Announcement • Jun 05
Findi Limited Announces Appointment and Resignation of Joint Company Secretaries, Effective June 3, 2026 Findi Limited advised that Ms Charly Duffy and Ms Shelby Coleman had tendered their resignations as joint company secretaries with effect from June 3, 2026. The company announced the appointment of Mr. Sam Wright and Mr. Thomas May as joint company secretaries of the company effective June 3, 2026. Mr. Wright is the founding director of Straight Lines Consultancy and has over 20 years’ experience advising and serving on the boards of listed companies. He specialises in corporate governance, capital markets transactions and the administration of publicly listed entities, including companies listed on the ASX, London Stock Exchange and Canadian Securities Exchange. Mr. May is an experienced corporate governance professional with a strong background in financial management, accounting and capital markets. He currently acts as Company Secretary for a number of companies, including Resolute Mining Limited which is dual-listed on the ASX200 and London Stock Exchange. Mr. Wright and Mr. May will be responsible for communications with the ASX in relation to Listing Rule matters under Listing Rule 12.6. Reported Earnings • May 30
Full year 2026 earnings released: AU$0.82 loss per share (vs AU$0.24 loss in FY 2025) Full year 2026 results: AU$0.82 loss per share (further deteriorated from AU$0.24 loss in FY 2025). Revenue: AU$89.6m (up 47% from FY 2025). Net loss: AU$49.6m (loss widened 315% from FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 145 percentage points per year, which is a significant difference in performance. Announcement • May 21
Findi Limited to Report Fiscal Year 2026 Results on May 29, 2026 Findi Limited announced that they will report fiscal year 2026 results at 4:12 PM, AUS Eastern Standard Time on May 29, 2026 New Risk • May 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 62% 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 60% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (AU$68.0m market cap, or US$49.2m). Announcement • May 02
Findi Limited has completed a Follow-on Equity Offering in the amount of AUD 25.010376 million. Findi Limited has completed a Follow-on Equity Offering in the amount of AUD 25.010376 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,683,113
Price\Range: AUD 0.7
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 22,045,995
Price\Range: AUD 0.7
Discount Per Security: AUD 0.042
Transaction Features: Subsequent Direct Listing New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings have declined by 60% 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 Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 60% per year over the past 5 years. Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$64.2m market cap, or US$45.5m). Announcement • Feb 13
Findi Limited (ASX:FND) completed the acquisition of Sphere (For Good) Holdings Pty Ltd for AUD 14.2 million. Findi Limited (ASX:FND) entered into a share sale agreement to acquire Sphere (For Good) Holdings Pty Ltd for AUD 6 million on October 21, 2025. The consideration will be paid entirely in Findi shares, priced at the 5-day VWAP prior to completion. The payment is structured as: AUD 2.7 million in upfront shares at completion; AUD 0.3 million in holdback shares to be converted on June 30, 2026; and up to AUD 3 million in two separate earn-out payments contingent on Sphere achieving specified revenue milestones in FY2025 and 2026.
Subject to completion, Findi will appoint Stephen Benton and Tineyi Matanda as non-executive directors to its board and current Non-Executive Director Simon Vertullo will retire as Director of Findi.
The transaction is subject to satisfactory buyer due diligence, Findi board and shareholder approvals, and change of control consents for Sphere's material contracts. These conditions must be satisfied by December 31, 2025.As of December 29, 2025, the deal has been approved by the shareholders of Findi Limited.
Findi Limited (ASX:FND) completed the acquisition of Sphere (For Good) Holdings Pty Ltd on February 12, 2026. A stock consideration of 2.44 million shares and a stock earn-out consideration of 2.7 million shares of Findi Limited, valued in total at AUD 14.16 million, will be issued for the common equity of Sphere (For Good) Holdings Pty Ltd. New Risk • Feb 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% 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 Less than 1 year of cash runway based on free cash flow trend (-AU$38m free cash flow). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$13m net loss in 2 years). Market cap is less than US$100m (AU$57.2m market cap, or US$40.5m). Price Target Changed • Jan 30
Price target decreased by 29% to AU$5.43 Down from AU$7.66, the current price target is provided by 1 analyst. New target price is 407% above last closing price of AU$1.07. Stock is down 75% over the past year. The company is forecast to post a net loss per share of AU$0.36 next year compared to a net loss per share of AU$0.24 last year. New Risk • Jan 28
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$38m 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 Risk Less than 1 year of cash runway based on free cash flow trend (-AU$38m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$13m net loss in 2 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$72.3m market cap, or US$50.7m). Announcement • Jan 15
Findi Limited Announces Appointment of Charly Duffy and Shelby Coleman as Joint Company Secretaries and Resignation of Justin Mouchacca and Nova Taylor Findi Limited announced the appointment of Charly Duffy and Shelby Coleman as joint company secretaries of the Company. As a practising corporate and equity capital markets lawyer, Ms Duffy established cdPlus Corporate Services Pty Ltd. in 2014 to leverage her experience to provide outsourced company secretarial and governance services to listed, unlisted, private and not-for-profit Boards with a strong focus on ASX Listing Rules compliance. Ms Duffy is also a Partner of Coghlan Duffy Lawyers with a Bachelor of Laws, and a Fellow Member of Governance Institute of Australia and ICSA holding a Graduate Diploma of Applied Corporate Governance. Ms Coleman is a seasoned governance and compliance specialist with experience advising ASX listed companies across a range of industries on corporate governance and compliance matters. Ms Coleman holds a Bachelor of Laws and a Bachelor of Arts from Victoria University of Wellington and is an Affiliate member of the Governance Institute of Australia and ICSA. Ms Duffy and Ms Coleman will be responsible for communications with the ASX in relation to Listing Rule matters under Listing Rule 12.6. The Company advised that Justin Mouchacca and Nova Taylor have tendered their resignations as joint company secretaries. Price Target Changed • Jan 13
Price target decreased by 14% to AU$6.59 Down from AU$7.66, the current price target is an average from 2 analysts. New target price is 391% above last closing price of AU$1.34. Stock is down 66% over the past year. The company is forecast to post a net loss per share of AU$0.36 next year compared to a net loss per share of AU$0.24 last year. Reported Earnings • Nov 29
First half 2026 earnings released: AU$0.38 loss per share (vs AU$0.073 loss in 1H 2025) First half 2026 results: AU$0.38 loss per share (further deteriorated from AU$0.073 loss in 1H 2025). Revenue: AU$46.4m (up 51% from 1H 2025). Net loss: AU$23.3m (loss widened 494% from 1H 2025). Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 3.2% decline forecast for the Diversified Financial industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 176 percentage points per year, which is a significant difference in performance. Announcement • Nov 28
Findi Limited Provides Earnings Guidance for the Second Half of 2026; Reaffirms Earnings Guidance for the Fiscal Year 2026 Findi Limited provided earnings guidance for the second half of 2026. For the second half, the company expects total Operating Revenue of AUD 57.5 million.
For the year, the company expects revenue in the range of AUD 100 million - AUD 105 million. Total Operating Revenue of AUD 103.9 Million. Price Target Changed • Oct 27
Price target decreased by 14% to AU$6.59 Down from AU$7.65, the current price target is an average from 2 analysts. New target price is 203% above last closing price of AU$2.17. Stock is down 66% over the past year. The company is forecast to post a net loss per share of AU$0.36 next year compared to a net loss per share of AU$0.24 last year. New Risk • Oct 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$150.8m (US$98.3m) 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: Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$150.8m market cap, or US$98.3m). Reported Earnings • Jul 04
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: AU$0.24 loss per share (down from AU$0.093 profit in FY 2024). Revenue: AU$61.1m (down 2.8% from FY 2024). Net loss: AU$11.9m (down 398% from profit in FY 2024). Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 4.6% decline forecast for the Diversified Financial industry in Australia. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 119% per year, which means it is well ahead of earnings. Announcement • Jul 03
Findi Limited, Annual General Meeting, Aug 28, 2025 Findi Limited, Annual General Meeting, Aug 28, 2025. New Risk • Jun 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: AU$404k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.8% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Significant insider selling over the past 3 months (AU$404k sold). New Risk • Jun 13
New major risk - Revenue and earnings growth Earnings have declined by 8.8% 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 Risk Earnings have declined by 8.8% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (26% increase in shares outstanding). Reported Earnings • May 31
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: AU$0.26 loss per share (down from AU$0.10 profit in FY 2024). Revenue: AU$75.5m (up 14% from FY 2024). Net loss: AU$12.5m (down 409% from profit in FY 2024). Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 56% p.a. on average during the next 2 years, compared to a 7.2% decline forecast for the Diversified Financial industry in Australia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 126% per year, which means it is well ahead of earnings. Announcement • May 29
Findi Limited to Report Fiscal Year 2025 Results on May 30, 2025 Findi Limited announced that they will report fiscal year 2025 results Pre-Market on May 30, 2025 New Risk • Apr 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% 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. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Apr 01
Independent Non-Executive Director recently sold AU$408k worth of stock On the 31st of March, Simon Vertullo sold around 99k shares on-market at roughly AU$4.13 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought AU$19m more than they sold in the last 12 months. Major Estimate Revision • Mar 21
Consensus EPS estimates fall by 119% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -AU$0.063 to -AU$0.137 per share. Revenue forecast unchanged at AU$70.8m. Diversified Financial industry in Australia expected to see average net income growth of 22% next year. Consensus price target up from AU$9.03 to AU$9.56. Share price was steady at AU$4.58 over the past week. Price Target Changed • Mar 20
Price target increased by 9.0% to AU$9.56 Up from AU$8.77, the current price target is an average from 3 analysts. New target price is 83% above last closing price of AU$5.22. Stock is up 79% over the past year. The company is forecast to post a net loss per share of AU$0.14 compared to earnings per share of AU$0.10 last year. Announcement • Mar 20
Findi Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million. Findi Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,250,000
Price\Range: AUD 4 New Risk • Feb 18
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. This is currently the only risk that has been identified for the company. Announcement • Feb 17
Findi Limited Revises Revenue Guidance for the Fiscal Year 2025 Findi Limited revised revenue guidance for the fiscal year 2025. For the year 2025, the company revises revenue is now expected to be in the range of $68 million - $70 million and compares with previous guidance of $80 million-$90 million. Major Estimate Revision • Jan 21
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$82.3m to AU$80.0m. Losses expected to increase from AU$0.087 per share to AU$0.10. Diversified Financial industry in Australia expected to see average net income growth of 28% next year. Consensus price target up from AU$8.72 to AU$9.00. Share price rose 18% to AU$4.61 over the past week. New Risk • Dec 02
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 Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). Reported Earnings • Dec 01
First half 2025 earnings released: AU$0.073 loss per share (vs AU$0.03 profit in 1H 2024) First half 2025 results: AU$0.073 loss per share (down from AU$0.03 profit in 1H 2024). Revenue: AU$30.7m (flat on 1H 2024). Net loss: AU$3.56m (down AU$4.33m from profit in 1H 2024). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 4.8% decline forecast for the Diversified Financial industry in Australia. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to AU$5.91, the stock trades at a forward P/E ratio of 844x. Average forward P/E is 14x in the Diversified Financial industry in Australia. Total returns to shareholders of 690% over the past three years. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AU$5.47, the stock trades at a trailing P/E ratio of 66.1x. Average forward P/E is 12x in the Diversified Financial industry in Australia. Total returns to shareholders of 580% over the past three years. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$4.02, the stock trades at a trailing P/E ratio of 48.6x. Average forward P/E is 13x in the Diversified Financial industry in Australia. Total returns to shareholders of 348% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AU$4.08, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Diversified Financial industry in Australia. Total returns to shareholders of 474% over the past three years. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$152.7m (US$98.6m) 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 Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (34% increase in shares outstanding). Market cap is less than US$100m (AU$152.7m market cap, or US$98.6m). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AU$3.79, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Diversified Financial industry in Australia. Total returns to shareholders of 420% over the past three years. Reported Earnings • Jun 29
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: AU$0.10 (up from AU$0.067 in FY 2023). Revenue: AU$66.4m (up 25% from FY 2023). Net income: AU$4.04m (up 66% from FY 2023). Profit margin: 6.1% (up from 4.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.3% decline forecast for the Diversified Financial industry in Australia. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 80% per year, which means it is significantly lagging earnings growth. Announcement • Jun 21
Findi Limited, Annual General Meeting, Aug 15, 2024 Findi Limited, Annual General Meeting, Aug 15, 2024. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$4.08, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Diversified Financial industry in Australia. Total returns to shareholders of 385% over the past three years. New Risk • Jun 05
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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 Interest payments are not well covered by earnings (1.7x net interest cover). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (34% increase in shares outstanding). New Risk • May 27
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 Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (34% increase in shares outstanding). Reported Earnings • May 22
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: AU$0.10 (up from AU$0.067 in FY 2023). Revenue: AU$66.5m (up 25% from FY 2023). Net income: AU$4.04m (up 66% from FY 2023). Profit margin: 6.1% (up from 4.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 6.9% decline forecast for the Diversified Financial industry in Australia. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to AU$3.77, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 11x in the Diversified Financial industry in Australia. Total returns to shareholders of 369% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AU$2.60, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Diversified Financial industry in Australia. Total returns to shareholders of 248% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$3.20, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Diversified Financial industry in Australia. Total returns to shareholders of 361% over the past three years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AU$2.48, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Diversified Financial industry in Australia. Total returns to shareholders of 244% over the past three years. Announcement • Mar 01
Findi Limited Announces Appointment of Alastair Williams as Chief Financial Officer, Effective 1 March 2024 Findi Limited announced the appointment of Alastair Williams as the Company's Chief Financial Officer (CFO), effective 1 March 2024. Mr. Williams is an experienced CPA with a Masters Degree in Commerce. He has recently been the CFO of an Electricity retailer and before that was a Partner at boutique accounting and finance firm, Clarendon Partners. In addition to day-to-day duties as CFO, Mr. Williams is being tasked specifically with supporting the Board and Indian subsidiary with listing in India. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to AU$1.75, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Diversified Financial industry in Australia. Total returns to shareholders of 157% over the past three years. New Risk • Jan 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% 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 Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (20% average weekly change). High level of non-cash earnings (36% accrual ratio). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Significant insider selling over the past 3 months (AU$1.6m sold). Market cap is less than US$100m (AU$75.2m market cap, or US$49.6m). Announcement • Jan 29
Findi Limited Announces Executive Changes Findi Limited announced the appointment of Mr. Justin Mouchacca and Ms. Nova Taylor as joint Company Secretaries of the company effective immediately. Mr. Mouchacca is a Chartered Accountant and Fellow of the Governance Institute of Australia with over 17 years' experience in public company responsibilities including statutory, corporate governance and financial reporting requirements. Since July 2019, Mr. Mouchacca has been principal of JM Corporate Services and has been appointed Company Secretary and Financial Officer for a number of entities listed on the ASX and unlisted public companies. Ms. Taylor is a professional Company Secretary with approximately 7 years' experience working with listed companies in Company Secretary and Assistant Company Secretary roles. She previously worked for Computershare Investor Services Pty Limited in various roles for over 10 years. Nova has completed a Bachelor of Laws at Deakin University. Further to this appointment, Mr. Andrew Metcalfe will step down as Company Secretary of the Company effective immediately. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AU$1.20, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 17x in the Diversified Financial industry in Australia. Total returns to shareholders of 81% over the past three years. New Risk • Dec 06
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: AU$247k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (22% average weekly change). High level of non-cash earnings (36% accrual ratio). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Significant insider selling over the past 3 months (AU$247k sold). Market cap is less than US$100m (AU$38.0m market cap, or US$24.9m). Reported Earnings • Nov 30
First half 2024 earnings released First half 2024 results: EPS: AU$0.03. Revenue: AU$30.5m (up 28% from 1H 2023). Net income: AU$1.10m (up 478% from 1H 2023). Profit margin: 3.6% (up from 0.8% in 1H 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Nov 29
Findi Limited Reaffirms Revenue Guidance for the Fiscal Year 2024 Findi Limited reaffirmed revenue guidance for the fiscal year 2024. For the period, the company expected revenue of $67.3 million. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 70% After last week's 70% share price gain to AU$1.23, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 31x in the IT industry in Australia. Total returns to shareholders of 97% over the past three years. New Risk • Oct 30
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 12% 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 Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (107% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (AU$22.9m market cap, or US$14.6m). Announcement • Aug 04
Findi Limited, Annual General Meeting, Sep 05, 2023 Findi Limited, Annual General Meeting, Sep 05, 2023, at 11:01 AUS Eastern Standard Time. Agenda: To consider the Annual Report of the Company and its controlled entities for the year ended 31 March 2023, which includes the Financial Report and Director's Report, Remuneration Report and the Auditor's Report; to consider and Affirmation of Director Appointment Nicholas Smedley and Simon Vertullo; to consider and Re-election of Director - Jason Titman; to consider and Ratification of a prior issue of Shares pursuant to placement; to consider and Approval of 10% Placement Capacity; and to consider other matter also. Reported Earnings • Jul 05
Full year 2023 earnings released: EPS: AU$0.014 (vs AU$0.17 loss in FY 2022) Full year 2023 results: EPS: AU$0.014 (up from AU$0.17 loss in FY 2022). Revenue: AU$53.1m (up AU$48.4m from FY 2022). Net income: AU$2.44m (up AU$3.96m from FY 2022). Profit margin: 4.6% (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 66% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. New Risk • Jul 04
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: AU$94k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (92% accrual ratio). Minor Risks Shareholders have been diluted in the past year (44% increase in shares outstanding). Significant insider selling over the past 3 months (AU$94k sold). New Risk • Jun 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.9m (US$9.99m) 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 Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (92% accrual ratio). Market cap is less than US$10m (AU$14.9m market cap, or US$9.99m). Minor Risk Shareholders have been diluted in the past year (44% increase in shares outstanding). Announcement • May 24
Findi Limited Provides Earnings Guidance for the Year 2024 Findi Limited provided earnings guidance for the year 2024. For the year, the company expects revenue of AUD 67.28 million (23.4% year on year increase). Profit after tax of AUD 3.99 million (64.2% year on year increase). Reported Earnings • May 16
Full year 2023 earnings released: EPS: AU$0.014 (vs AU$0.17 loss in FY 2022) Full year 2023 results: EPS: AU$0.014 (up from AU$0.17 loss in FY 2022). Revenue: AU$54.5m (up AU$49.8m from FY 2022). Net income: AU$2.44m (up AU$3.96m from FY 2022). Profit margin: 4.5% (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 62% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Apr 15
Insider recently sold AU$94k worth of stock On the 6th of April, Jason Carroll sold around 149k shares on-market at roughly AU$0.63 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought AU$637k more than they sold in the last 12 months. Announcement • Dec 15
Findi Limited Revises Earnings Guidance for the Year Ending March 2023 Findi Limited revised earnings guidance for the year ending March 2023. For the year ending March 2023, the company expects revenue of AUD 51 million to AUD 53 million (an increase of up to 13% on the original guidance). Reported Earnings • Nov 30
First half 2023 earnings released: EPS: AU$0.001 (vs AU$0.001 loss in 1H 2022) First half 2023 results: EPS: AU$0.001 (up from AU$0.001 loss in 1H 2022). Revenue: AU$23.8m (up AU$23.8m from 1H 2022). Net income: AU$190.0k (up AU$585.0k from 1H 2022). Profit margin: 0.8% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Jason Titman is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 07
Findi Limited, Annual General Meeting, Dec 08, 2022 Findi Limited, Annual General Meeting, Dec 08, 2022, at 11:01 AUS Eastern Standard Time. Agenda: To consider Ratification of a prior issue of shares pursuant to placement; to consider Approval of issue of shares to Nicholas Smedley pursuant to placement; to consider Approval of issue of shares to Jason Titman pursuant to placement; to consider Approval of issue of shares to Simon Vertullo pursuant to placement;and to consider other matters. Announcement • Aug 17
Vortiv Limited Provides Revenue Guidance for the Fiscal Year 2023 Vortiv Limited provided revenue guidance for the fiscal year 2023. For the period, company expected Revenue of AUD 47 million to AUD 50 million (6% to 13% year on year increase). Announcement • Aug 16
Vortiv Limited Announces Changes of Company Secretary Vortiv Limited announced the appointment of Mr. Andrew Metcalfe as Company Secretary. Andrew Metcalfe is an experienced Chartered Secretary and Governance Adviser with more than 25 years' experience across a broad industry base, having worked with a variety of Board and senior management teams of ASX listed companies. Andrew replaces Mr. Alastair Beard and Mr. Philip Macleod who have tendered their resignation to focus on other business activities. The Board thanks Alastair and Philip for their service to the Company. This change takes effect from 15 August 2022. Recent Insider Transactions • Aug 12
Insider recently bought AU$85k worth of stock On the 10th of August, Jason Carroll bought around 4m shares on-market at roughly AU$0.021 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$496k. Insiders have collectively bought AU$781k more in shares than they have sold in the last 12 months. Announcement • Jul 20
Vortiv Limited, Annual General Meeting, Aug 22, 2022 Vortiv Limited, Annual General Meeting, Aug 22, 2022, at 11:00 E. Australia Standard Time. Location: Level 1, 283 Elizabeth Street Brisbane Queensland Australia Agenda: To table and consider the Annual Report of the Company and its controlled entities for the year ended 31 March 2022, which includes the Financial Report and Director's Report, Remuneration Report and the Auditor's Report; to approve Remuneration Report; to approve affirmation of Director Appointment Mr. Nicholas Smedley; to approve Affirmation of Director Appointment Mr. Jason Titman; to approve re-election of Director Mr. Simon Vertullo; to approve 10% Placement Capacity; to approve Change of Company Name; to approve Vortiv Long Term Incentive Plan (LTI Plan); to approve Amendment to the Constitution; and to approve consolidation of share capital. Reported Earnings • Jul 06
Full year 2022 earnings released: AU$0.015 loss per share (vs AU$0.004 loss in FY 2021) Full year 2022 results: AU$0.015 loss per share (down from AU$0.004 loss in FY 2021). Revenue: AU$4.78m (up AU$4.70m from FY 2021). Net loss: AU$2.68m (loss widened 469% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 18 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jun 21
Insider recently bought AU$496k worth of stock On the 17th of June, Troy Harry bought around 31m shares on-market at roughly AU$0.016 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$696k more in shares than they have sold in the last 12 months. Reported Earnings • Jun 02
Full year 2022 earnings released: AU$0.015 loss per share (vs AU$0.004 loss in FY 2021) Full year 2022 results: AU$0.015 loss per share (down from AU$0.004 loss in FY 2021). Revenue: AU$4.78m (up AU$4.70m from FY 2021). Net loss: AU$2.68m (loss widened 469% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 24 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Jason Titman is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. 
