WAY 2 VAT LTD (AU:W2V)
ASX:W2V
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WAY 2 VAT LTD
(Sydney:W2V)
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Rating:42Neutral
Price Target:
AU$0.07
▼(-11.25% Downside)
Action:ReiteratedDate:03/24/26
The score is primarily constrained by weak financial quality—deep losses, significant cash burn, and high leverage—despite strong revenue growth and high gross margins. Technical signals also remain bearish (below key moving averages with negative MACD), while valuation is hard to support due to ongoing losses and no dividend yield data.
Positive Factors
Revenue growth acceleration
Sustained, accelerating revenue growth signals expanding product-market fit and rising customer adoption for the VAT automation platform. Over 2–6 months this growth supports scale economies and gives management runway to improve unit economics if operating costs are controlled.
Negative Factors
Deep unprofitability
A net margin near -100% reflects operating cost structures that currently swamp revenue; this large profitability gap is structural and will require material margin improvement or cost downsizing to reach sustainable profitability, challenging long‑term cash self‑sufficiency.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth acceleration
Sustained, accelerating revenue growth signals expanding product-market fit and rising customer adoption for the VAT automation platform. Over 2–6 months this growth supports scale economies and gives management runway to improve unit economics if operating costs are controlled.
Read all positive factors
WAY 2 VAT LTD (W2V) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$21.54M
Dividend YieldN/A
Average Volume (3M)3.22M
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue Growth53.50%
EPS Growth55.30%
CountryAU
Employees54
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.01
Shares Outstanding259,501,500
10 Day Avg. Volume3,217,283
30 Day Avg. Volume3,217,283
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)11.24
Price to Sales (P/S)2.56
P/FCF Ratio-2.86
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)AU$10.80M
WAY 2 VAT LTD Business Overview & Revenue Model
Company Description
Way 2 Vat Ltd, a fintech company, provides VAT/ GST claim and return solutions worldwide. The company owns and operates automated end-to-end VAT reclaim platform. Its services include foreign and local VAT reclaim for companies, foreign VAT reclai...
How the Company Makes Money
WAY 2 VAT LTD generates revenue primarily through subscription-based fees for its VAT recovery platform and related services. The company assists businesses in reclaiming VAT on eligible transactions and charge a percentage-based commission on rec...
WAY 2 VAT LTD Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
24
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.43M | 3.01M | 2.05M | 1.30M | 1.32M |
| Gross Profit | 3.25M | 2.47M | 1.62M | 1.00M | 1.05M |
| EBITDA | ― | -2.99M | -3.74M | -4.34M | -4.54M |
| Net Income | ― | -3.62M | -4.25M | -4.56M | -6.38M |
Balance Sheet | |||||
| Total Assets | 8.18M | 4.48M | 4.15M | 4.51M | 5.18M |
| Cash, Cash Equivalents and Short-Term Investments | 512.49K | 76.00K | 493.00K | 1.03M | 3.13M |
| Total Debt | 3.10M | 2.22M | 1.90M | 848.00K | 1.09M |
| Total Liabilities | 7.17M | 5.80M | 5.15M | 4.31M | 2.36M |
| Stockholders Equity | 1.01M | -1.32M | -1.00M | 207.00K | 2.82M |
Cash Flow | |||||
| Free Cash Flow | -3.97M | -3.62M | -3.81M | -4.62M | -4.11M |
| Operating Cash Flow | -3.96M | -3.60M | -3.80M | -4.61M | -4.08M |
| Investing Cash Flow | -1.27M | -16.00K | -5.00K | -9.00K | -29.00K |
| Financing Cash Flow | 5.58M | 3.10M | 3.13M | 1.51M | 5.30M |
WAY 2 VAT LTD Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
45 Neutral | AU$11.75M | -0.48 | -158.38% | ― | 106.21% | -60.61% | |
44 Neutral | AU$4.76M | -0.75 | -53.27% | ― | 2.15% | -900.00% | |
43 Neutral | AU$10.04M | -2.04 | 256.82% | ― | -64.36% | 57.89% | |
42 Neutral | AU$21.54M | -2.50 | -583.51% | ― | 53.50% | 55.30% | |
42 Neutral | AU$8.52M | -1.59 | -429.54% | ― | ― | ― |
* Technology Sector Average
AU:W2V
WAY 2 VAT LTD
0.08
-0.02
-17.00%
AU:PIL
Peppermint Innovation Limited
0.01
0.00
0.00%
AU:BEO
SkyFii Limited
0.13
-0.07
-34.21%
AU:SPX
Spenda Limited
―
―
―
AU:KNO
Knosys Ltd.
0.02
-0.01
-38.89%
WAY 2 VAT LTD Corporate Events
Way2VAT Halts ASX Trading Ahead of Planned Capital Raising
Mar 31, 2026
Way2VAT Ltd has requested an immediate trading halt in its securities on the ASX, as the company prepares an announcement regarding a proposed capital raising, with trading expected to resume by 2 April 2026 or upon the release of further details....
Way 2 Vat Outlines 2026 Governance Framework and Diversity Progress
Mar 31, 2026
Way 2 Vat Ltd has issued its 2026 corporate governance statement, outlining broad adherence to the ASX Corporate Governance Council’s principles and clarifying the division of responsibilities between its board and management. The company de...
Way 2 Vat Details Governance Framework in 2025 Annual Report
Mar 31, 2026
Way 2 Vat Ltd has released its 2025 annual report, outlining its corporate structure, governance framework, and key professional advisers across Australia and Israel. The report highlights the company’s established operational base and cross...
Way 2 VAT Issues New Unquoted Options Under Employee Incentive Scheme
Mar 18, 2026
Way 2 VAT Ltd., an ASX-listed financial technology company specialising in VAT solutions, continues to leverage unquoted equity securities as part of its employee incentive framework. The business uses these instruments to support long-term retent...
Way2VAT Consolidates Company Secretarial Role After Resignation
Feb 27, 2026
Way2VAT Limited has announced the immediate resignation of Ju-Yup Lee from his role as joint company secretary, marking a change in its corporate governance structure. Emily Austin will continue as the sole company secretary and will remain respon...
Way2VAT Alerts Holders to Imminent Expiry of Out-of-the-Money Listed Options
Feb 27, 2026
Way2VAT Limited has notified the market that 16,313,045 quoted options, exercisable at $0.33 under the ASX code W2VO, are scheduled to expire at 5:00pm AEDT on 28 February 2026, with official quotation having already ceased on 24 February 2026. Op...
Way2VAT boosts FY25 revenue 46% and strengthens VAT platform with RBC deal
Feb 26, 2026
Way2VAT reported unaudited FY25 revenue of $6.6 million, a 46% increase on the prior year, while narrowing its EBITDA loss to $4.3 million and reducing its operating loss to $4.8 million. The company expanded its enterprise client base by 27% to 5...
Way2VAT lifts revenue and client base as it funds RBC acquisition and expansion
Feb 26, 2026
Way2VAT Ltd reported a 46% increase in revenue to $6.6 million for 2025, driven by a 27% rise in enterprise clients to 501, including major global corporates such as JLL, Savills, Trafigura and Rakuten. Despite the top-line growth and a 5% like-fo...
Way2VAT Issues New Shares Under Corporations Act Exemption
Feb 10, 2026
Way2VAT Ltd has issued 551,471 fully paid ordinary shares without a prospectus under the exemption provisions of the Australian Corporations Act. The company affirmed it is compliant with its financial reporting and continuous disclosure obligatio...
Way 2 VAT Applies to List New Shares Issued for Investor Relations Services
Feb 10, 2026
Way 2 VAT Ltd., listed on the ASX under ticker W2V, has lodged an application for quotation of additional ordinary fully paid shares. The company has not provided further details in this filing about its business activities or strategic market foc...
Way 2 VAT Issues Over 5.2 Million Unquoted Options
Jan 29, 2026
WAY 2 VAT Ltd., listed on the ASX under code W2V, has notified the market of a new issue of 5,283,245 unquoted options with various expiry dates and exercise prices. The issuance of these options, effective 29 January 2026, expands the companyR...
Way 2 Vat Issues Over 2.1 Million Unquoted Performance Options
Jan 29, 2026
Way 2 Vat Ltd has notified the market that it will issue 2,139,323 unquoted performance options, designated under the ASX code W2VAB, effective 29 January 2026. The new options issuance, disclosed via an Appendix 3G filing, signals a further use o...
Way2VAT Delivers Record Quarter and Strikes Coupa Partnership as FY25 Revenue Jumps 41%
Jan 27, 2026
Way2VAT reported record quarterly revenue of A$2.13 million for the three months to 31 December 2025, contributing to full-year FY25 revenue of A$6.51 million, a 41% increase on the prior year. Quarterly cash receipts more than doubled sequentiall...
Way 2 VAT Director Amos Simantov Granted 13 Million Performance Options
Jan 15, 2026
Way 2 VAT Ltd has disclosed a change in the equity interests of director Amos Simantov, detailing his direct and indirect holdings in fully paid ordinary shares and a range of options with varying strike prices and expiry dates. The filing reports...
Way 2 VAT Director Adoram Ga’ash Increases Indirect Equity Holdings
Jan 15, 2026
Way 2 VAT Ltd has disclosed a change in the indirect holdings of director Adoram Ga’ash, whose interests are held via investment vehicles AMGH Synergia 2014 Ltd and Moneta Seeds LP. The disclosure details a post-consolidation structure of or...
Way 2 VAT Director Receives Over 1.5 Million Long-Dated Performance Options
Jan 15, 2026
Way 2 VAT Ltd has disclosed a change in director Robert Edgley’s interests, with his holdings now comprising both fully paid ordinary shares and newly issued performance options. The company reported that Edgley has been granted 1,579,475 pe...
Way 2 Vat Issues 17.2 Million Unquoted Performance Options
Jan 15, 2026
Way 2 Vat Ltd has notified the ASX of the issue of 17,224,738 new unquoted performance options, each exercisable at A$0.07 and expiring on 9 January 2036. The options, to be issued on 9 January 2026, expand the company’s pool of unquoted equ...
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.