Board Change • May 20
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Bob Sherwin is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 20
Articore Group Limited (ASX:ATG) acquired Frankly Retail Private Limited from Naman Wadhwa, Angad Singh Puri and others. Articore Group Limited (ASX:ATG) agreed to acquire Frankly Retail Private Limited from Naman Wadhwa, Angad Singh Puri and others for $0.9 million on March 24, 2026. Under the terms of the transaction, Articore Group Limited would pay 75% of the Purchase price at close and the remaining 25% earn-out at 18 months tied to performance milestones. The transaction will be funded with existing cash reserves and is not expected to impact the Group’s FY26 underlying cash flow. Following the acquisition, the founders will join Articore and will receive performance-based long-term incentives. The company has completed a comprehensive seven-month strategic review, reaffirmed its commitment to remaining an independent listed entity, and announced the acquisition of Frankly Wearing, an India-based print-on-demand marketplace.
The transaction is expected to close by the end of May 2026.
Abin Francis and Rashi Dhir of DMD Advocates acted as legal advisor to Naman Wadhwa, Angad Singh Puri and others.
Articore Group Limited (ASX:ATG) completed the acquisition of Frankly Retail Private Limited from Naman Wadhwa, Angad Singh Puri and others on May 18, 2026. Board Change • May 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Bob Sherwin is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Mar 29
Articore Group Limited to Report Fiscal Year 2026 Results on Aug 28, 2026 Articore Group Limited announced that they will report fiscal year 2026 results on Aug 28, 2026 Announcement • Jan 13
Articore Group Limited Appoints Derek Yung as Group Chief Financial Officer, Effective January 13, 2026 Articore Group Limited has appointed Derek Yung as Group Chief Financial Officer to strengthen the Group’s executive leadership as part of the ongoing execution of the Group’s turnaround and growth strategy. Effective January 13, 2026, Mr. Yung brings over a decade of CFO experience across leading e-commerce and marketplace businesses, with a strong record of driving growth and transformation. He most recently served as CFO of TransForce and previously held CFO roles at Wine.com and eHealth (NASDAQ: EHTH), where he drove revenue growth of more than 200% and more than tripled the company’s share price over three years. Board Change • Dec 31
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Bob Sherwin is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 14
Articore Group Limited to Report First Half, 2026 Results on Feb 19, 2026 Articore Group Limited announced that they will report first half, 2026 results on Feb 19, 2026 Recent Insider Transactions • Aug 29
Independent Non-Executive Director recently bought AU$50k worth of stock On the 28th of August, Robin Low bought around 180k shares on-market at roughly AU$0.28 per share. This transaction amounted to 90% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$511k more in shares than they have sold in the last 12 months. Announcement • Aug 28
Articore Group Limited, Annual General Meeting, Oct 23, 2025 Articore Group Limited, Annual General Meeting, Oct 23, 2025. Reported Earnings • Aug 18
Full year 2025 earnings released: AU$0.04 loss per share (vs AU$0.031 loss in FY 2024) Full year 2025 results: AU$0.04 loss per share (further deteriorated from AU$0.031 loss in FY 2024). Revenue: AU$438.6m (down 11% from FY 2024). Net loss: AU$11.3m (loss widened 28% from FY 2024). Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Multiline Retail industry in Australia are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Jul 08
Articore Group Limited Appoints Curtis Davies as Interim Chief Finance Officer, Effective July 8, 2025 Articore Group Limited announced the appointment of Curtis Davies effective July 8, 2025 to the role of Interim Chief Finance Officer (CFO) as the next step in the Group's ongoing transformation. Prior to this appointment, Curtis was the Group's Financial Controller. He started with the Group in 2018 and has held a number of positions of increasing seniority since then. He is currently responsible for the Group's ASX reporting compliance, audit and financial control. As previously advised to the market, an executive search process is underway to appoint a permanent CFO. Announcement • May 05
Articore Group Limited Announces Resignation of Carlie Hodges as Joint Company Secretary Articore Group Limited announced the resignation of Carlie Hodges as Joint Company Secretary of Articore, effective May 5, 2025. Harry Pratt remains Company Secretary of Articore and will continue to be the person responsible for communications with ASX under ASX Listing Rule 12.6. Announcement • Mar 31
Articore Group Limited Announces Resignation of Rob Doyle as Group Chief Financial Officer Articore Group Limited (Articore or the Group) advised that Chief Financial Officer (CFO) Rob Doyle has resigned and will be leaving the Group. Rob will remain available to advise the Group until the end of the financial year and assist in an orderly transition of his responsibilities. The Board will consider what additional support the Group's finance operations require and update investors in due course. Recent Insider Transactions • Nov 12
Co-Founder recently bought AU$305k worth of stock On the 8th of November, Martin Hosking bought around 881k shares on-market at roughly AU$0.35 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Martin's only on-market trade for the last 12 months. Announcement • Oct 22
Osmium Partners Sends Letter to Shareholders of Articore On October 20, 2024, Osmium Partners announced that it has sent a letter to shareholders of Articore Group Ltd, stated that it believes Company's board has neither the right strategy to deliver profitable growth nor demonstrated meaningful progress in managing this business to generate anything near at scale margins, and in its opinion, nothing highlights Company's shortcomings and potential more than since 2016 the company has a cumulative EBITDA loss despite generating $3 billion in revenue. Osmium Partners stated that if the company had operated anywhere near its at scale targeted adjusted EBITDA margins of 13-18% since 2016, Company could have generated roughly $500 million in EBITDA, and believed that having a fresh set of eyes and ideas, with a high sense of urgency and experience to work constructively with this board, employees, and management is needed to maximize shareholder value. In addition, Osmium Partners released a game plan to unlock & maximize shareholder value at the Company. Further, Osmium Partners urged the shareholders of the Company to vote for the Company board nominee John H. Lewis, and urged to vote for its board nominees Adam Hoydysh, Daeyoung Choi, Oliver Richner, and vote against the Company resolution regarding remuneration report at the annual meeting of shareholders scheduled to be held on October 24, 2024. Announcement • Oct 14
Osmium Partners Sends Letter to Shareholders of Articore On October 13, 2024, Osmium Partners announced that it has sent a letter to shareholders of Articore Group Ltd, stated that given Company’s persistent underperformance, dramatic share price deterioration, and the long overdue need to maximize and unlock shareholder value, we believe it is time for a board shakeup, and the Company board appears to be opposed to adding more than 1 Osmium Partners nominee and asks shareholders to trust that they can eventually figure out how to right the ship. In addition, Osmium Partners urged the shareholders of the Company to vote for the Company board nominee John H. Lewis, and urged to vote for its board nominees Adam Hoydysh, Daeyoung Choi, Oliver Richner, and vote against the Company resolution regarding remuneration report at the annual meeting of shareholders scheduled to be held on October 24, 2024. Announcement • Aug 29
Articore Group Limited, Annual General Meeting, Oct 24, 2024 Articore Group Limited, Annual General Meeting, Oct 24, 2024. Recent Insider Transactions • Aug 23
Independent Non-Executive Director recently bought AU$50k worth of stock On the 22nd of August, Robin Low bought around 143k shares on-market at roughly AU$0.35 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$171k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 21
Full year 2024 earnings released Full year 2024 results: Revenue: AU$423.1m (down 24% from FY 2023). Net loss: AU$11.6m (loss narrowed 79% from FY 2023). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Multiline Retail industry in Australia. Announcement • May 23
Articore Group Limited (ASX:ATG) announces an Equity Buyback for AUD 5 million worth of its shares. Articore Group Limited (ASX:ATG) announces a share repurchase program. Under the program, the company will repurchase up to AUD 5 million worth of its shares. The number of shares repurchased will not exceed 10% of the smallest number of shares on issue in the company at any time during the preceding 12 months. The program will expire on June 5, 2025. As of May 22, 2024, the company has 282,783,288 shares in issue. Announcement • Mar 13
Articore Group Limited Appoints Robin Low as an Independent Non-Executive Director and Chair of the Audit and Risk Committee, Effective March 18, 2024 Articore Group Limited announced the appointment of Ms. Robin Low as an independent non-executive director from 18 March 2024. She will also become the Chair of the Audit and Risk Committee from this date. Ms. Low is a highly-experienced non-executive director and ASX audit and risk committee chair. She has worked across a broad range of industries including technology, retail, insurance and financial services and has experience in data collection and analysis, artificial intelligence (AI) and customer experience. She has been a non-executive director for a number of ASX-listed companies with significant international operations. Ms. Low is currently a non-executive director and either Audit or Audit and Risk Committee Chair at each of Appen Limited, IPH Limited, Guide Dogs NSW/ACT and the Sax Institute. She was formerly a non-executive director and Audit and Risk Committee Chair of AUB Group Limited, Marley Spoon SE, CSG Limited and Australian Reinsurance Pool Corporation. She is a Fellow of the Institute of Chartered Accountants and a Fellow of the Australian Institute of Company Directors. Prior to becoming a non-executive director, Ms Low was a partner at PwC for more than 17 years. She is a former Deputy Chair of the Auditing and Assurance Standards Board. Reported Earnings • Feb 28
First half 2024 earnings released: EPS: AU$0.018 (vs AU$0.11 loss in 1H 2023) First half 2024 results: EPS: AU$0.018 (up from AU$0.11 loss in 1H 2023). Revenue: AU$302.7m (down 12% from 1H 2023). Net income: AU$4.96m (up AU$34.7m from 1H 2023). Profit margin: 1.6% (up from net loss in 1H 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Multiline Retail industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Announcement • Feb 16
Articore Group Limited Appoints Harry Pratt as Joint Company Secretary Articore Group Limited has appointed Harry Pratt as joint Company Secretary of the company, effective February 15, 2024. Harry has been appointed alongside existing Company Secretary, Carlie Hodges, who is on leave. Announcement • Jan 17
Articore Group Limited to Report Fiscal Year 2024 Results on Aug 21, 2024 Articore Group Limited announced that they will report fiscal year 2024 results on Aug 21, 2024 Announcement • Dec 27
Articore Group Limited to Report First Half, 2024 Results on Feb 22, 2024 Articore Group Limited announced that they will report first half, 2024 results on Feb 22, 2024 Recent Insider Transactions • Oct 24
Independent Non-Executive Director recently bought AU$121k worth of stock On the 20th of October, Robert Sherwin bought around 200k shares on-market at roughly AU$0.60 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$314k more in shares than they have sold in the last 12 months. New Risk • Oct 12
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 16% 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 Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Less than 1 year of cash runway based on current free cash flow (-AU$50m). Announcement • Sep 21
Redbubble Limited Announces Board Changes Redbubble Limited announced that non-executive Director Jennifer (Jenny) Macdonald has advised of her intention to resign from the Board after the Group's upcoming AGM on 24 October 2023. There is an intention that another long-standing Director will also step-down during fiscal year 2024, as part of an orderly Board renewal process. Ms. Macdonald has been on the Board of Redbubble Limited since February 2018, and became Chair of its Audit, Risk and Compliance Committee in October 2019. The Board will conduct a formal search process to identify a suitable candidate to replace Ms. Macdonald. New Risk • Aug 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% 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: Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$50m). Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Announcement • Aug 29
Redbubble Limited, Annual General Meeting, Oct 24, 2023 Redbubble Limited, Annual General Meeting, Oct 24, 2023. Reported Earnings • Aug 22
Full year 2023 earnings released: AU$0.20 loss per share (vs AU$0.09 loss in FY 2022) Full year 2023 results: AU$0.20 loss per share (further deteriorated from AU$0.09 loss in FY 2022). Revenue: AU$555.1m (down 3.2% from FY 2022). Net loss: AU$54.2m (loss widened 120% from FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.7% growth forecast for the Multiline Retail industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. New Risk • Aug 01
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: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$13m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Reported Earnings • Feb 16
First half 2023 earnings released: AU$0.11 loss per share (vs AU$0.004 loss in 1H 2022) First half 2023 results: AU$0.11 loss per share (further deteriorated from AU$0.004 loss in 1H 2022). Revenue: AU$343.8m (flat on 1H 2022). Net loss: AU$29.8m (loss widened AU$28.8m from 1H 2022). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Online Retail industry in Australia. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Nov 01
Independent Non-Executive Director recently bought AU$144k worth of stock On the 28th of October, Benjamin Heap bought around 300k shares on-market at roughly AU$0.48 per share. This transaction increased Benjamin's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$1.4m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 19
Full year 2022 earnings released: AU$0.09 loss per share (vs AU$0.12 profit in FY 2021) Full year 2022 results: AU$0.09 loss per share (down from AU$0.12 profit in FY 2021). Revenue: AU$573.4m (down 13% from FY 2021). Net loss: AU$24.6m (down 179% from profit in FY 2021). Over the next year, revenue is expected to shrink by 5.6% compared to a 13% growth forecast for the Online Retail industry in Australia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 22
Co-Founder & Non-Executive Director recently bought AU$803k worth of stock On the 17th of February, Martin Hosking bought around 473k shares on-market at roughly AU$1.70 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Martin has been a net seller over the last 12 months, reducing personal holdings by AU$20m. Reported Earnings • Feb 18
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.004 loss per share (down from AU$0.15 profit in 1H 2021). Revenue: AU$341.6m (down 18% from 1H 2021). Net loss: AU$1.02m (down 102% from profit in 1H 2021). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 8.1% compared to a 56% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorated over the past week After last week's 25% share price decline to AU$2.34, the stock trades at a trailing P/E ratio of 20.4x. Average forward P/E is 65x in the Online Retail industry in Australia. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 17% share price gain to AU$4.69, the stock trades at a forward P/E ratio of 88x. Average forward P/E is 88x in the Online Retail industry in Oceania. Total returns to shareholders of 185% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$7.09 per share. Recent Insider Transactions • Sep 04
Co-Founder & Non-Executive Director recently sold AU$21m worth of stock On the 1st of September, Martin Hosking sold around 5m shares on-market at roughly AU$4.20 per share. This was the largest sale by an insider in the last 3 months. Martin has been a seller over the last 12 months, reducing personal holdings by AU$54m. Reported Earnings • Aug 22
Full year 2021 earnings released: EPS AU$0.12 (vs AU$0.034 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$657.3m (up 58% from FY 2020). Net income: AU$31.2m (up AU$40.0m from FY 2020). Profit margin: 4.8% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improved over the past week After last week's 33% share price gain to AU$4.24, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 115x in the Online Retail industry in Australia. Total returns to shareholders of 150% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$5.73 per share. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorated over the past week After last week's 18% share price decline to AU$3.24, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 105x in the Online Retail industry in Australia. Total returns to shareholders of 95% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$3.26 per share. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorated over the past week After last week's 28% share price decline to AU$4.07, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 62x in the Online Retail industry in Australia. Total returns to shareholders of 165% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$3.76 per share. Is New 90 Day High Low • Feb 28
New 90-day low: AU$5.11 The company is down 1.0% from its price of AU$5.16 on 30 November 2020. The Australian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$6.27 per share. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to AU$5.81, the stock is trading at a trailing P/E ratio of 40.2x, down from the previous P/E ratio of 47.8x. This compares to an average P/E of 90x in the Online Retail industry in Australia. Total returns to shareholders over the past three years are 209%. Reported Earnings • Feb 17
First half 2021 earnings released: EPS AU$0.15 (vs AU$0.01 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: AU$417.6m (up 96% from 1H 2020). Net income: AU$41.0m (up AU$44.0m from 1H 2020). Profit margin: 9.8% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 44% per year. Is New 90 Day High Low • Jan 20
New 90-day high: AU$6.91 The company is up 39% from its price of AU$4.97 on 23 October 2020. The Australian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$7.26 per share. Is New 90 Day High Low • Jan 05
New 90-day high: AU$6.45 The company is up 58% from its price of AU$4.08 on 08 October 2020. The Australian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$7.23 per share. Is New 90 Day High Low • Dec 09
New 90-day high: AU$6.07 The company is up 55% from its price of AU$3.91 on 11 September 2020. The Australian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$6.15 per share. Recent Insider Transactions • Oct 27
Co-Founder recently sold AU$33m worth of stock On the 21st of October, Martin Hosking sold around 6m shares on-market at roughly AU$5.52 per share. This was the largest sale by an insider in the last 3 months. This was Martin's only on-market trade for the last 12 months. Is New 90 Day High Low • Oct 15
New 90-day high: AU$4.80 The company is up 129% from its price of AU$2.10 on 17 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 49% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$4.50 per share. 
