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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 | 2.65M |
| 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% | |
51 Neutral | AU$25.58M | -7.01 | ― | ― | 12.77% | 53.47% | |
41 Neutral | AU$23.25M | ― | -134.92% | ― | -35.77% | -8.93% | |
39 Underperform | AU$15.20M | ― | ― | ― | -51.64% | -21.74% | |
39 Underperform | AU$4.36M | -1.19 | ― | ― | -4.86% | 64.36% | |
37 Underperform | ― | ― | -110.55% | ― | -51.28% | 8.00% | |
37 Underperform | AU$5.15M | -0.76 | -283.40% | ― | -74.76% | 42.11% |
X2M Connect Limited Corporate Events
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.
X2M Connect Limited has issued fully paid ordinary shares and/or options without disclosure to investors under specific sections of the Corporations Act. The company confirms compliance with relevant provisions and states there is no excluded information as per the Act. This announcement reflects X2M’s ongoing efforts to enhance its financial operations, potentially impacting its market positioning and stakeholder interests.
X2M Connect Limited announced the cessation of several securities, including convertible notes and options, due to either cancellation by agreement or the lapse of conditional rights. This development may impact the company’s capital structure and could reflect strategic adjustments in its financial operations.
X2M Connect Limited has announced the quotation of 630,000 ordinary fully paid securities on the Australian Securities Exchange (ASX), effective from October 8, 2025. This move is part of the company’s strategy to enhance its market presence and provide liquidity to its shareholders, potentially impacting its market positioning positively.
X2M Connect Limited has issued fully paid ordinary shares and/or options as part of its ongoing operations, without requiring disclosure to investors under specific parts of the Corporations Act. This move indicates the company’s compliance with regulatory requirements and supports its strategic focus on expanding its IoT platform and services in the utilities sector, particularly in the Asia-Pacific region and the Middle East. The issuance of securities is a step towards strengthening its market position and enhancing its service offerings to a growing customer base.
X2M Connect Limited has released its corporate governance statement for the financial year ending June 30, 2025, which has been approved by the board and is available in their annual report. The statement outlines the company’s adherence to the ASX Corporate Governance Council’s principles and recommendations, including the roles and responsibilities of the board and management, checks before appointing directors, and the accountability of the company secretary.
X2M Connect Limited reported a successful year in 2025, marked by strategic decisions to exit unprofitable operations and expand its geographical presence. These initiatives are anticipated to strengthen the company’s position for the upcoming year, potentially benefiting stakeholders and enhancing its market standing.
X2M Connect Limited has secured a significant contract with the City of Seoul for water digitisation, valued at approximately A$0.8 million. This contract involves the installation of remote water meter monitoring for 6,750 households, with completion expected by November 2025. The project is part of Seoul’s broader initiative to digitise all water meters by 2040, representing a potential A$240 million market. This achievement underscores X2M’s growing influence in the smart city ecosystem and its strategic expansion in the Asia-Pacific region, highlighting strong demand for its IoT capabilities.
X2M Connect Limited has announced a change in the director’s interest notice concerning Damien Johnston. The announcement details that the EMP options held by the director have lapsed, resulting in a change in the number of securities held by the director. This update is significant for stakeholders as it reflects changes in the director’s financial interests within the company.
X2M Connect Limited announced the issuance of fully paid ordinary shares and/or options without disclosure to investors, in compliance with the Corporations Act. This move reflects the company’s ongoing efforts to strengthen its financial position and expand its market presence, particularly in the Asia-Pacific region and the Middle East, enhancing its service offerings in the utilities sector.
X2M Connect Limited has announced the issuance of 3,846,154 ordinary fully paid securities as part of a small placement, additional to a previous placement announced in August 2025. This move is likely to impact the company’s market presence by increasing its capital base, potentially enhancing its operational capabilities and strategic positioning within the industry.
X2M Connect Limited announced the issuance of unquoted equity securities, specifically 49,846,154 options set to expire on December 31, 2027, with an exercise price of $0.016. This issuance is part of previously announced transactions and is not intended to be quoted on the ASX, potentially impacting the company’s capital structure and providing additional resources for its strategic initiatives.
X2M Connect Limited reported a significant decline in revenue by 43% to $6.5 million, primarily due to a softer market in South Korea. The company faced a substantial increase in losses, with a total loss of $12.1 million, up 86% from the previous period. Despite the challenging financial results, the company improved its gross margin to 47% and reduced operating expenses by 14%. X2M Connect also increased its enterprise and government customer base by 12% and secured new contracts worth $5.5 million for the upcoming fiscal year. The company decided to discontinue its operations in China, reflecting a strategic shift in its market focus.
X2M Connect Limited announced an update regarding the issuance of securities, deciding not to list certain options due to not meeting ASX spread requirements and associated costs. Instead, these options will be reclassified as unlisted. This decision impacts the company’s financial strategy and market positioning, as it adapts to regulatory requirements while continuing its focus on expanding its IoT platform and services in the utilities sector.
X2M Connect Limited announced the issuance of fully paid ordinary shares and/or options without disclosure to investors under specific parts of the Corporations Act. The company has complied with relevant provisions of the Corporations Act and confirmed there is no excluded information as per the Act. This announcement reflects X2M’s ongoing compliance and strategic financial maneuvers to support its growth and expansion in the utilities sector.
X2M Connect Limited has announced a new application for the quotation of securities on the Australian Securities Exchange (ASX). The company is issuing 126,954,945 options expiring on December 31, 2027, and an equal number of fully paid ordinary shares, both with an issue date of August 8, 2025. This move is part of transactions previously announced to the market and is expected to impact the company’s market presence by potentially increasing liquidity and investor interest.
X2M Connect Limited announced the application for quotation of 263,895,060 ordinary fully paid securities on the Australian Securities Exchange (ASX). This move is part of previously announced transactions and is expected to enhance the company’s market presence and liquidity, potentially impacting its operational capabilities and stakeholder interests.
X2M Connect Limited has successfully completed a capital raise, generating approximately $5.4 million through the placement of shortfall shares and an additional placement due to oversubscription. This financial boost strengthens X2M’s balance sheet, allowing it to eliminate debt and position itself for growth in Australia and new markets. The company is set to expand across Asia and the Middle East, advancing its AI energy solutions and accelerating commercialization in key markets.
X2M Connect Limited announced the results of its general meeting, emphasizing its strategic focus on the utilities sector and its expansion into the Middle East through a licensing agreement with Dicode Smart Connect Electronics LLC in Dubai. The company’s ongoing growth and expansion efforts aim to strengthen its market position and enhance its service offerings to government and enterprise clients in the Asia-Pacific region and beyond.
X2M Connect Limited has announced a change in the director’s interest, specifically concerning John Stewart. The company disclosed that Stewart acquired 204,994 ordinary fully paid shares and 204,994 listed options through a rights issue, increasing his total holdings significantly. This change reflects a strategic move in the company’s operations, potentially impacting its market positioning and stakeholder interests.
X2M Connect Limited has completed a non-renounceable Entitlement Offer, raising $308,900.82 through the issuance of 23,761,594 new shares and options. The offer saw strong participation from shareholders, although a significant shortfall of 126,954,945 shares remains, which Cygnet Capital has the right to acquire within three months. This capital raise supports X2M’s ongoing operations and strategic focus on expanding its IoT solutions in the utilities sector, potentially enhancing its market position and stakeholder value.
X2M Connect Limited has announced the quotation of new securities on the Australian Securities Exchange (ASX). The company will be quoting 23,761,594 options expiring on December 31, 2027, and an equal number of fully paid ordinary shares, both issued as part of previously announced transactions. This move is likely to impact the company’s market presence and could have implications for stakeholders, as it reflects the company’s ongoing financial strategies and market activities.