Veem Ltd
VEE.ASXIndustrials
High technology marine propulsion and stabilisation
Market Data
$0.480
-0.0%$73.4M
-100000.0x
$-0.124
0.00%
-0.6%
Latest Earnings
Appendix 4D and Half Year Financial Statements
25 February 2026
VEEM Ltd reported a challenging first half of FY2026 with revenue declining 30% to $23.4M and a net loss of $19.5M (vs. profit of $1.0M in pcp), primarily driven by a $24.8M non-cash impairment on gyrostabiliser development costs. Operating cash flow improved to $4.0M (+128%), and the company raised $14M in equity to strengthen its balance sheet, positioning itself for growth in defence (US opportunities) and new product launches (VEEM Extreme propellers, Gyro Mark III), with management describing FY26 as a transition year. Key points: Operating cash flow improved significantly to $4.0M, up 128% on pcp despite revenue decline, demonstrating underlying operational efficiency; Raised $14M in equity (including $1M from Miocevich family) to strengthen balance sheet and fund growth opportunities in US defence and new product launches; Secured approved supplier status with HII and 9-year Master Level Agreement with Northrop Grumman for US$33M, establishing foothold in US defence supply chain
Recent Announcements
Half Year Results Presentation
VEEM Limited reported its 1HFY26 half-year results with revenue of $23.4m (down 30% on prior year) and EBITDA of -$0.2m, including a significant $24.8m non-cash impairment of gyrostabilizer product development. The company strengthened its balance sheet through a $13.1m capital raise, reducing net debt to $1.8m, while operating cash flow was strong at $4.0m driven by commencement of ASC defence contract deliveries.
Appendix 4D and Half Year Financial Statements
VEEM Ltd reported a challenging first half of FY2026 with revenue declining 30% to $23.4M and a net loss of $19.5M (vs. profit of $1.0M in pcp), primarily driven by a $24.8M non-cash impairment on gyrostabiliser development costs. Operating cash flow improved to $4.0M (+128%), and the company raised $14M in equity to strengthen its balance sheet, positioning itself for growth in defence (US opportunities) and new product launches (VEEM Extreme propellers, Gyro Mark III), with management describing FY26 as a transition year. Key points: Operating cash flow improved significantly to $4.0M, up 128% on pcp despite revenue decline, demonstrating underlying operational efficiency; Raised $14M in equity (including $1M from Miocevich family) to strengthen balance sheet and fund growth opportunities in US defence and new product launches; Secured approved supplier status with HII and 9-year Master Level Agreement with Northrop Grumman for US$33M, establishing foothold in US defence supply chain
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