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X2M Connect Limited
(Sydney:X2M)
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Rating:45Neutral
Price Target:
AU$0.01
â–˛(20.00% Upside)
Action:Reiterated
Date:09/06/26
The score is held down primarily by weak financial performance (persistent losses, negative gross margin in recent years, negative equity, and continued cash burn), which outweighs the modestly supportive price position above short-term moving averages. Valuation is also constrained by the negative P/E, reflecting the lack of profitability rather than clear undervaluation.
Positive Factors
Revenue rebound
The 2026 revenue rebound indicates renewed demand for X2M’s offerings after two years of decline. If maintained, improving sales can expand the installed base, support operating leverage, and provide a stronger foundation for eventual margin recovery.
Negative Factors
Persistent unprofitability
Persistent operating and net losses show that the current business model has not yet converted revenue into sustainable earnings. Continued losses can restrict reinvestment, increase dependence on external funding, and make future growth harder to finance internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The 2026 revenue rebound indicates renewed demand for X2M’s offerings after two years of decline. If maintained, improving sales can expand the installed base, support operating leverage, and provide a stronger foundation for eventual margin recovery.
Read all positive factors
X2M Connect Limited (X2M) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$17.52M
Dividend YieldN/A
Average Volume (3M)21.36M
Price to Earnings (P/E)―
Beta (1Y)-0.22
Revenue Growth38.17%
EPS Growth83.44%
CountryAU
Employees51
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,946,298,200
10 Day Avg. Volume62,871,462
30 Day Avg. Volume21,362,997
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-1.33
Price to Sales (P/S)0.47
P/FCF Ratio-1.63
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...
X2M Connect Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
24
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.94M | 6.47M | 13.38M | 16.21M | 10.39M |
| Gross Profit | -2.37M | -933.48K | -1.05M | 3.80M | 2.31M |
| EBITDA | -3.73M | -4.24M | -4.45M | -5.26M | -9.54M |
| Net Income | -5.26M | -12.11M | -6.51M | -6.51M | -10.24M |
Balance Sheet | |||||
| Total Assets | 5.83M | 5.06M | 13.52M | 14.18M | 8.17M |
| Cash, Cash Equivalents and Short-Term Investments | 1.30M | 1.62M | 1.94M | 1.79M | 1.02M |
| Total Debt | 3.48M | 6.57M | 3.49M | 2.49M | 1.14M |
| Total Liabilities | 9.03M | 13.04M | 12.98M | 13.77M | 6.62M |
| Stockholders Equity | -3.19M | -7.98M | 544.90K | 405.25K | 1.56M |
Cash Flow | |||||
| Free Cash Flow | -2.60M | -2.79M | -2.42M | -5.03M | -7.91M |
| Operating Cash Flow | -2.59M | -2.79M | -2.38M | -2.33M | -6.21M |
| Investing Cash Flow | -3.42M | -2.16M | -3.33M | -2.91M | -1.81M |
| Financing Cash Flow | 5.71M | 4.78M | 5.89M | 5.97M | 7.21M |
X2M Connect Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$14.84M | 4.73 | 28.96% | ― | 4.70% | 6.82% | |
67 Neutral | AU$5.01M | 0.36 | 269.93% | 327.66% | -29.24% | ― | |
62 Neutral | AU$31.55M | -116.89 | -4.85% | ― | 32.71% | 20.00% | |
62 Neutral | AU$45.78M | 37.73 | 3.15% | 3.01% | -7.66% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
45 Neutral | AU$17.52M | -1.76 | 136.97% | ― | 38.17% | 83.44% | |
42 Neutral | AU$5.84M | -4.62 | -65.11% | ― | -27.39% | -22.92% |
* Technology Sector Average
AU:X2M
X2M Connect Limited
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X2M Connect Limited Corporate Events
X2M Connect Expands AI Data Centre Pipeline With New Queensland Partnership
Aug 31, 2026
X2M Connect has signed a non-binding partnership with an Australian master development company to help build high density GPU AI data centre and integrated energy precincts in regional Queensland, with capacities ranging from 10MW to 100MW. The in...
X2M Connect Files ASX Governance Appendix for 2026
Aug 31, 2026
X2M Connect Limited has lodged its Appendix 4G with the ASX for the financial year ended 30 June 2026, confirming the location and currency of its corporate governance statement. The statement has been approved by the board and is included in the ...
X2M Connect Narrows Losses as Revenue Jumps 38%, But Going-Concern Risk Persists
Aug 31, 2026
X2M Connect Limited has reported a sharp improvement in its financial performance for the year ended 30 June 2026, with revenue from continuing operations rising 38% to $8.94 million. Loss after tax from continuing operations narrowed by 58% to $5...
X2M Connect launches underwritten share purchase plan to fund smart city growth
Aug 12, 2026
X2M Connect Limited has opened a fully underwritten Securities Purchase Plan for eligible shareholders in Australia and New Zealand, aiming to raise up to about $1 million before costs. The offer allows participants to subscribe for up to $30,000 ...
X2M Connect Clears Regulatory Path for Share Purchase Plan
Aug 11, 2026
X2M Connect Limited, an Australian IoT specialist in smart utility and public safety solutions, provides AI-enabled platforms that support real-time data exchange, remote control and predictive insights for water, gas, electricity and other critic...
X2M Connect issues new shares and confirms regulatory compliance
Aug 11, 2026
X2M Connect Limited has issued 8,367,500 fully paid ordinary shares, confirming the new securities were allotted without a prospectus or product disclosure statement under relevant exemptions in the Corporations Act. The company states it has comp...
X2M Connect Seeks ASX Quotation for 8.37 Million New Shares
Aug 11, 2026
X2M Connect Limited has applied for quotation on the ASX of 8,367,500 new ordinary fully paid shares, with an issue date of 10 August 2026. The securities form part of previously announced transactions, indicating ongoing capital management activi...
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 ...
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.