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FirstWave Cloud Technology
(Sydney:FCT)
FirstWave Cloud Technology (FCT) vs. iShares MSCI Australia ETF (EWA)
FirstWave Cloud Technology Business Overview & Revenue Model
FirstWave Cloud Technology Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.63M | 8.74M | 11.28M | 12.49M | 9.35M | 7.98M |
| Gross Profit | 5.77M | 7.70M | 8.80M | 5.50M | 2.58M | 4.30M |
| EBITDA | -3.07M | -3.96M | -23.27M | -10.18M | -11.14M | -10.33M |
| Net Income | -2.83M | -3.60M | -23.04M | -13.45M | -13.46M | -10.81M |
Balance Sheet | ||||||
| Total Assets | 38.74M | 38.74M | 41.87M | 63.33M | 76.74M | 24.88M |
| Cash, Cash Equivalents and Short-Term Investments | 364.03K | 364.03K | 1.81M | 5.74M | 10.54M | 10.10M |
| Total Debt | 2.42M | 2.42M | 2.38M | 260.43K | 367.57K | 632.99K |
| Total Liabilities | 9.38M | 9.38M | 9.66M | 10.90M | 11.58M | 10.01M |
| Stockholders Equity | 29.36M | 29.36M | 32.21M | 52.43M | 65.16M | 14.87M |
Cash Flow | ||||||
| Free Cash Flow | 617.02K | 165.84K | -3.54M | -4.67M | -11.21M | -11.87M |
| Operating Cash Flow | 620.91K | 171.38K | -3.47M | -1.76M | -8.00M | -8.05M |
| Investing Cash Flow | -2.10M | -2.10M | -2.66M | -2.91M | -2.25M | -3.83M |
| Financing Cash Flow | 512.52K | 512.52K | 2.20M | -130.94K | 10.70M | 6.55M |
FirstWave Cloud Technology Technical Analysis
FirstWave Cloud Technology 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$9.61M | -2.63 | ― | ― | 13.07% | 68.60% | |
42 Neutral | AU$22.83M | -1.46 | -54.62% | ― | -22.47% | 39.26% | |
39 Underperform | AU$45.59M | -1.59 | -64.51% | ― | -38.38% | -277.78% | |
36 Underperform | AU$11.64M | -3.13 | ― | ― | -20.82% | 17.95% | |
32 Underperform | AU$26.92M | -2.76 | ― | ― | 12.88% | -22.58% |
FirstWave Cloud Technology Corporate Events
FirstWave Cloud Technology Limited has announced that its Annual General Meeting (AGM) will be held virtually on November 28, 2025. The meeting will provide shareholders with updates on the company’s operations and strategic direction. This virtual format aligns with modern practices and ensures broader accessibility for stakeholders, reflecting FirstWave’s commitment to leveraging technology to enhance shareholder engagement.
FirstWave Cloud Technology Limited announced the issuance of 3,362,162 fully paid ordinary shares without investor disclosure under the Corporations Act. The company is also in the process of finalizing a $2.5 million loan facility with a global credit investor, though terms are not yet finalized. This move could impact FirstWave’s financial operations and market positioning, though there is no certainty the transaction will proceed as currently planned.
FirstWave Cloud Technology Limited announced the quotation of 3,362,162 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of October 24, 2025. This move reflects the company’s strategic efforts to enhance its market presence and provide additional liquidity to its stakeholders, potentially strengthening its financial position and investor confidence.
FirstWave Cloud Technology announced the release of 1,000,000 fully paid ordinary shares from voluntary escrow on October 31, 2025. These shares were initially issued to Pitt Street Research Pty Ltd for research services, and their release marks the end of a 12-month escrow period. This development may impact the company’s stock liquidity and investor interest.
FirstWave Cloud Technology Limited announced the cessation of 1,000,000 securities due to the expiry of options or other convertible securities without exercise or conversion. This cessation, effective as of September and October 2025, may impact the company’s capital structure and could influence investor perceptions regarding the company’s financial strategies.
FirstWave Cloud Technology has issued 185,683,352 fully paid ordinary shares without disclosure to investors, in compliance with relevant sections of the Corporations Act. Additionally, the company is in the process of finalizing a $2.5 million loan facility with a global credit investor, though terms are not yet finalized and there is no certainty the transaction will proceed as currently contemplated.
FirstWave Cloud Technology Limited announced the quotation of 185,683,352 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of October 2, 2025. This move is part of previously announced transactions and is expected to enhance the company’s market presence and provide additional capital for growth, potentially benefiting stakeholders by increasing liquidity and investment opportunities.
FirstWave Cloud Technology Limited announced a significant impairment charge of $10,394,976 against goodwill, primarily associated with legacy products from its acquisition of Opmantek. This accounting adjustment reflects a strategic pivot towards monetizing newer product lines like Open-AudIT and compliance management, which are deemed more valuable to the company’s future growth. Despite the impairment, the company remains confident in its growth trajectory and value delivery to shareholders, emphasizing that the charge does not reflect its future earnings potential.
FirstWave Cloud Technology Limited announced the cessation of 69,444,445 convertible notes, which were cancelled by agreement between the entity and the holder on September 26, 2025. This move could impact the company’s financial structure and investor relations, as it adjusts its capital management strategy.
FirstWave Cloud Technology has secured a $2.5 million loan facility from Partners for Growth VII, L.P., enhancing its access to growth capital following a recent $2.85 million equity raise. This financial boost will support the company’s strategic initiatives, including the rollout of NMIS Cloud with Telmex and converting Open-AudIT users into paying subscribers, potentially unlocking significant annual recurring revenue opportunities. The facility will also repay an existing convertible note, reflecting improved terms and market confidence in FirstWave’s growth strategy, as evidenced by successful equity raising and due diligence by lenders.
FirstWave Cloud Technology Limited has announced a proposed issue of securities, including 101 million unlisted options and 285 million ordinary fully paid shares, with a proposed issue date of November 11, 2025. This move is part of the company’s strategic efforts to enhance its financial standing and potentially expand its market presence, impacting stakeholders by potentially increasing the company’s capital and investment opportunities.
FirstWave Cloud Technology has seen significant growth and transformation over the past 24 months, with over 150,000 organizations adopting its open-source software. The company is nearing cash-positive status, with no cash used from operational activities in FY25, indicating a strong financial position and potential for future profitability.
FirstWave Cloud Technology Limited has successfully raised $2.85 million to support its growth initiatives, following a corporate restructure that resulted in operational cash flow positivity for FY25. The capital raise, led by Red Leaf Securities and supported by technology investor Roger Allen, will fund the company’s shift to AI-powered compliance management and the monetization of its large user base, presenting a $30 million ARR opportunity. The raise also highlights strong investor confidence in FirstWave’s strategy, which includes expanding global distribution through partnerships with AWS and Ingram Micro, and launching NMIS Cloud with Telmex. The company has undergone significant transformation, achieving operational efficiency and securing key customer renewals, positioning it for sustainable growth.
FirstWave Cloud Technology Limited has requested a trading halt on its securities pending an upcoming announcement regarding a proposed capital raising. This move indicates the company’s strategic efforts to secure additional funding, which could impact its market operations and investor relations. The trading halt will remain in effect until the announcement is made or normal trading resumes on September 26, 2025.
FirstWave Cloud Technology has completed a significant $1.6 million annual restructuring aimed at enhancing its focus on AI-powered compliance management. This strategic move is designed to monetize its large base of 150,000 free users of its Open-AudIT product, marking a pivotal commercial milestone. The restructuring has resulted in operational cash-flow positivity for FY25, reducing employee-related costs and simplifying operations into four core divisions. The company is now poised for growth, with plans to scale paid customer adoption, deliver value from AI-driven compliance, and roll out new high-margin products.
FirstWave Cloud Technology Limited has reported a significant improvement in its financial position for FY25, with a net operating cash flow of +$171,000 compared to a cash outflow of -$3.47 million in FY24. This change is attributed to the capitalization of additional costs towards Research and Development, indicating a strategic shift in the company’s operations that could enhance its market positioning and stakeholder confidence.
FirstWave Cloud Technology has announced the final testing phase of its AI-powered compliance management feature for Open-AudIT, with a scheduled release to early adopters in September and a global launch in October. This development aims to convert 150,000 free-tier users into paying customers by offering enterprise-grade compliance management through a subscription model. The company’s partnership with AWS facilitates the deployment of this product on the AWS Marketplace, potentially reaching 300,000 monthly active users. This strategic move positions FirstWave to capture a share of the growing Security & Vulnerability Management market, projected to reach USD 24.5 billion by 2030.
FirstWave Cloud Technology has announced the retrenchment of its Chief Financial Officer and Company Secretary, Mr. Iain Bartram, as part of its corporate restructure aimed at focusing on AI-driven compliance management solutions and monetizing its Open-AudIT product. The company is transitioning to a simplified structure and financial systems, having achieved $2 million in sales since June and a minimal cash usage from operating activities in FY25. This positions FirstWave for growth in FY26, with plans to appoint a fractional CFO and a Chief Revenue Officer, while Emily Austin will take over company secretarial services.