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X2M Connect Limited
(Sydney:X2M)
X2M Connect Limited (X2M) vs. iShares MSCI Australia ETF (EWA)
X2M Connect Limited Business Overview & Revenue Model
X2M Connect Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.69M | 6.47M | 13.38M | 16.21M | 10.39M | 5.70M |
| Gross Profit | -949.04K | -933.48K | -1.05M | 3.80M | 2.31M | -6.31M |
| EBITDA | -9.37M | -4.24M | -4.45M | -5.26M | -9.54M | -7.52M |
| Net Income | -12.97M | -12.11M | -6.51M | -6.51M | -10.24M | -8.26M |
Balance Sheet | ||||||
| Total Assets | 5.06M | 5.06M | 13.52M | 14.18M | 8.17M | 6.94M |
| Cash, Cash Equivalents and Short-Term Investments | 1.62M | 1.62M | 1.94M | 1.79M | 1.02M | 1.95M |
| Total Debt | 6.57M | 6.57M | 3.49M | 2.49M | 1.14M | 2.78M |
| Total Liabilities | 13.04M | 13.04M | 12.98M | 13.77M | 6.62M | 6.75M |
| Stockholders Equity | -7.98M | -7.98M | 544.90K | 405.25K | 1.56M | 185.22K |
Cash Flow | ||||||
| Free Cash Flow | -2.89M | -2.79M | -2.42M | -5.03M | -7.91M | -4.02M |
| Operating Cash Flow | -2.89M | -2.79M | -2.38M | -2.33M | -6.21M | -3.24M |
| Investing Cash Flow | -2.16M | -2.16M | -3.33M | -2.91M | -1.81M | -648.64K |
| Financing Cash Flow | 4.78M | 4.78M | 5.89M | 5.97M | 7.21M | 5.54M |
X2M Connect Limited Technical Analysis
X2M Connect Limited Peers Comparison
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% | |
46 Neutral | AU$28.15M | -5.52 | ― | ― | 12.77% | 53.47% | |
44 Neutral | AU$4.91M | -1.34 | ― | ― | -4.86% | 64.36% | |
41 Neutral | AU$8.11M | -0.32 | ― | ― | -51.64% | -21.74% | |
39 Underperform | AU$21.60M | -0.66 | -134.92% | ― | -35.77% | -8.93% | |
37 Underperform | AU$7.51M | ― | -110.55% | ― | -51.28% | 8.00% | |
37 Underperform | AU$5.29M | -0.76 | -283.40% | ― | -74.76% | 42.11% |
X2M Connect Limited Corporate Events
X2M Connect Limited has notified the market of the issue of 21,896,549 new unquoted LTI Performance Rights under its employee incentive scheme, effective 24 December 2025. The large grant of long-term incentive securities, which will not be quoted on the ASX, strengthens the company’s equity-based remuneration structure and is designed to align employee rewards with future company performance and shareholder interests.
The most recent analyst rating on (AU:X2M) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on X2M Connect Limited stock, see the AU:X2M Stock Forecast page.
X2M Connect Limited has announced the issuance of unquoted equity securities, including premium priced options and long-term incentive options, as part of their employee incentive scheme. This move indicates a strategic effort to enhance employee engagement and motivation, potentially impacting the company’s operational efficiency and market positioning positively.
The most recent analyst rating on (AU:X2M) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on X2M Connect Limited stock, see the AU:X2M Stock Forecast page.
X2M Connect Limited has entered the Japanese water digitisation market through a partnership with Azbil Kimmon, focusing on smart metering solutions. This collaboration marks an extension of their existing gas monitoring services in Japan and involves an initial software development contract valued at $200,000 for 5,000 connections, with potential expansion to 50,000 meters. The Japanese market, with approximately 60 million water meter connections, presents a significant SaaS revenue opportunity exceeding $100 million annually. This strategic move aligns with Japan’s push for digital transformation in water infrastructure, addressing challenges such as aging systems, labor shortages, and rising operational costs. The partnership is expected to leverage X2M’s experience in South Korea to enhance service delivery in Japan, offering substantial growth potential for the company.
The most recent analyst rating on (AU:X2M) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on X2M Connect Limited stock, see the AU:X2M Stock Forecast page.
X2M Connect Limited announced that all resolutions at its Annual General Meeting were passed, reflecting strong shareholder support for the company’s strategic initiatives. This outcome is likely to bolster X2M’s position in the utilities sector, as it continues to expand its IoT platform and explore new markets, enhancing its growth prospects and stakeholder confidence.
X2M Connect Limited has strategically refocused its operations to enhance profitability and expand its market presence, exiting unprofitable ventures and reducing operating costs. The company has launched new products and expanded into the Middle East, strengthening its position in the IoT sector. With significant contract wins and a healthier balance sheet, X2M is poised to capitalize on the growing demand for real-time data and AI-driven solutions. The company is expanding its offerings in key markets like South Korea, Japan, Taiwan, and the UAE, aiming to drive growth and deliver value to its stakeholders.
X2M Connect Limited has secured new contracts worth over A$0.5 million for water digitization in South Korea, covering remote metering for over 4,500 households. The contracts include a new customer, the city of Cheongju, and repeat orders from other municipalities, indicating strong market penetration and growth potential. These contracts will significantly boost X2M’s revenue for the fiscal year 2026, surpassing last year’s total revenue, and demonstrate the company’s growing momentum in the South Korean market.
X2M Connect Limited’s 1Q FY26 update highlights its transition from hardware to software and platform-based revenue models, reflecting a strategic shift in response to market demands. The company’s business model now emphasizes recurring fees for software services and platform maintenance, indicating a focus on sustainable revenue streams and long-term growth.
X2M Connect Limited reported a strong start to the 2026 financial year, with a 25% increase in revenue to $2.1 million and a 10% rise in gross profit. The company has secured significant contracts, including a public safety project in Seoul and a partnership in the UAE, which are expected to drive future growth. The company’s financial position has improved with reduced net debt and a successful capital raise, positioning it well for continued expansion in key markets.
X2M Connect Limited has announced that its Annual General Meeting (AGM) will be held virtually on November 25, 2025, allowing more shareholders to participate. The meeting will include online voting and a Q&A facility, with resolutions determined by a poll. Shareholders are encouraged to submit proxy forms in advance to ensure their votes are counted, addressing potential connectivity issues.
X2M Connect Limited has announced its Annual General Meeting to be held via video conference on November 25, 2025. The meeting will cover several key resolutions including the adoption of the remuneration report, the retirement and re-election of director The Hon Alan Stockdale AO, and the approval of an additional 10% placement capacity. These resolutions aim to align with corporate governance practices and provide the company with flexibility in capital management. Shareholders will have the opportunity to discuss and vote on these matters, which could impact the company’s strategic direction and shareholder value.
X2M Connect Limited has announced the application for quotation of 3,547,500 ordinary fully paid securities on the Australian Securities Exchange (ASX). These securities are issued for advisory services, marking a strategic move to enhance the company’s financial flexibility and potentially broaden its market engagement.