X2M Connect Limited (AU:X2M)
ASX:X2M
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X2M Connect Limited
(Sydney:X2M)
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Rating:41Neutral
Price Target:
AU$0.01
â–²(0.00% Upside)
Action:ReiteratedDate:12/13/25
The overall stock score is primarily driven by significant financial challenges, including declining revenues, negative profitability, and high leverage. Technical analysis indicates weak momentum, and valuation metrics reflect poor investment attractiveness. These factors collectively suggest a high-risk investment.
Positive Factors
Recurring revenue streams
X2M's business model includes recurring connectivity and managed-service fees tied to deployed devices. Those revenue streams create long-lived customer relationships and predictable lifecycle income from subscriptions and maintenance, supporting steadier cash flow over time.
Negative Factors
Declining revenue trend
A sharp and recent revenue decline reduces scale and weakens the core business runway. Persistent top-line contraction undermines ability to cover fixed costs, invest in R&D or expand recurring service bases, and makes recovery slower absent renewed contract wins or market share gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue streams
X2M's business model includes recurring connectivity and managed-service fees tied to deployed devices. Those revenue streams create long-lived customer relationships and predictable lifecycle income from subscriptions and maintenance, supporting steadier cash flow over time.
Read all positive factors
X2M Connect Limited (X2M) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.66M
Dividend YieldN/A
Average Volume (3M)1.86M
Price to Earnings (P/E)―
Beta (1Y)-0.80
Revenue Growth-13.81%
EPS Growth-37.77%
CountryAU
Employees54
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.02
Shares Outstanding1,480,128,800
10 Day Avg. Volume943,216
30 Day Avg. Volume1,864,888
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)-0.78
Price to Sales (P/S)0.96
P/FCF Ratio-2.23
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)N/A
X2M Connect Limited Business Overview & Revenue Model
Company Description
X2M Connect Limited, a technology company, provides Internet of Things business technology for the utility sector in the Asia-Pacific. It offers a technology that connects various devices over the internet, such as water meters and gas pressure se...
How the Company Makes Money
X2M generates revenue by selling and supporting end-to-end IoT/M2M solutions for customers that need to connect remote assets and collect operational data. Key revenue streams typically include: (1) hardware/device sales (e.g., telemetry gateways,...
X2M Connect Limited Financial Statement Overview
Summary
Income Statement
20
Very Negative
Balance Sheet
15
Very Negative
Cash Flow
25
Negative
| 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
Negative
0.01
Price Trends
0.01
Negative
0.01
Negative
0.02
Negative
Market Momentum
>-0.01
Negative
44.99
Neutral
25.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:X2M, the sentiment is Negative. The current price of 0.01 is above the 20-day moving average (MA) of <0.01, below the 50-day MA of 0.01, and below the 200-day MA of 0.02, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 44.99 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:X2M.
X2M Connect Limited 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% | |
44 Neutral | AU$3.78M | -0.88 | -152.47% | ― | 51.34% | 78.57% | |
43 Neutral | AU$5.67M | -2.44 | -80.24% | ― | 15.23% | 26.09% | |
41 Neutral | AU$13.64M | -1.13 | -126.80% | ― | -32.06% | 18.91% | |
41 Neutral | AU$14.86M | -9.75 | 497.58% | ― | 39.36% | 5.75% | |
41 Neutral | AU$6.66M | -0.53 | 209.30% | ― | -13.81% | -37.77% | |
39 Underperform | AU$4.09M | -0.35 | 61.09% | ― | -9.40% | 21.60% |
* Technology Sector Average
AU:X2M
X2M Connect Limited
0.01
-0.01
-50.00%
AU:ATV
Activeport Group Limited
0.01
<0.01
9.09%
AU:RLG
RooLife Group Ltd.
―
―
―
AU:HYD
Hydrix Limited
0.02
0.00
0.00%
AU:OLL
OpenLearning Ltd.
0.02
<0.01
46.15%
AU:ZMM
ZIMI Ltd
0.01
0.00
0.00%
X2M Connect Limited Corporate Events
X2M Connect flags growth prospects as it prepares AI-focused investor webinar
May 8, 2026
X2M Connect Limited will host a live online investor webinar on 11 May 2026, led by CEO Mohan Jesudason, to discuss how its technology provides data for AI in utilities serving smart cities and communities, and potentially data centres. The sessio...
X2M Connect Flags Growth Potential as It Showcases AI Utility Platform in Investor Webinar
May 6, 2026
X2M Connect has announced a live investor webinar to be hosted by CEO Mohan Jesudason, highlighting the company’s role in enabling AI within utilities for smart cities, communities and data centres. Management will outline how its strategic ...
X2M Connect Issues 39 Million New Shares Under Cleansing Notice
May 3, 2026
X2M Connect Limited has issued 39,164,490 new fully paid ordinary shares, as detailed in a recent filing, under provisions that allow the issuance without a formal disclosure document to investors. The company confirmed it is up to date with its f...
X2M Connect Seeks ASX Quotation for Shares from Convertible Loan Conversion
May 3, 2026
X2M Connect Limited has applied to the ASX for quotation of 39,164,490 new ordinary fully paid shares, following the conversion of a previously approved convertible loan. The securities, issued on 1 May 2026 and approved by shareholders in July 20...
X2M Connect Cuts Debt as It Pivots to AI-Powered Smart City SaaS
May 3, 2026
X2M Connect says it has reached a strategic inflection point as global demand rises for its AI-driven data processing platform that underpins smart cities, utilities, renewable energy systems and data centre energy management. The platform deliver...
X2M Connect boosts revenue and expands smart utility footprint amid capital raise
Apr 26, 2026
X2M Connect delivered strong third-quarter growth, with revenue rising 67% to $2.3 million and gross profit up 41%, while operating expenses increased just 2%, narrowing its EBITDA loss and underscoring operating leverage. The company continues to...
X2M Director John Stewart Increases Stake via Share Allotment
Apr 24, 2026
X2M Connect Limited has disclosed a change in the shareholding of director John Stewart, who has increased his direct holding in the company through an allotment of ordinary fully paid shares. Stewart acquired 833,333 new shares at $0.006 each, li...
X2M Connect Issues 58.3 Million New Shares Under Cleansing Notice
Apr 24, 2026
X2M Connect Limited has issued 58,333,333 fully paid ordinary shares, as detailed in an ASX filing dated 24 April 2026, under provisions that allow the securities to be offered without a full disclosure document. The company confirms it is up to d...
X2M Connect Seeks ASX Quotation for 58 Million New Shares
Apr 24, 2026
X2M Connect Limited has lodged an application with the ASX for quotation of 58,333,333 ordinary fully paid shares. The new securities, issued on April 24, 2026, form part of previously announced transactions and mark a significant expansion of the...
X2M Connect issues 117.7 million new shares under cleansing notice
Apr 22, 2026
X2M Connect Limited has issued 117,672,833 fully paid ordinary shares, with the new securities placed without a disclosure document under the Corporations Act. The company confirmed it is compliant with its financial reporting and continuous discl...
X2M Connect Seeks ASX Quotation for 117.7 Million New Shares
Apr 22, 2026
X2M Connect Limited has lodged an application with the ASX for quotation of 117,672,833 ordinary fully paid shares, with an issue date of 20 April 2026. The securities form part of transactions previously flagged to the market, indicating a signif...
X2M Connect wins strong shareholder backing for securities approvals at general meeting
Apr 15, 2026
X2M Connect Limited announced the outcomes of its 15 April 2026 general meeting, where shareholders voted on multiple resolutions concerning the ratification and approval of prior and new securities issues. These included ratifications under ASX L...
X2M Connect expands smart energy footprint with 800-home Glanmire Park deal
Apr 13, 2026
X2M Connect has signed a Smart Community Agreement with Riverstown to offer its X2M Smart Energy solution to buyers in the 800-lot Glanmire Park estate in Yarrawonga, Victoria, representing an estimated revenue opportunity of about $1.6 million at...
X2M Connect seals smart energy deal for 1,000-home Echuca estate
Apr 1, 2026
X2M Connect has signed a Smart Community Agreement with Resi Ventures’ Echuca McMahon subsidiary to offer its Smart Energy solution across the 1,000-lot McMahon’s Place estate in Echuca, Victoria, an opportunity estimated at about $2 m...
X2M Director Alan Stockdale Increases Equity Stake With Share Purchase
Mar 25, 2026
X2M Connect Limited has disclosed a change in director Alan Stockdale’s interests in the company’s securities, as required under ASX listing rules. The notice reports that Stockdale, including through the Stockdale Fisher Super Fund, a...
X2M Connect Corrects Proxy Form Error Ahead of April General Meeting
Mar 22, 2026
X2M Connect Limited has corrected a typographical error in the numbering of Item 2 resolutions on the proxy form for its 15 April 2026 general meeting, replacing the earlier version lodged on 17 March 2026. The company confirmed that online voting...
X2M Connect Sets Fully Virtual General Meeting for April 2026
Mar 16, 2026
X2M Connect Limited has announced it will hold a virtual general meeting for shareholders on 15 April 2026 at 3:00 pm Melbourne time, with the notice of meeting available on its investor centre website. The company is using the Automic online plat...
X2M Connect lodges cleansing notice for new securities issue
Mar 10, 2026
X2M Connect Limited has issued new fully paid ordinary shares and/or options, as detailed in its most recent ASX filing, and has done so without a prospectus-style disclosure under the Corporations Act. The company confirms it is up to date with i...
X2M Connect Seeks ASX Quotation for 4.17 Million New Shares
Mar 10, 2026
X2M Connect Limited has applied for quotation on the ASX for 4,166,667 ordinary fully paid shares, with an issue date of March 10, 2026, under its existing X2M ticker. The securities are being quoted as part of a previously announced transaction, ...
X2M Connect Cuts Convertible Debt to Boost Cash Flow and Reduce Interest Costs
Mar 10, 2026
X2M Connect Limited has repaid $1 million of convertible debt that had been on its books since September 2024, as part of a strategy to strengthen its balance sheet and improve operating cash flows. The repayment significantly reduces the company&...
X2M Connect Issues New Securities Under Cleansing Notice
Mar 5, 2026
X2M Connect Limited, an Australian IoT technology specialist, delivers AI-powered platforms that enable real-time data exchange, remote control and predictive insights for utilities and governments. The company’s solutions connect water, gas...
X2M Connect Seeks ASX Quotation for 247.7 Million New Shares
Mar 5, 2026
X2M Connect Limited has applied to the Australian Securities Exchange for quotation of 247,653,624 new ordinary fully paid shares. The securities, which were issued as part of previously announced transactions, are dated 5 March 2026 and will expa...
X2M Connect Plans Major Share and Option Issue to Boost Capital Base
Feb 26, 2026
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 ...
X2M Connect Plans Major Share Issue on ASX
Feb 26, 2026
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 applyin...
X2M Connect to Raise $3m for Expansion as Debt Falls and Revenue Surges
Feb 26, 2026
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 ...
X2M Connect Halts Trading Ahead of Capital Raising Announcement
Feb 25, 2026
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...
X2M Connect Lifts Revenue 45% as Loss Narrows on Improved Operations
Feb 24, 2026
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, ...
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.