New Risk • May 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 24% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (AU$417k revenue, or US$297k). Minor Risk Market cap is less than US$100m (AU$42.8m market cap, or US$30.5m). New Risk • Mar 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (AU$417k revenue, or US$292k). Minor Risk Market cap is less than US$100m (AU$22.8m market cap, or US$16.0m). Reported Earnings • Mar 03
First half 2026 earnings released: AU$0.004 loss per share (vs AU$0.004 loss in 1H 2025) First half 2026 results: AU$0.004 loss per share (in line with 1H 2025). Net loss: AU$1.71m (loss widened 23% from 1H 2025). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. 공시 • Sep 29
Carnegie Clean Energy Limited, Annual General Meeting, Nov 18, 2025 Carnegie Clean Energy Limited, Annual General Meeting, Nov 18, 2025. Reported Earnings • Aug 26
Full year 2025 earnings released: AU$0.006 loss per share (vs AU$0.007 loss in FY 2024) Full year 2025 results: AU$0.006 loss per share. Net loss: AU$2.33m (flat on FY 2024). 공시 • Aug 12
Carnegie Clean Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 6.262079 million. Carnegie Clean Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 6.262079 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 109,861,041
Price\Range: AUD 0.057 New Risk • May 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$357k revenue, or US$230k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$21.6m market cap, or US$14.0m). 공시 • Feb 05
Carnegie Clean Energy Limited Announces Board Changes Carnegie Clean Energy Limited announced that changes to its Board of Directors effective February 5, 2025. Mr. Terry Stinson, Non-Executive Chairman has retired as Chairman and Director. Mr. Anthony Shields, currently a Non-Executive Director, will assume the role of Non- Executive Chairman. Mr. Stinson has served as Chairman of Carnegie since 2017 and has provided invaluable leadership and guidance during his tenure. The Board expresses its sincere appreciation for his dedication and significant contributions to the Company's progress. 공시 • Sep 27
Carnegie Clean Energy Limited, Annual General Meeting, Nov 19, 2024 Carnegie Clean Energy Limited, Annual General Meeting, Nov 19, 2024. Reported Earnings • Aug 28
Full year 2024 earnings released: AU$0.007 loss per share (vs AU$0.002 loss in FY 2023) Full year 2024 results: AU$0.007 loss per share (further deteriorated from AU$0.002 loss in FY 2023). Net loss: AU$2.32m (loss widened 268% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. New Risk • Jul 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$210k revenue, or US$141k). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$15.0m market cap, or US$10.1m). 공시 • May 28
Carnegie Clean Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 3.754242 million. Carnegie Clean Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 3.754242 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 93,856,041
Price\Range: AUD 0.04 New Risk • Dec 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.0m (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.8m free cash flow). Share price has been highly volatile over the past 3 months (76% average weekly change). Revenue is less than US$1m (AU$384k revenue, or US$252k). Market cap is less than US$10m (AU$15.0m market cap, or US$9.86m). 공시 • Sep 26
Carnegie Clean Energy Limited, Annual General Meeting, Nov 14, 2023 Carnegie Clean Energy Limited, Annual General Meeting, Nov 14, 2023. Reported Earnings • Sep 16
Full year 2023 earnings released: EPS: AU$0 (vs AU$0 in FY 2022) Full year 2023 results: EPS: AU$0 (in line with FY 2022). Net loss: AU$630.4k (loss narrowed 73% from FY 2022). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 18
First half 2023 earnings released: AU$0.005 loss per share (vs AU$0.008 loss in 1H 2022) First half 2023 results: AU$0.005 loss per share (improved from AU$0.008 loss in 1H 2022). Net loss: AU$775.4k (loss narrowed 35% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Anthony Shields was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Nov 01
Independent Non-Executive Director exercised options to buy AU$280k worth of stock. On the 28th of October, Anthony Shields exercised options to buy 140m shares at a strike price of around AU$0.0015, costing a total of AU$210k. This transaction amounted to 22% of their direct individual holding at the time of the trade. Since December 2021, Anthony has owned 636.99m shares directly. This was the only transaction from an insider over the last 12 months. 공시 • Oct 12
Carnegie Clean Energy Limited, Annual General Meeting, Nov 22, 2022 Carnegie Clean Energy Limited, Annual General Meeting, Nov 22, 2022, at 09:00 W. Australia Standard Time. Location: Swan Yacht Club, Riverside Road, East Fremantle WA 6158 East Fremantle Western Australia Australia Agenda: To consider Remuneration Report; to consider Re-Election of Anthony Shields as Director; to consider Re-Election of Grant Mooney as Director; to consider Issue of Options to Terry Stinson; to consider Approval of 10% Placement Facility. Reported Earnings • Aug 26
Full year 2022 earnings released: EPS: AU$0 (vs AU$0 in FY 2021) Full year 2022 results: EPS: AU$0 (vs AU$0 in FY 2021). Net loss: AU$2.29m (loss widened 176% from FY 2021). 공시 • Jun 04
Carnegie Clean Energy Limited Provides Update on the Progress Made on the CETO Technology with Hewlett Packard Enterprise Company Carnegie Clean Energy Limited provided an update on the progress made on the CETO technology with Hewlett Packard Enterprise Company ("HPE"), multinational Information technology firm with a market cap. of USD 20 billion. Carnegie and HPE have been collaborating since 2020, and the work conducted by the two companies has delivered significant improvements in CETO's performance, specifically in relation to the technology's Reinforcement Learning-based controller. Reinforcement Learning is a type of Artificial Intelligence where the system teaches itself how to operate optimally. The Reinforcement Learning controller has the ability to directly learn and apply the optimum response to predicted waves, during operation. In this case, it learns by being rewarded for the electricity it generates from waves, positioning itself to gain more out of each wave. Together, Carnegie and HPE are building on the 20% power gain reached for the Reinforcement Learning controller, as presented by HPE at NeurIPS in December 2021, a global conference on Neural Information Processing Systems. Recent Insider Transactions • May 13
Non-Executive Director recently sold AU$1.7m worth of stock On the 11th of May, Michael Fitzpatrick sold around 563m shares on-market at roughly AU$0.003 per share. In the last 3 months, they made an even bigger sale worth AU$3.0m. Insiders have been net sellers, collectively disposing of AU$4.8m more than they bought in the last 12 months. 공시 • Jan 08
Carnegie Clean Energy Limited Announces Garden Island Microgrid Operations Resume Carnegie Clean Energy Limited announced that Carnegie's Garden Island Microgrid has resumed normal operations following the temporary disconnection required by the Department of Defence due to electrical upgrade works being undertaken on HMAS Stirling. Department of Defence (Defence) is undertaking a significant electrical system upgrade as part of the HMAS Stirling Redevelopment Stage 3A Project. As part of this Project, the point of connection for
Carnegie's 2MW solar PV and 2MW/0.5MWh battery system underwent a significant refurbishment by Defence. Once the relevant construction and programming was completed by Defence's contractors, Carnegie was able to reconnect and test the new connection. With this testing complete, Carnegie has now been approved to recommence normal operations of the Garden Island Microgrid. Carnegie worked to minimise the impact of this temporary disconnection by analysing multiple reconnection options in consultation with Defence and Defence's contractors. Carnegie elected a reconnection option which required significantly less capital investment but necessitated a longer
system disconnection period (with associated lost electricity sales revenue). Although Defence's upgrades and associated disconnection were out of Carnegie's control, Carnegie was able to successfully reduce the complexity of works, disruption of base activity and the net financial impact of the process through careful analysis, management and engagement with Defence and its contractors. 공시 • Dec 02
Carnegie Clean Energy Limited Signs Collaboration Agreement with Hewlett Packard Enterprise Carnegie Clean Energy Limited (Carnegie or the Company) announced that it has signed a collaboration agreement with Hewlett Packard Enterprise Company (HPE) in which the parties will work collaboratively on a project to develop a reinforcement learning based controller for the CETO wave energy technology. The work will extend the artificial intelligence development already underway at Carnegie. Hewlett Packard Labs will contribute their reinforcement learning (RL) expertise and computational resources to the project, working alongside Carnegie's team, which is already developing an intelligent controller for the CETO technology. The RL based controller development in this project will occur in parallel with, and provide an opportunity to enhance, the Carnegie team's ongoing work on a machine learning (ML) based intelligent controller. Reinforcement learning is an area of artificial intelligence in which a machine learning model is built with the ability to self-learn. While the intelligent controller currently under development has to optimise the device's response for every wave (using ML models within the optimisation), the RL controller has the ability to directly learn and apply the optimum response to predicted waves, during operation. The RL controller, which comes pre-loaded with a simple control scheme, explores away from this reference using the concept of reward to identify and learn good control actions. What this means for wave energy is that a RL based controller can move beyond optimising CETO's response using an ML model of the system trained on simulated data. A RL based controller can actively adjust, experiment, learn and optimise by utilising what actually happens during operations. Initially, Carnegie envisions that a RL based controller would likely use a power-output-based reward to learn optimum operation. Over time, the controller could become more advanced and could ultimately use a reward based on Levelised Cost of Energy (LCOE), thereby incorporating a range of variables into its operation (including not only energy production but also elements of operations and maintenance costs such as fatigue, avoiding large damaging waves, and even commercial considerations.) The teams at Carnegie and HPE look forward to working together to pursue this exciting innovation which has the potential to improve the performance and reduce the cost of the CETO technology and revolutionise control of wave energy converters. 
