New Risk • May 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (27% average weekly change). High level of non-cash earnings (42% accrual ratio). Market cap is less than US$10m (AU$2.58m market cap, or US$1.71m). Minor Risk Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Announcement • Apr 05
Mighty Craft Limited Announces Changes of Company Secretary Mighty Craft Limited announced the appointments of Charly Duffy and Ben Malone as Joint Company Secretaries, upon the resignation of Andrew Syme as Company Secretary, effective immediately. Charly is a practising corporate and commercial lawyer who has comprehensive experience working with ASX-listed companies in both a legal and company secretarial capacity. Charly has completed the Graduate Diploma in Applied Corporate Governance with the Governance Institute of Australia and is a Fellow Member of Governance Institute of Australia and Chartered Governance Institute. Ben is a Chartered Accountant with extensive CFO experience at several ASX-listed entities. He is a Graduate Member of the Australian Institute of Company Directors. New Risk • Mar 28
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 18% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (18% average weekly change). High level of non-cash earnings (42% accrual ratio). Market cap is less than US$10m (AU$9.13m market cap, or US$5.92m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). New Risk • Mar 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (42% accrual ratio). Market cap is less than US$10m (AU$5.11m market cap, or US$3.32m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Announcement • Feb 15
Deale and Elisa-Stanley-Hunt, the original founders of Slipstream Brewing Co Pty Ltd agreed to acquire an unknown stake in Slipstream Brewing Co Pty Ltd. from Mighty Craft Limited (ASX:MCL). Deale and Elisa-Stanley-Hunt, the original founders of Slipstream Brewing Co Pty Ltd agreed to acquire an unknown stake in Slipstream Brewing Co Pty Ltd. from Mighty Craft Limited (ASX:MCL) on February 15, 2024. The consideration consists of AUD 0.85 million in cash. As part of the consideration, AUD 0.85 million was paid towards common equity. Announcement • Dec 16
Mighty Craft Limited has completed a Follow-on Equity Offering in the amount of AUD 5.2 million. Mighty Craft Limited has completed a Follow-on Equity Offering in the amount of AUD 5.2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 35,172,413
Price\Range: AUD 0.145
Discount Per Security: AUD 0.0087
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 689,655
Price\Range: AUD 0.145
Discount Per Security: AUD 0.0087
Transaction Features: Subsequent Direct Listing Announcement • Nov 29
Mighty Craft Limited Announces the Appointment of Grant Peck as Non-Executive Chair Mighty Craft Limited announced the appointment of Grant Peck to its Board of Directors as non-executive Chair, effective 27 November, 2023. Grant has been involved in the beverage industry over the last three decades and has had leadership roles with Lion Nathan in the 1990's, then Beringer Blass and then Foster's Group in the period between 2004 and 2016 including when it was owned by global brewer SAB Miller. Mr. Peck is a Chartered Accountant with extensive beverage experience in CFO roles with CUB, Beringer Blass and McCormick Foods - a NYSE listed consumer foods group. In addition, Grant managed the CUB supply chain for an extended period when the business was a multi-beverage model. Grant also has managed smaller enterprises with time in the Agrifoods space with Sunny Ridge Farms. Most recently Grant was CEO of the ASX listed small cap McPhersons Limited, where he had originally been in a Non-Executive Director role and head of the Audit and Risk Committee. New Risk • Nov 15
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 13% 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 Risks High level of non-cash earnings (24% accrual ratio). Market cap is less than US$10m (AU$4.74m market cap, or US$3.09m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Announcement • Sep 20
Mighty Craft Limited, Annual General Meeting, Nov 14, 2023 Mighty Craft Limited, Annual General Meeting, Nov 14, 2023. Reported Earnings • Aug 30
Full year 2023 earnings released: EPS: AU$0.029 (vs AU$0.056 loss in FY 2022) Full year 2023 results: EPS: AU$0.029 (up from AU$0.056 loss in FY 2022). Revenue: AU$112.7m (up 80% from FY 2022). Net income: AU$9.73m (up AU$27.0m from FY 2022). Profit margin: 8.6% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. New Risk • Aug 29
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$8.5m free cash flow). Earnings have declined by 43% per year over the past 5 years. Market cap is less than US$10m (AU$10.9m market cap, or US$7.04m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Announcement • Aug 26
Mighty Craft Limited Announces the Resignation Of Trevor O'hoy from its Board of Directors Mighty Craft Limited announced the resignation Of Trevor O'Hoy from its Board of Directors effective 25 August. Announcement • Aug 10
Mighty Craft Limited to Report Fiscal Year 2023 Results on Aug 29, 2023 Mighty Craft Limited announced that they will report fiscal year 2023 results on Aug 29, 2023 New Risk • Aug 04
New major risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$15.3m (US$10.0m) This is considered a minor 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$8.5m free cash flow). Earnings have declined by 43% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (AU$15.3m market cap, or US$10.0m). Announcement • Jul 12
Mighty Craft Limited Provides Earnings Guidance for the Fourth Quarter 2023 Mighty Craft Limited provided earnings guidance for the fourth quarter 2023. The company expects sales to be in the range of $21.0 million - $22.0 million, representing approximately a 7.5% decline versus fourth quarter 2022 despite strong growth from Better Beer and delivery of the 10 million litre commitment in year 2023. Reported Earnings • Feb 28
First half 2023 earnings released First half 2023 results: Revenue: AU$45.2m (up 75% from 1H 2022). Net loss: AU$5.30m (loss widened 2.9% from 1H 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Hospitality industry in Australia. Announcement • Jan 24
Mighty Craft Limited to Report Q2, 2023 Results on Jan 30, 2023 Mighty Craft Limited announced that they will report Q2, 2023 results on Jan 30, 2023 Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Co-Founder, GM of Beer & Non-Executive Director Dan Wales was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 28
Mighty Craft Limited Announces Chairman Changes, Effective 21 November 2022 Mighty Craft Limited advised the market that from the date of the AGM, being 21 November 2022, Robin Levison will step down as Chairman and Non-Executive Director of the Board. Mr. Levison joined the Board in February 2018 to help grow the business through his direct investment in the Company and to then assist the Company in listing on the ASX. He has been the Chairman since the Company's official listing on the ASX in December 2019. Following these achievements and Mr. Levison's appointment as a Non-Executive Director of LI-S Energy along with his other board commitments, especially that of Executive Chairman of PPK Group Limited, Mr. Levison has advised the Board that with the Board renewal process now underway, he intends to step down as Non-Executive Director and Chairman, and as such will not renominate. Mr. Levison intends to remain a long-term holder of MCL, and support the business as a shareholder going forward. The Company also advised that the Board has resolved to appoint Mr. John Hood as interim Chairman with effect from 21 November 2022. Mr. Hood was appointed as a Director on 22 February 2022, and will oversee the Board renewal process which will be externally facilitated. Announcement • Sep 12
Mighty Craft Limited, Annual General Meeting, Nov 08, 2022 Mighty Craft Limited, Annual General Meeting, Nov 08, 2022. Breakeven Date Change • Sep 02
Forecast breakeven date pushed back to 2024 The analyst covering Mighty Craft previously expected the company to break even in 2023. New forecast suggests losses will reduce by 94% to 2023. The company is expected to make a profit of AU$4.40m in 2024. Average annual earnings growth of 106% is required to achieve expected profit on schedule. Reported Earnings • Sep 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: AU$0.056 loss per share. Revenue: AU$63.5m (up 117% from FY 2021). Net loss: AU$17.2m (loss widened 15% from FY 2021). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 122%. Over the next year, revenue is forecast to grow 65%, compared to a 28% growth forecast for the Hospitality industry in Australia. Announcement • Aug 23
Mighty Craft Limited to Report Q4, 2022 Results on Aug 31, 2022 Mighty Craft Limited announced that they will report Q4, 2022 results on Aug 31, 2022 Major Estimate Revision • Jul 02
Consensus revenue estimates fall by 21% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from AU$99.2m to AU$78.7m. Forecast losses increased from -AU$0.01 to -AU$0.03 per share. Hospitality industry in Australia expected to see average net income growth of 14% next year. Consensus price target down from AU$0.54 to AU$0.37. Share price fell 5.4% to AU$0.17 over the past week. Price Target Changed • Jul 01
Price target decreased to AU$0.37 Down from AU$0.51, the current price target is provided by 1 analyst. New target price is 111% above last closing price of AU$0.17. Stock is down 49% over the past year. The company posted a net loss per share of AU$0.10 last year. Announcement • Jun 30
Mighty Craft Limited Announces Daniel Wales as A Non-Executive Director Mighty Craft Limited announced that Daniel Wales will step down as Executive Director of the Company and will be appointed as a Non-Executive Director to the Board. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Sean Ebert was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 17
Mighty Craft Limited to Report First Half, 2022 Results on Feb 24, 2022 Mighty Craft Limited announced that they will report first half, 2022 results on Feb 24, 2022 Announcement • Dec 29
Mighty Craft Limited (ASX:MCL) completed the acquisition of an unknown minority stake in Jetty Road Brewery Pty Ltd. Mighty Craft Limited (ASX:MCL) agreed to acquire an unknown minority stake in Jetty Road Brewery Pty Ltd on November 12, 2021. The consideration would be payable through the issue of 1.317142 million of Mighty Craft shares at a value of AUD 0.35 per share and will result in the total issue of approximately 6.2 million shares in Mighty Craft.
Mighty Craft Limited (ASX:MCL) completed the acquisition of an unknown minority stake in Jetty Road Brewery Pty Ltd on December 29, 2021. Reported Earnings • Aug 29
Full year 2021 earnings released: AU$0.10 loss per share (vs AU$0.088 loss in FY 2020) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2021 results: Revenue: AU$31.3m (up 239% from FY 2020). Net loss: AU$15.0m (loss widened 76% from FY 2020). Recent Insider Transactions • Jul 23
Non Executive Chairman of the Board recently bought AU$100k worth of stock On the 19th of July, Robin Levison bought around 313k shares on-market at roughly AU$0.32 per share. This was the largest purchase by an insider in the last 3 months. Robin has been a buyer over the last 12 months, purchasing a net total of AU$118k worth in shares. Is New 90 Day High Low • Mar 02
New 90-day low: AU$0.32 The company is down 22% from its price of AU$0.41 on 02 December 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 3.0% over the same period. Reported Earnings • Feb 26
First half 2021 earnings released: AU$0.042 loss per share (vs AU$0.052 loss in 1H 2020) The company reported a solid first half result with improved revenues and control over costs, although losses increased. First half 2021 results: Revenue: AU$11.1m (up 150% from 1H 2020). Net loss: AU$5.76m (loss widened 55% from 1H 2020). Announcement • Feb 24
Mighty Craft Appoints Ben Adams to Head Up Transformative Digital Growth Strategy Set to Revolutionise the Supply Chain for Independent Craft Mighty Craft has incorporated a new company Craft Hub Pty Ltd. and appointed a General Manager, Ben Adams to head up a transformative digital growth strategy set to revolutionise the supply chain for Independent Craft. Ben Adams has joined Mighty Craft from Ernst & Young's Global Incentives, Innovation and Location Services Division, where he built extensive Industry & Government networks and worked closely with Craft producers to solve for supply chain challenges. Is New 90 Day High Low • Feb 09
New 90-day low: AU$0.34 The company is down 9.0% from its price of AU$0.37 on 11 November 2020. The Australian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: AU$0.43 The company is up 9.0% from its price of AU$0.40 on 08 September 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Beverage industry, which is up 20% over the same period. Announcement • Nov 14
Mighty Craft Limited has completed a Follow-on Equity Offering in the amount of AUD 7.513 million. Mighty Craft Limited has completed a Follow-on Equity Offering in the amount of AUD 7.513 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 21,465,714
Price\Range: AUD 0.35
Discount Per Security: AUD 0.007
Transaction Features: Subsequent Direct Listing Announcement • Oct 29
Founders First Limited Announces That It Has Signs an Agreement with Bevchain Founders First Limited announced that it has signed an agreement with Bevchain (Bevchain Pty Ltd. ACN 118 451 773) to operate a national logistics network that will manage cold store warehousing and transport across the country targeting craft beer. The cold store logistics network will be operational from November. The agreement includes a Letter of Intent ("LOI") for Bevchain and Founders First to work as partners to expand the network in time to potentially provide an Industry solution for Independent Craft. Announcement • Oct 07
Founders First Limited Appoints Yolanda Uys to the Position of Marketing & Innovation Director, Effective from Early November Founders First Limited announced the appointment of Yolanda Uys to the position of Marketing & Innovation Director. Yolanda is a highly experienced innovator and marketer in liquor retailing. Yolanda has been Coles Group's General Manager Marketing for the past three years and she has led the marketing strategy for Coles Liquor and successfully relaunched the Liquorland and Vintage Cellars brands. Prior to this, Yolanda was Woolworths Group's Head of Marketing for Dan Murphy's for five years where she championed projects such as the Dan Murphy's Loyalty Program, and The Dan Murphy's Cellar on Chapel Street. Yolanda commences her role at Founders First in early November. Reported Earnings • Oct 02
Full year earnings released - AU$0.088 loss per share Over the last 12 months the company has reported total losses of AU$8.52m, with losses widening by 451% from the prior year. Total revenue was AU$9.22m over the last 12 months, up 130% from the prior year. Announcement • Sep 19
Shawn Sherlock agreed to acquire an additional unknown stake in Foghorn Brewhouse from Founders First. Shawn Sherlock agreed to acquire an additional unknown stake in Foghorn Brewhouse from Founders First on January 31, 2019. Announcement • Aug 31
Founders First Limited announced that it expects to receive AUD 7.5 million in funding from Pure Asset Management Pty Ltd Founders First Limited (ASX:FFL) announced that it has signed a binding term sheet for private placement of loan for gross proceeds of AUD 7.5 million on August 31, 2020. The transaction will include participation from new investor Pure Asset Management Pty Ltd. The company will receive funding in two tranches. The company will receive AUD 2.5 million in first tranche upon completion of legal documentation and AUD 5 million after obtaining relevant shareholder approval is obtained, with AUD 2.5 million to be drawn within 10 business days after shareholder approval and AUD 2.5 million to be drawn between November 1, 2020 and June 30, 2021. The loan has a four year term and bears fixed interest rate of 9.75% per annum. the loan is pure to have first ranking security over all the assets of the company and its subsidiaries. Announcement • Jul 31
Founders First Limited (ASX:FFL) agreed to acquire an unknown majority stake in Green Ant Gin of Applewood Distillery from Something Wild Beverages. Founders First Limited (ASX:FFL) agreed to acquire an unknown majority stake in Green Ant Gin of Applewood Distillery from Something Wild Beverages on April 7, 2020. Former AFL player and original brand founder Daniel Motlop and associates own the remainder of the shareholding in the company. Founders First has also provided a three-year $200,000 working capital loan to the company.
Founders First Limited (ASX:FFL) completed the acquisition of an unknown majority stake in Green Ant Gin of Applewood Distillery from Something Wild Beverages on April 7, 2020 
