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X2M Connect Limited
(Sydney:X2M)
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Rating:41Neutral
Price Target:
AU$0.01
â–˛(0.00% Upside)
Action:Reiterated
Date: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
Industry specialization
X2M’s vertical focus on industrial and infrastructure IoT (utilities, energy, water and asset-intensive sectors) aligns with multi-year digitalization and remote monitoring trends. This specialization supports durable demand, domain expertise, and repeatable deployment patterns over the medium term.
Negative Factors
Declining revenue trend
A pronounced revenue decline (noted at -31.87% in the latest period) signals loss of scale or contract attrition. Persistent top-line contraction reduces operating leverage, undermines ability to cover fixed costs, and complicates recovery absent new customer wins or stabilized retention.
Read all positive and negative factors
Positive Factors
Negative Factors
Industry specialization
X2M’s vertical focus on industrial and infrastructure IoT (utilities, energy, water and asset-intensive sectors) aligns with multi-year digitalization and remote monitoring trends. This specialization supports durable demand, domain expertise, and repeatable deployment patterns over the medium term.
Read all positive factors
X2M Connect Limited (X2M) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$3.89M
Dividend YieldN/A
Average Volume (3M)1.86M
Price to Earnings (P/E)―
Beta (1Y)-0.43
Revenue Growth-13.81%
EPS Growth-37.77%
CountryAU
Employees51
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.03
Shares Outstanding1,946,298,200
10 Day Avg. Volume943,216
30 Day Avg. Volume1,864,888
Financial Highlights & Ratios
PEG Ratio-0.01
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
Based in Mount Waverley, Australia, X2M Connect Limited is a technology firm that originated in 2019. This company delivers advanced Internet of Things (IoT) solutions tailored for the utility sector throughout the Asia-Pacific. Its proprietary te...
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 |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$14.64M | 5.04 | 23.52% | ― | 12.31% | 23.68% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | AU$48.35M | 75.45 | 1.96% | 2.94% | 3.65% | 22.22% | |
53 Neutral | AU$7.27M | -3.16 | -119.80% | ― | -47.83% | -215.15% | |
50 Neutral | AU$3.63M | 3.15 | 26.81% | 285.71% | -17.34% | ― | |
41 Neutral | AU$3.89M | -0.08 | 209.30% | ― | -13.81% | -37.77% |
* Technology Sector Average
AU:X2M
X2M Connect Limited
0.01
-0.01
-50.00%
AU:CXZ
Connexion Telematics Limited
0.02
>-0.01
-18.52%
AU:CCG
Comms Group Ltd. (Australia)
0.08
0.03
56.60%
AU:ASV
Asset Vision
0.05
<0.01
11.90%
AU:BCC
Beam Communications Holdings Limited
0.04
-0.01
-24.07%
AU:REM
RemSense Technologies Ltd.
0.03
0.00
0.00%
X2M Connect Limited Corporate Events
X2M Connect Steps Into AI-Driven Data Centres as Smart City Contracts Build
Jul 31, 2026
X2M Connect reported fourth-quarter FY26 revenue of $1.7 million and gross profit of $0.8 million, both up 1% on the prior corresponding period, while cutting operating expenses by 24%, narrowing its EBITDA loss by 41% and reducing quarterly opera...
X2M Connect Seeks ASX Quotation for 372 Million Additional Shares
Jul 30, 2026
X2M Connect Limited has lodged an application with the Australian Securities Exchange for the quotation of additional ordinary fully paid shares. The filing, made under ASX Appendix 2A, confirms that a total of 372,132,500 X2M ordinary shares are ...
X2M Connect Plans Major Share and Option Issue Under Securities Purchase Plan
Jul 24, 2026
X2M Connect Limited has announced a proposed issue of up to 312,500,000 new ordinary fully paid shares and 250,000,000 options expiring on 2 June 2029 under a securities purchase plan. The offer, recorded on 23 July 2026 and scheduled to close on ...
X2M Connect Plans Major Share and Option Issue on ASX
Jul 24, 2026
X2M Connect Limited has notified the ASX of a proposed capital raising involving the issue of up to 293,550,500 new fully paid ordinary shares and 625,000,000 options expiring in June 2029. The planned securities, to be issued under a placement or...
X2M Connect Plans Major Share Placement for Capital Raising
Jul 24, 2026
X2M Connect Limited has notified the ASX of a proposed issue of up to 391,449,500 ordinary fully paid shares, to be conducted as a placement or similar type of capital raising. The company plans to issue the new securities on 29 July 2026, indicat...
X2M Connect Raises $3m to Drive Data Centre and AI Energy Strategy
Jul 24, 2026
X2M Connect has raised approximately $2 million via a placement to sophisticated and professional investors at $0.004 per share and plans a fully underwritten securities purchase plan to secure a further $1 million on similar terms, bolstering its...
X2M Connect advances AI-ready renewable data centre precinct with Ballarat land deal
Jul 8, 2026
X2M Connect’s infrastructure plans have advanced with partner Resi Ventures settling land near Ballarat for the first integrated data centre and renewable energy precinct under their five-year partnership. The site is intended to host a 10&#...
X2M Connect Updates Director Jesudason’s Securities Holdings
Jul 3, 2026
X2M Connect Limited has disclosed an update to the interests of director Callistus Mohan Jesudason in the company’s securities, reflecting changes primarily related to long-term incentive options. The notice details his indirect holdings acr...
X2M Connect Cuts Derivative Overhang as 12.2m Options Expire
Jul 3, 2026
X2M Connect Limited has reported a change in its capital structure following the expiry of a tranche of listed options. The affected securities, trading under the ASX code X2MAV and carrying an exercise price of $0.0975, have reached their expiry ...
X2M Connect appoints new director with no current shareholdings
Jul 1, 2026
X2M Connect Limited has appointed Kate Elizabeth O’Sullivan as a director effective 1 July 2026, expanding its board with a new member whose appointment has been formally notified to the ASX in line with listing rule requirements. The initia...
X2M bolsters leadership to accelerate Australian smart infrastructure push
Jun 30, 2026
X2M Connect has strengthened its leadership team with the appointment of Kate O’Sullivan as a Non-Executive Director and Dr Sajjad Ahmed as General Manager Data Centres and Smart Cities, both based in Australia. O’Sullivan brings more ...
X2M Connect updates market on director Jesudason’s changing equity interests
Jun 5, 2026
X2M Connect Limited has disclosed a change in the relevant interests of director Callistus Mohan Jesudason in the company’s securities, in line with Australian Securities Exchange reporting requirements. The notice details his indirect holdi...
X2M Connect Seeks ASX Listing for Placement Options
Jun 5, 2026
X2M Connect Limited has applied to the ASX to list the options issued under its February 2026 placement, with the exchange retaining discretion over whether the securities are admitted to trading. The move formalises market access for the new list...
X2M Connect Seeks ASX Quotation for Previously Issued Securities
Jun 5, 2026
X2M Connect Limited has lodged an Appendix 2A with the ASX applying for quotation of securities that have already been issued as part of a previously announced transaction. The application confirms that these securities, issued on 2 June 2026 and ...
X2M Connect Issues Prospectus for 354.9 Million Options Linked to 2026 Placement
Jun 1, 2026
X2M Connect Limited has lodged a prospectus to issue a total of 354,909,090 options to parties connected with a placement announced on 27 February 2026, including sophisticated and professional investors, lead managers Peak and Alpine, and service...
X2M Connect Issues New Shares and Options, Confirms Regulatory Compliance
May 27, 2026
X2M Connect has issued a substantial tranche of new fully paid ordinary shares and options, confirming a total of 72,173,204 shares and 13,496,240 options were created without a prospectus-style disclosure under Australian corporations law. The co...
X2M Connect Plans Large Issue of 0.8 Cent Options to Bolster Capital
May 27, 2026
X2M Connect Limited has lodged details of a proposed issue of securities with the ASX, outlining plans to issue up to 248,179,369 new options with an exercise price of $0.008, on the same terms as placement options previously announced. The option...
X2M Connect Seeks ASX Quotation for Shares Issued to Peak Asset Management
May 27, 2026
X2M Connect Limited has lodged an application with the ASX for quotation of 13,496,240 ordinary fully paid shares, to be issued as consideration for services rendered by Peak Asset Management. The move formalises the listing of these new securitie...
X2M Connect Seeks ASX Quotation for 72 Million New Shares
May 27, 2026
X2M Connect Limited has applied to the ASX for quotation of 72,173,204 new ordinary fully paid shares, with an issue date of 26 May 2026. The securities are being quoted as part of previously announced transactions, signalling a substantial increa...
X2M Connect outlines AI-driven smart city growth ambitions in investor update
May 10, 2026
X2M Connect Limited has issued an investor presentation outlining its role in powering AI-driven solutions for utilities and smart cities, positioning itself as an enabler of smart communities and public safety infrastructure. The company highligh...
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 ...
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.