InvestSMART

Veem Ltd (ASX:VEE)

ALERT: Price-sensitive ASX Announcement for VEE
Current share price for VEE : $0.595 -0.055 (-8.46%)+
Announcement
Release
25 Feb 2026 8:13AM
Price at Release
$0.650
Full Release
download
Summary
Veem Ltd presented its financial results for the half-year of FY26, marking it as a transition year aimed at setting a foundation for future growth. The company reported a revenue of A$23.4 million, a significant decrease of 30% compared to the same period in the previous year. This reduction was attributed to decreased sales of gyro products and delayed defence sales. An impairment charge related to gyrostabilisers significantly affected the financial outcomes, contributing to losses. Despite these challenges, Veem raised A$13.1 million through capital raising, which bolstered its balance sheet and reduced net debt to A$1.8 million by the end of December 2025. The company is poised for growth in its propulsion and defence sectors, particularly with the launch of new products like the VEEM Extreme and Gyro Mark III. The outlook for the second half of FY26 is optimistic, with expected revenue improvements in the marine and defence sectors. Veem is also working on entering the US defence supply chain and expanding its market presence in commercial and defence applications.
Key Points
  • Revenue for 1HFY26 was A$23.4 million, down 30% from 1HFY25.
  • Significant non-cash impairment charge of A$24.8 million affected results.
  • Net debt reduced to A$1.8 million following A$13.1 million capital raising.
  • Launch of new products, VEEM Extreme and Gyro Mark III, marks growth phase.
  • Propulsion and defence revenue expected to improve in 2HFY26.
  • US defence supply chain entry underway with new contracts.
  • Overhead costs reduced by A$3.5 million annually.
  • VEEM positioned to benefit from AUKUS and other defence opportunities.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.