kalkine.com.au

VEEM Reports Net Loss After $24.8M Gyro Development Impairment

VEEM Ltd logoVEEM Ltd
Sig3.24Sen-3.33Env0.00Soc0.00Gov0.00

VEEM reported $51.7 million revenue for the year, near the top of guidance, with EBITDA of $3.6 million and operating cash flow up 64% to $4.8 million as net debt fell to $1.2 million after a $13.1 million net capital raise. The result was a loss driven by a $24.8 million non-cash impairment on gyro development costs and obsolete inventory, alongside a marine-market slowdown that eased gyro sales early in the year.

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