating on (AU:VFX) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on 1st Group Ltd. stock, see the AU:VFX Stock Forecast page.