New Risk • May 26
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: AU$5.3m Forecast net loss in 1 year: AU$722k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (AU$722k net loss next year). Market cap is less than US$100m (AU$76.9m market cap, or US$55.2m). New Risk • Apr 30
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: AU$5.3m Forecast net loss in 1 year: AU$722k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (AU$722k net loss next year). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$79.7m market cap, or US$57.0m). Major Estimate Revision • Mar 05
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$14.0m to AU$12.0m. Forecast losses increased from -AU$0.003 to -AU$0.004 per share. Software industry in Australia expected to see average net income growth of 30% next year. Consensus price target down from AU$0.20 to AU$0.18. Share price fell 4.1% to AU$0.094 over the past week. Price Target Changed • Feb 28
Price target decreased by 10% to AU$0.18 Down from AU$0.20, the current price target is an average from 2 analysts. New target price is 89% above last closing price of AU$0.095. Stock is up 2.2% over the past year. The company is forecast to post a net loss per share of AU$0.0035 next year compared to a net loss per share of AU$0.0089 last year. Major Estimate Revision • Oct 19
Consensus EPS estimates upgraded to AU$0.003 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -AU$0.0035 to -AU$0.003 per share. Revenue forecast steady at AU$14.1m. Software industry in Australia expected to see average net income growth of 22% next year. Consensus price target up from AU$0.18 to AU$0.20. Share price fell 8.3% to AU$0.17 over the past week. Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from AU$13.7m to AU$14.0m. Forecast EPS reduced from -AU$0.003 to -AU$0.0035 per share. Software industry in Australia expected to see average net income growth of 29% next year. Consensus price target up from AU$0.18 to AU$0.18. Share price fell 7.8% to AU$0.15 over the past week. Reported Earnings • Aug 29
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: AU$0.009 loss per share (improved from AU$0.017 loss in FY 2024). Revenue: AU$7.84m (up 89% from FY 2024). Net loss: AU$7.09m (loss narrowed 39% from FY 2024). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Australia. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 20% per year. Aankondiging • Aug 28
Adveritas Limited, Annual General Meeting, Nov 11, 2025 Adveritas Limited, Annual General Meeting, Nov 11, 2025. Location: sydney Australia New Risk • Jul 02
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 Negative equity (-AU$5.3m). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (AU$5.6m revenue, or US$3.7m). Market cap is less than US$100m (AU$110.6m market cap, or US$72.8m). New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 4.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$5.3m). Earnings have declined by 4.5% per year over the past 5 years. Minor Risks Revenue is less than US$5m (AU$5.6m revenue, or US$3.7m). Market cap is less than US$100m (AU$100.4m market cap, or US$65.2m). Aankondiging • Jun 19
Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 8.5 million. Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 8.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 85,000,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.005
Transaction Features: Subsequent Direct Listing New Risk • Jun 04
New major risk - Revenue and earnings growth Earnings have declined by 4.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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$5.3m free cash flow). Negative equity (-AU$5.3m). Earnings have declined by 4.5% per year over the past 5 years. Minor Risks Revenue is less than US$5m (AU$5.6m revenue, or US$3.6m). Market cap is less than US$100m (AU$73.8m market cap, or US$47.6m). Reported Earnings • Feb 27
First half 2025 earnings released: AU$0.005 loss per share (vs AU$0.01 loss in 1H 2024) First half 2025 results: AU$0.005 loss per share (improved from AU$0.01 loss in 1H 2024). Revenue: AU$3.19m (up 87% from 1H 2024). Net loss: AU$4.42m (loss narrowed 30% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Nov 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$9.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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$9.2m free cash flow). Negative equity (-AU$1.1m). Earnings have declined by 7.0% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Revenue is less than US$5m (AU$4.2m revenue, or US$2.7m). Market cap is less than US$100m (AU$64.7m market cap, or US$42.3m). Aankondiging • Sep 20
Adveritas Limited, Annual General Meeting, Nov 18, 2024 Adveritas Limited, Annual General Meeting, Nov 18, 2024. Reported Earnings • Aug 29
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: AU$0.017 loss per share. Revenue: AU$5.58m (up 89% from FY 2023). Net loss: AU$11.6m (loss widened 6.2% from FY 2023). Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 50% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Software industry in Australia. Breakeven Date Change • Jun 30
Forecast to breakeven in 2026 The analyst covering Adveritas expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$700.0k in 2026. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Board Change • May 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Chairman Josh Lowcock was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major 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 Risks Negative equity (-AU$481k). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (AU$2.9m net loss next year). Revenue is less than US$5m (AU$3.2m revenue, or US$2.1m). Market cap is less than US$100m (AU$51.2m market cap, or US$33.9m). Aankondiging • May 01
Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 4.5 million. Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 4.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 75,000,000
Price\Range: AUD 0.06
Transaction Features: Subsequent Direct Listing New Risk • Mar 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$12m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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$12m free cash flow). Negative equity (-AU$481k). Minor Risks Currently unprofitable and not forecast to become profitable next year (AU$2.9m net loss next year). Shareholders have been diluted in the past year (38% increase in shares outstanding). Revenue is less than US$5m (AU$2.1m revenue, or US$1.3m). Market cap is less than US$100m (AU$33.3m market cap, or US$21.6m). New Risk • Dec 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major 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 Risks Earnings have declined by 6.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Revenue is less than US$5m (AU$2.9m revenue, or US$2.0m). Market cap is less than US$100m (AU$31.8m market cap, or US$21.5m). Aankondiging • Dec 13
Adveritas Limited has filed a Follow-on Equity Offering in the amount of AUD 2.5 million. Adveritas Limited has filed a Follow-on Equity Offering in the amount of AUD 2.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,500,000
Price\Range: AUD 0.05
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,500,000
Price\Range: AUD 0.05
Transaction Features: Subsequent Direct Listing Aankondiging • Sep 09
Adveritas Limited, Annual General Meeting, Nov 14, 2023 Adveritas Limited, Annual General Meeting, Nov 14, 2023. Reported Earnings • Sep 01
Full year 2023 earnings released: AU$0.022 loss per share (vs AU$0.021 loss in FY 2022) Full year 2023 results: AU$0.022 loss per share (further deteriorated from AU$0.021 loss in FY 2022). Revenue: AU$5.53m (up 165% from FY 2022). Net loss: AU$10.9m (loss widened 20% 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 fallen by 30% per year, which means it is significantly lagging earnings. New Risk • Aug 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. 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$9.1m free cash flow). Negative equity (-AU$846k). Earnings have declined by 5.2% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (49% increase in shares outstanding). Revenue is less than US$5m (AU$2.6m revenue, or US$1.7m). Market cap is less than US$100m (AU$28.5m market cap, or US$18.5m). Aankondiging • May 18
Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million. Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: AUD 0.1
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Price\Range: AUD 0.1
Transaction Features: Subsequent Direct Listing Aankondiging • May 16
Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 6.5 million. Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 6.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 77,592,746
Price\Range: AUD 0.048
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,823,920
Price\Range: AUD 0.048
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 03
First half 2023 earnings released: AU$0.011 loss per share (vs AU$0.011 loss in 1H 2022) First half 2023 results: AU$0.011 loss per share (in line with 1H 2022). Revenue: AU$1.43m (up 49% from 1H 2022). Net loss: AU$5.00m (loss widened 11% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Aankondiging • Nov 25
Integral Ad Science Holding Corp. (NasdaqGS:IAS) offered to acquire Adveritas Limited (ASX:AV1) for AUD 49 million. Integral Ad Science Holding Corp. (NasdaqGS:IAS) offered to acquire Adveritas Limited (ASX:AV1) for AUD 49 million on November 25, 2022. Integral Ad offered AUD 0.11 for each share of Adveritas Limited. The Indicative Proposal is subject to due diligence, regulatory and other conditions, and entry into a Scheme Implementation Agreement. Gadens acted as a legal advisor to Adveritas. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Andrew Stott was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 01
Full year 2022 earnings released: AU$0.021 loss per share (vs AU$0.026 loss in FY 2021) Full year 2022 results: AU$0.021 loss per share. Revenue: AU$3.86m (up 300% from FY 2021). Net loss: AU$9.08m (flat on FY 2021). Aankondiging • Aug 31
Adveritas Limited, Annual General Meeting, Nov 18, 2022 Adveritas Limited, Annual General Meeting, Nov 18, 2022, at 09:30 W. Australia Standard Time. Location: Perron Place, 61 Kitchener Ave Victoria Park Western Australia Australia Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Non Executive Chairman Stephen Belben was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 31
Full year 2021 earnings released: AU$0.026 loss per share (vs AU$0.047 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: AU$2.73m (up 123% from FY 2020). Net loss: AU$9.00m (loss narrowed 5.1% from FY 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 04
Adveritas Limited Signs Its First Commercial Agreement with Deezer Adveritas Limited announced that it has signed its first commercial agreement with a European customer, Deezer (deezer), a French online music streaming service, to supply TrafficGuard's mobile app install anti-fraud SaaS solution. Under the agreement, deezer will pay a base fee of EUR 4,000 per month for a minimum of 6 months to access TrafficGuard's mobile app install anti-fraud SaaS solution which will detect and prevent invalid traffic across their mobile ad spend. The agreement has potential to expand outside of deezer's mobile division and into other areas including web and social spend. Combining the revenue to be generated from the new deezer agreement with that from other recently signed smaller clients, additional annualised revenue of circa $100,000 has been signed since the start of 2021. Highlights: Adveritas has signed a "land and expand" contract with its first European customer, deezer, a French online music streaming service. Under the agreement, deezer will pay Adveritas EUR 4,000 per month to utilise TrafficGuard's mobile app install anti-fraud solution. TrafficGuard is currently running trials across other divisions of deezer's advertising spend Combining revenue from the deezer agreement with that from other recently signed clients, additional annualised revenue of approximately $100,000 has been signed since the start of 2021. Additional mobile app install customers are expected to be signed over the coming months. Is New 90 Day High Low • Dec 04
New 90-day high: AU$0.21 The company is up 79% from its price of AU$0.12 on 04 September 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: AU$0.20 The company is up 105% from its price of AU$0.10 on 02 September 2020. The Australian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 12% over the same period. Recent Insider Transactions • Nov 08
Non-Executive Director recently bought AU$70k worth of stock On the 2nd of November, Mark McConnell bought around 709k shares on-market at roughly AU$0.099 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$353k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 05
Non-Executive Director recently bought AU$70k worth of stock On the 2nd of November, Mark McConnell bought around 709k shares on-market at roughly AU$0.099 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$353k more in shares than they have sold in the last 12 months. Aankondiging • Sep 08
Adveritas Limited Auditor Raises 'Going Concern' Doubt Adveritas Limited filed its Annual on Aug 28, 2020 for the period ending Jun 30, 2020. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Aankondiging • Jun 30
Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 3.069617 million. Adveritas Limited has completed a Follow-on Equity Offering in the amount of AUD 3.069617 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 40,928,222
Price\Range: AUD 0.075