Duyuru • Jul 04
Rubicon Water Limited Provides Revenue Guidance for the Fiscal Year 2026 Rubicon Water Limited provided revenue guidance for the fiscal year 2026. For the year, the company expected revenue, which on an unaudited, preliminary basis is anticipated to be between AUD 60 million and AUD 62 million (FY25 revenue: AUD 69.0 million). The final figure remains subject to completion of the year-end audit. The delayed timing of several major customer procurement, evaluation and contract award processes has resulted in the lower expected revenue. New Risk • Jul 01
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 17% 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 (17% average weekly change). Minor Risk Market cap is less than US$100m (AU$15.2m market cap, or US$10.5m). New Risk • Jun 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.5m (US$9.45m) 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 Less than 1 year of cash runway based on free cash flow trend (-AU$2.6m free cash flow). Market cap is less than US$10m (AU$13.5m market cap, or US$9.45m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Lynda Kathryn O’Grady was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Feb 10
Rubicon Water Limited to Report First Half, 2026 Results on Feb 27, 2026 Rubicon Water Limited announced that they will report first half, 2026 results on Feb 27, 2026 Board Change • Dec 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Lynda Kathryn O’Grady was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 26
Full year 2025 earnings released: AU$0.03 loss per share (vs AU$0.062 loss in FY 2024) Full year 2025 results: AU$0.03 loss per share (improved from AU$0.062 loss in FY 2024). Revenue: AU$69.1m (up 18% from FY 2024). Net loss: AU$6.79m (loss narrowed 37% from FY 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electronic industry in Australia. Duyuru • Aug 25
Rubicon Water Limited, Annual General Meeting, Nov 19, 2025 Rubicon Water Limited, Annual General Meeting, Nov 19, 2025. Board Change • Aug 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Lynda Kathryn O’Grady was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Aug 04
Rubicon Water Limited to Report Fiscal Year 2025 Results on Aug 25, 2025 Rubicon Water Limited announced that they will report fiscal year 2025 results on Aug 25, 2025 Duyuru • Feb 20
Rubicon Water Limited to Report First Half, 2025 Results on Feb 25, 2025 Rubicon Water Limited announced that they will report first half, 2025 results on Feb 25, 2025 Duyuru • Oct 29
Rubicon Water Limited, Annual General Meeting, Nov 28, 2024 Rubicon Water Limited, Annual General Meeting, Nov 28, 2024. Location: physical location, Australia New Risk • Oct 23
New major risk - Revenue and earnings growth Earnings have declined by 72% 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 Shares are highly illiquid. Earnings have declined by 72% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (AU$69.8m market cap, or US$46.6m). Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Lynda Kathryn O’Grady was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 28
Full year 2024 earnings released Full year 2024 results: Revenue: AU$58.4m (up 5.8% from FY 2023). Net loss: AU$11.0m (flat on FY 2023). Duyuru • Aug 20
Rubicon Water Limited to Report Fiscal Year 2024 Results on Aug 23, 2024 Rubicon Water Limited announced that they will report fiscal year 2024 results on Aug 23, 2024 New Risk • Aug 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. Earnings have declined by 79% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$45.6m market cap, or US$30.3m). Duyuru • Feb 06
Rubicon Water Limited to Report First Half, 2024 Results on Feb 23, 2024 Rubicon Water Limited announced that they will report first half, 2024 results on Feb 23, 2024 Duyuru • Sep 19
Rubicon Water Limited, Annual General Meeting, Nov 16, 2023 Rubicon Water Limited, Annual General Meeting, Nov 16, 2023, at 14:00 AUS Eastern Standard Time. Reported Earnings • Aug 26
Full year 2023 earnings released: AU$0.064 loss per share (vs AU$0.003 loss in FY 2022) Full year 2023 results: AU$0.064 loss per share (further deteriorated from AU$0.003 loss in FY 2022). Revenue: AU$55.2m (down 15% from FY 2022). Net loss: AU$10.9m (loss widened AU$10.5m from FY 2022). New Risk • Aug 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 50% per year over the past 5 years. 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$111.5m market cap, or US$71.4m). Duyuru • Aug 16
Rubicon Water Limited to Report Fiscal Year 2023 Results on Aug 25, 2023 Rubicon Water Limited announced that they will report fiscal year 2023 results on Aug 25, 2023 Recent Insider Transactions • May 26
Non-Executive Chairman recently bought AU$434k worth of stock On the 24th of May, Gordon Dickinson bought around 689k shares on-market at roughly AU$0.63 per share. This transaction amounted to 3.6% 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 Gordon's only on-market trade for the last 12 months. Duyuru • May 06
Rubicon Water Limited Announces CFO Changes Rubicon Water Limited announced the resignation of Chief Financial Officer (CFO) Jason York and the appointment of Andrew Bendall as the Company's incoming CFO. Mr. York provided additional notice so that the Company could recruit a suitable candidate, and to provide a transition period that would include the release of the FY23 audited results. As a result, Mr. Bendall will commence his role on a full-time basis on the 29th of May 2023 and will transition to the role of CFO in coordination with Mr. York's departure. Mr. York has been with the Company since August 2017 when the Company was privately owned and on the brink of its international expansion. During this period, Rubicon has achieved significant geographic growth and Mr. York was an integral part of Rubicon's transition from a private company to an ASX listing in September 2021. Mr. Bendall comes to Rubicon with an impressive track record as a CFO with ASX experience, having led finance teams in a diverse range of industries including manufacturing, and equipment and engineering services. He was most recently CFO at Boom Logistics Ltd. and has held similar roles at Orora Ltd, as CFO - Fibre Packaging Group, and Elders Limited, CFO - Forestry. 
