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X2M Connect Limited (ASX:X2M)

ALERT: Price-sensitive ASX Announcement for X2M
Current share price for X2M : $0.009 -0.006 (-39.29%)+
Announcement
Release
28 Aug 2025 9:20AM
Price at Release
$0.014
Full Release
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Summary
X2M Connect Limited has released its Preliminary Final Report for the year ended 30 June 2023, highlighting significant achievements and financial results. The company reported strong revenue growth, with consolidated revenue increasing by 26% to $21.7 million, driven primarily by recurring income streams and expanded service offerings in the smart utilities sector, especially in smart water and gas solutions across Asia-Pacific markets. The report outlines substantial progress in customer acquisition and the development of technology platforms, while also addressing the challenging macroeconomic environment, foreign exchange volatility, and inflationary pressures that impacted margins and operating costs. Despite reporting a net loss after tax of $3.7 million, the company emphasized improved gross margins and reduced operating cash outflows. Strategic priorities for the upcoming year include continued expansion in key markets, product innovation, and progress towards achieving operational profitability.
Key Points
  • X2M Connect Limited reported a 26% increase in consolidated revenue to $21.7 million for the year ended 30 June 2023.
  • Recurring income streams and expanded service offerings in smart utilities were major contributors to growth.
  • Net loss after tax was $3.7 million, reflecting ongoing investment in growth and market expansion.
  • Gross margins improved, and operating cash outflow was reduced compared to the prior period.
  • Growth continued in core Asia-Pacific markets, particularly in smart water and gas solutions.
  • Customer acquisition and technology development were significant achievements for the year.
  • The company faced macroeconomic challenges, such as exchange rate fluctuations and rising costs.
  • Strategic focus remains on market expansion, product innovation, and achieving operational profitability.
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.