New Risk • May 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.9m (US$9.92m) 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 Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-AU$5.1m). Earnings have declined by 22% per year over the past 5 years. Market cap is less than US$10m (AU$13.9m market cap, or US$9.92m). New Risk • Apr 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$12.8m (US$9.02m) 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 Negative equity (-AU$5.1m). Earnings have declined by 22% per year over the past 5 years. Market cap is less than US$10m (AU$12.8m market cap, or US$9.02m). New Risk • Feb 28
New major risk - Revenue and earnings growth Earnings have declined by 22% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$5.1m). Earnings have declined by 22% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$23.1m market cap, or US$16.4m). Announcement • Feb 21
Xref Limited Announces Change of Company Secretary, Effective from 20 February 2026 Xref Limited announced the appointment of Ms Kamille Dietrich of Automic Group as Company Secretary of the Company effective 20 February 2026. Ms Dietrich is an experienced Company Secretary and, as a member of Automic Group’s Company Secretarial team, Ms Dietrich acts as Company Secretary to ASX listed and unlisted public companies across a range of industries. Following Ms Dietrich’s appointment, the Company advised that Mr. Robert Waring has stepped down as Company Secretary, effective immediately. For the purpose of ASX Listing Rule 12.6, Ms Dietrich will be the person responsible for communications between the Company and ASX. The appointment of Ms Dietrich was made in accordance with ASX Listing Rule 3.16.1. New Risk • Feb 13
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 Negative equity (-AU$4.4m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$25.3m market cap, or US$17.8m). Announcement • Sep 25
Xref Limited, Annual General Meeting, Nov 17, 2025 Xref Limited, Annual General Meeting, Nov 17, 2025. Reported Earnings • Aug 29
Full year 2025 earnings released: AU$0.01 loss per share (vs AU$0.03 loss in FY 2024) Full year 2025 results: AU$0.01 loss per share (improved from AU$0.03 loss in FY 2024). Revenue: AU$21.3m (up 7.3% from FY 2024). Net loss: AU$1.95m (loss narrowed 66% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Mar 21
Xref Limited has completed a Follow-on Equity Offering in the amount of AUD 3.630438 million. Xref Limited has completed a Follow-on Equity Offering in the amount of AUD 3.630438 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,926,443
Price\Range: AUD 0.13
Discount Per Security: AUD 0.0065
Transaction Features: Subsequent Direct Listing Announcement • Feb 05
SEEK International Investments Pty Ltd cancelled the acquisition of Xref Limited (ASX:XF1) for AUD 40 million. SEEK Limited (ASX:SEK) entered into Exclusivity Deed to acquire Xref Limited (ASX:XF1) for AUD 40 million on October 14, 2024. A cash consideration valued at AUD 0.218 per share will be paid by SEEK Limited.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders and consummation of due diligence investigation. The deal has been unanimously approved by the board. The Supreme Court of New South Wales has approved the transaction. As of February 3, 2025, the Scheme was approved by the requisite number of Xref Shareholders but was not approved by at least 75% of the votes cast by Xref Shareholders present and voting at the meeting. As a result, the Scheme was not approved by the requisite majorities.
SEEK International Investments Pty Ltd cancelled the acquisition of Xref Limited (ASX:XF1) for AUD 40 million on February 3, 2025. Despite a unanimous recommendation from Xref’s Board of Directors and the Independent Expert concluding that the Scheme is fair and reasonable, and in the best interests of Xref shareholders in the absence of a superior proposal, 67.60% of votes cast were cast in favour of the Scheme, falling short of the required threshold of 75%. After detailed consideration, and having regard to the declaration of SEEK’s offer as being best and final in the absence of a competing proposal, SEEK and Xref have agreed to terminate the scheme implementation deed with immediate effect.
BDO Corporate Finance Australia Pty Ltd as the Independent Expert for Xref Limited and Automic Share Registry acted as registrar for SEEK International Investments Pty Ltd. Reported Earnings • Dec 21
First quarter 2025 earnings released: AU$0.003 loss per share (vs AU$0.011 loss in 1Q 2024) First quarter 2025 results: AU$0.003 loss per share (improved from AU$0.011 loss in 1Q 2024). Revenue: AU$5.43m (up 9.4% from 1Q 2024). Net loss: AU$542.0k (loss narrowed 74% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Dec 04
Insider recently sold AU$4.7m worth of stock On the 27th of November, Timothy Griffiths sold around 22m shares on-market at roughly AU$0.21 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$3.0m more than they bought in the last 12 months. Announcement • Oct 22
Xref Limited, Annual General Meeting, Nov 22, 2024 Xref Limited, Annual General Meeting, Nov 22, 2024. Announcement • Oct 15
SEEK Limited (ASX:SEK) entered into Exclusivity Deed to acquire Xref Limited (ASX:XF1) for AUD 40 million. SEEK Limited (ASX:SEK) entered into Exclusivity Deed to acquire Xref Limited (ASX:XF1) for AUD 40 million on October 14, 2024. A cash consideration valued at AUD 0.218 per share will be paid by SEEK Limited.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders and consummation of due diligence investigation. The deal has been unanimously approved by the board. Reported Earnings • Aug 28
Full year 2024 earnings released: AU$0.03 loss per share (vs AU$0.018 loss in FY 2023) Full year 2024 results: AU$0.03 loss per share (further deteriorated from AU$0.018 loss in FY 2023). Revenue: AU$19.9m (down 2.6% from FY 2023). Net loss: AU$5.68m (loss widened 69% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. New Risk • Feb 07
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 Negative equity (-AU$203k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Significant insider selling over the past 3 months (AU$375k sold). Market cap is less than US$100m (AU$26.1m market cap, or US$17.0m). Recent Insider Transactions • Jan 25
Insider recently sold AU$375k worth of stock On the 19th of January, Timothy Griffiths sold around 3m shares on-market at roughly AU$0.12 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Oct 06
Xref Limited, Annual General Meeting, Nov 13, 2023 Xref Limited, Annual General Meeting, Nov 13, 2023, at 17:30 AUS Eastern Standard Time. New Risk • Oct 04
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 Risk Negative equity (-AU$203k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$37.2m market cap, or US$23.7m). Reported Earnings • Aug 30
Full year 2023 earnings released: AU$0.018 loss per share (vs AU$0.004 profit in FY 2022) Full year 2023 results: AU$0.018 loss per share (down from AU$0.004 profit in FY 2022). Revenue: AU$20.4m (up 9.7% from FY 2022). Net loss: AU$3.36m (down AU$4.09m from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Aug 26
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: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$39.1m market cap, or US$25.1m). Board Change • Aug 03
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Tom Stianos was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
First half 2023 earnings released: AU$0.008 loss per share (vs AU$0 in 1H 2022) First half 2023 results: AU$0.008 loss per share (further deteriorated from AU$0 in 1H 2022). Revenue: AU$9.61m (up 8.3% from 1H 2022). Net loss: AU$1.47m (loss widened AU$1.43m from 1H 2022). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 03
Independent Non-Executive Chairman recently bought AU$68k worth of stock On the 30th of November, Thomas Stianos bought around 200k shares on-market at roughly AU$0.34 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Thomas' only on-market trade for the last 12 months. Reported Earnings • Aug 24
Full year 2022 earnings released: EPS: AU$0.004 (vs AU$0 in FY 2021) Full year 2022 results: EPS: AU$0.004 (up from AU$0 in FY 2021). Revenue: AU$18.6m (up 48% from FY 2021). Net income: AU$729.6k (up AU$651.5k from FY 2021). Profit margin: 3.9% (up from 0.6% in FY 2021). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 06
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: AU$0 (up from AU$0.01 loss in 1H 2021). Revenue: AU$8.87m (up 73% from 1H 2021). Net loss: AU$37.0k (loss narrowed 98% from 1H 2021). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 21
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be AU$0.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% per annum over the last 3 years. The company has become profitable over the last year. Executive Departure • Nov 30
Non Executive Director Bradley Rosser has left the company On the 26th of November, Bradley Rosser's tenure as Non Executive Director ended after 5.3 years in the role. As of September 2021, Bradley still personally held 393.61k shares (AU$211k worth at the time). A total of 2 executives have left over the last 12 months. Recent Insider Transactions • Jun 18
Co-Founder recently bought AU$162k worth of stock On the 16th of June, Lee-Martin Seymour bought around 556k shares on-market at roughly AU$0.29 per share. This was the largest purchase by an insider in the last 3 months. This was Lee-Martin's only on-market trade for the last 12 months. Recent Insider Transactions • May 07
Non-Executive Chairman recently bought AU$99k worth of stock On the 4th of May, Bradley Rosser bought around 350k shares on-market at roughly AU$0.28 per share. This was the largest purchase by an insider in the last 3 months. This was Bradley's only on-market trade for the last 12 months. Executive Departure • Mar 09
Co-Founder & Chief Strategy Officer Timothy Griffiths has left the company On the 8th of March, Timothy Griffiths' tenure in the role of Co-Founder & Chief Strategy Officer ended. As of December 2020, Timothy personally held 30.93m shares (AU$11m worth at the time). Timothy is the only executive to leave the company over the last 12 months. Reported Earnings • Mar 04
First half 2021 earnings released: AU$0.01 loss per share (vs AU$0.04 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: AU$4.69m (up 37% from 1H 2020). Net loss: AU$1.99m (loss narrowed 71% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 02
New 90-day low: AU$0.25 The company is down 31% from its price of AU$0.36 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 Software industry, which is down 9.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: AU$0.38 The company is up 150% from its price of AU$0.15 on 04 September 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: AU$0.26 The company is up 49% from its price of AU$0.17 on 20 August 2020. The Australian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 10.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day high: AU$0.21 The company is up 50% from its price of AU$0.14 on 24 July 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 22% over the same period. Announcement • Jul 31
Xref Limited (ASX:XF1) completed the acquisition of RapidID Pty Limited. Xref Limited (ASX:XF1) entered share purchase agreement to acquire RapidID Pty Limited for AUD 1.5 million on July 1, 2019. As part of the transaction, consideration will be paid in a combination of cash of AUD 0.6 million and AUD 0.9 million shares of Xref Limited. Ashley Hoey will join Xref Limited along with his development team of two and will continue to develop the RapidID platform and business as General Manager.
Xref Limited (ASX:XF1) completed the acquisition of RapidID Pty Limited on August 9, 2019.