Also trades as: HDNRF (OTC) · $vol 0M

A$1.04 ($0.73)

-0.01 (-0.48%)

Weekly Expected Move ±2.7%

A$1 A$1 A$1 A$1 A$1

ASX · Real Estate · REIT - Retail · Tech Score Strong Sell · Power 30 · A$2.2B mcap · 1.74B float · 0.236% daily turnover

Revenue

$413M +13.1% ▲

5Y CAGR: +55.6%

Gross Profit

$295M +17.5% ▲

5Y CAGR: +59.6%

Operating Income

$291M +17.7% ▲

5Y CAGR: +60.6%

Net Income

$362M +44.5% ▲

5Y CAGR: +63.1%

EPS (Diluted)

$0.17 +41.7% ▲

5Y CAGR: +24.5%

EBITDA

$263M -20.8% ▼

5Y CAGR: +57.4%

View Full Income Statement

Line Item	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	$198M	$348M	$355M	$365M	$413M
YoY Growth	+338.7%	+75.4%	+2.2%	+2.6%	+13.1%
Cost of Revenue	$62M	$108M	$114M	$114M	$118M
Gross Profit	$136M	$240M	$241M	$251M	$295M
Gross Margin	68.5%	69.0%	67.8%	68.9%	71.5%
R&D Expenses	$2	$0	$0	$0	$0
SG&A Expenses	$3M	$3M	$4M	$4M	$4M
Operating Expenses	$3M	$1M	$4M	$4M	$4M
Operating Income	$358M	$239M	$211M	$247M	$291M
Operating Margin	180.6%	68.7%	59.5%	67.7%	70.4%
Interest Expense	$0	$59M	$70M	$81M	$0
Income Before Tax	$335M	$93M	$82M	$250M	$362M
Tax Expense	$257M	-$9M	$0	$0	$0
Net Income	$335M	$102M	$82M	$250M	$362M
Net Margin	169.0%	29.4%	23.1%	68.6%	87.6%
EPS (Diluted)	$0.28	$0.05	$0.04	$0.12	$0.17
EBITDA	$358M	$239M	$210M	$332M	$263M
Shares Outstanding	2.07B	2.07B	2.08B	2.08B	2.09B

Line Item	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2	FY2026 Q4
Revenue	$167M	$181M	$179M	$177M	$180M	$185M	$190M	$215M
Cost of Revenue	$50M	$57M	$56M	$58M	$56M	$57M	$57M	$60M
Gross Profit	$116M	$124M	$123M	$119M	$124M	$128M	$133M	$154M
Gross Margin	69.7%	68.4%	68.5%	67.2%	68.7%	69.0%	70.0%	71.9%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$800K	$900K	$2M	$2M	$2M	$2M	$0	$2M
Operating Expenses	$3M	$49M	$97M	$8M	$2M	$2M	-$21M	$2M
Operating Income	$95M	$7M	$121M	$118M	$122M	$125M	$154M	$152M
Operating Margin	57.3%	3.8%	67.5%	66.3%	67.6%	67.8%	80.9%	70.8%
Interest Expense	$27M	$32M	$0	$0	$57M	$41M	$44M	$0
Income Before Tax	$0	$0	-$11M	$93M	$117M	$134M	$244M	$118M
Tax Expense	$0	$0	$0	$600K	$800K	$0	$0	$0
Net Income	$2.1B	$2.1B	-$11M	$93M	$117M	$134M	$244M	$118M
Net Margin	1242.0%	1144.8%	-6.0%	52.3%	65.0%	72.2%	127.9%	55.0%
EPS (Diluted)	$0.05	$0.00	$-0.01	$0.04	$0.06	$0.06	$0.12	$0.06
EBITDA	$112M	$127M	$0	-$25M	$0	$109M	$288M	$0
Shares Outstanding	2.07B	2.09B	4.15B	2.08B	2.08B	2.08B	2.09B	2.09B

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