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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 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.00M | 6.47M | 13.38M | 16.21M | 10.39M | 5.70M |
| Gross Profit | -1.28M | -933.48K | -1.05M | 3.80M | 2.31M | -6.31M |
| EBITDA | -9.36M | -4.24M | -4.45M | -5.26M | -9.54M | -7.52M |
| Net Income | -13.05M | -12.11M | -6.51M | -6.51M | -10.24M | -8.26M |
Balance Sheet | ||||||
| Total Assets | 4.78M | 5.06M | 13.52M | 14.18M | 8.17M | 6.94M |
| Cash, Cash Equivalents and Short-Term Investments | 1.91M | 1.62M | 1.94M | 1.79M | 1.02M | 1.95M |
| Total Debt | 2.45M | 6.57M | 3.49M | 2.49M | 1.14M | 2.78M |
| Total Liabilities | 9.26M | 13.04M | 12.98M | 13.77M | 6.62M | 6.75M |
| Stockholders Equity | -4.49M | -7.98M | 544.90K | 405.25K | 1.56M | 185.22K |
Cash Flow | ||||||
| Free Cash Flow | -1.04M | -2.79M | -2.42M | -5.03M | -7.91M | -4.02M |
| Operating Cash Flow | -1.03M | -2.79M | -2.38M | -2.33M | -6.21M | -3.24M |
| Investing Cash Flow | -2.62M | -2.16M | -3.33M | -2.91M | -1.81M | -648.64K |
| Financing Cash Flow | 4.82M | 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% | |
44 Neutral | AU$4.36M | -0.82 | ― | ― | -4.86% | 64.36% | |
41 Neutral | AU$21.90M | -5.38 | ― | ― | 12.77% | 53.47% | |
41 Neutral | AU$5.07M | -0.39 | ― | ― | -51.64% | -21.74% | |
40 Underperform | AU$12.51M | -0.39 | -134.92% | ― | -35.77% | -8.93% | |
37 Underperform | AU$7.55M | ― | -110.55% | ― | -51.28% | 8.00% | |
37 Underperform | AU$3.78M | -2.56 | -283.40% | ― | -74.76% | 42.11% |
X2M Connect Limited Corporate Events
X2M Connect Limited has lodged a notice of proposed securities issuance with the ASX, outlining a placement or similar capital raising to be completed by 30 April 2026. The company plans to issue up to 246,715,652 ordinary fully paid shares and a total of 340,909,090 three-year options exercisable at $0.008, split into two new option classes.
The proposed placement significantly expands X2M Connect’s capital base and introduces substantial option-based leverage into its capital structure. This move is likely aimed at strengthening liquidity and funding future activities, while the large volume of low-priced, long-dated options may increase potential dilution for existing shareholders but could also support investor participation in the company’s longer-term upside.
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 notified the ASX of a proposed issue of up to 253,284,348 ordinary fully paid shares under a placement or other type of capital raising. The new securities are expected to be issued on 5 March 2026, with the company applying for quotation of the additional shares in line with ASX listing requirements.
The announcement formally initiates the process for expanding X2M Connect’s share base, which may provide additional capital to support its activities once completed. Details on pricing, use of proceeds, or investor allocation are not included in the document, leaving the specific strategic implications of the raise unstated in this release.
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 has launched a two-tranche equity placement to raise about $3 million from institutional and sophisticated investors, with $1.52 million already secured and the balance subject to shareholder approval. The capital will fund entry into the Japanese water market, expansion in Australia, platform upgrades and working capital, while also enabling repayment of around $1.8 million in convertible loans and reducing total debt to roughly $602,000 in notes maturing in 2028.
The raise follows a strong first half of FY26 in which X2M delivered 45% revenue growth and 35% gross profit growth year on year, with second-quarter revenue and gross profit up 65% and 63% respectively. With about $4 million of contracted revenue expected to be recognised in the second half of FY26, management signals continued growth driven by municipal water digitisation projects in South Korea, new Japanese water contracts and ongoing metropolitan deployments, supporting the goal of materially narrowing adjusted EBITDA losses versus FY25.
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, an Australian IoT technology provider to utilities and governments, offers AI-driven platforms that enable real-time monitoring and control of critical infrastructure. Its solutions span water, gas and electricity networks and safety devices, with a growing presence in Asia and the Middle East and a business model combining hardware sales and recurring software and platform revenues.
The company has requested a trading halt in its securities on the ASX pending an announcement regarding a capital raising. Trading is expected to resume upon release of the capital raising details or at the start of normal trading on 27 February 2026, signaling that X2M is preparing to secure new funding that could support further growth and expansion of its technology footprint.
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 reported a 45% jump in half-year revenue to $4.9 million, driven by a stronger South Korean market, increased market share, initial deliveries of Seoul HelpMe devices and first water digitisation revenue in Japan. Despite this growth, the company remained loss-making, with a statutory after-tax loss of $3.3 million and a $1.2 million non-cash impairment tied to a lower forecast base.
Gross profit rose 35% to $2.1 million and operating expenditure increased 12% to $3.6 million, partly due to $0.25 million in product replacement costs on historical deployments. Adjusted EBITDA loss improved 10% to $1.2 million, cash from operations turned positive at $0.1 million versus prior cash burn, net debt was $0.2 million and enterprise and government customers grew 10% to 88, highlighting gradual operational leverage despite a negative net tangible asset position.
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 issued an investor presentation for the first half of FY26, outlining high-level information about its operations, performance context and associated investment risks. The document emphasizes that the materials are informational only, not a prospectus or financial advice, and that investors must undertake their own due diligence.
The release highlights that past performance is not a reliable guide to future results and stresses the uncertainty inherent in any projections or outlook statements. It also underscores that the company and its advisers disclaim liability for inaccuracies or omissions, signalling a cautious stance toward how investors should interpret the update and manage expectations around X2M’s future performance.
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 reported unaudited first-half FY26 revenue of $4.9 million, up 45% year on year, with gross profit rising 35% to $2.1 million and an improved adjusted EBITDA loss of $1.2 million. The company is shifting its mix toward higher-margin SaaS and maintenance services, while maintaining growth in core utility markets and increasing sales of new products.
The group expanded its enterprise and government customer base to 88 and secured about $4 million in contracted revenue expected to be recognised in FY26, enhancing second-half visibility. Operationally, X2M won multiple new and repeat water digitisation contracts in South Korea, entered Japan’s water digitisation market through a partnership with Azbil Kimmon, and began deploying 30,000 HelpMe public safety devices under a 100,000-unit contract, strengthening its position in APAC smart city infrastructure.
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 reported a strong second quarter of FY26, with revenue rising 65% year-on-year to $2.8 million and gross profit up 63% to $1.2 million, supported by improved operating performance that narrowed its adjusted EBITDA loss to $0.6 million. The company generated $1.7 million in net operating cash for the quarter, ended December with $1.9 million in cash and modest net debt of $0.2 million, and expanded its enterprise and government customer base to 88 as SaaS and maintenance revenues reached $0.3 million and annual recurring revenue climbed to $1.2 million. Operationally, X2M deepened its presence in South Korea through new and repeat municipal water digitisation contracts and continued roll-out of its HelpMe smart city public safety devices in Seoul, secured a strategic entry into Japan’s sizeable and under-digitised water metering market via a software agreement with Azbil Kimmon, and reported initial renewable energy mandates in Taiwan and ongoing gas monitoring deployments in the UAE, collectively broadening its addressable market and underpinning its push toward improved profitability.
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 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.