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Qoria (QOR), Energy One (EOL), and Audinate (AD8)

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Question asked 05/09/2025

Qoria (QOR), Energy One (EOL), and Audinate (AD8)

Looking for thoughts on 3 stocks: 1) Qoria - it appears as though they're approaching a profitability inflection point. Do you envisage another capital raise or is their greater confidence now that they shouldn't experience any need for capital as their cash burn is behind them, particularly given cash on balance sheet is only $15M at 30 June. Is this also a much better investment than Life 360 on valuation grounds at this time? 2) Energy One - my research suggests they may only have 1 competitor in the ETRM sector who is based in Denmark. Their software seems mission critical and should have greater uptake with the renewable energy structural thematic. Looking at 30%+ EPS growth over next few years suggests it is relatively well priced as well. 3) Audinate - is the worst finally behind AD8 and is this an opportune time to renter the stock, atleast to potentially to start accumulating?

Answer

Hi Scott,

Qoria (QOR): previously known as Family Zone Cyber Safety Ltd, is an Australian tech company that provides cloud-based digital safety solutions focusing on protecting children’s online wellbeing. We liked their recent FY25 results:

Revenue rose 18% year-over-year to $117.3 million with Annual Recurring Revenue (ARR) reached $145 million, up 25% from FY2024.
They reported a net loss of ~$36mn but still hold ~$40mn cash on the balance sheet following their recent capital raise.
Another cap. raise looks unlikely in the next 12-18 months with ARR forecast to increase by ~20% in FY26.

It’s hard to pick between QOR and 360 at current levels with both looking well positioned for ongoing growth.

Energy One (EOL): for subscribers not familiar with EOL it’s a $490mn software company providing energy trading and risk management solutions for electricity and gas markets in Australia and Europe. We agree with your comments which the market has picked up with the stock up over 3x in the last 12-months. The company has expanded its market presence to 30 countries, serving over 2,000 global users with further sustained growth likely. It looks good value on 56x FY26 numbers but with only $1.7mn worth of stock exchanging hand by mid-afternoon on Friday its too illiquid for MM.

Audinate (AD8): questions around the “bottom for AD8” have surfaced of late but the stock keeps slipping below $5, deeper than we imagined a few months ago. We aren’t yet considering reentering this a digital audio tech company.

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Qoria Ltd (QOR)

LAST UPDATED 05/09/2025 13:53

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